The country's export earnings from jute goods could be increased to around Tk 250 billion from existing Tk 80 billion annually subject to properly addressing the challenges being faced by the sector, according to sector insiders.
Among the jute products, they said, the global demand for only the jute made shopping bags would be around 500 billion pieces at present.
But the country is yet to tap the potentials due to lack of proper and time-befitting strategy as well as non-implementation of the government policies.
The global demand for different types of jute products is on the rise due to the environment-friendly nature of the items being used from household purposes to automobile industry input.
"Bangladesh could increase its jute goods export significantly to different countries if we can diversify the products," Managing Director of Creation Private Ltd Md Rashedul Karim Munna told the FE.
Mr. Munna, also a director of the SME Foundation, suggested taking joint efforts by the government and private sector for significantly increasing the export of jute and jute goods.
The United States of America, Canada and countries of the European Union (EU) encourage their citizens to use jute bags instead of the ones made of artificial fibre.
Besides, jute charcoal has a wider demand in different countries, including China, for its multipurpose uses like producing medicines and cosmetics, said the exporters.
Bangladesh mainly exports raw jute, jute yarn and traditional jute bags (sacks) to its traditional markets in Syria, Turkey and some other countries. But due to the ongoing political crisis in Syria, the export dropped significantly.
The exporters said the country urgently needed diversification of markets to increase the export of jute products, according to the jute goods exporters. They sought policy support to flourish the sector.
Meanwhile, the government has taken various measures to bring back the past glory of the golden fibre as well as to increase the export of jute goods as a strategy to boost the country's overall export.
Among the private sector stakeholders, the Dhaka Chamber of Commerce and Industry (DCCI) is going to organise a seminar on the development of the jute sector on March 18, 2019.
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