How can you get a clear view on the Shipping Company in Bangladesh?

Bangladesh is undergoing a period of rapid economic growth and the freight forwarding industry and shipping company in Bangladesh is growing in tandem. In order to help promote economic growth in Bangladesh, the government is investing in developing its transport infrastructure so that the country can continue on its path towards becoming a more industrialised nation, with transport links that make international freight more seamless and cost-effective.

The shipping company operating in Bangladesh already faces a choice between a large number of modes of transport by road, rail and air. The demand for transport infrastructure has been rising by around 10% a year and the government is investing heavily in making improvements, which is excellent news for freight services companies and shipping companies.

Bangladesh is mostly known as agriculture based country. Since the liberation from Pakistan, most economic development plans therefore had been planned based on the agricultural sector. But later on shipping company in Bangladesh started focusing on the export industry. But now things are different. Due to the key factor of cheap production cost, Bangladesh has made tremendous amount of progress in exporting ready-made garments.

Over a very short period, a ready-made garment has become the number one exporting industry. In fact, Bangladesh is currently the second largest exporting country in the world. More than three million people are working actively in this sector. It has played a big role in the empowerment of women as 90% of the workers in garments factories are women. Currently, the industry is producing approximately $6 billion of product every year. Two very important elements have played a significant role in making garments industry so big in this country. These are:

1. Bangladesh has one of the cheapest workforces in the world. The set minimum wage within Export Processing Zones include house rent, medical allowance, travelling allowance, festival allowance, overtime bonus and maternity allowance. Average wage is 40% lower outside EPZs.
2. The cost of energy and fuel is very low.
3. FDI is encouraged by the government and several privileges are awarded to 100% foreign invested companies.
4. Chittagong and Mongla sea ports are used greatly for the purpose of shipping garments products.
5. Duty-free for the European Union countries.
6. Transportation infrastructure is easily accessible
7. Very close to Duty-free access
8. Just 7% bank interest for export oriented companies

There is a possibility that shipping company in Bangladesh will soon become the largest RMG exporting country as the current number one China, started to outsource their orders. The production cost in China is rapidly increasing due to the usage of eco-friendly machineries. Therefore importers are starting to back out of China and move towards Bangladesh.

Shipping company in Bangladesh is managed by the government owned company. This company also manages the marine transport infrastructure in India. It owns and operates roughly 35% of all Indian tonnage and services the requirements of both national and international freight. The company has a fleet of nearly 80 ships. As across the rest of the freight transport infrastructure in India, the outlook is one of continued investment and expansion, despite the recent global economic gloom.

The author has vast experience in writing Cargo to Bangladesh, Freight forwarder UK, Parcel to Bangladesh, Car parts, etc.