20 June 2018
Myanmar and Korea join forces to scale up their business ties in investment and trading.
The 12 Korean companies especially from manufacturing sector, led by the Secretary General of the ASEAN-Korea Centre visit Myanmar for two days not only to seek business opportunity but also to improve win-win partnership between the two countries.
According to the MIC, Korea stands sixth on the list of foreign investor countries with over 3.8 Billion US$ investment, especially in oil and gas and manufacturing industry.
The Korean business delegation visited the Thilawa SEZ on Tuesday, and learned about the industry. The Secretary-General shared their impression, challenges but stressed Myanmar is the potential destination that they look for.
Secretary General, ASEAN-Korea Centre, Lee Hyuk said "... Actually, Korean companies have been looking for a very attractive investment destination which might replace China and even Vietnam... I think a lot of Korean companies who have already invested in Vietnam market are actually looking to Myanmar....as a possible investment destination which might replace Vietnam....We are quite impress with the Thilawa Special Economic Zone. I got the impression that this is very well plant economic zone...”
DICA also shared their promotion plans and process to promote investment and trading.
Deputy Director General, Directorate of Investment and Company Administration, Than Aung Kyaw said “We’ve been inviting lots of foreign investment to Myanmar. We know that the lacks of skills labour in the market are one of the main challenges for Myanmar. Through this seminar, we will present Myanmar investment law, rules, investment opportunities, incentives as well as current conditions of manufacturing sector, wholesale and retail market.”
Most of the Korean investment goes to oil and gas and manufacturing industries.
The secretary General highlighted the awareness raising for the recent policy changes.
Secretary General, ASEAN-Korea Centre, Lee Hyuk said "... I learnt that the Myanmar government recently enacted the new investment law and new companies law... The Korean companies are not fully aware of the changing system... I think we need to publicize the new law... ASEAN-Korean Center, itself and the Myanmar government also need to promote… I think we need a break through if we are to really, substantially increase our trade volume... I think the one way is... to make the big Korean companies invest here... Myanmar should understand that you are competing with other countries... "
According to the official statistics, there are over 600 Korean companies that registered in Myanmar.
Along with the Myanmar-Korea Investment Promotion Seminar, one on one business matching between businesses of Myanmar and Korea will follow on Wednesday.