Bangladesh to build shipyard near Payra port for Tk14,000 cr

28 Jan '22

2 min read

Pic: Dreamstime.com

The Bangladesh government is a step closer to build a planned shipyard near the Payra seaport in Patuakhali, with a proposal of Tk14,000 crore in foreign direct investment—the biggest of its kind. Representatives from Singapore- and Australia-based Gentium Solutions and Netherlands-based Damen Shipyards Group presented a project proposal to the government recently.

The representatives met industries minister Nurul Majid Mahmud Humayun in Dhaka.

The Gentium-Damen delegation also handed over a feasibility study report conducted by EY India to the minister, a Bangladesh news outlet reported. Transfer of technology for specific areas of the shipbuilding process will be incorporated in dedicated and allocated shipbuilding projects at the facility, the feasibility report says.

The project will contribute to developing a reliable and competitive supply chain that will produce top-notch vessels to compete in the global market, a press release from the ministry said.

Damen plans to generate $2 billion of the global shipbuilding market of $200 billion from the Patuakhali shipyard and export vessels to 17 countries.

Prime Minister Sheikh Hasina, during a visit to Patuakhali in 2014, had announced the construction of a shipbuilding facility there. In January 2020, an agreement was inked between the Bangladesh Steel and Engineering Corporation and the Gentium-Damen Consortium Group after the latter proposed funding the project.

The government has already allocated some 101-acre land close to the Payra port for the project.

Fibre2Fashion News Desk (DS)

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