The ongoing political violence continues to take its toll on foreign investment as a major UAE-based investor called off its scheduled visit to Dhaka on Monday, the second day of 60-hour hartal called by the opposition parties.
The high-level delegation from UAE-based DP World, which has offered to invest in four multi-billion dollar projects in Bangladesh’s shipping sector, has postponed its scheduled visit to Dhaka apparently due to the ongoing political unrest.
“The DP World team is supposed to make a presentation on deep sea port tomorrow [Tuesday] at the PMO but on Tuesday it postponed the trip,” said an official of the foreign ministry Monday.
They said “due to unavoidable circumstances” the trip was being postponed. Five people were killed and over 100 injured on Sunday, the first day of 60-hour hartal called by the opposition parties.
“What is happening in the country is known to the outside world and nobody would undertake any trip unless it was an emergency,” the official said.
DP World, one of the biggest global companies in the shipping sector, showed interest in investing in the New Mooring Container Terminal at Chittagong Port, the Chittagong Container Terminal, the Inland Container Depot with rail connectivity to Dhaka and Mongla port in addition to the deep sea port project.
The government formed a high-powered committee headed by Principal Secretary Sheikh Wahiduzzaman and comprising several secretaries including those of the foreign, commerce and shipping ministries to scrutinise the proposals related to the deep sea port.
China and the Netherlands are also interested about the deep sea port project.
UAE Minister of International Cooperation and Development Sheikha Lubna bint Khalid Al Qasimi sent a letter to Prime Minister Sheikh Hasina lobbying for DP World.
Lubna along with DP World Chairman Sultan Ahmed Bin Sulayem visited Dhaka on January 29 and met prime minister and senior ministers including the finance minister.
Bangladesh, an emerging economy with an annual trade of $60bn, conducted a feasibility study to construct the deep sea port at Sonadia to develop the country as a regional trade hub.
Over 90% of Bangladesh’s trade is dependent on the Chittagong Port, which handles over 1.1 million containers equivalent to 20ft equivalents last year.
