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Liberal policy sought to woo more FDI in energy sector

Star Business Report
Government control on pricing discourages foreign companies to invest in power and energy sectors in Bangladesh, speakers at a seminar observed yesterday asking the government to pursue liberal policy ' to woo more foreign direct investment (FDI).
They asked the government to review the policy and leave it to the market to determine the price. FDI in power sector and exploration for gas, oil and other mineral resources has been going through a stagnant period for the last few years due to regulated pricing, they said.
they also called for increased energy cooperation among South Asian nations to overcome low access to power.
They were speaking at a roundtable on 'Regional Energy Trade' organised by Dhaka Chamber of Commerce and Industry in cooperation with American Chamber of Commerce
in Bangladesh (AmCham), Foreign Investors' Chamber of Commerce and Industry and Federation of Bangladesh of Chambers of Commerce and Industry (FBCCI) in Dhaka.
Presenting a paper on "The Critical Role of Energy in Attracting Private Investment to the Saarc Region," Willard AWorkman, an US development expert and president of TWiris International, said foreign power and energy companies do not like to invest in a country where the government regulates price of output
"Only 30 percent of the total population of Bangladesh have access to electricity, which is among the lowest in the world. The demand for energy is growing at a rate of 10 percent. So, the country needs huge power production and FDI in this sector can satisfy the growingdemands," hesaid.
AmCham President Aftab-ul-Islam said Nepal and Bhutan have huge hydroelectric potential and
Bangladesh has gas potential, so energy cooperation in the region can be a win-win situation.
As Bangladesh needs huge FDI to meet the growing power demands, he urged the government to maintain a liberal policy to attract more foreign companies.
Md Akhtaruzzaman Manju, director of FBCCI and president of Internet Service Providers Association of Bangladesh, said the hydroelectric potential of Nepal and Bhutan is so high that they can feed some parts of the subcontinent.
"But where would they market it or where are the transmission and distribution procedures? So, the South Asian region needs increased energy cooperation to take the advantage of natural resources," he said.
A Gafur, executive director of AmCham, said the government should find out why the foreign investment in energy sector is drying up.