Desk Report,
Corruption is the main problem in the power and energy sectors.
Power, Energy and Mineral Resources Advisor Fauzul Kabir Khan said, “The main problem in the power and energy sector is corruption. Then one of the problems was the outstanding bills of 3.2 billion US dollars. Due to this, problems arose with energy supply. We took responsibility and paid these bills with special initiative. Now there are 700 million US dollars outstanding bills, which is normal.”
Corruption is the main problem in the power and energy sectors.
Fauzul Kabir Khan made these comments at the monthly discussion on the investment situation (August) organized by the Investment Development Authority (BIDA) on Wednesday. BIDA Executive Chairman Chowdhury Ashiq Mahmud Bin Harun hosted the program organized online. At the beginning of the program, Chowdhury Ashiq Mahmud gave a presentation on the country’s investment and economic situation. Ashiq Chowdhury took charge of the BIDA Executive Chairman after the country’s political change in August last year. After he took charge, he took the initiative to organize the monthly webinar on the investment situation. This was the fourth event.
Chowdhury Ashiq Mahmud Bin Harun highlighted the progress of various financial indicators and initiatives from August last year to July last year. At this time, he said that during this period, inflation has decreased from 10.5 percent to 8.5 percent. Purchasing Managers’ Index (PMI) has increased from 43.5 percent to 61.5 percent. Foreign exchange reserves have increased from 23 billion to 24 billion dollars. During this period, the issue of counter-tariffs imposed by Trump on exports of goods to the United States has been successfully resolved.
Chowdhury Ashiq Mahmud also said that 32 reform initiatives were undertaken in the financial sector. Of these, 18 have been completed, 6 are in progress. Seven reform initiatives are scheduled and one has been canceled. Initiatives have been taken to provide all services to investors at one door. A separate communication officer has been appointed to communicate with new investors.
Speaking on the communication system, Fauzul Kabir Khan, Advisor to the Minister of Power, Energy and Mineral Resources, said, “Our country has a river, rail and road-based communication system. We are trying to launch an integrated communication system. We are trying to find out what kind of initiatives are needed in this sector and find solutions.” Regarding renewable energy and electric transport, Fauzul Kabir Khan said, “We have formulated policies for these two sectors. You provide the kind of support needed to invest.” Meanwhile, in his presentation at the webinar, Ashiq Chowdhury said that Bangladesh has received investment proposals worth about $1 billion in the first five months of this year from January to May. This indicates a promising progress for the country’s investment situation. He added that about 20 percent of the proposals received have already reached the final stage, which includes signing contracts, confirming land leases and issuing allotments.
