Dhaka, Bangladesh (BBN) – At least five foreign shipping lines have shown their interest to float joint ventures with local partners in line with the government’s decision not to allow fully owned shipping companies to operate in the country.
But three major fully owned foreign shipping companies -Maersk Line, APL and NYK, which control over 50 per cent of the shipping business in Bangladesh, are yet to make any move in this direction.
The foreign leading shipping lines that have shown interest in joint ventures include the CMA-CGM of France, Mitsui of Japan, Hanjeen of Korea, OOCL and Gold Star of Hong Kong.
The National Board of Revenue has recently issued a statutory regulatory order (SRO) imposing restriction on the operation of fully owned foreign shipping lines in the country. The SRO provides for operation of joint ventures with the foreign shipping lines owning a maximum of 49 per cent stakes.
In the meantime, the Customs authority has extended license renewal period for foreign shipping companies until August 31, according to reports.
The foreign leading shipping lines that have shown interest in joint ventures include the CMA-CGM of France, Mitsui of Japan, Hanjeen of Korea, OOCL and Gold Star of Hong Kong.
“We want speedy implementation of the SRO as many foreign shipping lines want to do business under the new government rules.” Managing Director of Everbest Shipping Agencies Limited Farubar Anwar was quoted by the Financial Express (FE) as saying.
He said, “I have also applied for licence in line with the new government rule for forming joint venture with Hong Kong-based Goldstar, but the application has remained pending,” he added.
CMA-CGM of France, the world’s third largest shipping carrier also wants to do their business with local company HRC, the newspaper reported quoting sources.
Each shipping company has to renew their licenses after every two years and the licenses of all shipping licenses doing business in the country expired on December 31, 2008.
BBN/SS/SI/AD-12:04 am (BST)
