AD Ports to explore developing terminal in Chittagong Port
ABU DHABI : AD Ports Group signed a MoU with the Chittagong Port Authority to explore the future development and operation of the Multi-Purpose Terminal in Chittagong Port and other ancillary opportunities in Bangladesh.
Mohammad Sohail, Chairman, Chittagong Port Authority, said: “The Multi-Purpose Terminal in Chittagong is a priority for the Government of Bangladesh. It will be a game changer for the regional economy in general and Bangladesh economy in particular. We are pleased to
collaborate with AD Ports Group on the development of this vital project, leveraging their expertise and capabilities as a global trade and logistics player. We hope that this MoU will pave the way for further cooperation that will attract more foreign direct investments to
Bangladesh.”
Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “We are excited to explore the development and operation of the Multi-Purpose Terminal and other ancillary opportunities in Chittagong, the main seaport of Bangladesh, and look forward to leveraging our experience and capabilities to assist our partners in addressing increased trade volumes in one of the fastest growing economies in South-East Asia, guided by the vision of our wise leadership.”
Over 90% of Bangladesh’s international trade is conducted through the ports of Chittagong, furthermore Bangladesh’s seaports are an integral part of the multimodal network that links the republic to the hinterland, in addition to providing sea access for the landlocked Himalayan countries Nepal, Bhutan and India’s Northeast region.
Both nations have celebrated 50 years of bilateral ties earlier in March this year, with ongoing talks to ink a Comprehensive Economic Partnership (CEPA) aimed towards enhancing economic cooperation and opening new avenues for trade and investment, the MoU signed between AD Ports Group and the Chittagong Port Authority is aligned with the aforementioned efforts.
The UAE is considered Bangladesh’s second-largest remittance source, a leading trading partner with a significant base of investment for Bangladesh, the volume of non-oil trade exchanges between the two countries exceeds USD 2 billion.