BM Report: The Industry Executive Forum (IEF), a non-political platform comprising senior executives from Bangladesh’s industrial sector, has called for the cancellation of the proposed gas price hike for new industries. They urged the government to address the ongoing gas crisis through industry-friendly and effective supply strategies.
Md. Abdul Hakim, Chief Marketing Officer of Hurain Hi-Tech Fabric of Jamuna Group, Md. Sajedur Rahman Talukder, Executive Director of Mithila Group, Md. Mosaheb Kakka, Senior GM of Paragon Ceramics, and Md. Shafiqur Rahman, Executive Director (Marketing) of Jaber & Jobair Fabrics, addressed the meeting titled “Industrial Production, Affordable Energy, Employment and Sustainable Development” moderated by IEF founding member S.H. Fahim.
During a seminar held at the La Vinci Hotel in Dhaka, executives from textile and ceramic industries discussed the impact of frequent gas price increases. Since 2019, gas prices have risen rapidly, with notable hikes in June 2022 (15.52%), February 2023 (87.50%), February 2024 (2.50%), and May 2024 (2.44%). These increases have led to production cost surges, forcing some industries to shut down and others to struggle for survival in competitive international markets.
The forum highlighted the urgent need for modern policies to ensure accessible and affordable gas supplies. They proposed measures such as removing bureaucratic hurdles, exploring domestic gas sources, adopting advanced technology, and encouraging investments in new industries. Additionally, they stressed the importance of incorporating stakeholders’ input in gas price adjustments to foster a sustainable industrial environment.
Key recommendations included eliminating taxes on LNG imports, expediting LNG terminal construction, and prioritizing industrial gas demands. They also emphasized supporting renewable energy use, reducing import dependency, and offering subsidies for infrastructure development to attract investments.
The IEF warned that unchecked gas price hikes could halt industrial expansion, leading to job losses, declining export earnings, and social instability. Ensuring consistent gas supply and fair pricing was deemed essential for boosting exports and sustaining economic growth.
