Multipurpose use of fuel should be kept

• Humayun Rashid, Managing Director and CEO of Energy Pack Power Generation. The former senior vice president of DCCI is currently serving as the President of the International Business Forum of Bangladesh (IBFB). Humayun Rashid holds a bachelor's degree from Dhaka University.

 How is the energy pack business going on in Corona?

Humayun Rashid: Coronavirus has caused economic disaster all over the world. In the meantime, Bangladesh is moving forward by handling the overall situation well. Energy pack business is also moving forward. Since we work with fuel and electricity, business has not stopped. Because it is in demand all the time.

 Say something about the overall economy of the country in the Corona epidemic

Humayun Rashid: In my opinion, the country's economy is doing relatively well in Corona. Economic activity has not stopped. Agricultural work is going on, remittances are coming, development activities are going on though it is slow. As a result, I think the economic situation of Bangladesh is better than other countries.

What kind of change could come in the post-Corona situation?

Humayun Rashid: Corona has created new business opportunities. The online business has revolutionized. Many small things can be fixed online, which could not be imagined before. In the post-Corona world, engineering related business, healthcare trade, food supply business will be further developed.

 Corruption in the financial sector is on the rise. What is the impact on trade and commerce, what is the solution?

Humayun Rashid: When corruption increases, people's trust in the financial sector is destroyed, which is very harmful. However, it is not possible for one or two MDs to commit major corruption in a financial institution without the consent of the board of directors. But only the names of MDs always come up in the discussion. Such as PK Haldar. Allegedly, he has smuggled hundreds of crores of rupees. But he alone could not move the money. No one is naming the board members of that financial institution. Corruption will continue to grow if those who control it do not fulfill their responsibilities properly. Which is an omen for the country's economy. Why corruption is happening - we have to see it first. Here both sides are benefiting. Who is giving bribe and who is taking. To get rid of this we have to change the system.

 What is the status of private sector investment in the country?

Humayun Rashid: Investment in the private sector is not increasing. Foreign investment is not coming much. Private banks are less interested in long-term investment. Again, public sector banks do not want to invest in the private sector. They do not think that it is the business of banks to invest capital. They thought, I benefited the person I lent money to. But he does not keep in mind the profit he is getting in return. Bangladesh is ahead in many indicators of the economy, we have a lot of good achievements, GDP growth has been good for a long time, there is a huge youth force. The cost of doing business needs to be increased. Infrastructure needs to be improved. Institutions need to be held accountable. Tax system has to be arranged. These issues need to be highlighted to foreign investors. As if attracting foreign investors.

 Why big companies are not coming in the capital market? Why don't they take initiative to raise capital from the market?

Humayun Rashid: The reason why big companies do not come in the capital market is the crisis of confidence. Lack of regulation. Accountability must be ensured. Many do not want to come for these reasons. In the case of state-owned companies, bureaucratic complexity is a major obstacle. The Securities Exchange Commission needs to understand that in order to make the market better, it has to bring good companies to the market. Entrepreneurs in almost all countries of the world raise money from the capital market bond market. There are big infrastructural works in the country, it is possible to raise money for these by releasing bonds. People have money in their hands. But there is no place for safe investment. If these funds could be used for investment, there would be no need to reach out to foreigners. If the government wants, it can issue a bond called infrastructure bond. Thousands of crores of rupees can be invested here.

 How is the country's power sector in Corona?

Humayun Rashid: The country's power sector was not damaged in Corona. Power generation capacity has now more than doubled. However, load management has to be done properly. Late at night the demand for electricity decreases a lot. If necessary, it will be decided to run the mill at night. The peak-non-peak problem of electricity needs to be solved. Many economic zones are coming up in the country. Trade will increase. For this we have to ensure uninterrupted and quality power supply. This is the big challenge facing the government. Inefficient power plants have to be shut down. We have to take initiative to supply electricity at affordable price.

What is your opinion about the problems of power transmission and distribution sector?

Humayun Rashid: There is a lot of work to be done in the transmission and distribution system. No matter how modern the car is, if the road is not good, it will not get the desired service. As a result, if the power transmission and distribution system is not modern and efficient, the development of the industrial sector will not be as expected. No matter how much you install modern equipment, automate factories, install state-of-the-art software, it will be of no use unless you get uninterrupted and quality electricity. The investment will turn into a total loss. As a result, transmission and distribution lines need to be fixed in the same way as power generation has increased. So that everyone gets uninterrupted electricity.

 The government once planned to increase the use of coal in power generation. Now he is talking about emphasizing on LNG instead of coal. How do you see the change of plan as an entrepreneur?

Humayun Rashid: At some point, all types of fossil fuels will be challenged. The country's energy security needs to have a multi-faceted energy system. For this we have to have some dependence on coal. Because if there is ever a problem in the supply of gas, then the situation can be handled with coal. LNG prices fluctuate rapidly. Even then, the use of LNG is increasing in the world. As a result, it is necessary to consolidate energy security by ensuring primary energy resources with all eyes. Emphasis should be placed on renewable electricity.

Golden Jubilee of Independence. What is the achievement of Bangladesh?

Humayun Rashid: Bangladesh has come a long way economically. We have improved on various social indicators including food and health. This indicator needs to be made more meaningful. We need to take medical care. Hopefully, the government has dealt with this epidemic successfully, which many may not have imagined. Since last April, business-trade-markets and even vegetables are being bought online. This is a change, it is possible we have a young generation. Many countries in Europe have suffered a lot from the Corona epidemic. Because their young generation is not so creative and strong.

Bangladesh wants to be a developed country in 2041. What are the obstacles in the way of achieving this goal, what is the solution?

Humayun Rashid: The challenge before us needs to be identified now. In the future we will be a middle income country. Then the export sector will be deprived of many benefits. We have to prepare now to handle that situation. To increase exports we need to increase negotiation efficiency. Adequate employment opportunities need to be created for the young manpower. For this, the education system also needs to be made work oriented. The challenges of the future cannot be met with the conventional education system.

 Where do you want to see the energy pack up front?

Humayun Rashid: Not only Bangladesh, the whole world has to work with the market. In the next five years Energy Pack wants to go from a national company to a multinational company. If India can, why can't Bangladesh.

 Thanks for taking our time.

Humayun Rashid: Thank you too.