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Denmark-based shipping-giant Maersk's outfit sets foot in Bangladesh's port venture with a substantial investment through a deal signed Monday on construction and operation of Laldia Container Terminal (LCT) in Chattogram.
The Chittagong Port Authority (CPA) and APM Terminals, a unit of Denmark-based company Maersk, inked the 30-year concession agreement.
Chief Adviser of the interim government Prof Muhammad Yunus hails the deal, saying that the European company's investment in the Laldia Terminal marks "the beginning of a new era for Bangladesh's trade and foreign direct investment".
Under the agreement, the foreign company will design, finance, build and operate the proposed terminal through making an investment worth around $550 million, while the CPA would hold the ownership under a Public-Private Partnership (PPP) framework.
The Chattogram Port Authority formally handed over the Letter of Award (LOA) to APM Terminals and its local equity partner QNS Container Services Ltd at a ceremony marking the project's launch organised in a Dhaka hotel by the Public-Private Partnership Authority (PPPA) in partnership with APM Terminals and the CPA.
Shipping Adviser Brigadier-General (Retd) Dr M. Sakhawat Hussain attended the ceremony as the chief guest, while State Secretary of Trade and Investment of the Ministry of Foreign Affairs of Denmark Lina Gandlose Hansen and Ambassador of Denmark in Bangladesh Christian Brix Møller were present as special guests.
Chief Executive Officers of the PPP Authority Chowdhury Ashik Mahmud Bin Harun presided over the signing ceremony. CPA Chairman Rear Admiral S M Maniruzzaman and Chair of the Maersk Group Robert Maersk Uggla also spoke on the occasion, while Minister of Foreign Affairs of Denmark Lars Løkke Rasmussen delivered a virtual message.
Speaking on the occasion, Adviser Sakhawat Hussain said the investment is expected to significantly boost employment, particularly for the youth.
"Once the project is complete, many young generations, particularly the educated youth of Bangladesh, will get jobs."
He highlights the presence of a skilled workforce domestically, noting that the hardworking people of Bangladesh often work outside the country in Europe and America.
He uses the platform to extend an invitation to other nations, stating: "I'm inviting other countries as well to invest in Bangladesh."
Ambassador Brix Møller speaks highly about the nation's efforts to rebuild and strengthen, positioning it as a key focus for future investment and sustainable collaboration.
He extends congratulations to Bangladesh and to all businesses involved in the "historic agreement".
"The investment commitment, described as being Danish investment, is intended to play a critical role in Bangladesh's development by sharing knowledge, expertise, and know-how, leveraging Denmark's status as a global leader in efficiency," he says.
Lina Gandlose Hansen emphasizes that the success of this project is a testament to the unwavering dedication and commitment of all stakeholders involved.
She paints a vision of the future where ports are not merely infrastructures but "ecosystems of people and purpose, imagining a facility where ships dock smoothly, goods move quickly, and workers operate in safer and smarter conditions".
In his speech Ashik Chowdhury focuses the country's renewed endeavours with infrastructure and policy reforms in a bid to achieve economic development.
"If you want to become a manufacturing hub, logistics cannot remain a bottom line and a foundation is required. Laldia is the first brick in that foundation for us," he told the function, adding: "Laldia is not where our voyage ends. It's where we set sail."
Hailing the happening, Chief Adviser Prof Yunus says, "This is a new beginning for the country. It opens a new door for larger and more diversified investment from Denmark and Europe."
He made the remarks when a delegation from Maersk Group and the Danish government called on him at the state guesthouse Jamuna in Dhaka, said a spokesman for the CA Office.
Robert Maersk Uggla, chairman of the Maersk Group-which owns APM (AP Møller-Maersk) Terminals-led the delegation. Danish State Minister for Trade and Investment Nina Gandløse Hansen also attended the meeting.
Uggla, who came to Dhaka to attend the terminal-inauguration ceremony, said his company's investment in the Chittagong Port terminal would be the largest by any European company in Bangladesh.
Once the Laldia Terminal becomes operational in 2030, it will provide a major boost to Bangladesh's economy by enabling the arrival of larger vessels at the Chittagong seaport.
"It will be a sustainable port. It will create more job opportunities," Uggla said, hoping that Danish investment in such a critical sector would help attract more European investors to Bangladesh.
The Maersk Group chairman added that the company-also the owner of one of world's largest shipping lines-plans to explore further investment opportunities in Bangladesh's logistics-and supply-chain sectors.
The head of interim government thanked Uggla for following through on his commitment to invest in Bangladesh after their meeting in Davos in January.
"We are happy and excited," he says, welcoming the Danish company's decision.
Professor Yunus urges APM Terminals to fast-track construction of the Laldia Terminal, stressing that Bangladesh must create millions of manufacturing jobs and accelerate infrastructure development.
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