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MCCI suggests cut in costs of deep-sea port

Star Business Desk
The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) suggests the government explore options to reduce die cost of constructing the first phase of the planned Deep Sea Port (DSP), as it finds the return on investment on the project too low to attract investors.
The physical construction of the first phase will be completed by 2016 at a cost of $2.2 billion, while the entire project will require an investment of about $8.8 billion, according to the editorial in the May issue of Chamber News, an MCCI publication.
A feasibility study conducted by Pacific Consultant International (PCI) of Japan has recommended Sonadia Island. 130 km off Chittagong port and in between Cox's Bazar town and Maheskhali island in the Bay of Bengal, as the most suitable spot for the proposed seaport.
The MCCI notes that the economic rationale of the proposed deep seaport is fairly well supported by the feasibility study. The chamber also noted the keenness of the government in the proposed port expressed by the remarks made by the minister for shipping and the economic affairs adviser to the prime minister at a seminar that the port might be a major vehicle for Bangladesh's economic development.
The draft final report provides for
the construction of two water breakers at the mouth of Sonadia channel to protect the DSP from tidal upsurge and waves. It is suggested that if only one break-water could serve the purpose, the cost would be cut by $ 147 million.
The cost of dredging the channel may also be reduced by considering construction of RCC pile supported jetties, which may bring down the total project cost in tire first phase even below $1.5 billion.
The proposed DSP, scheduled to be completed in three phases, will graduate Bangladesh to a major player in the regional trade and act as a gateway accelerating intra regional and international trade, the Chamber News also remarked.
The Grst phase of the project will be completed by 2020, and the second and third phases will be completed during 2021 -2035 and 2036-2055 respectively.
The feasibility study observes that medium and large vessels cannot enter Chittagong and Mongla ports due to relatively low water levels in Karnaphuli and Pashur channels, which forces exporters and importers to depend on feeder vessels to carry out their oversees trade.
It says while the two ports of Chittagong and Mongla together will be able to handle about 72 percent of the general cargo tariff in 2020, they will be in a position to handle only 36 percent of Ute cargo traffic in 2035, and just
19 percent U12055.
Referring to the feasibility report, the metropolitan chamber pointed out that the proposed DSP will be econom ically beneficial, as it will support the Chittagong and Mongla ports in han dling die increased volumes of export and import cargo. It will attract large cargo and bulk container vessels that cannot enter the Chittagong and Mongla ports now.
An economic evaluation of the port shows that the DSP project is highly feasible, with the estimated internal rate of return (IRR) at well above the economic hurdle rate of 12 percent. Lower freight rates due to the utilisation of bigger container and general cargo vessels will reduce the cost of imported goods as well as the prices of Bangladeshi exports, raising the exporter's competitiveness in the world market. This will result in higher employment and income.
To mobilise the huge resources required to implement the project, the chamber encourages public-private partnership. The government has committed to bear 30 percent of the project cost and has contacted donor agencies in this regard.
The MCCI also asked the government to immediately form an Interim Port Authority (1PA), who will be made responsible for finding private sector investors to provide 70 percent of the project cost.