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#1
June 10, 2007, 01:39 PM
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Indians want to invest $2.8 billion in Bangladesh.
MoU to invest $2.8b: Now Mittal Group to invest in Bangladesh
By UNB, Dhaka Sat, 9 Jun 2007, 13:43:00 After the Indian industrial giant Tata Group, the UK-based Indian giant Mittal Group is also keen to invest in Bangladesh. A high level delegation of the Mittal Group, led by its Managing Director VK Mittal, arrives here tomorrow (Sunday) on a two-day visit to formally place a US$ 2.8 billion investment offer to the caretaker government. The Mittal delegation will fly to Dhaka on a private aircraft Sunday afternoon and leave the capital on Monday afternoon. The Mittal Group is one of the largest business conglomerates in both India and United Kingdom (UK) with US$ 28 billion investment in 27 countries across four continents - Europe, Asia, Africa and America. The Group has already expressed its keen interest to invest in different sectors in Bangladesh through its local agent GRH Bangladesh Limited, which is now arranging the visit of the industrial giant’s top executives. The sectors included in the UK-based Indian business group’s investment plan are energy, power generation, coal-mine development, and production of ethylene dichloride, caustic soda, LPG (C3) LPG (C4) and hydrogen. The investment in energy sector, particularly in gas exploration and power generation, would get top priority if the group is given a chance to invest in Bangladesh, Syed G Dastagir Nishad, chairman of GRH Limited, the local agent of Mittal Group, told UNB. He said the Mittal Group is set to sign a memorandum of understanding (MoU) with the Board of Investment (BoI) seeking to materialise its investment plan and explore business in Bangladesh. During its stay in the capital, delegation chief VK Mittal, who leads the Global Oil and Energy of the Mittal Group, is expected to call on President Iajuddin Ahmed, Chief Adviser Fakhruddin Ahmed, Army Chief General Moeen U Ahmed, Energy Adviser Tapan Chowdhury and some influential policymakers of the government. The Mittal delegation will be accompanied by the group’s director for international business affairs Javed Pasha, a former minister of Pakistan. After its merger with Europe’s top steel manufacturer Arcelor, the Mittal Group’s ArcelorMittal became the world’s number one steel producer with 320,000 employees in more than 60 countries. ArcelorMittal has led the consolidation of the world steel industry and today ranks as the only truly global steel maker with plants in 27 countries. ArcelorMittal is also a leader in all major global markets in varied fields, including automotive, construction, household appliances and packaging. Its industrial presence in Europe, Asia, Africa and America gives the Group exposure to all the key steel markets, from emerging to mature. ArcelorMittal key pro forma financials for 2006 show combined revenues of USUS$ 88.6 billion. Its production was equivalent to around 10 percent of world steel output. It is currently listed under the legal entity Mittal Steel NV on the stock exchanges of New York, Amsterdam, Paris, Brussels, Luxembourg and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia. http://nation.ittefaq.com/artman/pub...le_36713.shtml 
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#2
June 10, 2007, 01:41 PM
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Ideally I hope that BD and Indian bi-lateral relations reach such a stage where it is in the interests of both to be friendly towards each other. I hope the issues we have with India are solved e.g.:
1. Murder of BD civilians on the border by Indian troops. 2. Propaganda that BD backs separatist rebels in the North-East of India. 3. Calling Muslim Bengalis of India "Bangladeshis" and propaganda about mass immigration. 4. Water warfare by using water as a weapon against us e.g. Farrakha barrage.
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#3
June 10, 2007, 02:05 PM
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Dear Asif
I found your comment really interesting. Would you be able to point me towards some reading material regarding the issues you mentioned?
__________________
----------------------- Pelham Warner Esq.
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#4
June 10, 2007, 03:02 PM
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we want their trade barriers removed first ... faster.
__________________
"And do not curse those who call on other than GOD, lest they blaspheme and curse GOD, out of ignorance. We have adorned the works of every group in their eyes. Ultimately, they return to their Lord, then He informs them of everything they had done." (Qur'an 6:108)
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#5
June 10, 2007, 03:45 PM
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Quote:
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#6
June 10, 2007, 04:44 PM
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I dont know why trading with India gives me a sheer vibration inside. As I always find India is interested to do business with our gas and energy sector. Something very crucial indeed. They dont want to take part in garments, industrial development, food, medicine or IT. All concern for energy sector for which BD already have top class countries fighting for a place. Trust is a rarity now-a-days and India never been trustworthy for 36 years of independence. Truth is uglier than fiction and the ugly sustains.
__________________
À vaincre sans péril, on triomphe sans gloire.
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#7
June 10, 2007, 08:33 PM
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Quote:
just to point out, for medicine, many Indian generic drug manufacturers have been somewhat active in relocating production to bangladesh in light of India's SLUGGISH patent and intellectual property law revisions.... and the fact that under WTO rules, BD has till 2016 to create knock off drugs and medicines without falling into any Western trade protection laws. For Garments, Sri Lankan and Pakistani investors are more active in BD. India itself has an internally vibrant and competitive garments industry. It probably doesnt make sense for them to move out of India. Whats to invest in food for? BD imports more indian foodstuffs than anything. To say that they arent trading with BD isnt accurate. Until Bangladesh infrastructure can provide the same or lower costs, with as reliable transport, communication, and production infrastructure, it really is asking much for say Lays to produce potato chips with imported potatoes and then export them to say, Cochin. As for IT... Bangladesh does not have as large a pool of workers as India does. Informatics, IBM-ACE, Aptech all opened those IT training schools around Bangladesh, but to follow up there really hasnt been employment creation of the sorts there are in New Delhi, Bangalore, Chennai and Mumbai from the likes of say Wipro. For tech support bangladesh lags behind because of English skills... sorry if it hurts our egoes, but Indian education equips their students with better conversational and business english than Bangladesh does... just listen to their Intermediate level pass cricketers speak in post match sessions and shows. And still American and British customers have a grand bitching session on the "stupid Indian call centre guy" often enough. A lot of these issues comes about from Bangladesh not having the necessary infrastructure and the administrative costs that arise from cross-border operations. Indian market is still low cost and best served from within India, than from Bangladesh. And after having 1 billion people it shouldnt come as a surprise that most multinationals in BD report to the regional headquarters in India than directly to the HQ in Europe or America. Regarding Energy though: both China and India are out to get their hands on whatever resources are out there in the world. India has suddenly become very active investor in Myanmar (burma) and with Iran... while China is also courting Myanmar and many African countries. Energy security is one of the big things these two countries are trying to catch up on from Markets that the Americans have put embargoes on. Last edited by ammark; June 10, 2007 at 09:04 PM..
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#8
June 10, 2007, 10:32 PM
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Very nice. Its like reading a top class article in an economist paper. You unfolded many things i never really were prudent enough to ponder.
Thanks 
__________________
À vaincre sans péril, on triomphe sans gloire.
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#9
June 11, 2007, 12:25 PM
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Pelham. When I find time I will try to send it to you by PM. I will invariably be insulted and called names if I quote "actions" which India carries out against Bangladesh.
So please bear with me.
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#10
June 11, 2007, 01:12 PM
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This is good news. And I dont think it's actually and Indian Investment, as Mittal Steel are based on UK.
Some trivia on Lakshmi Mittal, owner and CEO of MIttal Steel: ***World's 5th richest person, with a fortune surpassing $32 BIllion. ***"He paid over £30 million/$65 million to host his daughter Vanisha's wedding celebration in Vaux La Vicomte on 22 June, 2004 and an engagement ceremony at the Palace of Versailles on 20 June 2004, the world's most expensive wedding ever." ***His house in Kensington, London uses marble taken from the same quarry that supplied the Taj Mahal The extravegant show of wealth has been deemed the "Taj Mittal." ***His residence at 18-19 Kensington Palace Gardens was bought from Formula One car racing boss Bernie Ecclesstone in 2004 for £57.1 million ($105.7 million), the world's highest price ever paid for a house. Source: http://en.wikipedia.org/wiki/Lakshmi...ersonal_wealth Bill Gates, where art thou?
__________________
"Eternal suffering awaits anyone who questions God's infinite love." - Bill Hicks
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#11
June 11, 2007, 01:37 PM
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Quote:
Edit: Whoops sorry. totally missed it somehow  Last edited by ammark; June 11, 2007 at 02:08 PM..
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#12
June 11, 2007, 02:00 PM
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Quote:
__________________
"Eternal suffering awaits anyone who questions God's infinite love." - Bill Hicks
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#13
June 11, 2007, 03:08 PM
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nice one ammark..I completely agree with most of what u said..most, coz i had to skim through the last few paragraphs..But i was about to comment on the economic sense of investing in BD's energy sector rather than the other industries myself..I mean, obviously as Bangladeshis, we want to see countries investing in our less developed sectors to aid our development process, but well, it has to make sense to the investor as well...
loved reading it, ammark..
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#14
June 11, 2007, 03:13 PM
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c'mmon dude, its not one sided, there were many instances from BDR too...you need to make an unbiased judgement here.
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#15
June 12, 2007, 06:13 AM
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Quote:
Pater bhitor gu thakle jilapir moto hagon jae....
__________________
Verily, in the remembrance of Allah do hearts find rest [Al-Qur'an,13:28]
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#16
June 13, 2007, 07:49 AM
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Quote:
Billy's not into showing off. He donates 1/3 of his earnings to charity and made a will insructing continuation of this after his death. I'm sure Mittal is charitable in his own way.
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#17
June 13, 2007, 01:06 PM
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This is good summary articles of all the recent investment proposal... This is a gold mine for "Golden_asif" to promote Bangladahesh.
http://www.thedailystar.net/2007/06/14/d7061401022.htm Mega FDI plans hang in limbo Rafiq Hasan Around half a dozen multi-billion-dollar proposals of foreign direct investment (FDI) in infrastructure, power, oil, gas and manufacturing sectors have been hanging for years due to complicated policies, government indecisions and bureaucratic tangles.The government is neither giving approval to these proposals nor refusing them, leaving the investors frustrated. This is also creating a wrong impression about the country and its investment prospects, sources said. These investment proposals include Indian conglomerate Tata's $3 billion, United Arab Emirates-based Abu Dhabi Group's $2 billion, UK-based Global Oil and Energy Ltd's $2.9 billion, Malaysian Azimat Corporation's $900 million, and Contech Ltd's $900 million. Sources said the proposal of Tata is pending for the decision of the next elected government while the rest are being delayed due to government indecision and policy complications. Dr Debapriya Bhattacharya, executive director of Centre for Policy Dialogue (CPD), at a recent press briefing expressed his disappointment over such indecision from the government. "There is no doubt that the flow of foreign direct investment in the country declined significantly due to political indecisions regarding some big investment proposals," he said. According to sources in the Board of Investment (BoI), FDI declined by 16.5 percent during July-March in 2006-07 fiscal year with net FDI of $385 million against $505 million during the same period of the previous fiscal year. "It is a great irony that a high powered government delegation recently visited Canada and Europe in search of foreign investment while many multi-billion-dollar investment proposals are pending--some of those for years," said a business leader. "We have not seen any single large investment proposal getting approval from the Bangladesh government in recent times. The decisions on pending proposals are necessary for attracting further proposal," said a foreign investor. A good policy guideline followed by action-oriented programme can bring huge FDI in the country, said a high official of a foreign investing company. Terming the existing policy "very cumbersome", he alleged that the government takes a lot of time in the process for reviewing and studying opinions of different stakeholders before giving green signals to a proposal. "Definitely the government will see the interest of the country, but that should be in the quickest possible time otherwise investors will divert to other countries," he said, adding that the government should also earmark the priority areas for attracting foreign investment. According to sources, a number of foreign investors left the country being frustrated by the government's indecision, lengthy procedures and complicated policies regarding foreign investment in power, gas and oil sectors. Even some foreign companies participated in the tender and were refused after reaching the final stage, the sources said. "Any delay definitely sends wrong signals to foreign investors. If the decisions are made within the shortest possible time, it will give positive signals to potential investors," said S Manzer Hussain, resident director of Tata group in Bangladesh. The Indian conglomerate has been languishing in government office corridors with its over $3 billion investment proposal since 2004. A high official at the BoI said, "After receiving a big investment proposal from foreigners we send it to the ministries concerned and they often delay in responding." The government prepared a guideline for the development of private sector infrastructure but it is so complicated that a company has to cross five to seven stages before getting the government approval, sources said. Such policies force the investors to wait for years. Decisions are also delayed with changes in the government hierarchy. "Non-transparent industrial policy of our country is the main reason for delaying investment proposals. The foreign investors do not know where to go and how long it will take for materialising their proposals," said Mahmudul Islam Chowdhury, president of International Business Forum of Bangladesh. He said "one stop service" is a must for foreign investment. The investors require approval of the ministries concerned even after getting registration from the Board of Investment. This often frustrates the foreign investors, he pointed out. KEPZ The most recent victim of such delay is the Youngone Corporation that had to wait for long 11 years to get the operational licence for its Korean Export Processing Zone (KEPZ). The licence for establishing an EPZ was issued late last month although the proposal was first made in 1996. By this time, prospective South Korean investors in the KEPZ diverted their investment to North Korea as it provided the investors with a lot of incentives, sources said. The KEPZ authorities will now have to take fresh initiatives to attract investors in the industrial zone, the sources added. In 1996, the Youngone Corporation proposed that it would invest over $1 billion and set up an EPZ on the southern bank of the Karnaphuli in Chittagong exclusively for Korean investors. A formal agreement was also signed between the government and the company and the government handed over 2,500 acres of land to Youngone in 1999. Youngone planned to establish a satellite township there and develop a total of 526 industrial plots. TATA The Tata has been waiting for more than three years to get permission for its over $3 billion investment. Tata proposed to set up large plants in Bangladesh to produce steel, power and fertiliser using natural gas and a formal memorandum of understanding (MoU) was signed between Tata and the BoI in 2004. Series of discussions were held between the government and the Indian giant on gas price and other related issues. The immediate past government could not reach any decision in this regard and left it for the next elected government. "We are still waiting for the resumption of discussion because a lot of things have been done by this time and we do not want to waste those," Manzer told The Daily Star. "The country has potentials and we would like to participate in exploring those opportunities provided we get a chance," he said. Tata's last formal communication with the government took place in July last year. They were, however, informally informed that all documents regarding their investment proposal were sent to the chief adviser's office, Manzer said. ABU DHABI GROUP In September 2005, the Abu Dhabi Group expressed its intention to invest $2 billion in Bangladesh in various sectors including telecommunications, oil and gas, healthcare, tourism and pharmaceuticals. The group signed the MoU in September 2005 formally committing to invest $1 billion but its officials told the media that their actual desire was to invest around $2 billion. The group's cellular phone company Warid Telecom has recently started its operation in the country but the progress of the investment proposal in other sectors became slow. A delegation of the group recently visited Bangladesh and talked with high government officials about their investment proposal. They also expressed desire to invest in the power and coal mining sectors. OTHER PROPOSALS In mid-2005, a Malaysian company proposed to spend over $900 million to construct the first expressway of the country. Such expressway is vital for accelerating road communication between capital Dhaka and the country's premier port city Chittagong. It is also necessary for facilitating a deep-sea port at Cox's Bazar which is under the government's active consideration. The BNP-led four-party alliance government almost finalised the proposal but the caretaker government stalled it to go for international tendering. This has delayed the investment at least for another year. Another consortium of six companies led by local firm Contech Ltd proposed in February 2002 to build a 52km long underground rail in Dhaka at a cost of around $900 million on build-own-operate-and-transfer (BOOT) basis. The high-powered Private Infrastructure Committee approved the proposal on September 6 last year. The Japan Bank of International Cooperation, MTR of Hong Kong, JARTC of Japan were included in the consortium. The proposal was one of the priority projects of the BNP-led government and was waiting for cabinet nod. But the project got stalled with the change of government. The present caretaker government scrutinised the proposal again and the office of the communications adviser is yet to give its decision. Global Oil and Energy Ltd, a subsidiary of the UK-based Mittal Group, recently expressed intention to invest a total of $2.9 billion in the country's petrochemical, coal, steel and power sectors. The company singed MoU with the BoI expressing its desire to invest $1.5 billion in the petrochemical sector, $500 million in power, $500 million in liquefied natural gas (LNG) production, $300 million in coal mine development, and $100 million in oil exploration and production. Meanwhile, a team led by BoI Executive Chairman Nazrul Islam recently visited Canada and Europe to attract foreign investment mainly from non-resident Bangladeshis. Sources said 36 MoUs of investment proposals involving over $2 billion were signed during the visit.
__________________
Win Or Lose - We are ALWAYS with you BANGLADESH
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#18
June 13, 2007, 01:15 PM
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In the case of businessmen based in UK donating huge sums to charitable instituitions, there are indeed tax benefits to this. You might think I am being cynical on my 100th post. Perhaps I am!
__________________
----------------------- Pelham Warner Esq.
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#19
June 13, 2007, 01:22 PM
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Quote:
cricket_pagol: excellent dig, thanks.
__________________
"And do not curse those who call on other than GOD, lest they blaspheme and curse GOD, out of ignorance. We have adorned the works of every group in their eyes. Ultimately, they return to their Lord, then He informs them of everything they had done." (Qur'an 6:108)
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