YANGON-Plans are underway to establish a “Korea Desk” in Yangon aiming to help Korean entrepreneurs, according to the Ministry of Commerce.
It will be a one-stop service center to aid future Korean investors on any administrative issue; cooperation on shipping, shipyard upgrading, logistics, and port development and management; science and technological cooperation; startups and innovation and a UD$ 1 billion loan for economic development cooperation through 2020.
Union Minister for Commerce Dr Than Myint held a Video Conferencing with a delegation led by Korean Ambassador to Myanmar Lee Sang-Hwa at the Ministry of Commerce and they discussed the opening of Korea Desk in Yangon.
The “Korea Desk”, a single-window system designed to help Korean companies and investors deal with administrative issues.
The Commerce Minister and the Korean Ambassador discussed matters related to boosting export of Myanma vegetables and fruits, holding of the Joint Commission for Trade & Industrial Cooperation in August and economic development again aftermath of COVID-19 outbreak.
Later, plans are underway to establish the Korea Myanmar Industrial Complex-KMIC project which is a joint industrial complex. The KMIC project will be built on over 555 acres wide lands in Nyaung Hna Pin village, Hlegu Township, Yangon Region and it will focus on producing goods for export.
Likewise, Union Minister for Investment and Foreign Economic Relations Thaung Tun talked Korea Ambassdor Lee Sang-Hwa via Video Conferencing on June 10th.
During video conferencing, both sides discussed bilateral cooperation in economic developments, health supplies being donated by KOFIH and Korea International Cooperation Agency (KOICA), ASEAN-Korea Cooperation Fund, POSCO International Shinhan Bank, Kookmin Bank, SK Energy, Hyundia Motors Industrial Bank of Korea, Lotte Group and Good Neighbors and establishment of KMIC project.
Some of Korea’s largest companies have already grabbed significant market share in Myanmar, including Posco Daewoo, Daewoo Motors, Lotte Group, and Hyundai. According to government data, Korean investment is mostly in manufacturing, infrastructure projects, construction, distribution, and hospitality.
