"The country needs at least 150 composite textile mills in next five to seven years to face the challenges in the quota-free regime. Having been aware of this necessity and the interests of foreign investors, we have taken steps towards privatisation of the state-run textile units," he said.

The minister was speaking as chief guest at the formal concluding ceremony of the 14th Chittagong International Trade Fair (CITF)-2006 at the Railway Polo Ground in Chittagong.

Although 76 percent of the country's export earnings come from textile and readymade garments, the sector is yet to see remarkable foreign investment, the minister observed.

The 40-day show began on February 14 with a view to promoting local products and helping businesspeople find newer markets abroad. The show ends today.

Whip of Jatiya Sangsad Syed Wahidul Alam, among others, spoke at the function, chaired by President of Chittagong Chamber of Commerce and Industry (CCCI) Saifuzzaman Chowdhury.

Speaking at the function, Saifuzzaman stressed the need for producing diversified jute-goods and offering easy-term loans to the farmers.

He also urged the government to take steps to strengthen International Jute Study Group for the development of jute and jute-products to help boost export.

CCCI Vice President MA Latif and CITF-2006 Chairman Ershad Ullah were also present at the function where the minister handed over prizes to the owners of the best pavilions and booths of this year's fair.

Abul Khair Condensed Milk and Beverage Ltd got the prize in the best premier gold mega pavilion category while the best premier mega pavilion award went to TK Group of Industries. Ranks Telecom Ltd received the best standard mini mega pavilion prize while Intraco CNG Ltd got the best premier standard pavilion award. Of the booths, Gazi Group clinched the best prize followed by Build Com and HRC Products Ltd.