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PR/18-04 Korean companies keen to invest in infra and manufacturing sectors of Myanmar2018-02-06

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PRESS RELEASE
No.PR/18-04Date2018.02.05(Mon)
ContactProgram Inquiries: An Jin-hun, Senior Officer, TIU (+82-2-2287-1123, jha@aseankorea.org)
Press Inquiries: Hwang Ji-seon, Officer, IDU (+82-2-2287-1149, hjs@aseankorea.org)
ASEAN-Korea Centre is an International Organization mandated to promote economic and socio-cultural cooperation between ASEAN Member States and Korea.


Korean companies keen to invest in infra and manufacturing sectors of Myanmar

- ASEAN-Korea Centre to dispatch an investment mission to Yangon, Myanmar (7-8 Feb.) -


Yangon, Myanmar - The ASEAN-Korea Centre (Secretary General Kim Young-sun) will dispatch an investment and market research mission to Yangon, Myanmar from 7 to 8 February in collaboration with the Directorate of Investment and Company Administration (DICA). The mission, which is composed of Korean businesses in the sectors of infrastructure and manufacturing, will explore investment opportunities in Myanmar and seek business network with their Myanmar counterparts.

 

Kim Young-sun, Secretary General of the ASEAN-Korea Centre noted that, “Myanmar has emerged as a competitive production base and attractive investment destination on the ground of a high growth potential deriving from geographical location connecting China and India, competitive labor market, and economic integration within ASEAN. Korean companies such as POSCO, CJ Cheiljedang, and Yojin Construction successfully established their businesses in the country, contributing to the industrial upgrading of Myanmar. I hope this program will provide a platform to scale up Korean’s investments in Myanmar and enhance a win-win partnership between the two countries.”

 

The Mission will participate in the Myanmar-Korea Investment Promotion Seminar which will be held on 8 February at Lotte Hotel in Yangon. At its Opening Ceremony, Kim Young-sun, Secretary General of the Centre, Aung Naing Oo, Director General of the DICA, and Lee Sang-wha, ROK Ambassador to Myanmar will deliver opening remarks. Following the Ceremony, a Deputy Director from the DICA will give a briefing on status, opportunities, incentives, and laws of investment in Myanmar. Myanmar’s up-to-date infrastructure projects in transport, energy, and electricity will be also introduced by officials from the respective ministries. Furthermore, 1:1 business matchings between businesses of Myanmar and Korea will seek tangible business outcomes. 

 

Prior to the Seminar, the Mission will meet with Korean businessmen that already have presence in Myanmar to gain practical information on doing businesses in the country. POSCO Daewoo, a trading arm of Korean steel giant POSCO, will share their successful experiences on investment in property project of Myanmar. After obtaining rights to use the land in Yangon for 70 years in 2012, marking the first long-time deal for a foreign company, the company built a five-star hotel in the center of Yangon, which is being operated by Lotte Hotel Group. Furthermore, CJ Cheiljedang, a food giant of Korea and Yojin Construction & Engineering are operating their factories at the Thilawa Special Economic Zone (SEZ). The two companies will give detailed information on process of their entries and investments in the SEZ and merits. A networking dinner will be also held to bring together representatives from Korean companies in Myanmar as well as the Korea Trade-Investment Promotion Agency (KOTRA), the Export-Import Bank of Korea, and the ROK Embassy in Yangon for information sharing and networking.

 

Myanmar’s National Comprehensive Development Plan 2011-30 set goals of 6-9% annual GDP growth aiming to place the country into a middle income country by 2032. To this end, Myanmar’s Long Term FDI Promotion Plan targeted total FDI inflow of USD 140 billion by 2030. FDI into infrastructure and manufacturing, in particular, is expected to play a significant role in facilitating the country’s access to the Global Supply Chain as well as industrial development, technology transfer, and human resource development. 



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- Press Release file


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