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AGRO-BUSINESS The sleeping giant
Technology has made sure that jute fibres now have a mind-boggling range of uses: the most notable is the alternative to wood pulp and forest destruction
A sinking ship is what comes to mind when one thinks of the country's jute sector. But it need not be like that going forward, given the fibre's biodegradable nature and the growing clamour for eco-friendly lifestyle.
'Jute should not be spoken of in the past tense. That is far from the case,* said Mahmudul Huq, managing director of Sadat Jute Industries Ltd and deputy managing director of Janata lute Mills.
Gone are the days when it was used only to manufacture sacks and ropes, as modem technologies have made sure that jute fibres now have a mind-boggling range of uses, the most notable of which is as an alternative to wood pulp and forest destruction. Indeed, it is now being used to make paper.
Huq, whose two mills champion diversified use of jute, is in discussions with Japanese electronics pant Panasonic to build boards with 82 percent jute for their Smart Houses project. The boards would be earthquake-resistant as well.Owing to its soft fabric structure, jute is also used to make imitation silk, comfortable cardigans, undergarments, shoes, ghillie suits and high-performance technical textiles.
It is strong, durable, colour- and light-fast, and anti-static it provides UV protection, sound and heat insulation and low thermal conduction. All of these properties make it a wise choice for home textile; either replacing cotton or blending with it
Jute is now an essential component of the automotive industry as well, where it is used for interior padding. It also found its way to soil erosion control, seed protection, weed control, and many other agricultural and landscaping uses.
Not least the ban on plastic shopping bags around the world progressively means a whole new market has opened up for the sector. The global demand for shopping bags is estimated to be 500 billion pieces and worth around $500 billion a year, according to International Jute Study Group.
There is also a move going on to include jute as part of the composite materials for the building industry, according to Huq.
The best quality jute is produced along the Ganges delta, 80 percent of which is in Bangladesh. In other words, owing to its geographical location the country has an edge in taking advantage of the changes taking place in the global jute industry.
All that the sector now needs are investment, know-how, ideas and drive, and that is where entrepreneurs like Huq and foreign parties come in.
FISHERIES AND SPICES Agro-based industries are another area that holds immense potential.
according to Iqbal Ahmed, chairman and chief executive officer of Seamark Group, which specialises in seafood business.
One of the products his company exports is the black tiger shrimp, which is increasingly getting rarer to find in the Western world, with many dubbing it the new lobster owing to the high prices they retail at.
Black tiger shrimps though can be cultured organically, but the country is unable to take advantage of the possibility as it lacks the resources
and know-how to do so, said Ahmed.
"If we can move to semi-scientific method of farming, we can produce 20 times more than what we are doing now - just imagine the potential."
Export of spices is another lucrative business, as around 12 million Bangladeshis live abroad, said Ahmed, also the founder chairman of NRB Bank Ltd.
"Bangladeshis, wherever they live; cannot live without their food. If you can fulfil that requirement, we can export twice more than garments," he said, adding that suppliers from India, Pakistan and Nepal cater that market at present
Ahmed, who was made the Officer of the Most Excellent Order of the British Empire for services to international trade in 2001, also said that huge opportunities exist in Bangladesh for foreign investors with funds, knowledge and technology.
"Bangladesh is God-gifted in agriculture. Name any product, you can grow it here — the sky is the limit."
LEGAL FRAMEWORK
When it comes to committing money in a foreign land, one of the first things that investors look at is the
country's legal framework and structure and the certainty that their money would be safe.
Shahwar Nizam, country partner of DFDL, the Southeast Asia-focused law firm headquartered in Singapore, said the picture is posi-
Tn my view, Bangladesh's legal platform is the most investor-friendly among the developing countries in the region like Myanmar, Laos, Vietnam and Cambodia."
It is English common law-based; the concepts and the structures that are accepted in, say. New York, London, Dubai, Singapore and Hong Kong are also applicable to Bangladesh.
"That is the biggest plus point," said Nizam, whose firm provides tax and legal expertise to clients investing in Cambodia, Laos, Thailand, Myanmar, Vietnam, Indonesia, Singapore and Bangladesh, as well as further afield across the Middle
However, there are problems on the practical level, which can be worked around, the lawyer said. "We do things in a different way."