In an welcome development, earnings from jute and jute goods have risen significantly in the 2017–18 financial year (in the period from July to June) compared to 2016-17 on the back of products diversification, government policy, availability of quality raw materials and better crop management, according to recent media reports. Earning from jute exports has crossed the one billion dollar mark. However the future is even brighter. Experts believe that Bangladesh has the potential to export jute and jute goods worth US$5 billion to US$7 billion annually in the next seven years.

The sector has been revived as the use of the natural fibre is on the rise worldwide for a growing shift towards an eco-friendly lifestyle. The export of jute is dependent on the export of raw jute and spun yarn. Jute is not only our past glory but can also become golden future. The golden fibre can be the new growth driver of Bangladesh's economy.

Unfortunately, the government jute mills are in very sorry states; the technology of the mills has not been upgraded, which severely hurts the mills productivity. These mills, often after they are reopened, struggle to reach optimum efficiency. Private sector mills have always been more efficient than the public sector ones and we believe that the job of running such mills should be left to skilled private sector management.

However, the government still has a vital role to play. To ensure a flourishing jute sector, the government should create a fostering culture. Instead of reopening mills, which have had a history of losses, the government should focus on establishing more research and development centres in collaboration or partnership with other stakeholders. These centres would focus on product development and provide new technology to increase efficiency and productivity. Also the government needs to take steps to encourage the use and production of diversified products.

The demand for jute sacks is on the rise from African countries like Sudan, Kenya, Ivory Coast, Kenya, Nigeria, Egypt, Cameroon, Tanzania and Uganda, where they are used for food grain packaging. Jute pulp has also got the potential to make paper. The technological advancement and know-how required to do so must be provided by the government to the mills. There is the potential for use of jute fibre in the replacement of glass/synthetic fibre for plastic reinforcement. Bangladesh also has the potential to become the main supplier of jute to the global automobile industry, which is now using the natural fibre to manufacture automobile interiors.