Harnessing Potential, Overcoming Challenges: A Blueprint for Sustainable Shipbuilding in Bangladesh

Abstract

In the shipbuilding industry, fluctuations occur much like the ebb and flow of ocean waves. Great Britain held the position of global shipbuilding market leader before World War II, but the United States assumed this role during and after the war. Subsequently, in the 1960s, Japan emerged as the dominant shipbuilding nation, only to gradually cede its competitive advantage to the promising industrial nation of South Korea. South Korea benefited from various advantages, including cost-effective labor, a well-suited shipbuilding strategy, robust government support, and a favorable currency exchange rate. Finally, in 2009, China ascended to the pinnacle of the shipbuilding market. Bangladesh, with its substantial and youthful population, possesses vast potential for development in labor-intensive heavy industries such as shipbuilding. The local shipbuilding sector in Bangladesh holds tremendous promise and vast opportunities. However, Bangladesh has struggled to keep pace with the technological advancements in global shipbuilding. Furthermore, a range of typical challenges and issues have impeded the growth of shipbuilding within the country. Local shipyards must strive to elevate themselves to meet global standards. It is anticipated that if the local shipbuilding industry can harness its potential by surmounting these challenges and capturing even a small fraction of this vast market, Bangladesh could evolve into a sustainable shipbuilding nation and a viable ship-exporting nation once local demands are met. This analytical paper seeks to outline a path toward establishing a sustainable shipbuilding industry in Bangladesh by drawing upon lessons learned from successful global shipbuilding nations and by analyzing the prospects and challenges specific to local shipbuilding.