Port Authority of Thailand (Ranong Port) and Chittagong Port Authority of Bangladesh have signed a memorandum of understanding (MoU) to facilitate trade by enhancing maritime connectivity between the two countries.

Md. Zafar Alam, Member (Admin and Planning),  of the Chittagong Port authority and Lt. JG. Dr. Chamnan Chairith, from the Port authority of Thailand, signed the MoU on behalf of their respective sides on virtual platform on Monday, said the Ministry of Foreign Affairs on Tuesday.

The MoU is part of the greater vision of Bangladesh to enhance connectivity with its neighbours including those in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region.

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The MoU would encourage the business communities from both sides to further explore trade and investment opportunities, MoFA said.

Additionally, both the port authorities would be benefited through the exchange of information and cooperation in port management, operations, information technology, communication, port connectivity, coastal shipping, port-related industry and investment promotion.

Bangladesh hoped that coastal shipping, under the MoU, between the Ranong port and the Chattogram port of Bangladesh would immensely contribute to further strengthening bilateral trade through reducing the transportation time and cost for trade between Thailand and Bangladesh.

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The signing of the MoU is also expected to further strengthen the existing excellent relations between the two countries.

Secretary, Ministry of Shipping, Ambassador of Bangladesh to Thailand, Director General (South East Asia) of the Ministry of Foreign Affairs and Chairman, Chittagong Port Authority were present from Bangladesh side while Ambassador of the Kingdom of Thailand in Bangladesh, Assistant Director General, Asset Management and Business Development, Port Authority of Thailand were present from Thai side during the virtual signing ceremony.