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Bangladesh Investment Development Authority executive chairman Chowdhury Ashik Mahmud Bin Harun on Thursday announced that an $800 million investment would be made centring existing container terminal at Laldia Char on the south-east bank of the Karnaphuli River in Chattogram. 

‘The annual FDI in our country is not more than $700 million. If an investment of $800 million comes from a project, it is very important for our economy. It will create huge employment opportunities. BIDA is closely monitoring the progress of this project,’ he said. 

Chowdhury Ashik Mahmud Bin Harun, also executive chairman of the Bangladesh Economic Zones Authority, made this statement while briefing journalists after visiting Laldia Char in Patenga area in the city.

Press secretary to the chief advisor Shafiqul Alam, deputy press secretary Mohammad Abul Kalam Azad Majumder and Chattogram Port Authority chairman Rear Admiral SM Moniruzzaman were present at the event.

After visiting new mooring container terminal of the Chittagong Port, the BIDA chairman told journalists that Dhaka was the political capital and Chattogram would be commercial capital. 

‘Chattogram is at the heart of our economic development goals and will play a vital role in shaping the future of Bangladesh,’ he added.

He further noted that the primary objective was to create as many jobs as possible, particularly for the people of Chattogram. 

‘Economic development should be the priority of all governments. By upgrading our terminals to world-class standards, we will significantly contribute to business growth,’ he said.

The BIDA chairman was on a daylong visit to Chattogram with other officials to examine the potential for economic development and investment in key port and shipping-related installations. 

This visit preceded the expected arrival of chief adviser Muhammad Yunus in his hometown on May 14 to further assess the region’s investment opportunities.

The BIDA chairman mentioned that no domestic investment was expected from Bangladesh in this project. 

‘This is a historic opportunity for Bangladesh. Our goal is to make Bangladesh a global manufacturing hub. Laldia will be developed into a green port, with an $800 million investment,’ he said.

He emphasised the importance of long-term planning and the need to enhance port capacities. While acknowledging that even after expanding the port six times, it would still fall behind countries like Vietnam, he advocated for engaging expert institutions to maximise operations in limited space.

He underscored the critical role of port development in Bangladesh’s broader economic strategy. ‘To establish Bangladesh as a manufacturing hub, we need to collaborate with the world’s top port management institutions,’ he remarked.

The BIDA chairman mentioned that a committee had been formed to establish a free trade zone in the country, with Anwara being explored as a potential location. 

APM Terminals, a subsidiary of AP Moller Maersk, began operations at Laldia Terminal in 2024. 

Initially, the project was expected to receive investments ranging from $300 to $400 million, but the BEZA chairman confirmed that the investment had now increased to $800 million. 

The development will be executed under a public-private partnership and government-to-government agreement, following build-operate-transfer model.