South Korean firms consider relocating from Myanmar

05 November 2019
South Korean firms consider relocating from Myanmar
A general view of the Motijheel area in Dhaka, Bangladesh. Photo: EPA

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, bdnews24 reported.

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.