The Foreign Investors' Chamber of Commerce and Industry (FICCI) has called for urgent reforms, increased domestic gas exploration and faster investment in renewable energy to strengthen Bangladesh's energy security, improve industrial competitiveness and attract long-term investment.
The call came at a luncheon meeting titled "Sustainable Power and Energy: Driving Investment in Bangladesh", held in Dhaka today (19 October) to discuss energy challenges and practical solutions for a reliable, affordable and sustainable energy future, according to the press release.
Finance and Planning Minister Amir Khosru Mahmud Chowdhury, MP, attended as the chief guest.
Shafiqul Alam, lead analyst for Bangladesh energy in South Asia at the Institute for Energy Economics and Financial Analysis, delivered the keynote address.
Mahbub ur Rahman, CEO of HSBC Bangladesh and a former FICCI board director, moderated the panel discussion. Panellists included Shu Xiong, president and managing director of Chevron Bangladesh; Professor Dr Mohammad Tamim, vice-chancellor of Independent University, Bangladesh; Dr Nazneen Ahmed, executive director of the Centre for Policy Dialogue; and Fazlul Hoque, administrator of the Federation of Bangladesh Chambers of Commerce and Industry.
Amir Khosru acknowledged the significant energy and economic challenges facing Bangladesh, saying the government had been addressing an energy crisis alongside inherited financial liabilities and structural weaknesses.
He expressed confidence that the economy, including the energy sector, would begin to stabilise by the second year of the government's tenure, with stronger growth expected in subsequent years.
The minister emphasised reducing the cost of doing business, improving the investment climate and strengthening domestic industries' competitiveness through reforms and deregulation.
Outlining plans to improve energy security, he highlighted initiatives to accelerate domestic gas exploration, expand renewable energy and develop liquefied natural gas (LNG) infrastructure.
He said the government aimed to add around 10 GW of solar power capacity over the next two to three years while expanding onshore and offshore gas exploration. It was also exploring floating and shore-based LNG terminals and oil storage facilities.
The government was working to mobilise investment through international development partners, foreign investors and public-private partnerships to build a more reliable, affordable and sustainable energy sector, he added.
The minister also stressed the importance of comprehensive reforms in taxation, banking and capital markets to restore confidence and facilitate investment.
Referring to plans to separate the National Board of Revenue's policymaking and enforcement functions, he said the government was pursuing measures to improve efficiency, transparency and accountability.
He called on the private sector to work with the government during the transition, expressing optimism that ongoing reforms and investment initiatives would strengthen macroeconomic stability, improve the business environment and support long-term economic growth.
FICCI President Rupali Haque Chowdhury said global energy disruptions had exposed Bangladesh's vulnerability to imported fuels, raising industrial costs, disrupting production and creating uncertainty for businesses.
She stressed that energy security required more than adequate supply: energy must also be reliable, affordable and sustainable.
She called for stronger domestic gas exploration, diversified LNG sourcing, modernised infrastructure, improved energy efficiency and faster renewable energy investment.
Rupali also emphasised regional cooperation and greater private-sector participation in building a resilient energy system capable of supporting industrial growth, export diversification and employment generation.
In his keynote address, Shafiqul Alam highlighted challenges arising from declining domestic gas reserves, growing LNG imports and volatile global fuel prices.
He said domestic gas reserves could be depleted by 2036 without new discoveries, increasing pressure on power generation costs, industrial competitiveness and household affordability.
Expanding domestic gas exploration, reducing gas losses and accelerating renewable energy adoption were essential to reducing import dependence, he said.
He identified rooftop solar, solar irrigation, industrial energy efficiency and regional hydropower cooperation as practical opportunities to strengthen energy security.
Shafiqul also underscored the importance of stable policies, green financing and stronger public-private partnerships in attracting investment and supporting reliable, affordable and sustainable energy.
During the panel discussion, speakers called for stronger domestic gas exploration, investment-friendly policies and a diversified energy mix to ensure energy security and affordability.
Shu Xiong stressed the importance of a stable regulatory environment in attracting long-term foreign investment, while Professor Dr Mohammad Tamim emphasised balancing domestic gas production with renewable energy.
Fazlul Hoque highlighted the effects of energy shortages and rising costs on industrial productivity and investment. He called for greater support for rooftop solar and green financing.
Dr Nazneen Ahmed stressed the need to attract foreign investment while maintaining fiscal sustainability and affordable energy.
The panellists collectively called for policy reforms and stronger public-private collaboration to ensure reliable energy supplies, enhance industrial competitiveness and support sustainable economic growth.
Shadab Ahmed Khan, a FICCI board director, delivered the vote of thanks.
FICCI board directors, CEOs and senior representatives of member companies, diplomats and other stakeholders attended the meeting.
The discussions highlighted the importance of government-private sector cooperation in addressing immediate energy challenges and building a more secure, reliable, competitive and sustainable energy future for Bangladesh.