Abu Dhabi: AD Ports Group signed an 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 Multi-Purpose Port in Chittagong is a priority for the Government of Bangladesh. 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."
Captain 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 Port 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 per cent of Bangladesh's international trade is conducted through the ports of Chittagong. Bangladesh's seaports are an integral part of the multimodal network that links the republic to the hinterland and provides sea access for the landlocked Himalayan countries Nepal, Bhutan, and India's Northeast region.
Both nations celebrated 50 years of bilateral ties earlier in March this year. They are also in talks to ink a Comprehensive Economic Partnership (CEPA) to enhance economic cooperation and open new avenues for trade and investment.
The UAE is considered Bangladesh's second-largest remittance source. It is also a leading trading partner with a significant base of investment; the volume of non-oil trade exchanges between the two countries exceeds USD 2 billion.
