Energy Adviser Muhammad Fouzul Kabir Khan has urged investors to seize opportunities in Bangladesh's energy sector, which faces a significant supply-demand gap.
Speaking at a programme on Monday, Kabir highlighted a supply deficit of 1,000 mmcfd of gas compared to the current demand of 4,000 mmcfd. He also mentioned the government's recent initiative to invite bids for 40 renewable energy projects.
The American Chamber of Commerce in Bangladesh organised the roundtable, titled "Driving a Sustainable FDI Ecosystem for Long-term Growth," held at a city hotel.
Lutfey Siddiqi, special envoy to the chief adviser on international affairs, attended the event as a special guest. Peter D Haas, strategic adviser to Excelerate Energy and former US ambassador to Bangladesh, also participated.
Energy expert Professor M Tamim underscored the need for foreign direct investment (FDI) in both offshore and onshore energy sectors to address the country's economic challenges. He highlighted Bangladesh's immense potential in the energy sector, particularly in renewable energy and natural gas.
Peter remarked that a strong partnership between the US and Bangladesh had led to significant American investments in the energy sector. He stressed the importance of ensuring financial security for investors to sustain this momentum.
Lutfey emphasised the need to enhance the business ecosystem to attract more FDI, while A Gafur, director of Abdul Monem Economic Zone Ltd, identified policy inconsistency, political instability, inefficiencies in tax administration, and issues with one-stop service (OSS) as the key obstacles preventing Bangladesh from fully leveraging its investment potential.
Participants emphasised the importance of establishing a robust regulatory framework and fostering a conducive business environment to attract FDI. Key recommendations included ensuring policy consistency, political stability, and the efficient operation of an online OSS for investors.
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