The recent emphasis on the green energy sector of Bangladesh gives us hope for our future prospects of this most important of sectors.
While Bangladesh has been a lucrative destination for Foreign Direct Investment (FDI), so far, international agents have mainly taken an interest in the production and manufacturing industries. Furthermore, given the growing threat of climate change and the vulnerable position Bangladesh finds itself in, the pivot to renewable energy generation has to be undertaken sooner rather than later.
As such, getting a development partner like the US in such a critical infrastructural project will surely be of help in the long run.
US companies like Shell are few of the consistent foreign partners we have had in the energy sector. Therefore, these companies have the proper experience and knowledge regarding the local community to handle the project.
Collaboration with the US is bound to attract other countries as well -- to that end, a reliable, stable, and profitable business environment will be imperative. Ensuring these factors would not only result in a burgeoning renewable energy industry, but also revamp the business environment of the country, making it even more attractive for FDI.
Of course, as a nation, we still have a long way to go before we can make our business environment compliant with international standards. Corruption needs to be weeded out. We also need to revamp our business laws with the involvement of all stakeholders. There is a reason why Bangladesh still ranks so low in the global Ease of Doing Business Index, after all.
We are on the brink of success. We just need to push a little more.
