FICCI seeks quick decision on $5.5 billion investment plans by Tata, Asia Energy
Monday, 11 February 2008
FE Report
Foreign investors in the country have urged the government Sunday to make quick decision on the fate of $5.5 billion investment proposals by big companies such as Tata of India and Asia Energy of the United Kingdom.
"The government should expedite its decision on Tata and Asia Energy's investment proposals," Waliur Rahman Bhuiyan, president of Foreign Investors Chamber of Commerce and Industry (FICCI), said.
"We need more foreign investments to fuel our economy and ensure a double-digit growth," Bhuiyan told a luncheon meeting of the FICCI members.
His call came as the top Indian conglomerate Tata and the London-based mineral company Asia Energy last month urged the government for a quick decision on their investment proposals.
Tata's $3.0 billion investment proposals in steel, fertiliser, power and coal mining has been pending for a government approval since mid 2006.
Asia Energy has already spent some $15 million in Phulbari coalmine. But its $2.5 billion investment proposals to extract coal from the mine and build two 500 megawatt power plants, however, got no concrete go-ahead from the government.
In addition, the country's investment promotion agency, the Board of Investment (BoI), has also been sitting on investment proposals worth another five billion dollars from some of the top companies in the world.
Bhuiyan said a quick decision on the big investment proposals would send a positive signal to the other foreign investors.
BoI executive director Kamal Uddin Ahmed, who was chief guest at the luncheon, said the government is keen to woo foreign investment here, but he made no comment on the pending investment proposals by the two companies.
"The government has already taken initiatives to pave the way for attracting foreign investment in Bangladesh," Ahmed said
"The Regulatory Reforms Commission is working to simplify existing systems bringing changes in the legal framework (related to foreign investment) where needed," he said.
"We also are working for a favourable business environment through formation of the Bangladesh Better Business Forum (BBBF)," he said.
Bangladesh received about $792 million FDI in 2006, he said and added Bangladesh Bank is now preparing the statistics of the FDI in 2007.
In open discussion session, foreign investors said they are still facing hurdles in operating businesses in Bangladesh.
They said the government should address the hurdles to help investors perform their business activities free from any hassles.
Foreign investors in the country have urged the government Sunday to make quick decision on the fate of $5.5 billion investment proposals by big companies such as Tata of India and Asia Energy of the United Kingdom.
"The government should expedite its decision on Tata and Asia Energy's investment proposals," Waliur Rahman Bhuiyan, president of Foreign Investors Chamber of Commerce and Industry (FICCI), said.
"We need more foreign investments to fuel our economy and ensure a double-digit growth," Bhuiyan told a luncheon meeting of the FICCI members.
His call came as the top Indian conglomerate Tata and the London-based mineral company Asia Energy last month urged the government for a quick decision on their investment proposals.
Tata's $3.0 billion investment proposals in steel, fertiliser, power and coal mining has been pending for a government approval since mid 2006.
Asia Energy has already spent some $15 million in Phulbari coalmine. But its $2.5 billion investment proposals to extract coal from the mine and build two 500 megawatt power plants, however, got no concrete go-ahead from the government.
In addition, the country's investment promotion agency, the Board of Investment (BoI), has also been sitting on investment proposals worth another five billion dollars from some of the top companies in the world.
Bhuiyan said a quick decision on the big investment proposals would send a positive signal to the other foreign investors.
BoI executive director Kamal Uddin Ahmed, who was chief guest at the luncheon, said the government is keen to woo foreign investment here, but he made no comment on the pending investment proposals by the two companies.
"The government has already taken initiatives to pave the way for attracting foreign investment in Bangladesh," Ahmed said
"The Regulatory Reforms Commission is working to simplify existing systems bringing changes in the legal framework (related to foreign investment) where needed," he said.
"We also are working for a favourable business environment through formation of the Bangladesh Better Business Forum (BBBF)," he said.
Bangladesh received about $792 million FDI in 2006, he said and added Bangladesh Bank is now preparing the statistics of the FDI in 2007.
In open discussion session, foreign investors said they are still facing hurdles in operating businesses in Bangladesh.
They said the government should address the hurdles to help investors perform their business activities free from any hassles.