The Bangladesh government has signed a Memorandum of Understanding (MOU) for modernisation of the Mongla Port, with a view to making it a regional shipping hub, the Bangladesh New Nation reported.
The deal with a Singapore company is one of the biggest direct foreign investment agreements signed so far.
David Wignall, Managing Director of David Wignall Associates of Singapore and Commodore M Farooque BN, Chairman of Mongla Port Authority signed the MoU worth $3.05 million on behalf of their respective sides.
"As part of our electoral promises we are going to make Mongla Port into a vibrant one that would create more employment, increase trade volume which would help boost national exchequer," Shipping Minister Shajahan Khan said.
He said the Mongla Port was very important for the economic development of the country as well as for India, Nepal and Bhutan.
The Singapore company would build container terminals, industrial park, conduct dredging, set up power, water treatment plants and cable car within the next ten years, he mentioned.
He said the port had been neglected in the last seven years that led to slowing down of trade volume and earnings.
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