Construction of a new container terminal at Chattogram's Laldia Char officially began Sunday as marking Chittagong Port's first foreign direct investment project.
At the foundation-laying ceremony, Shipping Minister Shaikh Rabiul Alam called it "a new era of investment, technology and terminal handling" under a public-private partnership. The terminal will handle 800,000 TEUs annually and aims to build international investor confidence in Bangladesh, he said also adding that more foreign investment discussions are underway.
Finance and Planning Minister Amir Khosru Mahmud Chowdhury said the government aims to turn Chattogram into a regional logistical hub and supporting the private-sector-driven economy through strong business and investment policies. He noted the government's ambitious target of a trillion-dollar economy by 2034.
Danish company APM Terminals, part of the Maersk Group, signed the agreement with Chittagong Port Authority on Nov 17 under the interim government. The Port Authority handed over the project land on Apr 22. Under the deal, APM Terminals will operate the terminal for 30 years after construction, extendable by 15 years if terms are met with totaling up to 48 years of control.
Danish Ambassador Christian Brix Møller called it a signal that Bangladesh is open for investment. APM Terminals CEO Ramesh David called it the country's first PPP and greenfield terminal project using modern technology.
Chittagong Port Chairman Rear Admiral SM Moniruzzaman said 95% of the country's trade moves through the port with making modernization essential. The terminal will operate 24/7 and accommodate ships with 6,000 TEU capacity once completed.
While port users welcome the project for boosting capacity and efficiency, protesters have raised concerns that foreign control over terminals could weaken government oversight and long-term national interests and calling for such agreements to be reconsidered.
