The New Nation - Internet Edition

UNB, Dhaka

Finance Adviser Dr Mirza Azizul Islam yesterday said the Tata Group's decision not to go ahead with their US$ 3 billion investment plan in Bangladesh is unlikely to affect foreign direct investment in other sectors of the country.

"I hope, there'll be no adverse impact on the investment," he told reporters after a function at the National Museum. "The Tata decision would have an adverse impact if it was due to any wrong decision by us," he said.

Tata sought guaranteed gas supply to its planned projects for a 20-year period from Bangladesh, which itself is suffering from lack of smooth supply since last year due to sharp rise in domestic demand.

The Finance Adviser said Tata group stepped aside from their investment plan for lack of gas supply guarantee, which the country could not assure them when the country's power plants are not getting adequate supply of gas.

"I think, there's no relation between a gas-based project that could affect investment in other sectors like telecommunications," he said. The Indian industrial giant Thursday said it would not pursue its long-awaited US$ 3 billion investment plan in Bangladesh, as the country would not be in a position, in the foreseeable future, to grant the projects the natural gas commitment.