Energy price hike a result of contracts signed by previousw govt: Commerce Adviser

Commerce Adviser Sheikh Bashir Uddin said the energy price hike was a result of contracts signed during the previous government’s tenure.

However, he noted that with reduced corruption, there is now an opportunity for energy prices to decrease.

"The past agreements in the energy sector have significantly increased costs. However, as corruption declines, we now have a chance to lower energy prices," said the commerce adviser during the inauguration of the 19th Dhaka International Textile & Garment Machinery Exhibition 2025 at the International Convention City Bashundhara (ICCB) on Thursday.

Acknowledging Bangladesh’s high population and ongoing energy crisis, the commerce adviser said, "Global political dynamics have made energy a critical challenge. We must emphasise renewable energy while reducing fixed costs and increasing value addition in business."

The adviser pointed out that preferential market access would soon be unavailable. To stay competitive, businesses must find ways to minimise fixed costs and improve efficiency.

The adviser also highlighted that exhibitions like this would help entrepreneurs adopt advanced technologies to enhance their businesses.

Federation of Bangladesh Chambers of Commerce and Industry Administrator Hafizur Rahman stressed the importance of collaborative efforts to overcome challenges.

He added that adopting new technologies would not only boost production but also contribute to a more sustainable industrial environment.

Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell said the country's textile industry has already seen investments of around $22 billion, and more investments are planned.

However, he emphasised the need for clarity on gas and electricity prices to ensure a stable investment environment.

Akai Lin, director of Overseas Operations at Yorkers Trade & Marketing Services Co Ltd, said the exhibition is more than just a trade showcase—it is a hub for innovation, collaboration, and industry advancement.

The exhibition provides local manufacturers with the opportunity to adopt new technologies, optimise production processes, and enhance efficiency, he added.

BTMA in collaboration with Yorkers Trade & Marketing Services Co. Ltd., Hong Kong,is hosting the 19th Dhaka International Textile & Garment Machinery Exhibition (DTG 2025) from February 20 to 23 at the International Convention City Bashundhara (ICCB), Dhaka.

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