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BoI wants separate law to deal with big investments

The necessity dawned from Tata experience

Unb, Dhaka
The Board of Investment (BoI) will draft a new law to deal with large-scale package investments like that of Indian Tata and Dubai-based Dhabi Group as experts say the big ventures involve various new dimensions.
This necessity emerged during the negotiations with the Tata Group as the government negotiators found the existing rules and policies wanting with regard to such large investments coming as unsolicited offers.
The BoI has decided to initiate a move to create a legal instrument to deal with the multidimensional investment proposals, which will exceed the minimum level of billiondollar business.
Official sources said the publicprocurement issues are involved in the Tata Group's investment as the company has offered to sell its products, particularly electricity, to the government.
But the existing rules, regulations and other policies do not support any purchase from private sector on the basis of unsolicited offer.
At present, there are some rules and policies like Public Procurement Rules (PPR) and Private Sector Power Generation Policy to deal with private-sector investment.
Even the government last year framed a new rule--Private Sector Infrastructure Guideline--to deal with private investment in infrastructure sector.
But none of the rules does allow the government to accept any unsolicited offer in the case of public procurement. The present laws provide for open tender to procure any product for the government.
“That's why the government needs a new legal instrument to deal with the investment of Tata Group,”
said an influential member of the government negotiation team on condition of anonymity.
He said the same goes for the other large-scale package investments proposed by the Dhabi Group and other foreign companies.
The government negotiation team, led by Communications Secretary Shafiqul Islam, last week held a meeting with a five-member government steering committee for an appraisal of the latest state of the investment talks with the Indian industrial giant.
Industries Minister Matiur Rahman Nizami is the head of the committee. State Minister for Power Iqbal Hassan Mahmood, Advisor to the Energy Ministry and Executive Chairman of the Board of Investment (BoI) Mahmudur Rahman and Prime Minister's Principal Secretary Kamal Uddin Siddiqui are the members. The negotiators apprised the members of the steering committee of the tenor of the Tata talks and the necessity of enactment of a new law.
They informed the committee that the discussions with the Tata are going on in a right direction and some “significant progress” has been made.
Particularly, the government has agreed in principle to purchase about 550MW electricity from Tata's power plant. But the tariffs of electricity were yet to be settled.
“The tariff issue will be settled after enactment of the proposed new legal instrument,” said the member of the negotiation team. He said the ministry concerned will initiate a move to frame the new rules.
The final round of negotiations between the government and the Tata Group started in the last week of September. The talks between the two sides remain suspended ahead of the Saarc summit and other occasions.
Executive Chairman of the BoI Mahmudur Rahman admitted to the move having been made by his investment-processing agency.
He said the government will frame the new law to deal with the multibillion-dollar investment proposals.
“Because, we think, if the negotiations between the government and the Tata Group are successfully completed and a deal is signed, more reputed foreign companies will be encouraged and come in the country with multibillion- dollar investment proposals,” he said.
Tata has offered to invest about $ 2.5 billion in the country to set up a 1000MW coal-fired power plant, a steel plant and a fertiliser factory. The development and operation of a coal-mine is also included in the Indian firm's business plan.
On the other hand, the Dhabi Group from the Gulf state has offered to invest $ 2.0 billion in telecommunications, pharmaceutical and other sectors. Some other foreign companies, including US-based Global Volcan Energy and South Korean firm LUXON Global, have also signed memorandums of understanding (MoUs) with the Board of Investment for investment in Bangladesh's power, energy and other sectors.