Power sector attracted USD 30b foreign investment in 13 yrs: Nasrul
State Minister for Power, Energy, and Mineral Resources Nasrul Hamid announced on Tuesday that the power sector has attracted foreign investments of USD 30 billion over the past 13 years, starting from 2009, BSS reports.
“Power is the only sector where maximum foreign investment has been received during the period between 2009 and 2022 “, said the state minister while participating in the general discussion on the proposed national budget for 2023-24 at the Jatiya Sangsad here.
Finance minister AHM Mustafa Kamal on 1 June unveiled Tk 7.61 trillion national budget for 2023-24 fiscal setting the GDP growth target at 7.5 per cent amid ongoing global economic crisis.
He said the accumulated foreign investment in the mineral and energy sector was Tk 153.73 billion. “We hope that the accumulated foreign investment in the power, energy and mineral resources sector would be around USD 150 billion”, he told the parliament with Deputy Speaker Shamsul Huq Tuku in the chair.
The state minister said the proposed budget has given importance on the power transmission as over Tk 380.2 billion will be provided to the power sector and Tk 34.25 billion will be provided to the energy sector in the proposed budget.
Besides, he said project has been taken to dig 46 gas wells in the next 2024 year and it is expected that 18 million cubic feet gas would be possible to rise daily under the project.
Nasrul Hamid, the State Minister for Power, Energy, and Mineral Resources, highlighted the significant challenge of ensuring uninterrupted power supply. To address this challenge, the government intends to implement a "mixed fuel" system. Instead of relying solely on a specific energy source, the system will incorporate a combination of coal, oil, renewable energy, and power imports from neighboring countries. This diversified approach aims to enhance power supply stability and reduce dependence on any single energy system.
Considering the global carbon emission, he said although Bangladesh is not responsible for carbon emission but the government has a plan to include 10 per cent renewable energy like solar power in the power generation.
To ensure cost-effective power supply, Hamid said, “We already have signed a framework agreement with Nepal to bring 700 megawatts hydropower and the power cost in this system would not vary for long 20 years compare to the power generation from the fossil fuel”.
Even a direct power grid line will be installed between Nepal and Bangladesh for import power and hydropower would be brought from Bhutan for cost-effective power generation in long run.
Other treasury bench lawmakers including Abdus Salam Murshedy, Kujendra Lal Tripura, Dipankar Talukder, Omar Faruque Chowdhury, Abdus Shahid, Enamul Huq, Nurunnabi Chowdhury, Anwarul Abedin Khan, Jafor Alam, Shahiduzzaman Khokon, HM Ibrahim and Jatiya Party lawmaker Golam Kibria Tipu, among others, took part in the discussion.