The local shipbuilding industry has potential amid a growing demand for vessels globally, industries minister Nurul Majid Mahmud Humayun said on Tuesday.
"The country's shipbuilding industry has huge potential for both domestic and international demands are increasing faster than ever before," he added.
Hailing economic growth in recent years, Mr Humayun said Bangladesh is now in the process of developing diversified products from 'shirts to ships'.
He made the remarks as the chief guest at the signing of a memorandum of understanding (MoU) held at his ministry in Dhaka city.
Bangladesh Steel and Engineering Corporation (BSEC) and Gentium-Damen Consortium Group inked the deal on a feasibility study on the establishment of a world-class shipyard near Payra port in Patuakhali.
The consortium comprises Damen Group of the Netherlands and Gentium Solutions of Australia.
BSEC secretary Md Abul Khayer Sardar, Damen Group area director (Asia) Roland Briene and Gentium Solutions Group (Singapore) co-chairman Ikthedar Hassan Murad signed the MoU.
Industries secretary Abdul Halim and Dutch Embassy deputy head of mission in Dhaka Jeroen Steeghs, among others, attended the programme. Bangladesh exports ships and other floating structures to countries like Denmark, Germany, Ecuador and Finland.
Quoting a reference from a global research agency, Mr Humayun said the market for ocean-faring vessels would grow to $400 billion per year. The proposed shipyard will help Bangladesh strengthen its foothold in the global shipbuilding market, he mentioned.
It will be built on 105 acres of land aiming to meet the growing demand for seafaring ships.
With an investment of $1.0 billion, the shipyard will be operational in 2026.
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