Govt to set up company to manage Padma Bridge operations

The government has decided to establish a separate entity, Padma Bridge Operations and Maintenance Company PLC, tasked with maintaining the bridge, collecting tolls, and overseeing other operational activities.

A Cabinet meeting, chaired by Prime Minister Sheikh Hasina, at the Prime Minister's Office approved the decision today (1 July).

Briefing reporters after the meeting, Cabinet Secretary Md Mahbub Hossain said the Bridges Division has proposed the formation of a company to manage and operate the Padma Bridge. 

This state-owned company will have an authorised capital of Tk1,000 crore and will be governed by a board of directors consisting of 14 members, including representatives from the Bridges Division and Finance Division, he said.

Mahbub also said details regarding the company's structure and workforce will be finalised later.

Currently, a joint venture between the Korea Expressway Corporation and China Major Bridge Engineering Company Ltd oversees maintenance and toll collection at the Padma Bridge. Their appointment was approved in April 2022 for the next five years at Tk693 crore.

The Cabinet secretary said the new state-owned company will take charge after the current contract concludes.

The Cabinet also approved the Export Policy 2024-2027, aiming for a $110 billion export target in FY27.

"The prime minister said the Export Policy must include initiatives to address challenges in the export market after LDC graduation. In addition to software exports, efforts should focus on exporting electronic devices, with necessary assistance provided to exporters. Furthermore, there should be initiatives to ensure that agricultural products, including vegetables, are suitable for the international market," said Mahbub Hossain.

The premier also underscored the necessity of establishing a mechanism to address any issues arising from transactions with foreign importers, he said.

The PM has also directed relevant officials to initiate efforts in supporting women exporters, advising exporters on exploring new markets, and enhancing the export of handicrafts, said the secretary.

Mahbub said during the Cabinet meeting that the commerce ministry has announced exports totalling $63 billion in the outgoing fiscal 2023-24.

The Export Policy is reviewed every three years, and the latest 2021-23 policy expired on 30 June this year.

During the meeting, the ICT Division presented the draft of the Sheikh Hasina Institute of Frontier Technology (SHIFT) Act 2024 for approval in principle.

Mahbub said the PM instructed removal of her name from the draft proposal.

The Cabinet secretary said this high-level institute, primarily focused on information technology, communication research, technology innovation, and training, will be set up in Shibchar, Madaripur.

Mahbub said the prime minister instructed ministries and departments to swiftly and transparently implement the FY25 budget.

Regarding a journalist's inquiry about corruption, the Cabinet secretary responded, "It is clear that corruption is not widespread; it involves only a few individuals. The majority are ashamed of such actions. The government has made it clear that no sympathy will be shown to corrupt individuals. All branches of government, including the administrative, are committed to taking action against corruption."