State-owned industries facing losses, shutdown as only five remain profitable

Only five of the 55 state-owned industrial enterprises under the Ministry of Industries are currently profitable, while the rest are either incurring losses or have been shut down.

Industries Minister Khandaker Abdul Muktadir shared the information in the Parliament on Thursday in response to a starred question from Jashore-6 MP Md Mokhtar Ali.

The minister's reply also outlined government initiatives to revive loss-making and closed industries. Under the proposed initiatives, the government plans to establish new industries on unused land through joint ventures with domestic and foreign investors.

The Bangladesh Steel and Engineering Corporation (BSEC) is also exploring opportunities to manufacture similar products through joint investment in the unused land.

According to the minister, measures are being taken to facilitate the purchase of products manufactured by BSEC enterprises through the Direct Procurement Method (DPM) by government offices and agencies.

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Besides, initiatives have been taken to install a 600-kilowatt solar power plant at National Tubes Limited and establish a new production line for XLPE cables at Eastern Cables Limited.

Abdul Muktadir said that the government has also taken several measures to improve the productivity of loss-making and closed enterprises under the Bangladesh Sugar and Food Industries Corporation (BSFIC).

He said that the government also planned to modernise sugar mills through phased implementation of the Balancing, Modernisation and Rehabilitation (BMR) programme, introduce digital systems for sugarcane procurement and automated technologies, and increase the mills' sugarcane crushing capacity. Plans are also in place to establish distilleries, organic fertiliser and power generation facilities at sugar mills to diversify production and improve their economic viability.

According to the minister, a joint venture has been proposed to establish premium float glass, solar glass and solar panel factories on 197 acres of unused land owned by Ashuganj Fertilizer and Chemical Company Limited (AFCCL). The pre-feasibility study for the project has already been completed.