Japanese shipping firm eyes investment in Bangladesh’s ship recycling sector
Japan's leading shipping company Mitsui O.S.K. Lines (MOL) has expressed interest in investing in Bangladesh's promising ship recycling sector and providing technological cooperation.
The Japanese company also wants to develop a long-term partnership with Bangladesh in environmentally friendly ship recycling, technology transfer and skilled human resource development, said a press release.
A high-level MOL delegation expressed the interest when it met with Industries, Commerce and Textiles and Jute Minister Khandakar Abdul Muktadir at the Ministry of Industries here today.
During the meeting, the minister said ship recycling and shipbuilding could play an important role in Bangladesh's industrialisation, employment generation and economic growth.
"Development of these two sectors will not only enhance industrial capacity but also contribute to technology transfer, skilled manpower development, expansion of investment and growth of export capacity," he said.
The minister said Bangladesh is currently one of the world's major ship recycling countries, with long-standing experience, a skilled workforce and necessary infrastructure in the sector.
He said around 31 green ship recycling facilities are currently operating in the country, while the government plans to increase the number to three digits in the coming years.
The minister said Bangladesh's goal is not limited to recycling old ships; rather, the country wants to use its existing capabilities to build a strong foundation for the shipbuilding industry.
In this regard, he said, Japan's technological expertise, advanced management practices and long experience in shipbuilding could provide significant support to Bangladesh.
"Through mutual trust and cooperation between Bangladesh and Japan, it is possible to transform the ship recycling and shipbuilding sectors into an integrated and strong industrial base," Muktadir said.
He noted that such cooperation is also important for Japan as a maritime trade-dependent country.
He said maritime transport and the shipbuilding industry are closely linked with Bangladesh's import of raw materials, industrial production and export activities.
The MOL delegation expressed interest in investment, technological cooperation, skills development and establishing a long-term partnership in Bangladesh's ship recycling sector.
Industries Secretary Abdun Naser Khan, MOL General Manager Kentaro Ueda, Global Ship Recycling Project Manager Takaha Uematsu, MOL Senior Director Senji Tokumoto and senior officials of the ministry were present at the meeting.
