Indian firms offer $1-bn investment in Bangladesh

The Bangladesh government has said it has received proposals worth $1 billion (around Rs 4,600 crore) from various Indian companies and financial institutions. It also said it would ask the diversified Tata Group to reconsider its earlier proposal of $3 billion investment in power plants. The proposal was called off in 2008, when the previous government failed to guarantee natural gas. for the project.

“It was unfortunate as the project could have brought more investments into the country. We are now asking them to reconsider,” said S A Samad, executive chairman of the board of investment, government of Bangladesh.

Speaking to Business Standard, Samad, who was leading a business delegation to India, said Bangladesh attracted overall investments worth $2 billion in the last two years, of which investments from India were around $400 million, or 20 per cent, said Samad.

“We have proposals worth $1 billion from India in hand. This includes $250 million in power plants and $50 million by various banks, insurance companies and leasing companies,” Samad added.