Abu Dhabi-listed port operator AD Ports Group will explore the development and operation of Bangladesh’s main seaport of Chittagong.

The group has signed an MoU with Chittagong Port Authority for the project, which is intended to pave the way for further cooperation and attract more foreign direct investments to Bangladesh. 

The project will include ancillary opportunities in Chittagong and will help increase trade volumes for the country, AD Ports Group said.

More than 90% of Bangladesh’s international trade is conducted through the ports of Chittagong and provides sea access for the landlocked countries of Nepal and Bhutan, and India’s Northeast region.

The UAE is Bangladesh’s second-largest remittance source and has non-oil trade exchanges of $2 billion.

(Writing by Imogen Lillywhite; editing by Seban Scaria)