The cabinet has finally approved the Bangladesh Flag Vessels (Protection) Act to ensure more facilities to local vessels so that the sector can better compete with foreign ships.
“At least 50 per cent of the seaborne cargo relating to Bangladesh’s international trade sector will now have to be transported by vessels carrying the Bangladeshi flag,” Cabinet Secretary Mohammad Shafiul Alam told the media after a cabinet meeting that approved the act on Monday.
The cabinet secretary added that all vessels belonging to Bangladesh Shipping Corporation and private entities from Bangladesh will benefit from the newly introduced law.
“Previous provision had dictated that at least 40 per cent of the seaborne cargo related to Bangladesh’s foreign trade must be transported by Bangladeshi flag vessels,” he added.
“A minimum fine of Tk5 lakh will be imposed on those submitting false information regarding Bangladeshi flag vessels to the authorities concerned,” Shafiul said at the briefing.