$170b investment in energy sector needed by 2041: minister

State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that Bangladesh requires $170 billion dollars investment in the power and energy sector by 2041.

He said while addressing a session on "Strengthening the Future of Economic Growth of Bangladesh" at the high-level discussion meeting titled "US-Bangladesh Economic Partnership: Shared Vision for Smart Growth" organised by the US Chamber of Commerce in Washington DC yesterday (Tuesday).

"There are profitable investment opportunities in different sectors and sub-sectors like LNG, renewable energy, smart grid, smart distribution, electric vehicle infrastructure, onshore and offshore hydrocarbon exploration," said the state minister.

He also said that upgrading gas infrastructure, setting up petrochemical industries, reducing GHG emissions, smart gas distribution are among the sectors where US companies can invest and the government will provide special incentives to foreign investors.

"It needs financial investment as well as technical and knowledge-based cooperation to realise the vision," he said adding that investment should come not only from multilateral development agencies, but also from the public and private sectors.

Eric Walker, president of Chevron's Bangladesh office and Dr John Ardil, vice president of Exxon Mobil also addressed the event.