The cabinet has finalized a draft Memorandum of Understanding (MoU) to exchange power within the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). The draft of the MoU titled ‘Understanding for Establishment of the BIMSTEC Grid Interconnection’ got its approval on last Monday, in a cabinet meeting chaired by the Prime Minister Sheikh Hasina held at the secretariat.
After the meeting the Cabinet minister, Mohammad Shafiul Alam told the press that, the ‘BIMSTEC Trans Power Exchange and Development Project’ is a long-cherished program for the member countries since the birth of this organization. “We are looking forward to enhance the mutual cooperation within the members through this kind of trans-power exchange program”, he added.
The cabinet minister also informed that, other members have already expressed their consent on this MoU. Now, the MoU has got its approval from the Cabinet which suggests that the deal signing is now a matter of time only, he added. Once materialized, this Trans Power Exchange and Development Project will allow us to import hydropower, gas etc. from other member countries like Myanmar. Cross-seasonal power import can also benefit both the importer and exporters.