FE Report

Bangladesh has the opportunity to grab a huge shipbuilding reconstruction works worldwide as about 55 per cent ships with less than 500 TEU capacities (more than 20 years old) need to be replaced within the next two to five years.

"With recession taking its toll in every region of the world, we feel an urgent need to explore such opportunity after taking part in the recent SMM Istanbul Shipbuilding Fair, an internationally acclaimed event," said a statement of Maritimus Limited, a local shipbuilding company funded by a group of London-based non-resident Bangladeshis (NRBs).

The company said with Maritimus showing the way, one can surely hope for a big chunk of that rewarding task to make its way into Bangladeshi hands in the years to come.

SMM Istanbul Fair was attended by personnel from some of the most prestigious companies across the globe.

Maritimus' business models, organizational structures and compliance with international standards earned appreciation at the fair.

The company is in the process of signing MOU with a few international shipbuilding companies in order to engage in joint ventures, secure orders and attract international customers to its shipyard in Narayanganj.

The company also held meetings with the officials of Bangladesh Embassy in Turkey and the British Government.

The UK Trade & Investment has lent its support for the company, as this is an initiative of British-Bangladeshi entrepreneurs.

Chairman of the company Barrister A.M. Rafiqul Islam said: We can visualize Bangladeshi hands creating ocean-going vessels for the world's biggest buyers in the very near future as the country has the adequate capacities.