APM to invest $800m in Laldiar Char terminal, says BIDA chief Ashik

Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashik Mahmud bin Harun has said APM Terminals, a subsidiary of Danish shipping and logistics company AP Moller-Maersk, will invest $800 million in the proposed terminal at Chattogram Port’s Laldiar Char.

Visiting the Laldia project area on Thursday, he spoke about multiple issues, including foreign investment in the port, reports bdnews24.com.

Ashik, who is also an executive chairman of the Bangladesh Economic Zones Authority (BEZA), said, "I recently visited the APM headquarters in the Netherlands. They operate ports in different countries. I believe it is one of the biggest port operators in the world.

"We’re becoming a part of history and will have a chance to make history."

He said, "My primary mandate is investment and job creation for Bangladesh. We always say that about 50 percent of the population of Bangladesh is under the age of 25. It is so unique, you will not find such a population in any other country in the world.

"So, to secure their future and well-being, the only way is to make our country a manufacturing hub and for that port capacity is very important."

Referring to the discussion with the APM, the BIDA chief said: “The primary assessment that they had was that it would obviously be a state-of-the-art and green port.

"It will cost them approximately $800 million, which will arrive in Bangladesh as FDI (foreign direct investment).”

Ashik continued, “As you know, the FDI amount in Bangladesh is very small. Our genuine FDI, which we call equity, is not more than $700 million per year.

"So if we get $800 million in FDI through this project and we have a good company like APM, that's great for our economy and overall financial health."

"At the same time, this company has a very good reputation globally. Their operational experience is also very good, they will bring that knowledge. This will provide employment to many.”