Shipping is one of the most preferred methods of transport for cargo. There are incredible benefits in terms of cost, time, condition and many more. It was used thousands of years ago and it is still standing the test of time. As enterprises, different sectors, and the market favors waterways over others.
It is estimated that the global order value of shipping vessels is going to be $650 billion by 2026. As the global economy grows, there is more demand for the transportation sector, there will be more trade being done with ever more access to the global marketplace.
Bangladesh with its unique set of waterways is made to use vessels. Utilizing the waterways one can easily reach all across the country in a short amount of time. Main transport for cargo and fuels is the waterways, and people also use it to get to their intended destination. As there is more demand for inland vessels rather than ocean going vessels, most local demands are met by the shipping industry.
Having such expertise in building small inland vessels about (12,000 DWT) it is a huge market opportunity to develop such vessels for the global marketplace. Labor cost is comparatively much cheaper than in other parts, having skilled workforce, experience, and expertise it is a huge potential growth sector.
Foreign investors can quickly utilize the expertise, experience of building inland vessels. With a skilled and cheap labor cost such initiative will be prosperous. Having access to technology, communication and collaborating effectively such industry can be taken to the global standard.
For the development of the shipping industry, there needs to be investment in this sector to develop the shipyard infrastructure. Proper compliance, health and safety, ISO standards need to be implemented quickly. As the sector needs reliance of imported raw materials, such duty free access to imported goods needs to be made available for enterprises.