3. (1) The Government may, for the promotion of foreign private investment, sanction establishment with foreign capital of any industrial undertaking- (a) which does not exist in Bangladesh and the establishment whereof, in the opinion of the Government, is desirable; or (b) which is not being carried on in Bangladesh on a scale adequate to the economic and social needs of the country; or (c) which is likely to contribute to- (i) the development of capital, technical and managerial resources of Bangladesh; or (ii) the discovery, mobilisation or better utilisation of the natural resources; or (iii) the strengthening of the balance of payment of Bangladesh; or (iv) increasing employment opportunities in Bangladesh; or (v) the economic development of the country in any other manner. (2) Sanction of the establishment with foreign capital of an industrial undertaking under sub-section (1) may be subject to such conditions as the Government may deem fit to impose.