Bangladesh signed a 30-year lease agreement with Danish shipping giant Maersk on Monday. The contract covers the management of a new container terminal in Chattogram, the country’s largest port in the southeast.
Chattogram Port Authority officials said APM Terminals will invest in the project. The Maersk subsidiary will provide around $550 million over the next three years to develop the site. APM Terminals will then operate the terminal under the 30-year lease agreement.
Bangladesh is the world’s second largest garment exporter and is heavily dependent on the Chattogram port. The port, formerly known as Chittagong, is strategically located on the Bay of Bengal.
“This is a new beginning for the country,” said Muhammad Yunus, the head of the interim government of Bangladesh, according to a statement after the signing of the agreement. He added that the deal “opens a new door for larger and more diverse investments.”
The government is also in talks with Medlog SA, a subsidiary of the Swiss Mediterranean Shipping Company (MSC). This is about an inland terminal in Pangayon on the outskirts of the capital Dhaka.
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