Some past energy deals were ‘unequal’: Rashid Al Mahmud Titumir

The prime minister’s adviser on economy and planning, Rashed Al Mahmud Titumir, has emphasised the need to strengthen development cooperation with neighbouring countries in South Asia.

Stating that some agreements signed in the energy sector in the past were “unequal”, he said that future initiatives would be taken in a way that safeguards Bangladesh’s national interests.

Rashed Al Mahmud Titumir made the remarks on Monday while speaking to journalists at the Secretariat after holding separate meetings with Chinese Ambassador Yao Wen and Indian High Commissioner Pranay Kumar Verma.

He said the fallen government had left the economy in a damaged state and that it now required renewed momentum.

According to him, the government aims to move away from a debt-driven model and towards investment-led growth to revitalise the economy.

Rashed Al Mahmud Titumir further said discussions were underway with several countries, including India and China, to strengthen cooperation in investment, industrialisation and the energy sector.

Increased investment, he noted, would boost production, generate employment and raise government revenue. That revenue could then be used to expand spending on health, education and other public services.

During his meeting with the Indian ambassador, discussions focused on the progress of ongoing bilateral projects as well as the implementation of India’s Line of Credit (LoC) extended to Bangladesh.

Rashed Al Mahmud Titumir said the government would review the current status of projects taken in the past, assess how many had been implemented and consider the way forward.

He added that although Bangladesh has significant trade with China, there is now a greater need to expand investment-based industrialisation.

“We want to move from a culture of loans to a culture of investment,” he said, noting that talks with the Chinese ambassador had mainly centred on investment and industrial development.

Referring to Chinese President Xi Jinping’s visit to Bangladesh in 2016, the prime minister’s adviser said that projects worth around $20 billion had been discussed at the time. So far, however, work has progressed on projects valued at about $8.2 billion.

He said discussions were also held on the possibility of forming a joint working group involving the Chinese government as well as Chinese state-owned and private companies.

Asked whether any specific assurances had been received regarding increased investment, Rashed Al Mahmud Titumir said bilateral relations advance on the basis of mutual respect and trust.

Since the incumbent government assumed office, he added, international partners have begun to regain confidence.

The government’s goal is to attract investment that will support long-term industrialisation, job creation and environmentally sustainable development, he emphasised.