Status Of Local Ship Recycling Industry Of Bangladesh In Contest Of Global And Way Forward

Shipbuilding is a heavy and sustainable industry and global in nature. It usually consider as an interesting industry for many developing countries to establish as developed nation like Japan, South Korea, and China as present condition. Historically, shipbuilding has lacked strong global regulation and often faced problems of over-investment, as it involves diverse technologies, stimulates numerous backward and forward linkage industries. It creates significant employment opportunities, generates income, and remains lucrative industry to create employment opportunity. If we look back, in 1892, the United Kingdom constructed 80% of the world’s ships by gross tonnage. During World War II, the United States reached its peak dominance, building 85-90% of global ships. In the 1950s and 1960s, Japan leveraged shipbuilding to reconstruct its industrial framework and emerged as the market leader. Subsequently, South Korea designated shipbuilding as a strategic sector in the 1970s and 1980s and ascended to global leadership. Today, China adopted same policies with state-backed investments in the 2010s, and has become and is remaining the market leader as off now. Bangladesh has glorious history and shipbuilding expertise; but continue to progress and fail remain as competitive player in the global market. The global shipbuilding industry is projected to reach approximately USD 200 billion soon, and Bangladesh has enough potential to secure USD 4 billion (or 2%) of this market share. The local industry can improveproductivity;introduce smart and advanced technology and enhanced safety standards andface international competitiveness and challenges. Bangladesh can use this sector significantly as national development and economic growth. This is an analytical study to evaluate the local shipbuilding through potential and challenges within the context of shipbuilding history, technological advancement, anticipated market and future progress.