It is not true that Korean factories running in Myanmar would move to Bangladesh, said Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations

“I have no idea why an old news piece which is not true at all surfaced again today. Media asked me if it is true that 100 Korean factories in Myanmar would move to Bangladesh. I answered it was not true,” said Aung Naing Oo on his Facebook page.

Myanmar Investment Commission also held a press conference on November 6, 2019 saying that the news about the movement of businesses in the country with Korean investments to Bangladesh was not true at all and that it was assumed to be a political propaganda.

At that time, the Bangladeshi side spread the news that about 100 Korean businesses in Myanmar would move to Bangladesh as Myanmar had no suitable environment for industries.

According to MIC, Korea is the sixth largest investor in Myanmar with an investment of US$4.04 billion made by 183 businesses, accounting for 4.8 percent of total foreign investment.

“Such investment did not come easily. Industrial zones have to be established after a series of discussion. This is why MIC provides necessary assistance. After giving permission, we facilitate investment as well. More Korean investors have proposed and their investment is improving. I want to say that there was no movement of their businesses,” said MIC Secretary Thant Sin Lwin.

Myanmar Ambassador to the Republic of Korea Thant Sin received a delegation led by Vice President & Managing Director Kim Hyung-II of Industrial Bank of Korea (IBK) and a delegation led by Head of Global Supporting Division of KB Kookmin Bank Kim Hyeun Jong separately on April 29, according to the Ministry of Foreign Affairs.

In their meetings, IBK donated Covid-19 detection kits for 3,000 people and 5,000 pieces of viral transport medium worth US$81,593 while KB Kookmin Bank donated Covid-19 detection kits for 3,000 people and 3,000 pieces of viral transport medium worth US$75,240. Documents related to the donations were handed over.

The Myanmar embassy will receive the medical supplies in early May and they will be  promptly transported to Myanmar by Myanmar Airways International.