Photo: Collected-
Metropolis Desk-
The Akij brothers, Sheikh Bashir and Sheikh Nasir are investing in Bangladesh’s jute industry, with Sheikh Bashir investing around Tk1,500 crore in the past three years and Sheikh Nasir investing around Tk2,500 crore to establish the world’s largest jute mill in Muksudpur upazila in Gopalganj.
The mill, Akij Jute Mills, will have six factories and a production capacity of 600 tonnes per day, making it the largest jute composite textile mill in the world.
The brothers have been successful in expanding their operations and positioning themselves as competitors in producing similar jute goods.
Bangladesh produces 11-12 lakh tonnes of jute per year, with two lakh tonnes of raw jute exported directly and another two lakh tonnes used locally.
The remaining seven lakh tonnes are used for making different products, especially yarn, for export to the world markets.
Exports to Turkey, Iran, India, and China have declined significantly, with exports to other major markets also declining.
The Akij brothers are taking the lead in the global economic slowdown, as many mills, especially smaller ones, are shut down due to their inability to become competitive.
The Bangladesh Jute Spinners Association reports that 12 out of 80 mills in the country are fully closed and over a dozen factories are struggling for survival.
