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A formal agreement between the Chattogram Port Authority (CPA) and two Korean companies was inked for the final design of the Chittagong Port Bay Terminal.
Under an over Tk 1.26 billion deal, the Korean companies-Dian Yang Construction and Engineering Company Limited and Kunhwa Engineering and Consulting Company Limited- will prepare two complete designs and tender papers for the construction of the terminal and monitor the construction work.
The deal was signed at a city hotel on Tuesday.
State Minister for Shipping Khalid Mahmud Chowdhury attended the event as the chief guest.
The CPA chairman Rear Admiral M Shahjahan and Kunhwa Engineering and Consulting Company Limited president Hwang Kyu Young signed the deal on behalf of their respective organisations.
The cost of the entire Bay Terminal project is estimated at $2.10 billion. The terminal is being constructed to enhance the handling capacity of the Chittagong Port.
Shipping ministry secretary Md Mostafa Kamal, among others, was present at the signing ceremony.
Speaking at the function, Khalid Mahmud Chowdhury said that the Bay terminal is not a dream, rather it is becoming a reality now.
Patenga Container Terminal (PCT) of Chittagong port is going to be opened soon, he said.
The government is making a plan to connect the rail-link to the bay terminal and Matarbari seaport, the state minister stated.
Under the leadership of Prime Minister Sheikh Hasina, Bangladesh became a middle income country in 2021, the minister said, adding that under the leadership of the Prime Minister, it will be a developed country by 2041.