Ashik Chowdhury, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA), has announced that the Bay Terminal project will attract $2 billion in foreign investment at the initial stage.
Of the first two terminals, PSA Singapore and DP World Dubai will each invest $1 billion. He expressed hope that the Bay Terminal will become operational by 2031. Chowdhury also stated that the project will create direct employment for 25,000 people, which will have a significant impact on Bangladesh’s economy.
Rear Admiral SM Moniruzzaman, Chairman of the Chattogram Port Authority, said the Bay Terminal will consist of three terminals—two container terminals and one multipurpose terminal. The multipurpose terminal will be developed through an open tender process. In total, approximately $3.5 billion will be invested in the Bay Terminal project.
Ashik made these remarks on Thursday (May 8) after visiting the Bay Terminal site. He also inspected operational activities at the Chattogram Port. At noon, he is scheduled to attend a discussion at the Radisson Blu Chattogram Bay View with business leaders and members of civil society.
Later in the afternoon, Ashik and Shafiqul Alam, Press Secretary to the Chief Adviser, will hold a press briefing at the Chattogram Circuit House.
He noted that the World Bank is collaborating on the Bay Terminal project. He also pointed out that Singapore gained independence around the same time as Bangladesh but has progressed significantly by utilising its port facilities to become a global trading hub.