“The country needs on an average $9 billion in power sector each year up to 2041” said Rahmat Ullah Mohd Dastagir, additional secretary of the Power Division, while making his presentation at the workshop on Bangladesh -China power cooperation at a city hotel.
The Chinese Embassy in Dhaka organised the workshop titled: “Bangladesh Power Development and Cooperation between Bangladesh and China” with Chinese Economic and Commercial Counsellor in Dhaka Li Guangjun in the chair.
Officials of different Chinese companies willing to invest in Bangladesh and officials of Power Division and its subordinate entities in power sector attended the workshop to share experiences and learn about the investment procedures in Bangladesh.
Joint secretary of the Power Division Mohammad Alauddin also spoke on the occasion.
Dastagir said there is a total $216 billion investment potential in power sector up to 2041 as per the government plan.
Of the total amount, $150 billion investment is required for power generation, $31 billion for transmission and $35 billion for distribution, he added.
He also said that Bangladesh is keenly interested to import hydro electricity from China as it plans to import electricity from neighbouring countries like India, Nepal and Bhutan.
He mentioned that a Chinese company has already offered to export power from Kunming of China through Myanmar.
“We want the company should work on the issue as Myanmar is involved in the plan”, he said adding that the proposal says some 4000 MW of electricity will be supplied from China of which Bangladesh will get 3000 MW while Myanmar will receive 1000 MW.
He said a conducive environment is prevailing in Bangladesh for foreign direct investment (FDI) in power sector as the government provides sovereign guarantee to the investors for their investment.
He also mentioned that the power sector investors get 15 years corporate tax holiday and also 10 year tax holiday for equipment import.
Mohammad Alauddin said renewable energy has been a very potential sector for Chinese investment that the country plans to generate 14,000 MW of renewable energy including solar, wind and other options.
He said the government has a commitment to the Sustainable Development Goals (DSGs) which has determined ensuring peoples’ access to clean energy.
He also mentioned that recently introduced net metering policy in solar power created a huge opportunity for Chinese investors as local industries don’t have necessarily experience in the sector.
Chinese Embassy’s Economic and Commercial Counsellor Li Guangjun said that his country has achieved the highest development in power sector in the world as the country now has surplus power generation.
“So, Bangladesh can be benefited by sharing Chinese experiences in power sector development”, he said.
He said many Chinese companies are willing to invest in Bangladesh.