Most Read

Tata Group's investment proposal

10 March 2006, 18:00 PM
LETTERS TO THE EDITOR
By Rezaul Huq, Lalmatia, Dhaka
10 March 2006, 18:00 PM
It is understood that both our government and Tata Group delegation have failed to strike a balance in respect of Tata's proposal of big size industrial investment targeting our natural resources like gas and coal. There was no fault in their selecting our country as a potential place of investment looking at vast human resources and availability of energy. The investment was considered lucrative from their point of view but our gain would also have been enormous by way of technology and foreign currency transfer, growth of auxiliary industries, employment generation and growth of gross domestic product with increase in exportables.

The negotiation team of the Government consisting only of the officials, I am afraid, often dogmatized, is still in the primordial stage, having no international exposure. They have been allowed to face such a highly specialised, technically sound professional group who skilfully stupefied them with hard bargain and the end result was emergence of a foregone conclusion. There is no dearth of skilled negotiators in the country but unfortunately no invitation was extended to them. Unnecessarily eight/nine months time has been spoiled and in the meantime our own currency has been devalued by more the 10%.

China, India, Thailand etc. have been encouraging foreign investment with open mind raising their GDP and par capita income. Their highly experienced team of negotiators are often invited to participate in the investment proposals, given free rein and their recommendation of best option suitable to both sides is put into use. Neither have we taken steps to develop a team of skilled negotiators nor have the mind to hire a team giving them free rein.

Google News LinkFor all latest news, follow The Daily Star's Google News channel.

Donor agencies have recently warned our country managers in this regard. A faction of socio-political group has been publicly loud for non-awarding the Tata group to have access over our natural resources without devising ways of utilising the same for benefit of our people. As of today the entire country is reeling under severe power and fertilizer crises but neither the government has the ability to produce nor at its best to encourage both local and foreign investors to utilize our resources as raw materials.

Natural gas and coal are our resources exploration of which requires huge technological and cash investment and if explored and exploited positively. The crises as are being faced today would be mitigated. Conversely, inertia of the government also had contribution for failure to sign the deal as their own investment towards development of human resources, modernisation and smooth operation of railway and port services was one of the major component of Tata Group's list of facilities demanded of.