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SK buys stake in Myanmar oil firm for 150 bln won

SEOUL, July 19 (Yonhap) — SK Innovation Co., South Korea’s top refiner, said Friday its two affiliates have acquired a 35 percent stake in Myanmar’s second-largest petroleum product distributor, for 150 billion won (US$127 million). SK Innovation said the two units — SK Energy Co. and SK Trading International Co. — will each have a […]

Work on city side of Yangon-Dala bridge to start next month

YANGON—Construction on the Yangon side of the planned Yangon-Dala Bridge will begin next month, regional Chief Minister U Phyo Min Thein said at a regional investment committee meeting on Wednesday. Spanning the Yangon River, the bridge—also known as the Korea-Myanmar Friendship Bridge, as it is funded by South Korea’s Economic Development Cooperation Fund (EDCF)—will link […]

KB Kookmin Bank interested in expanding Myanmar business

KB Kookmin Bank, one of South Korea’s top four banks, is interested in expanding its presence in Myanmar with more financial products and services, especially in the areas of providing financing for housing and small-and-medium enterprises (SMEs). KB Kookmin’s chief representative in Yangon, Kim Chang-woo, said the bank “is considering expanding its business in Myanmar […]

Myanmar aims to increase trade with South Korea

Myanmar will raise efforts to boost trade with the Republic of Korea, said U Aung Soe, Permanent Secretary of the Ministry of Commerce (MOC) during an event to promote local agriculture exports to South Korea on February 16. The event was hosted by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) […]

Myanmar invites foreign investment with business-friendly reforms

As Seoul fleshes out its New Southern Policy to strengthen ties with Southeast Asian nations and other countries, Myanmar presents fresh opportunities with its business-friendly policies, according to the country’s top envoy to South Korea. During the Burmese National Day reception on Jan. 7 in Seoul, Myanmar’s Ambassador Thura Thet Oo Maung said the Korean […]

Govt counting on Asian travellers to boost tourism

Myanmar’s tourism sector has borne the brunt of the Rakhine refugee crisis, with growth in tourist arrivals dropping to 1 percent in 2018 compared with 7.1pc in 2017, according to the World Bank. The number of western tourist arrivals fell the most, more than offsetting arrivals from Asia. The numbers reflect reports of booking and […]

Yangon-Dalla Bridge project to start soon

The stake-driving ceremony of Yangon-Dalla Bridge will be held in December 23, and the construction of the bridge will start in January next year, according to the press conference by the Construction Ministry in Dalla Township in Yangon on November 24. Kyaw Kaung Cho, deputy director general of Bridge Department at the Construction Ministry said: […]

Myanmar, S.Korean company launch solar power plant in Rakhine state

A stake driving ceremony has been held in Manaung township, Myanmar’s Rakhine stake to build a solar power plant which can supply 24-hour electricity to more than 1,000 households, Myanmar News Agency reported Sunday. The first-phase project was launched on Saturday by the Ministry of Electricity and Energy, Rakhine state government and the POSCO Daewoo […]

Construction sites struggle as skilled workers head overseas

Daw Hay Mar, a trader, can only shake her head when talking about the high expenses she incurred in constructing a storage building and workers quarters because of poor workmanship. She said her nightmare started when she hired a group of construction workers in her neighbourhood for the job. Daw Hay Mar said the building […]

Myanmar targets FDI from East Asia in long-term investment plan

Myanmar is gunning for more foreign direct investments (FDI) from East Asia in the next 20 years under its new Myanmar Investment Promotion Plan (MIPP), U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA) told The Myanmar Times at a book launch in Yangon on Thursday. Besides strengthening […]