The government’s decision to provide around Tk7.49 crore as incentives to jute farmers is an admirable first step in the resuscitation of the jute industry, but it has been long overdue. Bangladesh has been one of the principal producers of jute -- the “golden fiber” as it is known -- and if we can boost the production of this crop and provide it with the marketing push it deserves, the economic potential the industry holds can finally be fulfilled.
Globally, the demand for jute has been steadily increasing, while it also falls in line with global demands for sustainable, green products. From 2015-16 to 2021-22, export of jute products has seen a compound growth rate of 12%. Sadly, with our country's focus on readymade garments and traditional agricultural products such as rice, we have not made the inroads we should have to capture this burgeoning market.
All of these deficiencies, when it comes to jute, can be rectified through the use of proper government initiatives and incentives to bolster the market.
To that end, while the government’s pledge of Tk7.40c will certainly go a long way, more needs to be done in terms of policy support. A proper assessment of the global jute market has to be conducted, while initiatives which focus on growing the industry on a commercial level, as well as on a production level, have to be prioritized. Furthermore, special care has to be put into diversifying the portfolio of jute products. Jute is currently predominantly used as packaging material, but due to the versatility of the ingredient, it has a lot of gas in the tank.
Whoever unlocks its potential stands to reap millions, and with our long-established history with this product, it needs to be Bangladesh. The race is on to find the next big, green product -- we need to make sure that Bangladesh is there before anyone else.
