State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that Bangladesh needs $65 billion in investment in the power sector to meet growing demand.

He said there will be huge demand in power and energy sector as more than 40 economic zones are being developed across the country.

“These economic zones will create huge opportunity for industrial sector to set up manufacturing units,” he said while making a keynote presentation on “Power and Energy Sector: Change Ahead” at a seminar at the Bangladesh International Investment Summit 2021 at a city hotel on Monday.

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The investment summit, organized by Bangladesh Investment Development Authority (BIDA), was also addressed by Prime Minister’s Energy Adviser Dr Tawfiq-e-Elahi Chowdhury, Asian Development Bank’s Bangladesh country director Edimon Ginting, International Finance Corporation’s regional head of industry, infrastructure and natural resources Isabel Chatterton, executive director-Gas to Power Business Development, Acwa Power of Kingdom of Saudi Arabia (KSA) Ayad Al Amri, local Summit Group’s chairman Mohammed Aziz Khan, Chevron Bangladesh’s country director Eric M Walker and president of Bangladesh Independent Power Producers’ Association (BIPPA).

Nasrul said Bangladesh has been offering best policies in the region for the foreign investors to come in the power and energy sector.

“Specially, power transmission and distribution segment and renewable energy could be very potential sector for private investors”, he added.

Nasrul noted that steps have been taken to reduce carbon emission by 49 per cent in power and energy sector by 2030.

“We have already abandoned a number of coal-fired power projects that would generate 8500 MW electricity”, he said adding that the country’s power system master plan is being updated to promote green technologies in the sector.

He said plans are being undertaken to increase the use of electric vehicle to reduce the carbon emission.

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Tawfiq-e-Elahi Chowdhury said Bangladesh is emphasizing more on clean energy development rather than renewable energy.

He said technologies are changing fast and Bangladesh is always looking for newer technologies in power and energy sector.

He said Bangladesh will invite foreign companies to invest in its offshore area for hydrocarbon exploration.

ADB country director Edimon Ginting appreciated the government’s current polities for promotion private sector investment.

He said ADB will always remain supportive to Bangladesh to help develop its infrastructures.

Ayad Al Amri said Saudi Arabia has been very experience in power and energy sector and his companies are keen to invest more in the sector in Bangladesh.