"The feasibility study is likely to begin in January next year on completion of the official procedures," Shipping Minister Akbar Hossain said yesterday.

The government is giving priority to Kutubdia in Cox's Bazar for the proposed port, but the site will be selected on the basis of the feasibility study report. The study would be conducted at two other points on Maheshkhali Channel in Cox's Bazar and at Akram Point near Mongla port.

Bangladesh would become a regional hub once the deep-sea port is there, as it would also provide port services to neighbouring countries like Nepal and Bhutan, according to the shipping minister. Besides, the port would help drastically reduce the lead-time for the garment exporters, he observed.

A high-powered five-member committee headed by the shipping minister will be formed soon to expedite the deep-sea port construction process, according to sources.

The shipping secretary would work as the member secretary of the committee. The secretaries to the Cabinet Division and the finance ministry and the chairman of Chittagong Port Authority would be the other committee members.

The Ministry of Shipping will write a letter to the Planning Commission on Saturday to seek permission for floating an international tender for the job, said a high official of the ministry, seeking anonymity.

The government earlier had sought foreign funds for the feasibility study. But considering the lengthy process of getting foreign funds, it has decided to finance the feasibility study on its own by channelling funds from Chittagong Port Authority (CPA), Akbar said.

The shipping minister also outlined his plan to The Daily Star for mobilising necessary funds to construct the port. He said after the feasibility study and site selection, a company will be floated for constructing the port, with the CPA having big stakes.

Around Tk 200-300 crore will be drawn from the CPA and a proposal placed before leading trade bodies for buying equities.

Both local and foreign investors would be encouraged to participate in the project, he said, adding as much as Tk 2,000 crore could be collected in this way. Once the company is floated, it may raise funds from the share markets, the minister said.

The process of setting up a deep-sea port began in the early 80's, according to shipping ministry sources. But hardly any progress has been made to that end, although neighbouring Myanmar has built such a port despite initiating the process much later, the sources pointed out.