Saudi company to invest in Ctg Port’s Bay Terminal
Red Sea Gateway Terminal (RSGT), one of the largest container terminal operators of Saudi Arabia, is keen on investing in the construction of Chattogram Port's Bay Terminal under the public-private partnership model.
The Saudi company has already submitted a proposal to the shipping ministry.
"RSGT knows that this terminal is an integral part of Bangladesh's future and that's why they have decided to invest here," said a senior official of the shipping ministry, adding that the company has already signed a letter of intent a few months back.
Chattogram Port is the largest in Bangladesh, handling more than 80 per cent of the seaborne cargo coming in and out of the country.
As a partner to RSGT for the development of Bay Terminal, the shipping ministry will provide land and bear the costs of dredging and water breaking for the project, according to the official.
RSGT is known internationally for its world-class port terminal services. The company recently help build a new flagship container terminal at the Jeddah Islamic Port.
A feasibility study is being conducted to ascertain just how much expansion is required at Chattogram Port by 2030, he added.
In the meantime, RSGT will prepare plans for investment in multiple port-related infrastructure projects in Bangladesh while also sharing their operational expertise.
It is paramount for Bangladesh to expand its port facilities as the amount of import and export trade conducted by the country will only increase in the next decade.
More Saudi investment could follow as the Bangladesh Investment Development Authority is trying to attract large amounts of foreign investment, said its Executive Chairman Md Sirazul Islam.
In an article on Container Management, an online portal, RSGT Director of Global Investments Gagan Seksaria said Bangladesh's recent economic growth through trade proves that the country's ports and transport infrastructure are highly utilised.
"This makes Bangladesh an ideal market for investment in advanced port systems and technology," he added.
Foreign investment will definitely help improve the port's infrastructure, which needs expansion to accommodate the country's growing export and import activities, said Mohammed Zafar Alam, member of Chattogral Port Authority.