Welcome to the January 2025 issue of the ECRL Monthly Economic & Business Review. This edition marks the beginning of another year filled with opportunities, challenges, and growth prospects for Bangladesh’s economic and business landscape. Our focus this month is on a sector that stands at the crossroads of innovation, sustainability, and transformative growth: renewable energy.
The cover story, “Renewable Energy in Bangladesh: Solar Energy Leading the Way,” explores the incredible advancements in the country’s renewable energy sector, with solar energy emerging as a clear frontrunner. Solar power now accounts for a remarkable 80% of the renewable energy mix, signifying a paradigm shift towards greener, cleaner energy solutions. As the nation strives to meet its ambitious target of sourcing 40% of energy from renewables by 2041, the article delves into the opportunities and challenges that define this journey.
From rooftop solar installations to innovative floating solar farms, Bangladesh is demonstrating resilience and ingenuity in overcoming barriers such as land scarcity and financing gaps. The government’s supportive policies, alongside the private sector’s commitment to innovation, have laid a strong foundation for continued growth. However, as the article highlights, addressing critical issues—including infrastructure development, capacity building, and technology transfer—is essential to ensure long-term success. This feature provides an in-depth analysis of the sector’s current status and offers actionable insights for policymakers, investors, and industry leaders.
To enrich our understanding of this vital topic, we bring you two exclusive interviews with thought leaders shaping the renewable energy landscape in Bangladesh. Mr. Alamgir Morshed, Executive Director and CEO of IDCOL, shares his vision for scaling up renewable energy investments through innovative financing mechanisms and capacity-building initiatives. His insights on the potential of rooftop solar and offshore wind energy are both inspiring and practical. Meanwhile, Mr. Mostafa Al Mahmud, President of the Bangladesh Solar and Renewable Energy Association (BSREA), discusses the importance of policy reforms, technological advancements, and collaboration between stakeholders. His emphasis on pioneering solutions such as agrivoltaics and floating solar installations underscores the sector’s adaptability and potential for growth.
Beyond the cover story, this issue features a compelling exploration of Bangladesh’s tourism industry in “Transforming Bangladesh’s Tourism Industry: Key Steps for Global Competitiveness.” With its pristine natural landscapes and rich cultural heritage, the country’s potential as a global tourism destination is immense. The article examines the investments and strategic initiatives required to unlock this potential, highlighting the importance of connectivity, branding, and sustainable practices.
At ECRL, our goal is to provide readers with not just information but inspiration—a deeper understanding of the forces shaping our economy, with a particular focus this month on the renewable energy revolution. Solar energy, as explored in our cover story, stands as a beacon of hope and innovation, offering pathways to sustainable growth and energy independence. By showcasing the pioneering efforts and forward-thinking strategies within this sector, we aim to equip our readers with actionable insights to drive impactful decisions. As we embark on a new year, we hope this edition serves as a valuable resource for navigating the complexities of today’s business environment with clarity and purpose.
Here’s to a year of innovation, resilience, and sustainable growth.