Nearing a shipbuilding boom!

IT is indeed encouraging to note that shipbuilding to cater to overseas buyers is becoming a fast growing sector for Bangladesh. Already we have exported a number of ocean going cargo vessels and orders for more are in the pipeline. To be precise, Bangladesh has $500 million worth of export orders in hand to deliver ships by 2010. It augurs well that contribution by the sector would comprise 3 to 4 percent of GDP by 2015, and that export earning can go up to $2 billion in near future. It will be no mean feat considering the tough competition coming from major shipbuilders of Europe and Asia. Right now, the continued faith of foreign buyers in our ability to deliver only reinforces our confidence that we no more lag behind in heavy industrial production and that our quality matches that of any reputable international manufacturer. Therefore, to stay in the market as an important player, we shall have to modernise and innovate constantly.

It needs no emphasising that Bangladesh economy is at present dependent on an array of traditional items. It badly needs diversification to become sustainable. The shipbuilding sector has the potential to expand our export basket fetching much-needed foreign currency as well as generating employment. We believe that with a vigorous marketing plan, the new crop of entrepreneurs will be able to obtain a big slice of the 400 billion dollar global shipbuilding business. If we can do that, this sector would no doubt play a major role in helping us attain the mid-income country status within the stipulated time. But it also needs to be stressed that to meet buyers' requirements in conformity with international standards, skill development is the most pertinent issue that both entrepreneurs and the government will have to look into concertedly.

Shipbuilding is predominantly a technology-driven sector where constant improvement of engineering skill keeps one ahead of the others in competition. The government, for its part, remains pledge-bound to extend full support to the sector through reforming or enacting new policies so that shipbuilding can lift the country's image besides earning precious foreign currency.