In a meeting with Steven Kobos, CEO of Excelerate Energy and chairman of the US-Bangladesh Business Council, Professor Muhammad Yunus, the interim head of Bangladesh’s government, expressed confidence about improving the business climate in an effort to draw in more foreign direct investment. The State Guest House was the venue for the meeting.
Noting that recent leadership changes have increased corporate confidence in the nation, Professor Yunus praised the growing interest from American companies. Kobos noted that leading American companies are becoming more excited about investment potential in Bangladesh, especially in the energy sector, and acknowledged the recent appointment of the chief adviser.
Excelerate Energy intends to increase its investments in Bangladesh with an emphasis on decarbonisation and energy supply. Given the nation’s growing energy needs, the corporation wants to expand its operations to guarantee a steady supply of liquefied natural gas (LNG). Approximately 34 percent of Bangladesh’s total gas supply comes from Excelerate’s two offshore floating storage and regasification units, which produce about 1.1 billion cubic feet of gas each day.
The implications of enhanced energy investment are particularly significant for Bangladesh’s thriving Ready-Made Garment (RMG) industry, which is heavily reliant on consistent energy supply for manufacturing processes. Reliable and increased LNG availability can help mitigate energy shortages, thereby supporting the RMG sector’s productivity and competitiveness in the global market.
Professor Yunus spoke with the US-Bangladesh Business Council during his most recent US tour, urging its 50 members—including well-known American multinational companies—to make investments in Bangladesh. Several senior Excelerate Energy personnel attended the meeting, along with representatives from Bangladesh’s energy and investment regulatory agencies.
The possibility of more US investment in the energy sector could have far-reaching advantages as Bangladesh markets itself as a desirable location for foreign direct investment. This would support energy security and the expansion of vital industries, such as RMG, which is the foundation of the country’s economy.