According to observers of the industry, funding will tremendously increase if the Bangladesh ruling authorities act with more foresight and strong desire in assisting the process of getting rid of obstacles on local constructors of ships. In the words of the EU Ambassador in Dhaka, the European Union is searching for investments in the shipbuilding industry of Bangladesh. In addition, German shipping companies have directed their attention towards purchasing more ships produced in Bangladeshi shipyards.
According to a Dhaka Tribune report, Bangladeshi entrepreneurs have committed money to bettering equipment and evolving expertise to improve the capacity of the nation to construct contemporary and advanced ships. Bangladesh is in need of manufacturing branches that appear like this and increase their size at the same time. Thus the country will enable the appearance of different sectors and the broadening of the scope of the economy as a whole.
The government has to use more effectively the mechanisms that is has at hand to invigorate the nation’s industry constructing ships. The newspaper proceeds with the suggestion that in order for the sector to expand its capacity, additional efforts must be committed. These have to include for example increasing both the shipyards’ anchorage space and land.
Bangladesh is a territory with many rivers and thus a lot of ships that are locally constructed travel regularly in its internal waters. Currently, Bangladesh is exploring the small ocean-faring vessels’ market-of vessels smaller than 25,000 DWT. The international market for such vessels is currently evaluated to be $ 400 billion yearly.
However, some evaluations decrease the number to only $200 billion. Most important international shipyards are able to serve75% of the total demand. If Bangladesh could produce 4% market share of the extra demand, which amounts to $100 billion (or 1/4th of $ 400 billion), it could accumulate $4 billion yearly. Now Bangladesh possesses more than 200 shipbuilding companies, predominantly established in Barisal, Khulna, Dhaka, Chittagong and Narayanganj.