11/30/2023 0 Comments Midtown global market cashew brittle![]() ![]() ![]() Entrepreneurs are discussing complexities regarding tariff with the Ministry of Agriculture. Sources said exporting cashew nuts from Bangladesh has not started yet. This is very important for developing the industry." The cost of importing processed cashew nuts is lower than the cost of importing raw cashew nuts and marketing them after processing.Īrifuzzaman said, "We demand that the government lift all kinds of tariff on the import of raw materials. However, the agriculture ministry said the import duty on cashew nuts has recently been reduced from 90% to 5% so that industries can easily import it as raw material.īut the entrepreneurs said despite decreasing the import duty to 5%, currently one has to spend 37.5% of the total price on various VAT and taxes to import raw cashew nuts. If we want to capture the world market, we have to import and process raw cashew nuts, but due to high costs of import, we are not able to do it." There is demand for it in the local market, but there is very low demand for it in the world market. He told TBS, "The size of the native cashew nuts is a bit small. This factory produces seven tonnes of processed cashew nuts every month. At present, the amount of his investment is more than Tk1 crore. ![]() Md Ibnul Arifuzzaman, managing director of Jackpot Cashew Nut Industries Limited in Nilphamari, started the factory with an investment of Tk35 lakh. ![]() They also said so far only local raw materials are being used in the cashew processing industry as they cannot import raw materials from abroad due to high costs. On the other hand, one has to invest Tk3.5-4 crore at the initial stage if one wants to set up a factory with automated machinery. If one wants to start a manual factory on a small scale, one would need to invest around Tk0.5 crore. People involved in the sector said the cost of setting up a factory made with manual machinery is low, but it is necessary to invest much more to set up a factory with automated machinery. These factories process about 300 tonnes of cashew nuts every year. For this, the DoE is working to distribute free saplings, encourage orchard expansion and develop new varieties, so that it becomes possible to increase the yield quickly."'Ī total of 12 factories have been set up in the country for processing cashew nuts. Shahidul Islam, director of the project, told TBS, "Our target is to plant cashew nuts on at least 2 lakh hectares of land. If cashew nut trees are planted on 2 lakh hectares of land, it is possible to earn more than $1 billion (around Tk9,000 crore) a year. The Ministry of Agriculture said at least 5 lakh hectares of land in the three hilly districts – Rangamati, Khagrachhari and Bandarban – are lying uncultivated. Under the project, work is underway to expand cashew nut and coffee cultivation in hilly areas in 66 upazilas of 19 districts in seven divisions. The Department of Agricultural Extension (DoE) and the Bangladesh Agricultural Research Institute (Bari) are implementing the project, known as "Research, Development and Expansion of Cashew Nuts and Coffee." Bari is especially working on innovating new varieties of cashew nuts. Last year they distributed 1.65 lakh saplings and this year they plan to distribute 3 lakh saplings.Ī project involving Tk211 crore has been taken up for the production and development of cashew nuts in the country. To this end, they have been distributing free saplings among the farmers. They plan to increase the production of cashew from 1,500 tonnes to 10,000-12,000 tonnes by 2024. Agriculture officials said a cashew nut tree lives for 30-40 years and yields fruit from the age of three. ![]()
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