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Bangladesh:Govt to lease out 19 sick textile mills to private parties |
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2005-8-15
The government is seriously mulling lease of 19 state-owned textile mills that have taken Tk 5 billion credit from bank, to private parties to operate them on no-profit no-loss basis.
Senior official of the jute and textile ministry informed that ministry is processing tenders to lease out. The ministry has already received some proposals.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) intends to utilize yarns produced by these mills, since the government has decided to operate such sick public textiles mills jointly with private operators.
The ministry of jute and textile has already allowed eight mills to operate by private parties which are paying "service charges" to the government in exchange for manufacturing yarn.
A senior official at the Bangladesh Textiles Mills Corporation (BTMC) stated that many sick mills are now operating on a no-profit-no-loss basis.
The corporation is considering leasing out the remaining mills to private parties, as financial stability has been witnessed after this decision, he added.
The knit sub-sector has registered over $ 2.8 billion in the last fiscal year by exporting T-shirt, basic sweater and other knit products.
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