Another foreign-trade-facilitation venture emerges as the government has pledged to sign concession agreement with PSA Singapore firm by next April for building and operating Bay Terminal in Chattogram, officials have said.
The commitment was made recently at a meeting between Shipping Minister Shaikh Rabiul Alam and Singapore’s Non-Resident High Commissioner in Bangladesh Derek Low.
Sources have said officials from the Port Authority of Singapore also attended the meeting where two sides discussed the importance of setting up the terminal to handle growing international trade of the country.
Also, sources said, the High Commissioner and the PSA Singapore officials expressed commitment to extending “all-out cooperation” in construction and operation of the terminal which is expected to handle 5.0 million twenty-foot equivalent units (TEUs) of containers per annum, once operational.
Sources further said at the meeting Chittagong Port Authority chairman M Moniruzzaman said the authority was working vigorously to sign the concession deal with PSA Singapore by next April.
The High Commissioner and the PSA Singapore officials applauded government efforts and commitment to completing the procedures in the fastest-possible time.
Contacted, shipping secretary Ataur Rahman Khan told The Financial Express that the government wants to achieve the target as per the draft timeframe.
“We want to sign the agreement by April 30. If we can do so, that will be the achieving of a milestone,” he said.
Mr Khan has said target is there to sign the concession deal with PSA Singapore then to construct one box terminal of the Bay Terminal project.
A decision regarding signing deal for construction of other terminals under the project will be taken later, he said.
Dubai-based DP World, AD Port Group, Chittagong Port Authority itself, and local company East Coast Group are among the interested investors in the Bay Terminal project.
The World Bank in June 2024 approved US$650 million for funding the construction of the breakwater of the terminal project.
The terminal will be built on around 2,500 acres of land, just outside the mouth of the Karnaphuli River falling in the Bay of Bengal.
The Bay Terminal will have a 12-14-metre-water draft where vessels carrying 5,000 to 6,000 TEUs of containers can berth.
As designed, the port project will have two box terminals, one multipurpose terminal and one liquid bulk/ oil terminal.
Source: https://thefinancialexpress.com.bd/economy/govt-to-sign-concession-deal-with-psa-spore
