The long-awaited journey towards Bangladesh's first deep-sea port at Matarbari in Cox's Bazar is finally approaching a major milestone.

The Chittagong Port Authority (CPA) is set to sign a contract on April 22 for the construction of two jetties—marking the beginning of the first phase of the Matarbari Port Development Project.

The agreement will be signed with a Japanese joint venture comprising Penta-Ocean Construction Co. Ltd. and TOA Corporation, at a ceremony scheduled to be held at a hotel in Dhaka, confirmed CPA Secretary Md Omar Faruk.

The contract, titled "Matarbari Port Development Project Phase-1 Package 1: Procurement of Civil Works for Port Construction," is valued at approximately Tk 6,200 crore and the deadline for completing phase-1 has been set for 2029.

Funded mostly by the Japan International Cooperation Agency (JICA), the total cost of the port project is estimated at Tk 24,300 crore.

Phase-1 includes the construction of two jetties: a 460-metre-long container jetty and a 300-metre-long multi-purpose jetty.

It also covers yard reclamation, soil improvement, terminal facilities, and the construction of administrative and operational buildings, according to Commodore Kaosar Rashid, CPA member for harbour and marine and the project director.

Once operational, Matarbari Port will become the country's first deep-sea port, capable of handling container vessels with capacities of up to 8,000 TEUs (twenty-foot equivalent units).

In contrast, the Chattogram port currently accommodates vessels of up to 2,500 TEUs.

The vision for a deep-sea port at Matarbari emerged in 2018 when the government launched a coal-based power plant project in the area.

The need for a wider and deeper channel to transport fuel sparked the idea for a full-fledged seaport.

The state-owned Coal Power Generation Company Bangladesh (CPGCBL), which implemented the 1,200-megawatt power plant project, also constructed an artificial channel measuring 14.5 kilometres in length, 250 metres in width, and 18 metres in depth.

Recognising the strategic value of this deep-draft channel, the government decided to establish a commercial port on the same site.

JICA, which had also funded the power plant, endorsed the idea after its feasibility study revealed the seabed was deeper than previously expected.

To further facilitate the port's development, the channel was widened by 100 metres and deepened by an additional two metres.

The CPGCBL also constructed essential maritime infrastructure, including a 1,753-metre breakwater on the north side, a 713-metre breakwater on the south side, and a 1,802.85-metre revetment—all using stone blocks.

The Executive Committee of the National Economic Council (ECNEC) originally approved the Matarbari Deep Seaport Development Project in 2020 with an estimated cost of Tk 17,777 crore and a Phase-1 completion target of 2026.

However, in October 2024, ECNEC revised the project, raising the budget to Tk 24,381 crore and pushing the deadline to 2029.

According to port officials, the 37 percent rise in project costs resulted from factors such as the depreciation of the taka, increased land acquisition expenses, and design modifications.