Private sector leaders yesterday pinpointed the deficiencies in executive authority and infrastructures of the Board of Investment and called for more powers to it to ensure necessary logistics services to potential entrepreneurs, both local and foreign, reports UNB.

They suggested that the BOI be reshuffled in such a way that it can act as a one-stop coordinator of relevant government agencies to provide all necessary support like land, telephone, gas and power to the intending investors.

The business leaders, representing major chambers of the country, voiced their comprehensive suggestions at a meeting with BOI acting chairman Zahid Hossain and other senior officials in the BOI conference room.

They unequivocally endorsed the BOI plan to set up industrial parks offering all necessary infrastructure needs to the investors in light of the existing EPZs.

They also proposed for transforming the unused BSCIC Industrial Estates into model industrial parks.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) director Dewan Sultan Ahmed, Dhaka Chamber of Commerce and Industry (DCCI) President M H Rahman. Bangladesh Chamber of Industries (BCI) president Sharif Afzal Hossain and Foreign Investors’ Chamber of Commerce and Industry (FICCI) secretary Jahangir-Bin Alam spoke on the occasion.

Dewan Sultan said the BOI should be reorganised and given scope to work independently as facilitator of the prospective investors.

"BOI in its present form is of no use to investors .... it should be strengthened," he said.

The FBCCI director identified the inabilities of the BOI'S "One-Stop Service." saying it allures the foreigners promising all services from one place. But. in reality, it cannot deliver anything as tile officials of relevant departments in the "One-Stop Service" have no decisionmaking authority, he said.

The DCCI president said BOl's existence becomes redun-

dant if it falls to ensure all the requirements of an intending investor.

"You must have the authority to guarantee an investor of providing all necessary services," said M H Rahman, suggesting that registration of any industrial venture be made mandatory to have a correct picture of the investment scenario.

The BCI president said BOI is supposed to act a private sector promotional body, but it only looked at the foreign investors Ignoring the local ones.

"It took no steps for promoting domestic Investment." he said.

Sharif Afzal suggested the BOI to propagate government policies and guidelines relating to industrial ventures across the country through seminars

at the divisional and district levels for promoting local investment.

The foreign missions, he said, should be tagged with BOI to woo prospective investors providing them with adequate ‘information.

The BOI should form a counselling committee with representations from the private sector and the concerned government departments to hasten the process of decision-making and service-delivery, the BCI president said.

The FICCI secretary said there is a wide gap between declared policies and practices of the government that frustrate intending foreign Investors.

He cited some examples how foreign investors, allured by the government's policy support hype, came here and later went

back with bitter experiences due to loopholes in policies and lack of services.

BOI should coordinate all relevant policies and disseminate those among the prospective foreign investors, he said.

Alam quoted a foreign investor who narrated how the Sri Lankan investment officials made all information and services available to him at his hotel room.

The foreign investors first want to see the extent of local investment, he said expressing the view that if there is enough local investment, then not much advocacy are needed for the foreigners to invest here.

Responding to the suggestions. acting chief of BOI Zahid Hossain said the Board's objective is to facilitate both local and foreign investments