Industry Desk: Over 100 South Korean firms expressed wishes to relocate their businesses to Bangladesh from Myanmar.
According toAa recent statement issued by Bangladesh Economic Zone Authority (BEZA), the S Korean businesses made the decision due to a lack of ‘suitable environment’ for industries in Myanmar.
The firms identified Bangladesh as an alternative destination in light of Myanmar’s infrastructural backwardness, including shortages of power and water supplies, the statement added.
It further said the Korea Industrial Complex Co Ltd (KIC) is also interested in developing an industrial park in Bangladesh which will house 100 firms. 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.
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