Bangladesh economy in 2009 has performed remarkably well despite the global recession and maintained a steady growth. Despite perceived uncertainties during the year (2009) the country achieved 5.9% growth in FY 09 and expecting 6% growth in the FY10. With adequate power and energy supply and appropriate infrastructure the country could have achieved higher GDP said ICCB President Mahbubur Rahman while presenting the Executive Board Report at its 15th Council.

The Council marked that Energy is considered to be the most crucial area that needs to be addressed on a top priority basis and on war footing. The Report also observed that one of the necessary, though not sufficient, conditions for development of the manufacturing sector is the availability of power, in the form of electricity. The current generation is between 3,800-4,300 MW, while the demand is between 4,200-5,500 MW; there is no option to load shedding, which may be up to 1,500 MW on hot summer days. The per capita power generation in Bangladesh is about 183 kWh – one of the lowest in the world – while more than half the people of the country do not have access to electricity.

The Report mentioned that there are other natural resources for power generation – one is Gas and the other is Coal. To consider constraint of Gas availability there is a strong justification to use local coal for power generation. The estimated reserves of coal are close to 3,300 million tonnes, while the proven reserve is about 884 million tonnes. Currently, about 68% of India’s power is from coal; comparable figures for Australia are 76%, China about 81%, USA about 49%, and South Africa about 94%. Now-a-days, technology is available for cost-effective coal-based power generation, while protecting the environment.

A Conference on Energy for Growth was organized by ICC in Dhaka on 13 April, 2010, coinciding with 15 years of ICC’s active presence in Bangladesh. ICC Chairman Dr. Victor K. Fung graced the occasion and remains present during the Conference. The Conference made a set of recommendations which adopted by the council and emphasized for implementation.

The Report marked that the business community, strongly feel to public spending and investment in power generation & hydrocarbon exploration should now be taken up on a war footing. And, meaningful participation of the private sector should be encouraged, in a framework that is realistic.

Despite all hurdles, the ICCB Council expects that the country is now poised for a take-off stage, with manufacturing leading the way, provided the energy shortages can be addressed and Bangladesh will be one of the 11 countries that have a high potential of becoming a leading economy in the 21st century along with Brazil, Russia, India and China (BRICs) which is predicted in Goldman Sachs Report released on December 4, 2009.

Among others, ICCB Vice Presidents Latifur Rahman & Samson H. Chowdhury, ICCB Board Members A. S. M. Quasem, Aftab ul Islam, Mahbub Jamil, Masih Ul Karim, Md. Fazlul Hoque, R. Maksud Khan, Waliur Rahman Bhuiyan, OBE, Mamun Rashid; ICCB Members Rafique-ul-Huq, Bar-at-Law, Dr. M. Zahir, DCCI President Abul kashem Khan, Chairman of Transmarine Logistics Ltd M. Ghaziul Haque as well as MDs/CEOs and senior officials of banks, insurance companies, national and multinational companies also attended the Council.