The caretaker government in Bangladesh is soon expected to take a decision on the $3 billion investment proposal by the Tata group, a media report said today. |
The revised proposal of the business conglomerate will be sent to the chief of the caretaker government, Fakhruddin Ahmed, along with the evaluation committee's recommendations for the final decision, the mass-circulated Prothom Alo daily said quoting Investment Board officials. |
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"The government will take the final decision on the fate of the investment proposal," Investment Board chairman Nazrul Islam was quoted as saying by the Bangla language newspaper. |
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The report came two weeks after Foreign Affairs Adviser Iftekhar Ahmed Chowdhury said authorities were "thoroughly examining" the proposal for setting up two power plants, a steel plant, and a fertiliser factory under the single biggest foreign investment in Bangladesh. |
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The Tata group last month hinted that it might shelve the investment plan if Bangladesh authorities further delayed a decision on the proposal. |
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Major development partners had advised Dhaka to accept the proposal as the country was desperately trying to attract Foreign Direct Investment. |
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The Asian Development Bank had also advocated that Bangladesh should ink the deal to expedite the development process. |
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Bangladesh officials had in the past held several rounds of negotiations with senior Tata executives on the project while the former Bangladesh Nationalist Party (BNP) government of Khaleda Zia had promised to take a decision on the Tata project by June 2006. |
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But later, the investment proposal was put on hold due to the political turmoil in the country and it was decided that the new government would decide on the matter after the general elections. |
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The caretaker government under Chief Adviser Fakhruddin Ahmed has said the task of cleaning up corruption was its top priority but would take up all the necessary projects to promote long-term economic growth. |
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