Dhaka, Jul 20 (V7N)- Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmud Tuku said that Bangladesh has spent nearly $2 billion on energy imports since the current government assumed office.
He said rising global energy prices and increased import costs due to international conflicts have pushed up electricity generation expenses, creating additional pressure on the country’s foreign exchange reserves.
The minister made the remarks at a workshop titled ‘Voice of Development’, organized by the National Development Program (NDP) at the China Friendship Conference Center in the capital on Monday (July 20) morning.
Iqbal Hassan Mahmud Tuku criticized the previous government, saying that although it claimed success in maritime boundary issues, it failed to make significant progress in extracting offshore energy resources. He added that neighboring countries have advanced much further in this sector.
The Energy Minister emphasized the need for greater investment and cooperation from development partners to build a socially welfare-oriented state. He said renewable energy development is being given priority under the government’s future energy plans.
He said the government is moving forward with a plan to establish solar power plants with a combined capacity of 10,000 megawatts across the country.
The minister also said tax incentives have been included in the current budget to encourage wider use of solar power at both individual and commercial levels.
Highlighting the government’s vision, Iqbal Hassan Mahmud Tuku said Prime Minister Tarique Rahman is working to establish a social welfare-oriented state and that renewable energy expansion is an important part of this development strategy.
END/SMA/AJ
