Govt to back private sector to spur investment, job creation

Commerce, Industries, and Textiles and Jute Minister Khandakar Abdul Muktadir on Thursday reaffirmed the government's commitment to supporting private sector investment to accelerate industrialisation and create employment opportunities across Bangladesh.

Speaking at the signing ceremony of a lease agreement between the Bangladesh Jute Mills Corporation (BJMC) and Bangladesh Jute Alliance Limited at the Secretariat in Dhaka, the minister said private enterprises generally operate industries more efficiently than state-run organisations.

He said the government was therefore promoting greater private sector participation to ensure the productive use of state-owned assets, expand manufacturing activities and generate employment.

As part of the initiative, BJMC leased 14.80 acres of land in Narsingdi to Bangladesh Jute Alliance Limited under a new agreement signed on the day.

State Minister for Textiles and Jute Md Shariful Alam said the government was seeking to maximise the utilisation of public assets by attracting private investment to closed BJMC mills, with the aim of reviving industrial production.

He said 20 of the 25 closed BJMC mills had been identified for leasing, while agreements had already been signed for 14 of them.

According to the state minister, production has resumed at nine leased mills, creating employment for around 9,500 people and producing nearly 160 metric tonnes of jute goods daily.

He added that Bangladesh Jute Alliance Limited, which had previously leased 34.50 acres of land and created around 3,200 jobs, would invest an additional Tk10.5 billion under the new agreement.

The fresh investment is expected to generate annual production worth approximately Tk30 billion and create another 3,000 jobs, he said.

Shariful Alam said such investments would play a significant role in promoting industrialisation, boosting exports and expanding employment, in line with the government's broader economic development agenda.

Cabinet Secretary Dr Nasimul Gani, Finance Secretary Dr Khairuzzaman Chowdhury, and senior officials of the Ministry of Textiles and Jute were present at the signing ceremony.