Guwahati, Sept. 27: Business in the Northeast is set to undergo a sea change, literally. The Bangladesh government has decided to open up Chittagong port for use by the states in northeastern India by the yearend.

President of Northeast Federation on International Trade R.C. Agrawal told reporters here that Bangladesh?s shipping minister Akbar Hossain has announced that the port will be thrown open to traders of the northeast after the formal inauguration of a new mooring container terminal (NMCT).

?Hossain made the announcement while publishing a report ? Enhancing Trade and Investment Between Bangladesh and Northeast India ? at Dhaka recently,? Agrawal said.

The publication ceremony had been organised by Bangladesh Enterprise Institute, International Finance Corporation in collaboration with South Asia Enterprise Development Facility in Dhaka on September 18.

Welcoming the development, Agrawal said the opening up of Chittagong port meant that the cost of transporting consignments for export and import would go down considerably, thereby giving a much-needed boost to the region?s economy.

?At present, one has to spend Rs 2,500 per metric tonne (MT) to transport goods from Haldia to Tripura. If the Chittagong port is opened, the cost will come down to about Rs 500 per MT. Similarly, the cost of bringing a consignment from Haldia to Karimganj in Assam by train comes to around Rs 1,700 per MT. The same will come down to Rs 600 per MT from Chittagong,? he added.

The existing terminal at Chittagong can handle 7,50,000 containers per year. The new terminal, which is expected to be complete by December, will handle five lakh additional containers per year. The additional cargo handling capacity, said Agrawal, quoting the Bangladesh minister, is much more than what Bangladesh imports through the port.