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Shipbuilders seek relief from bank guarantee

Sohel Parvez
Export-oriented shipbuilders seek a waiver from depositing a 25 percent bank guarantee against the duty value of imported raw materials under the bonded warehouse facility.
"Bank guarantee blocks a huge amount of our funds with banks and increases our cost of production," Md Sakhawat Hossain, managing director of Western Marine Shipyard Ltd.
"We have been awarded the bonded warehouse facility, but we have to deposit a 25 percent bank guarantee against the duty of imported raw materials, ’’ he said.
The Western Marine official said the bonded warehouse facility should be extended to shipbuilders without the bank guarantee binding.
"This proves to be the biggest obstacle to growth of the shipbuilding industry,” Hossain said.
The complaint comes as the Association of Export Oriented Shipbuilding Industries of Bangladesh (AEOSIB) raises its demands with the government ahead of the national budget for fiscal 2009-10.
The recently formed trade lobby for shipbuilders urged the government to declare shipbuilding as a thrust sector and provide all facilities, including a 10-year tax break to attract increased investment to the sector.
The association also urged the government to take measures to help exporters avail themselves of working capital from banks at a single digit rate of interest under a refinancing scheme.
Local shipbuilders raise their demands with the government at a time when the global shipbuilding market is on the downturn as shipbuilding nations, such as China, suffering order cancellations amid recession.
The local shipbuilders, who are relatively new to international markets, are yet to feel the pinch of the downturn.
i he two shipyards -- Ananda Shipyard > and Slipways and Western Marine i shipy ard--now dwell on orders worth about $600 million for building more than 40 vessels, with capacities below 15,000 dead weight tonnes (DWT).
Most orders came from European countries, such as Germany, Denmark, the Netherlands and Finland.
To accelerate investment and export earnings from shipbuilding, the government earlier offered the bonded warehouse facility. Exporters receive speedy clearance of imported raw materials, by placing a 25 percent bank guarantee against duties, prior to release of goods. The money is reimbursed after the ship is exported, shipbuilders say.
"The government does not benefit from the bank guarantee. So, we urge that the government waive the bank guarantee condition,” said Md Saiful Islam, chairman of Western Marine Shipyard Ltd.
Dr Abdullahel Bari, president of AEOSIB, demands introduction of a refinancing scheme to allow shipbuilders to receive working capital on mild terms.
“We require bank financing at a single digit rate of interest, instead of the present double-digit rate to enhance "competitiveness,” said Bari, also chairman of Ananda Shipyard and Slipways, the company that bagged the first order to build a ship in 2005.
Shipbuilders say the central bank earlier agreed to create a refinancing fund worth Tk 400 crore to accelerate growth of the industry by ensuring loans at a single digit rate of interest. But the decision is yet to be implemented.
"It can be implemented either by a circular or an announcement in the budget,” said Bari.
AEOSIB also asked the government to allow investment in the shipbuilding sector without declaration of the source of funds.
“It will boost investment in the sector." sohel@thedailystar.net