Dubai-based operator DP World is believed to be readying a proposal to build a multi-billion dollar deep sea port in Bangladesh.
This will be the third proposal after the government announced plans to build a new deep sea port in the Bay of Bengal, with the Rotterdam Port Authority and Chinese-owned China Harbour both making previous offers.
DP World will make the presentation in front of a government committee, headed by the principle secretary at the Prime Minister’s Office.
The terminal operating company has proposed to invest nearly US$3/$4 billion to in developing the port, alongside a series of other projects.
This includes the development of a new mooring container terminal at Chittagong Port and an inland container depot with rail connectivity in Dhaka and Mongla Port.
DP World has proposed a 50-year contract period for each of the projects, with direct and indirect tax waivers and tax holidays with no restrictions on profit and capital repatriation.
The results of a preliminary survey held by the local government has found that the new seaport would be able to cater for the demands of North-Eastern India, Myanmar, Nepal, Bhutan and the South-Western Chinese province of Yunnan.
The government committee is expected to review all of the proposals brought forward and recommend the best course of action to Prime Minister, Sheikh Hasina, who will hold final say on the decision.
Bangladesh has steadily been growing as a shipping entity, with an annual trade of $60 billion. Over 90 percent of this comes through Chittagong Port, which handles over 1.1 million TEU annually.
The deep sea port project was commissioned nearly seven years ago in an attempt to further expand the countries presence in the shipping community.