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Industrial Complex for Korean Companies to Be Built in Myanmar

An industrial complex for Korean companies will be established in Myanmar, government officials from Korea and Myanmar decided yesterday at the first meeting of the Korea-Myanmar Economic Cooperation Committee, held in Myanmar.

The committee decided to build an industrial complex to help Korean companies enter Myanmar’s market. The Ministry of Strategy and Finance of Korea (MOSF) explained that it plans to spread the Korean Wave to the infrastructure, energy, resources, broadcasting and IT industries in Myanmar.

Dala township, the most likely candidate for the complex, is currently under inspection. After basic infrastructure including electricity, water supply and roads is in place, the privilege to move in first will be given to Korean companies.

The Korean government will provide administrative support to solve grievances related to regulations and permits, as well as financial support and incentives.

Korea will also support the establishment of a development plan for relatively underdeveloped Southwestern Yangon.

Support for a project to build a 500 kV transmission network to supply electricity generated by the water power plant from the central part of Myanmar to industrial centers in the southern region was also discussed at the meeting. A bridge of friendship on Yangon River will also be built to enable vehicle traffic for the first time.

An MOSF official noted that the Korean government plans to strengthen cooperation in the energy, resources, broadcasting, IT, education and environment sectors, the promising industries of Myanmar, to transfer Korea’s system and technology and to gain an advantage in the market. He added that the two countries will work toward the drilling and development of minerals, establishment of an industrial technology university, environmental projects and more based on Myanmar’s plentiful mineral resources and Korea’s capital and technology.

Both countries will collaborate to build the Myanmar Development Institute, a benchmark of Korea’s Korea Development Institute, and work toward a new Saemaeul Movement based on Korea’s experience with it.

The Minister of National Planning and Economic Development of Myanmar, officials from 20 ministries and relevant offices and representatives of the Korean government including Deputy Prime Minister Hyun Oh-seok and high level officials from 15 ministries attended yesterday’s meeting.

Source Text

Source: Newsis (June 19, 2013)

** This article was translated from the Korean.

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