Investments halted in Chattogram due to Corona

BI Special

Chattogram (Oct 28, 2020): Considering the port and customs house facilities, Chattogram always remains at the first choice for investors; the record of local and foreign investment stating the truth.

But unfortunately, the present situation is different as the pandemic halted the progress from the last year. This has led to some investments recorded in the list of Board of Investment (Local, Foreign and Joint Venture) to stop temporarily or minimise the investment projects.

According to the Bangladesh Investment Development Authority (BIDA) the projects aided by local and foreign and JV investment have been increasing for the last ten years.

But there are no figures to show the number of projects running successfully and certify the funds invested under such names.

Mohammad Yeassin, Director General of BIDA in Chattogram zone said investment has been taken a hit in the port city because of the pandemic of the Covid-19.

Although proposed projects have bailed out due to pandemic, however, more foreign investors are waiting to pump in money, with some projects are underway.

“We have been encouraging them to set up their businesses in the Economic Zones,” he added.

  (2019)

Still, businessmen are on the fence in the face of the Covid-19 situation; the second wave of the virus sweeping across Europe already.

“I was planning to start my business this year but all of my efforts have been halted due to the pandemic said, Kazi Hasan Zia, who invested taka 3.5 crores under a commercial laundry house named ‘Lamon Fresh’

The required machinery was scheduled to arrive from Italy by March this year but to becomes uncertain, he said adding, “‘we have to wait until the vaccine is over.”

(2020)

A source at the Chattogram BIDA office said, during 2018-29 fiscal, the number of local investment was 162 and wroth taka 1487.262 million while foreign investment was only 12 wroth taka 528.219 million.

The figure changed in the next year 2019-20 and it was dropped in 95 registered investments at the local level, calculated taka 32272.737 million and 12 in foreign investment (7356.037 million).

The acquisition of land and electricity and gas facilities have already been improved, as separate zones have been allocated for foreign investors, said Mahabubul Alam, President of Chittagong Chamber of Commerce and Industry.

Disappointment is prevailing in the businessmen and investors as the world economy is shrinking this year due to the impact of the Covid-19, Alam said and hoped that the country will get rid of the situation very soon.

The business conditions will revive within the next year and at the same time, the economic zones will be fully prepared for more foreign and local investment, Alam said.