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Bangladesh emerging as a
shipbuilding nation
Holiday Report
Bangladesh is emerging as a shipbuilding nation attracting foreign companies to get their ships built at local dockyards. The country is currently getting orders of about $500 million by supplying six ships per year to overseas markets.
Orders for shipbuilding have been received from Denmark, Finland, Germany, Norway, the Netherlands and Sweden. Bangladesh has developed its potential and has skilled manpower at a cheaper labour cost that gives the country an edge over the neighbouring countries.
However, the country needs to increase its shipbuilding capacity from the present two to at least six in order to obtain higher number of orders. Local ship builders have said Bangladesh can fetch up to $1 billion in ship orders annually if the country can increase the number of ship building yards to six from the present two.
According to Md Saiful Islam, chairman of the Western Marine Shipyard, labour costs in Bangladesh were at least 10 percent lower than China, India or Vietnam. But, he added that Bangladesh will have to produce more efficient technical people to establish herself as a shipbuilding nation.
Ananda Shipyard is the other company now exporting ships to European companies.
A German business delegation recently visited Bangladesh showing keen interest in buying more ships from Bangladesh. Peter Clasen, head of the 21-membere group that visited the country from Oct 25 to 30, said Bangladesh offered skilled but cheaper shipbuilding compared with China, India and Vietnam.
"Bangladesh has huge potential in its shipbuilding industry. Its labourers are skilled and cheaper than those in China, India and Vietnam," Clasen told news agency bdnews24.com before leaving Bangladesh.
"We are very much interested in buying ships from Bangladesh, which could turn into a production base in South Asia," he said.
Clasen has also described Bangladeshi carpenters "world-class".
Ship building requires good carpenters for interior fittings, one of the conditions for getting ship orders.
According to the guidelines of the International Maritime Organisation (IMO), every country must replace ships older than 25 years from 2010 for better maritime safety and environmental requirements.
European countries alone will have to replace over 2,500 old ships due to the UN body's guidelines, say Bangladeshi shipbuilders.
They say the IMO obligation has resulted in a surge of orders for new ships from developing countries such as China, India and Vietnam.
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Global Finance recognise Islami
Bank as the best
Holiday Report
Global Finance, a US-based financial magazine, awarded Islami Bank Bangladesh Limited as the best Islamic financial institution in the country for 2009.
The bank was given the award for contributing to the growth of Islamic financing and successfully meeting the customers' needs Shari'ah-compliant products and creating foundation for continued fast growth in the future.
IBBL was rated as the best bank in Bangladesh earlier in 1999, 2000, 2004 & 2005 and best Islamic financial institution in 2008, according to a press release
Joseph D. Giarraputo, president and publisher of Global Finance, handed over the award to Yousif Abdullah Al-Rajhi, vice chairman of board of directors of the bank, in a function held in the Turkish city of Istanbul.
Deputy managing director and head of investment wing, Mohammad Abdul Mannan, was also present on the occasion.
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ICAB, ICAEW SIGN MOU
Steps to improve framework for accounting and auditing
Holiday Desk
With a population of 150 million, Bangladesh has only 750 Chartered Accountants; far too few to meet the needs of the growing economy. The Institute of Chartered Accountants of Bangladesh (ICAB) signed a memorandum of understanding with its counterpart the Institute of Chartered Accountants in England and Wales (ICAEW) last week to jointly work to develop the accounting and auditing professions in Bangladesh. Under the MoU, ICAB and ICAEW will continue to work for developing the new ICAB qualification, which will be based on full implementation of the changes made with the assistance from the ICAEW.
The leading professional accountancy bodies in Bangladesh, The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) have to be strengthened to face the emerging global challenges. Availability of transparent and reliable financial information and an independent audit regime conforming to international standards are both essential for strengthening the country's economy.
Speakers at the MOU signing ceremony stressed on the need to accelerate the development of the accountancy profession in Bangladesh. Nasir Uddin Ahmed FCA, ICAB President and Martin Hagen, ICAEW President signed the agreement on behalf of their respective institutions. Commerce Minister Muhammad Faruk Khan was the chief guest.
The Ministry of Finance and Ministry of Commerce, along with the World Bank jointly facilitated the MOU signing under the umbrella of the technical assistance project Strengthening Auditing and Accounting Standards and Practice in the Corporate Sector.
Strengthening the statutory framework of accounting and auditing in Bangladesh will help the country by improving the investment climate, attracting foreign investment, helping mobilization of domestic savings, underpinning securities market development, facilitating healthy growth of financial markets and enabling regulatory bodies.
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