AD Ports explores development of multi-purpose port in Bangladesh

AD Ports Group has inked 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, along with ancillary opportunities in Bangladesh.

Chairman of the Chittagong Port Authority, Rear Admiral Mohammad Sohail expressed the significance of the multi-purpose port in Chittagong as a priority project for Bangladesh, stressing its potential to boost the regional economy.

He added: “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.”

AD Ports to leverage experience to support trade volumes in Bangladesh

Captain Mohamed Juma Al Shamisi, MD and group CEO of AD Ports Group, echoed Rear Admiral Sohail’s sentiments. He emphasised the group’s commitment to leveraging its experience and capabilities to support Bangladesh’s growing economy and trade volumes. “We 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.”

A key port and hub

Chittagong Port serves as a crucial gateway for Bangladesh’s international trade, handling over 90 per cent of the country’s trade activities. Furthermore, it plays a vital role in connecting Bangladesh to neighbouring countries such as Nepal, Bhutan, and India’s Northeast region, facilitating sea access for their landlocked territories.

The signing of the MoU comes amidst celebrations of 50 years of bilateral ties between the UAE and Bangladesh earlier this year.

With ongoing discussions to establish a comprehensive economic partnership agreement (CEPA), aimed at enhancing economic cooperation, the MoU between AD Ports Group and the Chittagong Port Authority aligns with efforts to deepen trade and investment ties between the two nations.

The UAE stands as Bangladesh’s second-largest remittance source and a significant trading partner, with non-oil trade exchanges exceeding $2bn.

The partnership between AD Ports Group and the Chittagong Port Authority is poised to further strengthen economic cooperation and drive mutual prosperity.