Bangladesh has signed a 15-year agreement with DP World to operate the New Mooring Container Terminal (NCT) at Chattogram Port.

The agreement was signed on Thursday (October 8) at the Investment Building in Agargaon, Dhaka.

Speaking on the occasion, Shipping Minister Sheikh Rabbiul Alam said the agreement was signed to tap the potential of Chattogram Port and enable it to compete with international ports.

“The government wants to develop Chattogram Port to international standards,” he said.

The minister said the time required for container clearance would be reduced to three to four days. “What businesses have been expecting will be implemented through this agreement,” he added.

State Minister for Shipping Rajib Hasan said the revenue generated from the agreement with DP World would serve the national interest. Faster cargo clearance would reduce turnaround time and make Bangladesh’s business sector more competitive, he said.

DP World Chairman and Board Member Sultan Ahmed bin Sulayem said the agreement would enable Bangladesh to connect more efficiently with regional and international markets. It would also create opportunities to increase investment in the broader logistics sector.

He further said there was scope for cooperation in developing a digital logistics system, which could simplify trade procedures, increase transparency and make the movement of goods more efficient.