The Bangladesh Jute Mills Corporation (BJMC) has invited the country’s private sector entrepreneurs to visit the closed state-owned jute mills by August 20 to see the status of the units’ machinery, assets and establishments in a bid to reopen the mills under private initiatives.

The BJMC on Tuesday issued a notification inviting entrepreneurs and investors from the private sector to go for field visits so that they could get the real picture of the machinery and other assets of the mills and can give opinions on the models of reopening of the mills.

The corporation took the initiative as per a decision made by the policymaking committee on preparation of work plan and strategy for best use of closed jute mills and other assets of the BJMC and the recommendations from the private sector to encourage potential investors to come forward with investment in the sector.

The committee is reviewing public private partnership (PPP), joint venture, G2G and rental lease as possible models for the reopening of the mills.

It will consider the investors’ opinions while finalising the model.

BJMC chairman Md Abdur Rouf on Wednesday told  that the private sector businesses were invited to visit the mills and other infrastructure so that the entrepreneurs felt encouraged to invest funds in reopening the mills.

‘Potential investors can provide appropriate opinions on the models so that the reopening model can ensure win-win situation for both the government and the private sector investors,’ he said.

Rouf said, ‘Our stance so far is that the ownership of land will be in the government hand while the land will be used only for production of jute products.’

The BJMC sent the notification to the Federation of Bangladesh Chambers of Commerce and Industry, Bangladesh Diversified Jute Goods Producers and Exporters Association, Bangladesh Jute Mills Association and Bangladesh Jute Spinners Association.

Earlier the government closed the 25 state-owned jute mills under the corporation and stopped production from July 1, using losses year after year as an excuse.

Jute and textiles ministry officials said that the government decided to reopen the mills as soon as possible to save the machinery from damages.

The policymaking committee headed by jute and textiles minister Golam Dastagir Gazi is now working to identify the mills worth reopening within the shortest possible time, determine the methods of reopening and recommend the best use of the mills, unused land of BJMC and other assets, they said.

The committee is examining the possible methods such as public private partnership (PPP), joint venture, G2G and rental lease for reopening of the mills, they said.

They, however, said that PPP, joint venture and G2G required a lengthy process while rental lease could take less time for reopening.

The committee in its first meeting held on July 23 decided that the land of the mills would not be sold for any other purpose, except production of jute products.

At the second meeting held on August 5, the committee decided to invite potential investors to visit the mills.

Officials said that prime minister Sheikh Hasina instructed the committee to prepare their recommendations on the proper utilisation of the mills and other assets, modernisation and reopening of the mills within two months.