The UAE-based firm DP World is likely to present tomorrow (Wednesday) the details of its multi-billion-dollar investment proposal for building a deep sea port in Bangladesh, officials said Monday.
"The aspirant UAE investor is expected to give us the details of the investment proposal at a meeting in Dhaka Wednesday. We will then review it," said Jamal Abdul Naser, Chief Executive Officer of the Deep Seaport Cell of the government.
He said the DP World, the world's third largest port-operator, would make the presentation before a government-committee, headed by the principal secretary at the Prime Minister's Office (PMO).
This will be the third investment proposal from the sea-port builders to the government for the construction of a deep seaport in the Bay of Bengal.
During a visit to Dhaka in January last year, UAE Minister for Foreign Trade Sheika Lubna opened the discussion on her country's investment plan for infrastructure projects including the deep sea port.
She also met Prime Minister Sheikh Hasina besides calling on several influential ministers of the government in this regard.
Earlier, the Netherlands government-owned company-Rotterdam Port-and the Chinese company-China Harbour - had given offers to Bangladesh for building the deep seaport in the Bay of Bengal.
Bangladesh, an emerging economy with an annual trade of around US$60.0 billion, conducted a feasibility study to construct the deep-sea port at Sonadia to help develop the country as a regional hub.
Over 90 per cent of Bangladesh's trade is dependent on the Chittagong Port, which handled over 1.1 million containers of twenty-foot equivalent unit last year.
The deep seaport project that would cost nearly $8.0 billion was initiated seven years ago as a first-track one.
The preliminary survey shows that the deep seaport will cater to demands of north-eastern India, Myanmar, Nepal, Bhutan and the south-western Chinese province of Yunnan.
"We will review all the proposals of the aspirant investors for developing the deep seaport in the Bay. Quality work, security, benefits of Bangladesh and other related issues will be considered before engaging a firm to build the port," said a senior shipping ministry official.
The government's high-powered committee, led by the principal secretary at the PMO, would review all the investment proposals and make recommendations on all aspects of these proposals for Prime Minister Sheikh Hasina.
The PM is expected to give final decision for appointing the foreign firm for setting up the deep seaport.
The DP World is also interested to set up the New Mooring Container Terminal at Chittagong Port, Chittagong Container Terminal, Inland Container Depot with rail connectivity in Dhaka and Mongla port. Foreign Ministry officials said the DP World has proposed to invest nearly US$3.0 to $4.0 billion funds for setting up the deep seaport and other projects of the Bangladesh.
The officials said the UAE proposed a 50-year contract period for each of the projects. It also sought direct and indirect tax waivers and tax holidays with no restrictions on profit and capital repatriation.
DP World, founded with merger of the Dubai Ports Authority and the Dubai Ports International, operates more than 60 terminals across six continents, with container handling generating around 80 per cent of its revenue.
It has expansion and development projects in key growth markets, including India, China and the Middle East. The major share of the company is owned by the Dubai World.
