100 Korean businesses want to move from Myanmar to Bangladesh: BEZA
Published: 05 Nov 2019 01:20 AM BdST Updated: 05 Nov 2019 01:20 AM BdST
As many as 100 South Korean firms want to relocate their businesses to Bangladesh from Myanmar due to a lack of 'suitable environment' for industries in that country, according to the Bangladesh Economic Zone Authority or BEZA.
The firms identified Bangladesh as an alternative destination in light of Myanmar's infrastructural backwardness, including shortages of power and water supplies, among other problems, BEZA said in a statement on Monday.
South Korean investors are keen on investing in Bangladesh's economic zones, according to BEZA. The Korea Industrial Complex Co Ltd (KIC) is also interested in developing an industrial park in Bangladesh which will house 100 firms from the East Asian country.
KIC began work on two industrial parks in Myanmar's Bago and Mon states in 2013 but problems with infrastructure, electricity and water supplies prompted the Korean companies to consider uprooting.
KIC has accordingly drawn up plans to build an industrial complex in Bangladesh and selected 100 companies that will be allocated spaces there.
They are lining up an initial $500 million investment and have asked for 400 acres of land to establish factories to manufacture textiles, leather and jewellery products, BEZA said.
KIC's CEO Bae-Ho Cho said the Koreans will get to work immediately if the government and BEZA help them secure the land, according to the statement.
And BEZA's Executive Chairman Paban Chowdhury said the authority is committed to building sustainable and environmentally friendly industries while providing all necessary amenities. As a result, countries like China, Japan and India are all establishing economic zones in Bangladesh.
He added the investment from Korean companies will open up new horizons for Bangladesh and the project will be implemented soon after the submission of a final proposal.
-
State minister apologises for power cuts
-
Government halts vehicle purchase, meeting honorariums
-
Sri Lanka struggling to pay for fuel shipments
-
Argentina economy minister quits amid crisis
-
EU agrees to tame 'Wild West' with new crypto market rules
-
Bangabandhu Tunnel getting ready to open in Dec
-
Factory data dampen global hopes for ‘soft landing’
-
Budget passed
-
Bangladesh remittances fall 15% year on year in FY22
-
Bangladesh state minister apologises for power cuts fuelled by gas shortage
-
More austerity: government suspends vehicle purchase, meeting honorariums
-
Sri Lanka struggling to pay for fuel shipments: minister
-
Argentina economy minister, IMF deal architect, quits as government crisis builds
-
EU agrees to tame 'Wild West' with new crypto market rules
Most Read
- Bangladesh is gearing up to open its first river tunnel by the end of 2022
- Bangladesh to celebrate Eid-ul-Azha on Jul 10
- Drastic fall in passenger numbers forces owners to cut Dhaka-Barishal launch fares
- War crimes fugitive Aminul Haque took several trips to Pakistan, RAB says
- Daylong chaos as expressway tolling slows traffic
- Nigerian Islamic court orders death by stoning for men convicted of homosexuality
- RFL Electronics gets $23m in British loans to boost manufacturing
- Bangladesh’s exports climb to record $52bn in FY22
- Bangladesh unlikely to reopen Padma Bridge to motorcycles before Eid: official
- A suspect was let off after a mix-up over his name. Then he was arrested at his wedding