Diversified jute products have huge prospects across the globe, but the diversification process is still at a primary level as government's allocation is very small and as the commercial banks are not interested in the sector, he said at the conference at Press Information Department auditorium.

The press conference was organised on the occasion of an exhibition of diversified jute products at Bangladesh Shishu Academy premises that will begin tomorrow and end on December 12.

The fair will put on display various diversified jute products. Eighty stalls along with their products, technology and research works will participate in the exhibition.

The minister said Bangladesh produces the most quality jute in the world, and nourishment of jute, proper research, training manpower and incorporating modern technologies can help sustain the industry and bring lasting development to the country.

The demand for jute fibre in the world is getting higher for its environment friendly role and increase of synthetics. Besides, this fibre is also used as fireproof fabric in some countries of the world, he added.

Jute Diversification Promotion Center (JDPC) that began its operation in 2002 has already made some successes, but government's small allocation to the jute sector and use of plastic products hindered the development of the project.

JDPC began its operation with the financial assistance of European Commission, which is now rendering services in supplying new technology, marketing and financing to build industries of high value added diversified jute products.

JDPC has so far identified 131 high value-added diversified jute products using 40 technologies and processes, which earned the economic competitiveness, said JDPC Executive Director ABM Abdullah.

He, however, said continuous process of research will increase the competitiveness more and more. Besides, more jute production is also possible by using high quality seeds.

The jute fibre can also play a vital role in the post multi-fibre arrangement (MFA) era by manufacturing high quality fabrics if modern technology is incorporated in the jute industry, Shajahan Siraj said adding that cultivation of cotton also needs high investment.

A high-powered committee to look into the mismanagement in Bangladesh Jute Mills Corporation (BJMC) and another committee to solve the debate between the BJMC and Bangladesh Jute Mills Association have also been formed, the minister said.

BJMC Chairman Solaiman Chowdhury, Bangladesh Textile Mills Corporation Chairman Anwar Hossain Chowdhury, and other officials from jute ministries were present at the conference.