Korea chases investment in Myanmar

The ASEAN-Korea Centre sent 20 Koreans to Myanmar last week to seek investment opportunities.

The investment and market research mission of businessmen and officials from the Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation went to Yangon on Jan. 13-15. The project was designed with Myanmar’s Directorate of Investment and Company Administration (DICA).

According to the organization, the team visited industrial sites ― including the Thilawa Special Economic Zone, the Star City Development Site, Earth Renewable Energy and Myanmar Engineering Society ― to understand the country’s investment environment.

A seminar provided the latest information on the political and economic situation and investment opportunities in Myanmar.

Aung Naing Oo, DICA director general, U Tun Tun Naing, permanent secretary of the Ministry of National Planning and Economic Development, Lee Baek-soon, South Korean Ambassador to Myanmar, and Kim Young-sun, ASEAN-Korea Centre secretary general spoke. Representatives from DICA and Myanmar’s Ministry of Construction and Ministry of Energy also covered the investment climate and policy measures in infrastructure and energy.

Meetings provided a great opportunity for potential Korean investors to establish networks with business representatives and relevant government officials in Myanmar.

“With the launch of the ASEAN Economic Community and political transition in Myanmar, new investment opportunities for Korean companies will be created, making this event even more timely and meaningful,” the secretary general said. “I want this program to serve as a platform for the Korean business community to seek new business opportunities and obtain first-hand experience of the change in Myanmar.”

The International Monetary Fund expects Myanmar’s economic growth to be 8.32 percent in 2015 and that growth to continue. Foreign investment and infrastructure construction are increasing in Myanmar. With only about 30 percent of the population having access to electricity, several big projects are planned to meet growing power needs.

And with the launch of the ASEAN Economic Community at the end of last year, massive rail and highway projects are ready to be launched in Myanmar, the organization said.

Source: Korea Times

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