Only a comprehensive jute policy can save the sector in Bangladesh, they observed.

Bangladesh Economic Association (BEA) organised the seminar titled 'Jute Economics: Problems and Potential'. BEA President Dr Kazi Kholiquzzaman chaired the seminar.

Speaking at the function, Khaled Rob, a jute expert and former director of Bangladesh Jute Mills Corporation (BJMC), said when jute goods have good demand in global market, Bangladesh's jute industry continues cutting down production capacity.

"It may be termed a suicidal trend for the national economy," he said while presenting a keynote paper on 'Golden Handshake to Golden Fibre'.

Exports and local sales of BJMC and BJMA (Bangladesh Jute Mills Association) mills during 2003-04 were only 192,000 tons and around 73,000 tons respectively as against 514,000 tons and 37,000 tons respectively of 1982-83, he said.

"There is a scope to increase the export of traditional products at least to a level of 350,000 tons from the present level of nearly 200,000 tons which will increase the export earnings by Tk 500 crore," he said.

Salahuddin Ahmed, former chairman of BJMC and former secretary of jute ministry, said the jute industry is yet to see a strong marketing policy.

Rashed Khan Menon, president of Bangladesh Workers Party, said World Bank's prescribed policy for jute sector is responsible for the present alarming situation in the jute industry.

Presenting another keynote paper on 'Past, Present and Future of Jute', Dr Moazzem Hossain, professor of Economics at Rajshahi University, stressed the need for a comprehensive agriculture, industrial and trade policy to boost the jute sector.