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PR/18-21 ASEAN-Korea Centre to dispatch Korean investment mission to Myanmar, the new manufacturing hub2018-06-26

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PRESS RELEASE
No.PR/18-21Date2018.06.11 (Mon)
ContactProgram Inquiries: Park So-hyun, Officer, TIU (+82-2-2287-1126, shp@aseankorea.org)
Press Inquiries: Kim Ji-won, Assistant Officer, IDU (+82-2-2287-1145, jwkim@aseankorea.org)
ASEAN-Korea Centre is an International Organization mandated to promote economic and socio-cultural cooperation between ASEAN Member States and Korea.


ASEAN-Korea Centre to dispatch Korean investment mission to Myanmar, the new manufacturing hub

- Myanmar-Korea Investment Promotion Seminar, visit to the Thilawa Special Economic Zone, and one-on-one business meetings to be held (19-20 June, Yangon) -


Yangon, Myanmar - The ASEAN-Korea Centre (Secretary General Lee Hyuk) and the Directorate of Investment and Company Administration (DICA) will jointly organize an Investment and Market Research Mission to Yangon, Myanmar from 19 to 20 June. Myanmar is emerging as ASEAN’s new manufacturing hub due to the high growth rate of 6-7%, competitive labor market, and strategic location connecting China and India. Against this backdrop, the Korean delegation from manufacturing firms will participate in the Myanmar-Korea Investment Promotion Seminar, an industrial visit to the Thilawa Special Economic Zone (SEZ), one-on-one business meetings with Myanmar government officials and business representatives, as well as a networking dinner with Korean companies in Myanmar.

 

According to Lee Hyuk, Secretary General of the ASEAN-Korea Centre, “To sustain a high growth rate by attracting foreign investments, the Myanmar government has made various reforms measures to create an investor-friendly environment such as the new investment law, the new companies law, and the special economic zones. Although limited infrastructure remains a major hurdle to economic growth, many Korean investors are keen to unlock the potential of Myanmar as a new manufacturing hub of ASEAN. I hope that the upcoming Investment and Market Research Mission will serve as a momentum to contribute to the industrial development of Myanmar by promoting investment from Korean companies and to expand business ties between Myanmar and Korea.”

 

On 20 June, the ‘Myanmar-Korea Investment Promotion Seminar’ will take place to provide the latest information on the recent investment policies and incentives in Myanmar and the case studies of successful Korean manufacturing businesses in Myanmar. At the Opening Ceremony, Lee Hyuk, Secretary General of the ASEAN-Korea Centre, Aung Naing Oo, Director General of the DICA, and Lee Sang-hwa, Korean Ambassador to Myanmar, are scheduled to deliver remarks. In the following session, there will be presentations on the ‘Status, Opportunities, Incentives, and Laws of Myanmar Investment’ by Min Zaw Oo, Director of DICA; ‘Myanmar’s Up-To-Date Manufacturing Projects’ by Thaung Oo, Director of Directorate of Industrial Collaboration; and ‘Myanmar’s Up-To-Date Service Projects’ by Cho Thet Mu, Deputy Director of the Ministry of Commerce. Furthermore, the Korean delegation will have one-on-one business meetings with the Myanmar government officials and company representatives based on their topics of interest.

 

On 19 June, the Korean delegation will conduct an industrial visit to the Thilawa SEZ to gain first-hand information on numerous benefits that the SEZ offers. Located 23 km southeast of Yangon, the Thilawa SEZ is the first SEZ built in Myanmar and started operation in 2015. It provides investors with electricity and water supplies, corporation tax exemption, as well as land lease for a maximum of 75 years. The Korean delegation will visit CJ Foods Myanmar Co., Ltd., a Korean edible oil manufacturing company; Lu Thai Co., Ltd., a Chinese garments manufacturing company; and Yusen Logistics Co., Ltd., a Japanese total distribution services company. In addition, a networking dinner will bring together representatives from Korean companies that successfully entered Myanmar to exchange information and experiences. It will also be attended by government organizations including the Korean Embassy in Yangon, the Korea Trade-Investment Promotion Agency (KOTRA) Yangon Office, and the Korea Chamber of Commerce.



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