Country's infrastructure sector has huge foreign investment potential: Chowdhury Nafeez Safarat

Chowdhury Nafeez Safarat, Managing Director (MD) of Unique Meghna ghat Power Limited (UMPL) said that foreign investors and lenders should come forward to achieve the growth target that Bangladesh has set in the infrastructure sector including electricity and fuel.

"The doors of huge investment potential in the infrastructure sector including the power and energy of Bangladesh have been opened. This is why the opportunities for foreign investors have increased," he said while speaking at a conference organised by the German Investment Corporation in the capital of Thailand, Bangkok on Thursday (7 September).

The conference titled 'South-East Asia Client Forum 2023-Shaping Transformation' held at Bangkok Marriott Marquis Queen's Park was attended by invited guests including top businessmen, entrepreneurs, and power and energy experts from various countries, reads a press release.

Thanking the host DEG for this event, Safarat said, 'We have joined this event today to celebrate mutual cooperation and friendship. The results of which will enrich not only a select group but people of all social and economic strata of the world.

"Countries around the world will accelerate future growth by leveraging new global trends and opportunities through transnational exchange and knowledge sharing."

Chowdhury Safarat refers to Bangladesh as a wonderful example of economic development in the current world. After the liberation one of the foreign diplomats called this country a 'bottomless basket'. And now this country is emerging as an 'Asian Tiger' in the economy.

Bangladesh is now regarded as a model of economic development all over the world. And in search of the reason for this development, now the big economists of the world are doing research.

Stating that this increasing economic capacity has won the praise of global experts, he said, "The former Secretary General of the United Nations, Ban Ki-moon, referred to Bangladesh as a 'role model' for developing countries.

In 2012, Bangladesh was ranked in the 'next 11' list of world-famous investment banks by Goldman Sachs, JP Morgan has included Bangladesh in its 'Frontier Five' list. Global organization PWC announced in 2017 that Bangladesh will be the 28th economy in the world by 2030.

Sarafat said, 'Along with rapid growth, Bangladesh has shown significant economic foresight. Bangladesh has never defaulted on any foreign debt and has always maintained forward-looking economic practices over the years.

One of the major contributors to this remarkable growth is the power sector, which is one of the most important sectors of the country's economy. This massive economic growth has also been fueled by the energy sector, which has met the essential energy needs of the country.

With enviable progress in the last decade, the GDP growth rate of the energy sector has exceeded 1.5%.  It is not only one of the main drivers of growth but also a promising sector with significant investment opportunities."

He mentioned that according to the government's 2016 Power Sector Master Plan (PSMP), electricity generation will be 60,000 MW by 2041 to meet the growing demand.

Per capita electricity consumption per hour in 2019 was 510 kilowatts, in 2041 it will stand at 1,475 kilowatts.

This massive increase in demand for power generation will also bring about dynamic changes in the current structure of energy generation.

He further said, 'Government is giving such incentives to both government and private institutions and foreign investors. As a result, the door to huge profitable investment has been opened.

He said, "By investing in the power sector, foreign investors are not only getting an opportunity to invest in a very profitable industry, but they are also able to play a role in changing the quality of life of millions of people."

"To this end, I welcome DEG to continue its support to Bangladesh's energy sector," said the industrialist, stating that working together to build a more inclusive, prosperous, and stable future for all is possible.

There is a mutually beneficial environment for Bangladeshi entrepreneurs, DEGs, or any other foreign investors, through which we can together lead the way towards a more democratic, participatory, and prosperous future.'

On the sidelines of the conference, UMPL MD Chowdhury Nafiz Safarat held a meeting with DEG CEO Ronald Siler.

In the meeting, they discussed the enviable progress and potential of Bangladesh's power and energy sector. Chowdhury Nafiz Sarafat thanked the DEG CEO for his continued support in this regard.

DEG Senior Director (Banking and German Business) Petra Kotte, Director (Infrastructure and Energy Debt) Lazar Roken and others were also present in the meeting.