US wants to bolster top FDI position: Peter Haas

The US Ambassador in Dhaka Peter Haas said on Wednesday that his country wants to strengthen its position as the top foreign direct investor in Bangladesh.

"The USA wants to enhance its effort as the number one investor in Bangladesh through collaboration," he said after visiting the Meghnaghat 584MW Combined Cycle Power Project in Narayanganj.

According to the Bangladesh Bank's report, as of June 2022, the United States holds the largest foreign direct investment (FDI) stock in Bangladesh, amounting to $4.15 billion. The United Kingdom follows with $2.42 billion investment, while Singapore holds the third position with $1.61 billion, and China takes the fourth spot with $1.47 billion.

Haas highlighted that the Meghnaghat power plant is the result of a joint partnership between Bangladesh and the US, developed through FDI, export products, and technical know-how from the US.

The ambassador also highlighted that once operational, this power plant will be able to generate twice as much energy using the same amount of natural gas.

"It will be critical for the Bangladesh government, especially as it has become increasingly cautious about allocating its natural gas resources," he added.

The US ambassador said, "The power plant will generate electricity for 700,000 households here in Bangladesh. It will maintain the lowest carbon emission possible in the country by using natural gas."

Unique Meghnaghat Power Limited, a consortium of Strategic Finance Limited, Unique Hotel and Resorts Limited, and General Electric of the USA, has been implementing the 584MW gas-based combined cycle power plant as an independent power producer under a contract with the government.

State-owned Power Development Board (BPDB) will purchase electricity from the plant over 22 years.

Project officials said that about 92% of the total project construction works have been completed and the plant will come into commercial operation in October 2023.

Mohammad Noor Ali, chairman of Unique Meghnaghat Power, said it is a symbol of the capabilities of the private sector of Bangladesh.

Its Managing Director Chowdhury Nafeez Sarafat said the US companies, including GE, have provided the latest technology gas turbines to Bangladesh's much-needed power infrastructure.

Referring to the project as a low-carbon emitter, he emphasised that it will significantly contribute to Bangladesh's commitment to achieving its nationally determined contributions under the Paris Agreement.

Deepesh Nanda, CEO of GE Gas Power, South Asia, said, "GE Gas Power is committed to bringing affordable, reliable and sustainable power generation technology to Bangladesh and has been contributing to transform the power sector in the country by offering advanced powering technology and power services solutions."

'USA will do everything to help Bangladesh'

Meanwhile, in a video marking his one year in office on the same day, Peter Haas assured that his country will do everything it can to help Bangladesh reach its desired destination.

The US has been and will continue to be accompanying Bangladesh in its journey to becoming a prosperous, democratic, developed country.

He said, "Today, I celebrate my one-year anniversary serving as the US ambassador to Bangladesh. In the past year, I have had the honour to visit many places in this beautiful country.

"I have seen fascinating places throughout Dhaka, as well as in the Sundarbans, Rajshahi, and Cox's Bazar. I have been privileged to meet Bangladeshis of all ages and from all walks of life. And I have learnt to love shingara, biriyani and mishti doi."