He said, "Now we don't have any coal policy, which is necessary for reaching a decision on the Tata proposal. We expect the coal policy be finalised by this month. And then, we go for verification of the Indian industrial giant's investment proposal."

The BoI will also organise road shows in different parts of the world to attract foreign investment in the country, the state-run investment promotional agency chief said.

Addressing the luncheon meeting of Dutch-Bangla Chamber of Commerce and Industry (DBCCI), Nazrul Islam said they have already submitted the Tata proposal to the office of the Chief Adviser.

He said, "I think we are close to agreement with Tata as we expect the decision to come out within a short time."

Kees Beemsterboer, the Netherlands ambassador in Dhaka, and Asif A Chowdhury, president of DBCCI, were, among others, present at the meeting held at a local hotel.

Tata's package investment proposal includes setting up of a 2.4million tonnes steel plant, a fertiliser plant, a 475MW gas-fired power plant and development of the Barapukuria coal mine through open-pit method.

The project remained suspended since July, before the previous government handed over power to the caretaker government.

Replying to a question on a concessional gas price to Tata, the BoI top official said there will be no assurance for a concessional gas price to Tata for a period of 25 years.

"We have gas resources, and everybody knows that it will take time for further offshore gas exploration. We cannot give any guarantee to anybody," he said.

He, however, said the financing institutions like IFC and World Bank, which are supposed to finance the Tata's proposed project, want guarantee for ten years. "So, for that part we wanted to give guarantee of gas for a period of ten years."

Referring to the BoI guidebook, he said tariff rate of gas for fertiliser is the lowest. "But in the case of Tata, we try to follow the Kafco (Karnaphuli Fertiliser Company Limited) formula".

Terming Tata's proposal a very complex one, he said, "We had no expertise to deal with a complicated project like Tata's. So that's why we have to take some time"

Nazrul Islam said 2006 was the terminal year of the last political government and election was knocking at the door. And at that moment it was difficult for a political government to take decision on Tata.

At that time it was decided that the Tata proposal and all related studies conducted by a group of experts would be handed over to the next government in an appropriate time for making a concrete decision.

In his speech, the Dutch ambassador said the foreign investors have serious negative ideas about Bangladesh.

Citing an example he said when the Dutch investors look for Bangladesh at the world map they said Bangladesh is a country that is located between India and Thailand and affected by flood and corruption.

"I think change of this kind of perception is very crucial in this context", he said, lauding the present government's efforts to implement some measures to have a positive image for the country.

If it succeeds, the investment potentiality of the country will be tapped properly, the Dutch envoy hopes.

Responding to the Dutch ambassador's content, the BoI chief said the road shows, which are being launched within a short time, will also be helpful for Bangladesh's image building.

Bangladesh needs huge investments in almost all sectors of national economy in order to attain its millennium development goals by 2015, said the DBCCI president.