Oil-rich Saudi Arabia's Red Sea Gateway Terminal Company has shown interest to invest in Bangladesh for the operation, maintenance and modernisation of the country's Patenga container terminal in Chattogram. Vice Chairman of the Red Sea Gateway Terminal Board of Directors, Aamer A. Alireza, made the proposal during a meeting with State Minister of Shipping Khalid Mahmud Chowdhury in Jeddah on Tuesday. Read:Saudi-led oil production cut will have “consequences”: Biden Red Sea Gateway Terminal (RSGT) is the newest flagship container terminal at Jeddah Islamic Port, a world-class terminal spearheaded by the Saudi Industrial Services group SISCO, as well as the first privately funded BOT (Build, Operate and Transfer) development project in Saudi Arabia with investment of $1.7 billion up to 2050. The Saudi company is an international terminal operator representing a partnership between the Red Sea Gateway Terminal of Saudi Arabia and the Malaysian Mining Company (MMC). Earlier, a delegation led by the State Minister visited the head office and operations of the Red Sea Gateway Terminal Company, said the Bangladesh Embassy in Riyadh in a media release on Wednesday. The company's CEO Jens O. Floeand other senior officials of the company presented their plans and investment proposals for the modernisation of Patenga Container Terminal. After the meeting, the State Minister inspected the container handling operations at Jeddah Islamic Port. The has expressed its interest in the modernisation, maintenance and operation of Patenga Container Terminal in Bangladesh under the Memorandum of Understanding signed last year between Saudi Arabia and Bangladesh on Public-Private Partnership. Read: Saudi envoy praises PM Hasina for development bonanza Chittagong Port Authority Chairman Rear Admiral M. Shahjahan and Ambassador of Bangladesh to Saudi Arabia Mohammad Javed Patwari were present. During his visit to Saudi Arabia, the State Minister is scheduled to hold a bilateral meeting with the Minister of Communications of Saudi Arabia. Earlier, Ambassador of the Kingdom of Saudi Arabia (KSA) to Bangladesh Essa bin Yousef Al Duhailan said Saudi companies have expressed their eagerness to invest in Bangladesh in various sectors because of peace, political stability, favourable laws and good incentives.