The Red Sea Gateway Terminal (RSGT) signed a Memorandum of Understanding (MoU) with the Ministry of Bangladesh, according to which the former will evaluate investments in and provide assistance in operations to the South Asian nation’s expanding port sector.
In light of the MoU, Bangladesh aims to take advantage of its geographic location between South and South-East Asia countries as a key regional transport hub.
In 2018, due to Chittagong port’s high traffic which led to navigation incidents, the port authority implemented a new directive in order to improve navigational safety in the port.
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Now, Chittagong handled three million TEUs during 2018, with 3,700 vessels calling the port. Overall, the port handles about the 90% of Bangladesh’s export-import trade, but congestion has proved a major obstacle with a congestion rate of 84.3 hours between January and July 2017.
Gagan Seksaria, Director – Global Investments, RSGT commented during the MoU signing ceremony
Bangladesh’s remarkable trade-led growth of recent years has meant high utilization of its port and transport infrastructure making it an ideal market for investment in advanced port systems and technology.
Moreover, the Red Sea Gateway Terminal recently signed an MoU with Saudi Industrial Services Co and Saudi Ports Authority (Mawani) aiming to develop the northern part of Jeddah Islamic Port (JIP).
