DHAKA, Dec 24: Bangladesh attracted foreign direct investment (FDI) of $453.7 million in January-June 2005, more than triple the $138.3 million in the same period of 2004, a senior official of the Board of Investment (BOI) said on Saturday.

This spectacular growth reflected foreign investors’ Continuing confidence in Bangladesh’s business potential, BOI executive chairman Mahmudur Rahman told Reuters.

Mr. Rahman said the inflow of FDI in the first half of 2005 comprised equity capital of $247.3 million, reinvested earnings of $140.8 million and intra-company loans of $65.6 million.

The BOI hopes the total FDI in 2005 will be $800 million, rising to $1 billion next year.

“Now we are more optimistic of achieving the target as conglomerates, like India’s Tata and the Abu Dhabi Group, and some other big companies from around the world, are coming to invest here,” he said.

Tata has offered to invest $2.5 billion in Bangladesh’s fertiliser, power and steel sectors, while United Arab Emirates’ Abu Dhabi Group has agreed to invest $1 billion in telecommunications, infrastructure, tourism and the pharmaceutical sector.

Foreign investment in the country grew nearly 50 per cent to $660.8 million in 2004, from $441.4 million in 2003, the BOI official said.—Reuters