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The Chattogram Port Authority (CPA) has signed a landmark agreement with Red Sea Gateway Terminal International (RSGTI) to operate the newly constructed Patenga Container Terminal. This marks a significant development in enhancing the capacity and efficiency of Bangladesh's maritime trade. Change in Operator: Initially, Red Sea Gateway Terminal (RSGT) was nominated by the Saudi government to operate the terminal. However, due to a requirement for 100% Saudi ownership under the G2G (government-to-government) policy, a new company, RSGTI, was formed with complete Saudi ownership. RSGTI is considered a sister concern of RSGT, established in 2022. Timeline and Next Steps: The inauguration of the Patenga terminal took place last month, nearly 17 months after construction completion. Signing the agreement this week paves the way for further development. Gear vessel loading is expected to commence in January 2024, followed by a two-year period for acquiring additional equipment and achieving full operational capacity. Addressing Confusion: Concerns arose regarding the inclusion of RSGTI in the initial proposal. In response, the Saudi Ministry of Investment communicated with the Bangladesh government, proposing RSGTI instead of RSGT. This proposal was subsequently accepted by the Bangladeshi shipping ministry. Collaboration and Future Prospects: As the agreement involves both governments, all future contracts and activities will be undertaken in close collaboration with RSGTI. The CPA Secretary confirmed that the port authority will work directly with the Saudi-nominated company for this G2G project. This agreement marks a positive step forward in strengthening the economic ties between Bangladesh and Saudi Arabia. The Patenga Container Terminal is expected to play a crucial role in facilitating trade and boosting Bangladesh's economic growth.