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 Power to the energy sector21-12-2009 BANGLADESH has said it wants to secure $10 billion (£6b) in investment to improve its flagging energy sector. It has announced plans for a series of road shows in Britain, the US and Singapore to woo investors. A lack of power and gas has held back development, hampered poverty reduction and slowed overall economic growth in the country. An 11-member team of experts, led by the prime minister’s energy adviser, Towfiq-e-Elahi Chowdhury, would be seeking the investment needed to turn the sector around.
Chowdhury said last Sunday (13) that initially they would aim to attract $5 billion investment for the period until 2013, and then another $5 billion by the end of 2021.
Bangladesh’s donors and friendly governments had long insisted that the impoverished nation of 144 million people must have a freely elected democratic government to attract investors and pursue development, especially in energy and infrastructure that are key to take the fledgling economy forward.
Bangladesh’s annual GDP growth has hovered at around six per cent over the past decade, but officials, economists and analysts say Dhaka needs to achieve double-digit growth to combat poverty that still grips more than 40 per cent of its people.
Chowdhry said: “Bangladesh will seek $10 billion foreign direct investment to generate enough power to meet fast growing demands and achieve double-digit growth by 2021.We will hold a series of seminars in different countries to attract potential investors.”
Sheikh Hasina’s government claims to be dedicated to augmenting power generation to the optimum level by the next five years.
Bangladesh currently produces up to 3,800 MW of electricity, against its daily requirements of up to 5,000 MW, energy officials said, adding that the demand is expected to rise to 8,364 MW by 2013.
The mainly agrarian Bangladesh also wants to push industrialisation, especially in the agro-based and environment-friendly sectors, to find more jobs for its people and reduce dependence on foreign aid.
Chowdhury said the Bangladesh government has planned to install three combined cycle power plants with total capacity of 1,125 MW and two peaking power plants with 100 MW capacity each.
It also plans to set up imported coal-based power plants to produce up to 2,600 MW by 2013.
He said: “We will generate 110 MW power by renewable energy based plants and set up one liquefied natural gas (LNG) terminal in the Bay of Bengal for easy off-loading of imported LNG containers
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