Indian businesses keen to invest Tk1,500cr in energy sector in Bangladesh

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A business delegation, led by Dr Rajeev Singh, Director General of Indian Chamber of Commerce (ICC), has proposed to invest Tk 1,500 crore in the energy sector of Bangladesh.

They came up with the investment proposal at the inaugural ceremony of ICC Business Conclave on Sunday.

The objectives of the investment proposal are to enhance electricity distribution and transmission among BIMSTEC countries, promote energy trading in Bangladesh, and stimulate growth in the renewable energy sector.

Dr. Rajeev Singh showed interest to invest in various sectors, including health, education, agriculture, and energy.

Indian businessmen want to contribute to Bangladesh’s development by investing Tk 1,500 crore in energy, education, and health sectors.

They also plan to establish specialised medical centres and a university in the country.

Representatives from 85 Indian companies are participating in the India-Bangladesh Business Conference.

India has allowed the use of its power grids to facilitate electricity trade between Nepal and Bangladesh, offering immense scope for joint initiatives in developing cross-border transmission and green energy projects.

Bangladesh aims to reach a renewable capacity of 4.1 GW by 2030, while India has already installed 168.96 GW of renewable capacity, providing substantial opportunities for Indian companies.

The delegation’s visit is expected to foster collaboration among the countries on energy generation, transmission, and financing.

ICC-BIMSTEC Energy Conclave, organised by ICC and India-Bangladesh Chamber of Commerce and Industry (IBCCI), is scheduled to take place from August 6 to August 8, promoting collaboration and exploring mutual interests among the participating nations.

The delegates represent diverse industries, including manufacturing, MSMEs, construction, power generation, renewable energy, PSUs, solar energy, oil and gas, DISCOMS storage, distribution, and energy efficiency companies.

Their presence is expected to facilitate increased trade and investment between India and Bangladesh, paving the way for a prosperous and sustainable future for both the countries.

Source: The Business Post