Tuesday, May 3, 2005
Bangladesh attracts global investment giants
Farid Ahmed, Indo-Asian News Service
Dhaka, May 3, 2005
Bangladesh has received investment proposals worth $12 billion from at least 10 global companies, including India's Tata group, in the last year and half.
Two thirds of the total investment proposed came in the last nine months, The Financial Express daily reported Tuesday, quoting Board of Investment (BoI) executive chairman Mahmudur Rahman.
Members of the Tata board of directors will arrive in Dhaka Sunday for preparatory meetings leading to final negotiations on proposed power, fertiliser and steel plants.
Tata has scaled up its investment proposal from $2 billion to $2.5 billion, the BoI chief said.
On the upward trend in investment from abroad, Rahman said: "There is a huge breakthrough. Even strong critics of the government these days remain silent because of the overall improvement in the country's investment climate."
On the meeting with Tata officials, he said: "It will be a preparatory meeting prior to the final negotiations scheduled end of May."
"Tata aims at concluding the negotiations, signing the final agreements and holding the ground-breaking ceremonies in December."
The newspaper reported that two Malaysian giants have visited the country. While Malaysia Metro wants to engage in real estate, P.K. Resources is interested in tourism and infrastructure.
ORASCOM, an Egyptian telecom company, has already taken over Sheba telecom and is operating under the name Banglalink.
Singapore Telecom is likely to join hands with Citycell shortly to expand its network. The Dhabi group and the Kingdom group are the two giants from the Middle-East with investment proposals in several areas.
The Kingdom group owned by Saudi prince Alwaleed Bin Talal is interested in the hospitality sector, such as hotels and tourism.
Talal wants to buy Sonargaon Hotel, one of the two five-star hotels in Bangladesh.
US firm Global Vulcan Energy Ltd may invest over $1 billion in the power and fertiliser sectors. Some of its executives are on a visit here.
© HT Media Ltd. 2004.