AD Ports Group announced signing a Memorandum of Understanding (MoU) with the Chittagong Port Authority to explore the future development and operation of the multi-purpose port in Chittagong Port and other ancillary opportunities in Bangladesh.
Rear Admiral Mohammad Sohail, Chairman, Chittagong Port Authority, said the agreement with the AD Ports Group 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,” Sohail said.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said the group looks forward to leveraging its experience and capabilities to assist its partners in addressing increased trade volumes in one of the fastest-growing economies in Southeast Asia.
Over 90 percent of Bangladesh’s international trade is conducted through the ports of Chittagong.
Besides, 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.
The UAE and Bangladesh have celebrated 50 years of bilateral ties earlier in March this year, with ongoing talks to ink a Comprehensive Economic Partnership Agreement (CEPA) aimed towards enhancing economic cooperation and opening new avenues for trade and investment.
The MoU between AD Ports Group and the Chittagong Port Authority is part of this initiative.
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 $2 billion.
Follow us on
