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Bangladesh's emerging shipbuilding industry, already earning global recognition, could transform into a new engine of growth if the country embraces green shipbuilding, industry experts have said.
They cautioned, however, that the sector continues to face deep-rooted challenges such as lack of long-term financing, high production costs, and policy capture favouring other industries.
Speaking at a seminar titled "Green Shipbuilding: A New Frontier for Industrialisation", organised by the International Business Forum of Bangladesh (IBFB) at a city hotel on Saturday, they emphasised that eco-friendly, low-emission vessels are quickly becoming the global standard.
With proper reforms and institutional support, Bangladesh could seize the opportunity to create thousands of jobs, diversify exports, and position itself as a global hub for sustainable shipbuilding, they said.
Industries Adviser Adilur Rahman Khan, attending as chief guest, said Bangladesh has already proven its ability to meet international standards in shipbuilding.
"The world no longer wants only ships; it wants green ships," he said, urging IBFB to bring all stakeholders together to accelerate action.
He noted that the International Maritime Organization (IMO) has set ambitious targets to cut carbon emissions by 40 per cent by 2030 and 70 per cent by 2050, which is rapidly raising global demand for greener, fuel-efficient vessels.
"If Bangladesh takes this chance, we can become a global hub for sustainable shipbuilding," the adviser said, adding that the industries ministry would expand facilities and pursue international partnerships to develop the sector.
In his keynote paper, Policy Research Institute of Bangladesh (PRI) Chairman Zaidi Sattar highlighted signs of revival in the sector, noting that ship export activity resumed modestly in 2024, with Bangladeshi shipbuilding firms such as Western Marine securing fresh orders.
He said Bangladesh had earned US$43 million from ship exports over the last 12 years, but with stronger support, each export-oriented shipyard could raise exports to $100 million within two years, potentially doubling employment in the sector to 0.1 million.
Mr Sattar projected strong prospects for the global shipbuilding market, valued at $155 billion in 2024 and expected to grow to nearly $193 billion by 2030.
Key growth drivers, he said, include rising international trade, naval modernisation, demand for energy-efficient vessels, and adoption of green technology.
Special guest Anisuzzaman Chowdhury, special assistant to the chief adviser on financial affairs, warned that policy capture by vested groups has left Bangladesh overly dependent on readymade garments, which now account for 85-88 per cent of exports.
He stressed that shipbuilding could serve as a critical labour-intensive industry but required institutional support, including insurance and counter-refund guarantees, to address uncertainty.
"Risk can be calculated, but uncertainty cannot," Mr Anisuzzaman said, pointing to shocks such as the 2008 global financial crisis and the Covid-19 pandemic.
He emphasised that government-business dialogue was essential to reduce uncertainty and promote industrialisation, adding: "An economy cannot gain dynamism through remittances alone. Dynamism comes through industrialisation because it brings new technology."
Mr Anisuzzaman also called for reforms to cut bureaucratic inertia, reduce reliance on foreign aid, and prioritise strategic sectors such as shipbuilding, ICT, and pharmaceuticals.
Citing South Korea's rapid rise from poverty to an industrial power, he said Bangladesh needed strategic policy independence.
He further highlighted the importance of cyber security, warning: "If your data is not secured properly, you are done. Cyber security is the new frontier, and Bangladesh must develop local solutions."
Earlier, IBFB President Lutfunnisa Saudia Khan delivered the welcome address, while Director Engr Md Sakhawat Hossain and immediate past president Humayun Rashid also spoke.
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