Korea keen to invest in Uttara bus terminal, Kallyanpur hydro eco-park

Korea has expressed interest in the implementation of the "Uttara Multipurpose Bus Terminal Building," a six-storey structure designed to accommodate thousands of inter-district buses. The proposed terminal would be situated approximately 800 meters from the MRT Line-6 depot area at Diabari.

In addition to this, investors from Korea are set to contribute towards around Tk1,000 crore hydro eco-park initiative surrounding the Kallyanpur retention pond in the capital city. The primary goal of this project is to safeguard the connected canals, mitigate flooding, and eliminate waterlogging in the area.

Selim Reza, chief executive officer of the Dhaka North City Corporation, told The Business Standard that the Mohakhali inter-district bus terminal will be relocated to Uttara. 

The involvement of Korean investors is anticipated to elevate the terminal's operational standards to an international level, he said, adding that Dhaka North expects about $50 million to realize the project.

He also mentioned that Dhaka North is actively seeking investment for the Kallyanpur eco-park project. 

Korea has expressed its interest in implementing a Bus Rapid Transit (BRT) service, connecting Gabtoli (near the MRT Line-5 depot) to Kallyanpur as part of the eco-park development, he added.

These proposals came from Korean investors during the fifth Bangladesh-Korea Joint Public-Private Platform meeting that took place Sunday in Dhaka.

At the event, Dr Md Mushfiqur Rahman, secretary and CEO of the PPP Authority led the Bangladesh delegation, while Park Young Sik, the Ambassador of the Republic of Korea to Bangladesh, led the Korean team. Principal Secretary Md Tofazzel Hossain Miah was present there as chief guest. 

Officials of the Bangladesh Bridge Authority, Roads and Highways Department, Bangladesh Railway, Dhaka Electric Supply Company Limited (Desco), and Korea Overseas Infrastructure and Urban Development Corporation (KIND) were also present on the occasion.

The Korean officials proposed an ambitious agenda, including the development of a 120-megawatt solar power project in Pabna, alongside the eco-park project at Kallyanpur and the Uttara Multipurpose Bus Terminal under the purview of the Dhaka North, officials concerned told TBS. 

Four mega projects involving $10.29b under discussion

The meeting discussed the progress of a total of four projects with an estimated combined cost of $10.29 billion, aimed at expediting their implementation. Md Abul Bashar, director general (Programming and Investment Promotion) of the PPP Authority, told TBS.

He revealed that a consortium comprising SK Ecoplant and Korea Expressway Corporation has expressed its intention to invest $394.5 million in a project titled "Improvement of Dhaka-Mymensingh Road into an Expressway with Service Lane." 

Officials said that Cabinet Committee on Economic Affairs approved the project in principle in late 2020 and the Asian Development Bank (ADB) has been appointed as transaction adviser.

During the meeting, both parties stressed the need to expedite the survey phase of this project.

Bangladesh Railway and a Korean agency conducted a separate study to access the feasibility of the construction of a circular rail line around Dhaka city with an estimated investment of $8.37 billion.

Abul Bashar said that the railway secretary highlighted the project as very important for the country, but the secretary identified the land crisis as a major obstacle to the project.

A consortium of SK Ecoplant GS E&C will implement the project after a commercial study to identify whether the project is viable financially or not.

The meeting also discussed the update of "Construction of Bridge on Bhulta-Araihazar- Bancharampur Road (R-203) over the river Meghna (Meghna Bridge Project) to be implemented by Daewoo E&C, Korea Expressway with an investment worth $833 million.