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.
