Dhaka: Bangladesh on Wednesday welcomed a Japan-led initiative aimed at addressing energy issues efficiently across the Asian region, emphasizing the importance of collaboration among countries to tackle the challenges that no nation can resolve independently. Prime Minister's Foreign Affairs Adviser Humaiun Kobir highlighted the necessity of building a cooperative framework to support all nations in the ongoing energy crisis, particularly in Asia.
According to United News of Bangladesh, Prime Minister Tarique Rahman participated in an online meeting upon the invitation of Japanese Prime Minister Takaichi Sanae, where the launch of the 'Partnership on Wide Energy and Resources Resilience (POWERR Asia)' was announced. This new cooperation framework aims to provide both emergency responses and structural solutions with a mid-to-long-term perspective. The leaders of the participating countries expressed their commitment to collaborate in addressing the current energy challenges collectively.
Adviser Kobir noted that Prime Minister Rahman was invited as a significant partner, given his substantial democratic mandate. The meeting primarily focused on discussing the ongoing energy crisis and the need for united efforts across the Asia Pacific to find solutions. The online meeting included leaders from the Asian region, including partners of the Asia Zero-Emission Community (AZEC).
Bangladesh is currently seeking to mobilize US$2 billion from development partners to address its immediate energy needs and safeguard economic stability, urging the international community to respond swiftly and positively to this call. Participants at the meeting acknowledged Asia as the most affected region by the disruption of energy resources via the Strait of Hormuz and agreed on the importance of ensuring safe passage through the strait.
The POWERR Asia framework aims to enhance regional supply resilience in energy and resources by financing the procurement of crude oil and petroleum products, maintaining supply chains, and addressing structural responses such as establishing stockpiling and release systems. The initiative also focuses on securing critical minerals, diversifying energy resources, and promoting industrial advancements through energy-saving initiatives. The support involves financial cooperation of approximately $10 billion, equivalent to roughly one year's worth of crude oil imports for ASEAN if converted to procurement by Asian countries.
Prime Minister Takaichi emphasized the necessity for Asian countries to work together in response to the shared challenge posed by energy supply disruptions, as these impacts extend to all countries interconnected through supply chains. Leaders from various countries, including the Philippines, Malaysia, Singapore, Thailand, Vietnam, Timor-Leste, and the Republic of Korea, expressed their appreciation for the meeting and the importance of the POWERR Asia initiative.
This initiative not only supports the stability of Asian countries but also contributes to strengthening Japan through the procurement of medical supplies from Asia. It embodies the realisation of the Free and Open Indo-Pacific (FOIP) vision advocated by Prime Minister Takaichi and serves as an opportunity to further develop the Asia Zero Emission Community (AZEC), aiming to achieve energy security, economic growth, and decarbonization by incorporating economic and energy resilience perspectives.