The Chittagong Port Authority (CPA) on Wednesday inked a concession agreement with the Saudi Arabia's company Red Sea Gateway Terminal (RSGT) to operate the newly built Patenga Container Terminal (PCT) on PPP-G2G basis for next 22 years, reports BSS.

Prime Minister Sheikh Hasina and Saudi Investment Minister Khalid A Al-Falih witnessed the signing ceremony at the Prime Minister's Office (PMO) here as CPA Chairman Rear Admiral Mohammad Sohail and CEO of RSGT Jeans O. Foley inked the agreement.

The Saudi minister earlier paid a courtesy call on the Bangladesh prime minister at her office.

The RSGT is an international terminal operator representing a partnership with the Malaysian Mining Company (MMC).

The combined assets, handling capacity and experience turned the RSGT to one of the 10 largest container terminal operators globally, with a combined annual handling capacity of 20 million TEUs, and equity-weighted throughput of over 10 million TEUS.

In May this year in Doha, Saudi Arabia offered to make large scale investments in various sectors of Bangladesh as the country has a stable government and good record of economic growth.

PM's Private Industry and Investment Adviser Salman Fazlur Rahman, Saudi Investment Minister Khalid Al Falih and Chairman of the RSGT Aamer A. Alireza spoke at the function as State Minister for Shipping Khalid Mahmud Chowdhury delivered the opening remarks.

Ambassador of Kingdom of Saudi Arabia to Bangladesh Essa bin Yousuf Al Duhailan as well as Saudi and Bangladeshi businessmen were present.