'Suspension of Tata's plans in B'desh barrier to FDIs'
The US ambassador in Dhaka has said the suspension of Tata's $3 billion investment plan in Bangladesh and government's indecision were an obstacle to FDIs in the country.
By PTI |
DHAKA: The US ambassador in Dhaka has said the suspension of Tata's $3 billion investment plan in Bangladesh and government's indecision were an obstacle to FDIs in the country.
"After two years of negotiations, Tata has suspended activities on its proposed $3 billion investment plan, citing government's unwillingness to take a decision at the end of its tenure," Ambassador Patricia A Butenis said. "Few investors could afford to wait for years for the government's decision," she said, adding "time is money and opportunities may rise elsewhere that are more attractive."
The envoy was also critical about Bangladesh government's indecision and policy changes.
India's conglomerate Tata, frustrated over delays by Bangladesh in taking a decision on its $3 billion investment plan, earlier this month announced the "suspension" of the package until general elections in 2007.
Meanwhile, the New Age newspaper on Monday reported that the Tata issue was unlikely to go to Prime Minister Khaleda Zia's cabinet before her tenure ends by end of October.
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The secretary-level committee, analysing the proposal, was still preparing its final report even though it was to end on Monday."I don't think it will be possible within the remaining period of the government. The cabinet will obviously try to avoid any embarrassing political consequences of such a decision at the moment," the newspaper quoted an unidentified official as saying.
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