The confidence of the investors in the government Economic Zones is decreasing gradually as the promised infrastructure and utility facilities are yet to take shape in the establishments.
A group of private sector investors, who have made huge investments in different government economic zones, has expressed frustration over the delays in delivering the facilities that were promised to be ready long ago.
Investors said they are yet to get any concrete confirmation on the availability of required facilities from Bangladesh Economic Zones Authority (BEZA).
Several investors told the Daily Sun that they have made investments with great enthusiasm based on the ‘package for investors’ offered by the government. But lack of policy support and poor development support from the authorities made their investments lie idle.
Around 26 investors who have invested in different government Economic Zones recently wrote to the government explaining the present state of their investment and the hurdles they are facing.
The letter said the investors need the confirmation of required utility arrangements, such as power supply, gas supply, water supply, road connectivity which have already crossed their targeted timeline.
“Despite requests from a number of investors to complete the approach roads to their project sites, the approach roads are yet not completed and in some cases are not even in working condition,” the letter said.
This is causing serious delay in completion of the pre-construction soil works and other civil works as it is almost impossible for the construction equipment and vehicles to reach the project sites without the approach roads, the investors said.
“We have said that we are not seeing any development as per the schedule. We have already invested money in the government Economic Zones. But in reality, the process of making our investment tangible in still far away,” said Well Group chairman Syed Nurul Islam, one of the investors in the government economic zone.
The investors also said the security of the economic zone also needs to be provided and organized by the BEZA before any construction work can start so that materials brought to sites for construction and setting up of factories are secured.
The government has earlier promised about the port facility in the Mirsharai Economic Zone which is going to be the largest economic zones in the country.
Investors of the zones said the investment is not feasible unless the port facilities are built as planned.
“With huge industrialization expected in Mirsharai Economic Zone, it is not possible for Chattogram port to cover all the needs and therefore port work should start before asking for the balance payment of the leased land,” said the investors in the letter.
Hailing the government’s great EZ initiative, Well Group Chairman also said the government is cordial and they should focus on the basic things to keep investors confidence energetic.
Ashraful Haq Chowdhury, vice-chairman of Bangladesh Economic Zones Investors Association (BEZIA) and Managing Director of Star Infrastructure Development Consortium Limited, said that inconsistency of policy may harm the investment that is quite unexpected.
He also urged the economic zones implementing authority to complete the development works faster so that we can start their industries soon.
