Bangladesh Will Move Ahead With Investment in New Super Port
It would seem that every month there are new announcements being made all over the world, about another country embarking on plans to build to a new super-sized shipping port, to accommodate the constant growth in the shipping industry and their own prospering economy. This month it would seem that it is Bangladesh's turn. Recently, government officials there announced that the region will be moving ahead with the proposed plan to build a deep sea-port at Sonadia, in Cox's Bazar district. In fact, the government has already begun to review the proposals from foreign countries, investors and businesses, and is expected to make the announcement as to who will be the beneficiaries of the development contracts, in the very near future. So far, the country has seen a very keen interest from the international investment community, including investors and businesses in India, China, the United States, the United Arab Emirates, the Netherlands, Denmark and Germany; among others.
Although the new giant shipping port is expected to cost well over $500 billion by the time it is complete, it is expected that the investment will substantially increase the liklihood that the country will be able to establish itself as a major shipping port destination, for the region. Currently, Chittagong port, the country's biggest shipping port, can only accommodate container vessels that carry 1,100 TEUs and has long put the nation at a huge competitive disadvantage. In comparison, the new proposed port, when constructed, will be able to handle much bigger ships that have the capacity to hold 4,000 TEU's.
Shipping Secretary Syed Monjurul Islam, recently emphasized publicly that, "The construction of a deep-sea port has become very necessary to sustain increased import-export activities of the country through letting big-sized ships anchor near the ports." The first stage of the new seaport will have five international-standard jetties and will be able to annually handle just over 700 million tonnes of containers. It's no surprise there has been a lot of interest for other countries and businesses to get involved at the ground level. The expectations are quite high that the new port in Bangladesh is going to be extremely busy and more importantly, very profitable.
Asia has been growing at a record pace in the last ten years and analysts have forecast the trend to continue as the world's two most-populous countries, China and India, continue to generate more and more domestic prosperity. It is a wise and equally necessary decision for Bangladesh to build the new giant seaport. They are simply going to capitalise on the growing number of appealing investment opportunities that are unfolding all around them in that region of the world. This infrastructure investment will also help in the short term by creating thousands of new jobs in the country, something else that the nation has been needing for a long time.
Although the new giant shipping port is expected to cost well over $500 billion by the time it is complete, it is expected that the investment will substantially increase the liklihood that the country will be able to establish itself as a major shipping port destination, for the region. Currently, Chittagong port, the country's biggest shipping port, can only accommodate container vessels that carry 1,100 TEUs and has long put the nation at a huge competitive disadvantage. In comparison, the new proposed port, when constructed, will be able to handle much bigger ships that have the capacity to hold 4,000 TEU's.
Shipping Secretary Syed Monjurul Islam, recently emphasized publicly that, "The construction of a deep-sea port has become very necessary to sustain increased import-export activities of the country through letting big-sized ships anchor near the ports." The first stage of the new seaport will have five international-standard jetties and will be able to annually handle just over 700 million tonnes of containers. It's no surprise there has been a lot of interest for other countries and businesses to get involved at the ground level. The expectations are quite high that the new port in Bangladesh is going to be extremely busy and more importantly, very profitable.
Asia has been growing at a record pace in the last ten years and analysts have forecast the trend to continue as the world's two most-populous countries, China and India, continue to generate more and more domestic prosperity. It is a wise and equally necessary decision for Bangladesh to build the new giant seaport. They are simply going to capitalise on the growing number of appealing investment opportunities that are unfolding all around them in that region of the world. This infrastructure investment will also help in the short term by creating thousands of new jobs in the country, something else that the nation has been needing for a long time.
