• Tuesday, Feb 19, 2019
  • Last Update : 03:35 pm

Nasrul Hamid urges US companies to invest in energy sector

  • Published at 01:21 am June 28th, 2018
The government has a target to raise the power generation capacity to 24,000MW and 40,000MW in 2021 and 2030Syed Zakir Hossain Syed Zakir Hossain/Dhaka Tribune

State Minister for Power and Energy Nasrul Hamid has urged American companies to invest in power and energy sector in Bangladesh.

“US companies can make a good contribution to power and energy sector Bangladesh through direct investment as we require huge investment in the sector,” he said while meeting with US Assistant Secretary of Commerce Ian Steff at International Trade Administration in Washington DC on Tuesday.

According to a message received in Dhaka, the state minister, presenting the country’s investment potentials in power and energy sector, said Bangladesh needs $82.5 billion investment by 2041.

“The investment can come from both public and private sector. We welcome any investment from USA as investment from American companies is lower compared with companies from other countries,” Nasrul Hamid said.

He noted that there is a good business potential in energy sector as LNG and LPG can play a vital role in ensuring the country’s energy security.

He informed the US assistant secretary that Bangladesh has been conducting hydrocarbon exploration activities while online service, (supervisory control and data acquisition) SCADA and enterprise resource planning (ERP) is taking place in different departments.

American companies can invest in such business as well, he added.

Appreciating Bangladesh’s quick development, the US assistant secretary expressed his country’s desire to open a trade office in Dhaka to promote American business in Bangladesh.

Petrobangla Chairman Abul Mansur Md Faizullah was present on the occasion.