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Power & Energy - November 4, 2022

US keen to explore renewable energy in Bangladesh

Staff Correspondent: United States (US) Ambassador Peter Hass yesterday said the American companies are very interested to explore clean and renewable energies opportunities in Bangladesh while Washington DC has been providing support to them in this regard.
“We (the US government) will be here and our companies will be here, and we as a government do anything to support them,” he said.
The envoy was talking with reporters after visiting the under-construction Summit Meghnaghat II Power Plant and Summit Bibiyana Power Plant in the district.
The ambassador said the US companies here are not only emphasizing traditional energy areas like power generation or exploration of gas fields but also looking for exploring sources of renewable energy.
Besides, the envoy, said the American companies are interested in deep-sea exploration of gas.
“American companies are looking for the possibilities, they are looking at what data available and what the opportunities are, and I am pretty confident that if anyone thinks there is enough gas there to make profit, they will do it,” he said.
The envoy said US companies are keen in partnering with Bangladeshi companies to provide investment to help Bangladesh become a developed country by 2041.
“We have from the Trade Show last week, where US companies are very eager to come to Bangladesh and to partner with Bangladeshi companies to provide investment here to be able to help Bangladesh, make the transition, meet the goal of becoming a developed country by 2041,” he said.
However, Hass said, like other investors, the US companies also want assurance of stability, rule of law, lack of corruption and ability to take the profits.
“So I don’t think the American companies look for anything else (in Bangladesh) that other investors look for,” he said.
He expressed his happiness about his yesterday’s visit after seeing how the US companies can work together with Bangladeshi companies to help Bangladesh in its energy needs, making the transition through the developing country to eventually a developed country.
“This plant provides energy for up to 700,000 households here and it’s with US technology, the US knows how to partner with Bangladeshi companies,” he added.
Talking about the direct foreign investment in Bangladesh the envoy said, “Let me start with the opportunities in Bangladesh, because that is what draws US companies’ attention, growth rate, the macroeconomic stability, the population, the growth of the middle class, and all of those things attract American companies’ attention.”

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