Industry calls for full repeal or major amendment of the Act

In October 2025, at a seminar organised by the Bangladesh Ocean‑Going Ship Owners’ Association (BOGSOA) & Economic Reporters Forum, industry leaders called for scrapping the Flag Vessel Act, saying it now favours only the state-owned carrier while private operators (owning 100+ vessels) lack parity.

They also highlighted regulatory hurdles such as ministerial approvals for ship sales, and warned of the need to align with upcoming IMO requirements for zero-emission fuels by 2029.

2025

[4]

[4]

Bangladesh's High Court eases restrictions on foreign vessels transporting Bangladeshi goods

It was reported in June 2024 that Bangladesh's High Court temporarily suspended for six months the requirement for foreign vessels to obtain a waiver certificate or No Objection Certificate (NOC) for transporting import-export goods. This six-month suspension means foreign ships can now operate on international routes to and from Bangladesh without prior approval from the Mercantile Marine Office.

This ruling was made in response to complaints by shipping industry groups. Previously, ships faced fines and delays if they did not have the certificate.

2024

[5] [15]

Flag Vessel Rule 2023 issued

The government issued the Bangladesh Flag Vessels (Protection of Interest) Rule of 2023 pursuant to the Act, prompting calls for review.

2023

[2]

These targets are designed to foster industrialisation, enhance human capital, and promote sustainable economic growth.

Extending universal healthcare coverage to 75% of the population.[30]

Raising the gross investment-to-GDP ratio to 46.9%.[28]

Expanding export earnings to $300 billion by 2041.[29]

Achieving a 100% adult literacy rate by 2031.[29]

Maintaining a GDP growth rate of 9% until 2031.[27]

Increasing per capita income to over $12,500 (in 2041 prices).[27]

Achieving upper-middle-income status by 2031 and high-income status by 2041.[27]

Strategic Objectives

The core objectives of Vision 2041 include

Case study: Bangladesh Vision 2041 – Charting a path to prosperity

Bangladesh Vision 2041[26] is an ambitious national development strategy launched by the Government of Bangladesh to transform the country into a high-income, developed nation by 2041. Building upon the successes of Vision 2021, this long-term roadmap outlines comprehensive goals across economic, social, and environmental sectors, aiming to eradicate poverty, enhance human capital, and position Bangladesh as a competitive global economy.

Bangladesh Vision 2041

Dense cityscape with many residential buildings, green roofs, and a tall blue glass skyscraper.

Conclusion

Vision 2041 represents Bangladesh's commitment to a transformative development agenda aimed at achieving prosperity and resilience. By focusing on economic growth, human capital development, and sustainable practices, Bangladesh aspires to become a developed nation by 2041. Continued efforts in policy implementation, infrastructure investment, and social inclusion can help realise this vision.

The role of foreign partnerships is also valuable—both public and private—in delivering investment, technology transfer, and global market access. Strategic international collaboration can accelerate progress, enhance competitiveness, and help Bangladesh fully integrate into the global economy.[28][36]

Implementation framework

To implement Vision 2041, the government has developed the Perspective Plan of Bangladesh 2021–2041 (PP2041)[27], which serves as a strategic guide for policy formulation and program implementation. PP2041 emphasises structural transformation, infrastructure development, export diversification, and inclusive growth. It also focuses on building partnerships with international organisations for development support and knowledge exchange.

Progress and challenges

With PP2041 in mind, there is no doubt Bangladesh has made significant strides in economic development, with exports reaching $50 billion[17] and a GDP of $450 billion[31] in 2024.

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[1] The Bangladesh Flag Vessels (Protection of Interest) Act, 2019.

[2] WSC urges govt to review some requirements, practices of law. The Financial Express. May 08, 2023

[3] Foreign ships face uncertainty in getting key certificate. The Daily Star, Feb 21, 2023

[4] Call for scrapping 'Flag Vessel Act' to boost oceangoing shipping industry. The Financial Express. Oct 13, 2025

[5] HC eases restrictions on foreign vessels transporting Bangladeshi goods. The Business Standard, June 13, 2024

[6] BGMEA decries issuance delay. RMG Bangladesh Nov 23,2023

[7] Joint Complaint Submission to the European Commission Regarding the Bangladesh Flag Act. International Chamber of Shipping website

[8] Shipping corp to expand its fleet with 6 new container ships. The Business Standard Feb, 18 2025

[9] Foreign feeder ships face port disruptions. The Financial Express, Oct 14, 2023

[10] Bangladesh's flag rules severely disrupt feeder operations. Shipping Watch Oct 18,2023

[11] Bangladesh flag vessel act deepens difficulties for foreign feeder vessels. The Financial Express Nov 4,2023

[12] Foreign vessels at Ctg port grapple with lengthy process of waiver certification. The Business Standard Oct 14,2023

[13] In pandemic time local shippers added 32 vessels to fleet. Dec 20,2021

[14] Global protectionism: restrictive ship-flagging law takes a blow from High Court. Shipping Australia, June 14,2024

[15] Global Shipping Industry Concerns Regarding The Bangladesh Flag Act (Protection of Interest) Act 2019 and Related Shipping Notification. ICS Letter to Government Aug 23, 2023

[16] Challenges, opportunities, way forward in shipping & logistics. The Financial Express Sep 3,2025

[17] Exports hit $50b in 2024 The Daily Star, Jan 3, 2025

[18] RMG exports grew moderately in 2024 despite headwinds. The Daily Star, Jan 6,2025

[19] Pocket Export Statistics FY 2023-2024. Export Promotion Bureau Bangladesh Oct 14,2024

[20] Tax exemptions for ocean going vessels till 2030

[21] Your Guide to Public Private Partnership in Bangladesh. Public Private Partnership Office

[22] Modernizing Bangladesh's Port Infrastructure: Challenges, Opportunities, and The Path to Trade-led Growth. FICCI

[23] Comparative Statement on Export of RMG & Total Export of Bangladesh. BGMEA

[24] Bangladesh flag vessel act deepens difficulties for foreign feeder vessels. The Financial Express Nov 4,2023

[25] BGMEA decries issuance delay BGMEA Nov 23,2023

[26] Bangladesh's Vision 2041 and the Perspective Plan. United Nations Centre for Regional Development

[27] Making Vision 2041 a Reality PERSPECTIVE PLAN OF BANGLADESH 2021-2041. General Economics Division (GED)

[28] Govt's vision-2041 eyes big jump in investment. The Financial Express. Sep 10.2020

[29] NEC approves 2nd perspective plan to implement vision 2041. Prothom Alo Feb 25,2020

[30] GDP (current US$) - Bangladesh World Bank Group

[31] Challenges, opportunities, way forward in shipping & logistics. The Financial Express Sep 3,2025

[32] Scrapping Flag Vessel Act sought to boost ocean-going shipping industry

[33] Challenges, opportunities, way forward in shipping & logistics. The Financial Express Sep 3,2025

[34] Customs Modernization Strategic Action Plan 2019-2022

[35] Bangladesh's Seaports: Securing Domestic and Regional Economic Interests. Observer Research Foundation Jan 10.2023

[36] Moving Forward Connectivity and Logistics to Sustain Bangladesh’s Success. World Bank Group