Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
MEDLOG, a Switzerland-based world leader in inland logistics, will manage and operate the Pangaon Inland Container Terminal (PICT) near Dhaka for 22 years.
A concession agreement was signed to this end between the Chittagong Port Authority (CPA) and MEDLOG Bangladesh Private Ltd at a hotel in the capital on Monday.
CPA Chairman Rear Admiral SM Moniruzzaman and MEDLOG Bangladesh Managing Director ATM Anisul Millat signed the agreement on behalf of their respective sides, a statement said.
Shipping Adviser Brigadier General (retd) M Sakhawat Hussain, who was present at the signing ceremony as the chief guest, called the day "a red-letter day for Bangladesh".
He said the PICT was built as a beautiful, strategically located facility, yet it became almost abandoned from the very beginning and was sustaining losses every year.
According to him, importers did not want to use the terminal because the logistics were difficult, the freight advantage was unclear, the customs clearance was slow, and for other difficulties.
The adviser said the construction cost of the terminal was about Tk 1.55 billion, and in the last 12 years, the accumulated operational losses reached Tk 1.65 billion.
"The partnership with MEDLOG has changed that reality. MEDLOG is bringing a new beginning to this terminal," he added.
Swiss Ambassador to Bangladesh Reto Renggli in his speech said the signing of the agreement was very significant.
"It reflects the confidence of a new foreign investor in Bangladesh's economic potential. It is timely as Bangladesh is preparing for the upcoming least developed country (LDC) graduation and actively pursuing more foreign direct investment (FDI) and has strengthened its ports and logistics sector to enhance its business competitiveness."
The MEDLOG Bangladesh managing director said, "The Pangaon Inland Container Terminal holds immense potential to boost economic growth and set new standards in logistics efficiency. By applying MEDLOG's global expertise and executing our strategic plan, we can deliver sustainable growth and position Bangladesh as a regional leader in inland logistics."
By leveraging MEDLOG's operational excellence, technology, and investment, the project would stimulate trade, enhance supply chain resilience, and elevate the Bangladeshi logistics sector to a globally competitive level, added Millat.
Shipping Secretary Dr Nurun Nahar Chowdhury and the CPA chairman also spoke on the occasion.
The agreement on the management of PICT, located on the Buriganga River near Dhaka and just three kilometres from the high-speed Dhaka-Mawa-Bhanga Expressway, marks the start of a dynamic new chapter for both MEDLOG and the logistics and trade infrastructure in Bangladesh.
The terminal has a specific focus on efficient first and last-mile delivery into Bangladesh's hinterland and will establish MEDLOG as a key player in the country's inland transport network.
saif.febd@gmail.com