Chattogram:The government is implementing coordinated strategies to enhance the shipbuilding and ship recycling sectors, aiming to increase exports and meet the growing global demand, Commerce Minister Khandakar Abdul Muktadir announced.
According to United News of Bangladesh, the minister emphasized the government's focus on these two sectors to bolster Bangladesh's export potential. This includes efforts to improve domestic capacity and address challenges related to bank guarantees faced by private shipyards.
Muktadir, speaking at a meeting with Chattogram Drydock Limited (CDDL) officials, noted that thousands of old ships are expected to enter recycling globally in the next five to seven years, presenting a significant opportunity for Bangladesh. The government is working to expand the number of environmentally friendly green shipyards, with several already approved and others pending approval.
The minister highlighted the potential to earn billions in foreign currency from these sectors and stressed the importance of adhering to international standards and enhancing design capabilities to boost ship exports. To access European and North American markets, Bangladesh must ensure compliance with international norms. Plans are in place to establish a modern design and skills development center, collaborating with countries like Norway and the Netherlands.
Addressing bank guarantees as a major hurdle for private shipyards, Muktadir revealed the government's plan to introduce a 'hybrid model.' This model would allow private companies to complete shipbuilding projects utilizing bank guarantee facilities under government oversight, in collaboration with the Bangladesh Navy.
A high-level committee, including ministries of shipping, environment, forest and climate change, and commerce, will coordinate efforts to develop the sectors. During the meeting, CDDL officials highlighted the shipyard's potential to construct large vessels and underscored the need for modern cranes, fabrication shops, design facilities, and additional construction docks to maximize its capabilities.