100 Korean businesses want to move from Myanmar to Bangladesh: BEZA

[bluesky]

https://bdnews24.com/economy/2019/1...-want-to-move-from-myanmar-to-bangladesh-beza

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

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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 jewelry products, BEZA said.

 

[Black_cats]

Duplicate post:

https://defence.pk/pdf/threads/ditching-myanmar-huge-korean-investment-in-bangladesh.639770/

 

[bluesky]

Duplicate post:

https://defence.pk/pdf/threads/ditching-myanmar-huge-korean-investment-in-bangladesh.639770/

The writing is different though the background is the same. Not every person has time to check all the threads posted before posting a new one. No one is paying me to keep on checking and posting day and night.

 

[Black_cats]

The writing is different though the background is the same. Not every person has time to check all the threads posted before posting a new one. No one is paying me to keep on checking and posting day and night.

When you put the title it shows automatically similar posts. You don’t need to waste even 20 second to figure that out.

Similar results are shown at the bottom of this thread as well!!

 

[MINN]

https://elevenmyanmar.com/news/no-investment-shift-to-bangladesh-mic

 

[bluesky]

https://elevenmyanmar.com/news/no-investment-shift-to-bangladesh-mic

No investment shift to Bangladesh: MIC
NEWS

Myanmar Investment Commission held a press conference on November 6. (Photo-Zeyar Nyein)
PUBLISHED 7 NOVEMBER 2019


Myanmar Investment Commission (MIC) denied the news that South Korean businesses in Myanmar will move to Bangladesh, according to a press conference on November 6.

The MIC held a press conference about the news coverage by Bangladesh’s bdnews24.com which quoted Bangladesh Economic Zone Authority.

The bdnews24.com reported that 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.

Thant Zin Lwin, Secretary of Myanmar Investment Commission said: “It is not a good prospect for our country when the government is striving for investments. Cooperation between Myanmar and ROK governments has promoted. Over the past months, Myanmar and South Korea signed a framework agreement to grant 1,000 million US dollars Economic Development Cooperation Fund (EDCF) to Myanmar. It is known to all that both countries held formal meetings on economic cooperation.”

South Korea is the 6th top investors in Myanmar. Total investments by 179 South Korean businesses in Myanmar have exceeded 3.9 billion US dollars, accounting for 4.8 per cent of the total foreign investments.

“Efforts to encourage the inflow of such investments is not an easy task. Industrial zone is implemented after a series of talks. The MIC gives necessary assistance and help the companies ensure the smooth operation of investments. The MIC facilitates investments after the companies have got permits. Companies from South Korea have submitted proposals while the number of South Korean companies which are enquiring about investments continues to increase. That’s why, there is no investment withdrawal,” he added.

This morning, I asked the Commercial Attaché of South Korean Embassy about this news via phone. He said this news coverage is based on the word said by a businessman, in Bangladesh, and South Korea will not fully support that businessman.

I think the emergence of this news is not good for our country at a time when there are good reviews by the World Bank. It is just a propaganda and the spread of this news is assumed to be an political agenda, Thant Zin Lwin continued.

No investment shift to Bangladesh: MIC

This news was published in the MM newspapers but without any reference from the Korean businesses. Your infrastructure remains very weak. Even L/Cs opened in Japan to import frozen fish are not supported by your banks. So, the importers have to remit and advance and pay the remainder in cash by going to Rangoon before shipment. Do you think in such a situation it would be wise for the big companies to invest in MM?

 

[mb444]

Let the monkeys shreik as they will....no issues for us...

Lets see what happens..

 

[MINN]

No investment shift to Bangladesh: MIC
NEWS

Myanmar Investment Commission held a press conference on November 6. (Photo-Zeyar Nyein)
PUBLISHED 7 NOVEMBER 2019


Myanmar Investment Commission (MIC) denied the news that South Korean businesses in Myanmar will move to Bangladesh, according to a press conference on November 6.

The MIC held a press conference about the news coverage by Bangladesh’s bdnews24.com which quoted Bangladesh Economic Zone Authority.

The bdnews24.com reported that 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.

Thant Zin Lwin, Secretary of Myanmar Investment Commission said: “It is not a good prospect for our country when the government is striving for investments. Cooperation between Myanmar and ROK governments has promoted. Over the past months, Myanmar and South Korea signed a framework agreement to grant 1,000 million US dollars Economic Development Cooperation Fund (EDCF) to Myanmar. It is known to all that both countries held formal meetings on economic cooperation.”

South Korea is the 6th top investors in Myanmar. Total investments by 179 South Korean businesses in Myanmar have exceeded 3.9 billion US dollars, accounting for 4.8 per cent of the total foreign investments.

“Efforts to encourage the inflow of such investments is not an easy task. Industrial zone is implemented after a series of talks. The MIC gives necessary assistance and help the companies ensure the smooth operation of investments. The MIC facilitates investments after the companies have got permits. Companies from South Korea have submitted proposals while the number of South Korean companies which are enquiring about investments continues to increase. That’s why, there is no investment withdrawal,” he added.

This morning, I asked the Commercial Attaché of South Korean Embassy about this news via phone. He said this news coverage is based on the word said by a businessman, in Bangladesh, and South Korea will not fully support that businessman.

I think the emergence of this news is not good for our country at a time when there are good reviews by the World Bank. It is just a propaganda and the spread of this news is assumed to be an political agenda, Thant Zin Lwin continued.


This news was published in the MM newspapers but without any reference from the Korean businesses. Your infrastructure remains very weak. Even L/Cs opened in Japan to import frozen fish are not supported by your banks. So, the importers have to remit and advance and pay the remainder in cash by going to Rangoon before shipment. Do you think in such a situation it would be wise for the big companies to invest in MM?

This morning, I asked the Commercial Attaché of South Korean Embassy about this news via phone. He said this news coverage is based on the word said by a businessman, in Bangladesh, and South Korea will not fully support that businessman.

 

[bluesky]

This morning, I asked the Commercial Attaché of South Korean Embassy about this news via phone. He said this news coverage is based on the word said by a businessman, in Bangladesh, and South Korea will not fully support that businessman.

It is not that a govt decides on the investment choice of the business people. The South Korean Commercial Attache is in your country and so he is not supposed to make statement that irritates your govt. It is the choice of the investors, the Korean Embassy cannot force them to invest in MM.

However, it is true that the MM infrastructure is quite weak even comparing to Bangladesh. As I said before, even L/Cs opened from foreign countries are not accepted by your banks. So, ho do you do international business? There are a lot of bottlenecks that must be removed to attract FDI.

 

[mmr]

Myanmar is under review by eu for sanctions. Usa is unpredictable what they will do with Myanmar in future no one knows. Without usa and eu market no one will invest in export related industries. Question is what will be the verdict of eu? I am not sure when they will be done with the review of EBA agreement.

 

[mb444]

Myanmar is under review by eu for sanctions. Usa is unpredictable what they will do with Myanmar in future no one knows. Without usa and eu market no one will invest in export related industries. Question is what will be the verdict of eu? I am not sure when they will be done with the review of EBA agreement.

EU will slap on sanctions...trust me on this a lot of canvassing is happening accross the board by muslim politicians, community group and offcourse BD.

US will also follow suit.

The monkeys savagery wont go unpunished. The only way they can avoid it is by accepting ruinious terms of trade and unfeterred access to their markets...again am all for these savages being royally shafted.