Previous govt's energy deals drove up prices: Adviser Bashir
Increased use of renewable energy, such as solar power, is essential to lower production costs and stabilise energy prices, he says
Commerce Adviser Sk Bashir Uddin Thursday (20 February) said the previous government's energy procurement agreements drove up prices, but reduced corruption now offers a chance for them to decline.
"To reduce production costs, the use of renewable energy, such as solar power, must be increased," he said at the inaugural ceremony of the 19th Dhaka International Textile & Garment Machinery Exhibition (DTG) 2025.
The adviser also urged enterprises to procure solar energy at the lowest possible cost.
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Referring to Akij Group's investments in solar energy to replace gas with electricity supplied by the Rural Electrification Board (REB), he said the conglomerate plans to generate 50% of its energy from solar power.
Bashir Uddin previously served as the managing director of Akij Group.
Regarding the post-LDC graduation scenario, he said preferential market access would no longer be available. To remain competitive, businesses must reduce their fixed costs by any means necessary to enhance efficiency, he added.
Md Hafizur Rahman, administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said such trade fairs would be instrumental in identifying sustainable technologies to address industry challenges.
Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA), highlighted that the sector has invested $22 billion, enabling it to supply 100% of the knit garments required by export-oriented industries.
"We can invest more if the government provides a long-term forecast of gas prices and bank interest rates for the next ten years. No investor wants to operate in uncertainty," he added.
Akai Lin, director of Overseas Operations at Yorkers Trade & Marketing Services Co Ltd, and Fazlee Shamim Ehsan, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), also spoke at the event.
The BTMA, in partnership with Yorkers Trade & Marketing Services Co Ltd, Hong Kong, is organising the 19th DTG from 20 to 23 February at the International Convention City Bashundhara in Dhaka.
DTG 2025, Bangladesh's largest textile machinery exhibition, will feature 1,600 stalls and over 1,100 top brands from 33 countries. Companies from China, Germany, India, Italy, Japan, South Korea, and Turkey will participate, showcasing innovations in textile machinery, fabric production, dyeing technology, and accessories.
The four-day event will include discussions, seminars, and the DTG Fashion Show, scheduled for 21-22 February in Hall 3 of the ICCB.
