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Finance Minister Amir Khosru Mahmud Chowdhury on Sunday said Denmark-based APM Terminals’ investment in Laldia Container Terminal will take Chattogram a step closer to becoming a technology-driven logistics hub.

 “Our elected government is business- and investment-friendly and has an ambitious economic programme. However, we are trying to gradually strengthen our economic structure through proper planning,” he said while inaugurating the construction of Laldia Container Terminal at the project site in Patenga.

The minister described the investment as a milestone in Bangladesh’s journey toward becoming a trillion-dollar economy, saying such an ambitious economic transformation cannot be achieved by the government alone and requires active participation from the private sector.

APM Terminals, a Denmark-based global port operator, will invest $550 million in constructing the terminal under a public-private partnership (PPP) arrangement.

The investment is expected to increase gradually, he said.

APM Terminals operates terminals at some of the world’s leading ports and its arrival in Bangladesh is a milestone, Khosru said.

He also expressed his pleasure that the terminal is being built in his parliamentary constituency.

Shipping Minister Shaikh Rabiul Alam said the start of the terminal’s construction marked the beginning of a new chapter for Bangladesh in investment, technology and terminal operations.

“We are entering a new era of investment, technology and terminal handling. This is a major investment under the PPP model,” he said.

The terminal will have the capacity to handle around 800,000 twenty-foot equivalent units (TEUs) of containers annually and will feature modern facilities, he said.

“The establishment of international confidence in Bangladesh as an investment destination is beginning today,” the minister said.

Chattogram Port Authority Chairman Rear Admiral FM Moniruzzaman said the terminal would enhance Bangladesh’s regional and international reputation while creating greater opportunities to acquire expertise in modern terminal operations.

He said the Laldia terminal would be implemented under a PPP model and would have an approximately 615-metre-long jetty.

The terminal will be equipped with state-of-the-art technology, including modern ship-to-shore cranes and advanced cargo-handling systems, he said.

Container handling at Chattogram Port has been increasing by around 300,000 to 400,000 TEUs annually, while cargo handling is also growing steadily.

Against the backdrop of rising pressure from increased imports, exports and economic activities, the modern container terminal is being constructed at Laldia Char in Patenga as part of efforts to expand the port’s capacity.