Energy crisis biggest challenge for Bangladesh economy: President Fakhrul

President Mirza Fakhrul Islam Alamgir has described the energy crisis as the country's biggest challenge, blaming the lack of significant initiatives in the past to explore and extract domestic gas and ensure long-term energy security.

He made the remarks during a meeting with a 22-member delegation of the Bangladesh Textile Mills Association (BTMA), led by its President Shawkat Aziz Russell, at Bangabhaban today (21 September).

He said developing economies such as Bangladesh are being particularly affected by the ongoing war in the Middle East, adding that the government was continuing efforts to address the energy crisis.

A senior BTMA leader, speaking to TBS on condition of anonymity, said the delegation also informed the president that a fresh fuel price hike would further deepen the crisis facing the industry.

The president said political instability and other factors had prevented Bangladesh from taking its economy to the desired level even 55 years after independence. With a democratic government now in office, he said, a new opportunity had emerged to rebuild different sectors of the economy and called on business leaders to play an effective role.

He assured the delegation of necessary support in resolving the textile sector's problems.

BTMA leaders briefed him on the sector's current challenges and stressed the need to retain the National Board of Revenue's decision to withdraw bonded facilities for imports of 10-30 count cotton yarn and allow such imports against bank guarantees.

They said the measures were necessary to protect domestic textile mills. The association also stressed the importance of realistic and integrated policy support to help the textile sector remain competitive with industries in competing countries.