CHITTAGONG, May 21: Entrepreneurs were worried as investments worth about Tk 40.00 billion have been lying idle for years due to the shortage of gas in Chittagong region.
Trade body leaders made the disclosure at a function in the city Tuesday. President of Chittagong Chamber of Commerce and Industry Mahbubul Alam attended it as chief guest. The function was organised by the BSTI (Bangladesh Standard and Testing Institute) Chittagong region at the Chittagong Chamber Bhaban.
"The amount of investments lying idle because of the lack of gas connections in different industrial sectors in this region will stand at around Tk 40.00 billion," he said.
"New investment due to gas shortage in Chittagong region is very poor this season as it was below the expected level in the last few years, although entrepreneurs from abroad and home are enthusiastic here," he said.
"An industrialist has told me that industrial machinery procured at Tk 900 million remains idle for years due to the lack of gas connections," Alam said.
Another industrialist alleged that the gas distribution authority had assured him of gas connection on import of capital machinery. But the machinery installed at the expense of Tk 1.10 billion in his industry had been lying idle for about one year, the CCCI president added.
The trade body leader said that Chittagong being the gateway to Bangladesh and a commercial capital, drew attention of investors. Local and foreign investors were considering it a lucrative place in view of its geological advantage and connectivity with the Asian Highway. But a lot of investments remained stalled leading to business stagnancy, he said.
He further said that BSTI services in the region were poor as the regional BSTI office was not equipped with adequate laboratory facilities.
"The Chittagong BSTI office lacks a self-sufficient lab and testing facilities although many heavy industries and specialised industrial zones are located in Chittagong. Businesses face harassment as they have to look up to the BSTI Dhaka lab for weeks even in the case of a minor test," he said.
"We would urge the concerned government authorities to urgently enhance facilities of the BSTI lab in Chittagong. Lab equipment can also procured under public-private partnership and the businesses of Chittagong are ready to come forward with their financial assistance in this regard," he said.
Presided over by BSTI regional head Shawkat Osman, the function was addressed by business leaders, CCCI directors and representatives of Consumers Association of Bangladesh (CAB) Chittagong region.
