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Monday, December 19, 2011

Bangladesh attractive investment destination - Mr Ahmad

Monday, 19 Dec 2011

Describing Bangladesh as an attractive investment destination, the India Bangladesh Chamber of Commerce and Industry said that TATA Group, whose earlier proposed USD 2 billion project in Bangladesh ran into trouble, is mulling new coal based ventures there.

IBCCI president Mr Abdul Matlub Ahmad said that "Their earlier USD 2 billion project will no more happen now, it's finished. But they are now looking at coal based projects though they have not publicized it. Though they haven't made any concrete decision on the matter but they are definitely looking into Bangladesh.”

IBCCI is a joint effort of the Federation of Bangladesh Chambers of Commerce and Industry and the Federation of Indian Chamber of Commerce and Industry.

As per report the TATA Group had put on hold its USD 2 billion project of steel, power and chemicals in Bangladesh following concerns over the pricing of gas.

The Mumbai headquartered conglomerate had in February 2005 signed an expression of interest with Bangladesh's Board of Investment for putting up three gas based projects. This comprised a 2.4 million tonne steel plant, the 1,000 MW power project and the one million tonne fertilizer plant, making it the biggest foreign direct investment in Bangladesh from India.

Mr Ahmad said that "Bangladesh is an attractive destination for Indian investment. We have set up two industrial complexes exclusively for Indian investors. The businesses set up there will be entitled to a number of incentives, including corporate tax holidays of 5 to 7 years in specified sectors.”

(Sourced from ET)

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