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Equity firms urged to invest in energy

Star Business Report
The government is trying to organise a special fund for the energy and power sector to help Bangladesh overcome the present crisis, said the prime minister's energy adviser yesterday.
"Once we finalise our groundwork, we will invite private equity investors for funds,’ said Dr Tawfiq-e-Elahi at a panel discussion on entrepreneurship and private equity divestment, organised by Brammer Ind Partners, Bangladesh at Dhaka Sheraton Hotel.
Brummer and Partners, a Stockholm-based hedge fund management firm, has started its opera-
tion in Bangladesh in July 2008.
"Our energy sector needs huge investments to meet the local need to ran big industrial units," said Tawfiq-e-Elahi.
“We are also trying to modernise and liberalise our financial system to make it investment friendly."
Tawfiq-e-Elahi urged the private equity investors to invest in education as well.
He called for local entrepreneurs to ensure a balance between creating wealth by receiving capital through a private equity investment and educating people to enhance economic growth.
Patrik Brummer, chairman of Brammer and Partners, said the company looks to tap the potential
of Bangladesh as one of the fastest-growing economies in South Asia as the country benefits from its geographical proximity to India and China.
“We hope to invest in the reputed and profitable local ventures to help them grow faster,” Brammer said.
The firm, which manages about S6 billion, increased its fund to $100 million in Bangladesh from its initial investment of $53 million.
“The local entrepreneurs should look into the trend of private equity investment around the world before taking such funds," said Muhammad A (Rumee) Ali, managingdirector (enterprises) of Brae.
“The economy is now robust,
supported by a high liquidity flow and highest foreign exchange reserve. It's time to take steps cautiously.”
He said private equity investors started investing in small economies like Bangladesh in 2006-07.
Syed Nasim Manzur, managing director of Apex Adelchi Footwear Ltd, said: "In a country like Bangladesh, the private equity' should offer something more than just capital. It should provide strategic partnership as well.”
Richard Gillingwater, chairman of CDC, a UK government-owned fund of funds, and Khalid Quadir, chief executive officer of Brummer and Partners, Bangladesh, were also present.