Replying to an opposition lawmaker's query, Saifur said Tata's investment proposal is a good one and is still under consideration of the government.

But in this subcontinent it is always tough to take decision on such a major economic issue at a time when the general election draws nearer, he observed.

Besides, Bangladesh's bureaucracy is not efficient enough to deal with this sort of cases quickly and that is why more time is needed, he explained.

Meanwhile, Tata's investment proposal is now at the final stage of scrutiny by a secretarial committee, which will review the report on July 16. According to sources, Tata officials are likely to attend the meeting.

The secretarial committee will submit the report to a cabinet committee headed by the industries minister by July 31. The cabinet committee will then decide whether to place the proposal before the cabinet.

Executive Director of Tata Sons Alan Rosling after a meeting with the Board of Investment (BoI) in Dhaka on July 10 said Tata has decided to suspend pursuing any further its investment proposal in Bangladesh as the government does not want to take a decision before the election.