The Power Division of Bangladesh and Siemens of Germany on 15 February 2019 initialled a joint development agreement for the construction of a 3,600MW LNG power plant at Payra in Bangladesh. The document was signed following a meeting of Siemens CEO Joe Kaeser with Prime Minister Sheikh Hasina at the Sheraton hotel in Munich, Germany. CEO of North West Power Generation Company of Bangladesh KhorshedAlam and Chief Executive Officer & Global President of Siemens Joe Kaeser signed the document. Briefing reporters after the meeting, Foreign Secretary MdShahidulHaque said the power plant was the initial part of Siemens' plan to come to Bangladesh in a big way to invest in health, education and other sectors.