Mitsui interested in investing 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 company also wants to establish a long-term partnership with Bangladesh in environmentally friendly ship recycling, technology transfer and skilled human resource development.

The interest was expressed during a meeting between a high-level MOL delegation and Minister for Industries, Commerce, and Textiles and Jute Khandaker Abdul Muktadir at the Ministry of Industries on Wednesday.

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 the two sectors would not only strengthen industrial capacity but also contribute to technology transfer, skilled workforce development, investment expansion and export growth.

He 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. Around 31 green ship recycling facilities are currently operating in the country, while the government plans to increase the number to three digits over the next few years.

The minister said Bangladesh’s ambition is not limited to recycling old vessels. The government also wants to use the country’s existing capabilities to establish a strong foundation for the shipbuilding industry. In this regard, Japan’s technological expertise, advanced management practices and long experience in shipbuilding could provide important support to Bangladesh.

Khandaker Abdul Muktadir said mutual trust and cooperation between Bangladesh and Japan could transform ship recycling and shipbuilding into an integrated and strong industrial base.

He noted that such cooperation is also important for Japan as a maritime trade-dependent country. Bangladesh’s raw material imports, industrial production and export activities are closely connected with maritime transport and the ship industry.

The MOL delegation expressed interest in investment, technology cooperation, skills development and long-term partnership in Bangladesh’s ship recycling sector.

Secretary of the Ministry of Industries 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. 

//DBTech/ MAHP/SME/MIST//