DHAKA, May 3, 2023 (BSS) - State Minister for Power, Energy and Mineral Resources Nasrul Hamid said around $170 billion investment is needed in the power and energy sector by 2041. 

“The government is providing special incentives to foreign investment,” he said yesterday (Tuesday) while addressing a session on "Strengthening the Future of Economic Growth of Bangladesh.”

The US Chamber of Commerce organized the high-level discussion titled “US-Bangladesh Economic Partnership: Shared Vision for Smart Growth”.

Nasrul Hamid said investors will be benefited in power and energy sector as well its sub-sectors such as LNG, renewable energy, smart grid, smart distribution, electric vehicle infrastructure, onshore and offshore exploration, upgrading gas infrastructure, setting up petrochemical industries, reducing Green House Gas (GHG) emissions and smart gas distribution. 

He said Prime Minister Sheikh Hasina has given the vision of transforming into a smart Bangladesh aimed at building the golden Bangladesh, dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman. 

Implementing the vision, financial investment as well as technical and knowledge-based cooperation is needed, the state minister said. 

“Investment will come not only from multilateral development agencies, but also from public and private sectors. At the same time, skilled manpower will be developed in cooperation with developed countries,” he added.

Among others, Eric Walker, president of Chevron's Bangladesh Office, and Dr John Ardil, vice president of Exxon Mobil gave speeches in the session.