Myanmar, S. Korean trade, economic cooperation getting closer
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Business organizations of Myanmar and South Korea have agreed recently to enhance trade between the two countries and seek more economic opportunities for Korean entrepreneurs to be engaged in Myanmar.
The move was boosted under a memorandum of understanding (MoU) signed between the Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the largest business organization of the country, and the Hwaseong Chamber of Commerce and Industry of South Korea, according to Thursday's official newspaper New Light of Myanmar.
Myanmar-South Korea bilateral trade amounted to 124.59 million U.S. dollars in the fiscal year 2005-06 with Myanmar's exports to Korea amounting to 38.63 million dollars and its imports from S. Korea taking 85.96 million dollars, according to Myanmar official statistics.
Meanwhile, South Korea's direct investment in Myanmar has so far reached 191.3 million U.S. dollars in 34 projects involving 100 South Korean companies since Myanmar opened to foreign investment in late 1988, it also show.
Over the last two years, Myanmar and South Korea focused cooperation in agriculture, education, technology and forestry in addition to energy as part of its bid to promote economic ties between the two countries.
Since the early period of this year, the two countries have been engaged in a project of "Specialized Complex of Agriculture" under mutually beneficial basis to boost the development of Myanmar's agriculture.
The project, initiated in February between the Myanmar Agriculture Department and the Chonnam National University and the KBH Company of Korea, covers undertaking agricultural research, human resources development, growing of agricultural crops on commercial scale for export, dissemination of agricultural technique to Myanmar experts and exchange of information and communications technology through online system.
In July, according to another MoU initiated between the UMFCCI and the Gwangju-Jeannam e-Learning Research Center and the Chonnam National University of South Korea, the country will set up a technology, culture and business education center (TCBEC) in Myanmar, aimed at promoting the development of the fields in the Southeast Asian nation.
Besides, a South Korean consortium comprising the Daewoo International Corporation and the KCOMS have also reached during this year a 12-million-U.S.-dollar contract with the Myanmar communications authorities to help build an e(electronic)- government system for the country over the next few years.
Under the project, the Korean consortium is to provide information and communication technology infrastructure for the Myanmar government to link its 38 ministries to a high-speed internet network and computerize its personnel management system.
In the business field exchange, several trade missions of South Korea comprising representatives from over a dozen small and medium enterprises have visited Myanmar since late last year to strengthen exploration of market potential for exporting products to Myanmar and importing raw materials from the country.
Meanwhile, the South Korean International Cooperation Agency (KOICA) will also fund Myanmar's development programs with 2 million U.S. dollars during this year, according to local sources. The programs cover the sectors of health, agriculture, ICT, electric power and rail transportation.
Moreover, Myanmar and South Korea have also agreed to strengthen cooperation in the sectors of energy and mining, setting up a joint cooperation committee on energy and mineral resources at a time when the Daewoo International of South Korea is concentrating on its investment in the oil and gas sector. The Daewoo, leading a consortium with 60-percent share, has been doing good in carrying out oil and gas exploration at Block A-1 and A-3 in the offshore areas of Myanmar's western Rakhine state.
In a latest move, the Myanmar-Korea Forestry Cooperative committee met in the new capital of Nay Pyi Taw earlier this month and discussions were held on cooperation in development of forest, wood-based industry, related human resources, technology sharing and arid zone greening projects.
Myanmar and South Korea forged diplomatic links in 1975 and the two countries have maintained continued cooperative relations in various areas including cultural, economic, technical cooperation.
In view of the two countries' cooperation projects underway in the most two recent years, observers here said the bilateral relations including trade and economic cooperation between Myanmar and South Korea are getting closer and heading for a new height.
Source: Xinhua
The move was boosted under a memorandum of understanding (MoU) signed between the Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the largest business organization of the country, and the Hwaseong Chamber of Commerce and Industry of South Korea, according to Thursday's official newspaper New Light of Myanmar.
Myanmar-South Korea bilateral trade amounted to 124.59 million U.S. dollars in the fiscal year 2005-06 with Myanmar's exports to Korea amounting to 38.63 million dollars and its imports from S. Korea taking 85.96 million dollars, according to Myanmar official statistics.
Meanwhile, South Korea's direct investment in Myanmar has so far reached 191.3 million U.S. dollars in 34 projects involving 100 South Korean companies since Myanmar opened to foreign investment in late 1988, it also show.
Over the last two years, Myanmar and South Korea focused cooperation in agriculture, education, technology and forestry in addition to energy as part of its bid to promote economic ties between the two countries.
Since the early period of this year, the two countries have been engaged in a project of "Specialized Complex of Agriculture" under mutually beneficial basis to boost the development of Myanmar's agriculture.
The project, initiated in February between the Myanmar Agriculture Department and the Chonnam National University and the KBH Company of Korea, covers undertaking agricultural research, human resources development, growing of agricultural crops on commercial scale for export, dissemination of agricultural technique to Myanmar experts and exchange of information and communications technology through online system.
In July, according to another MoU initiated between the UMFCCI and the Gwangju-Jeannam e-Learning Research Center and the Chonnam National University of South Korea, the country will set up a technology, culture and business education center (TCBEC) in Myanmar, aimed at promoting the development of the fields in the Southeast Asian nation.
Besides, a South Korean consortium comprising the Daewoo International Corporation and the KCOMS have also reached during this year a 12-million-U.S.-dollar contract with the Myanmar communications authorities to help build an e(electronic)- government system for the country over the next few years.
Under the project, the Korean consortium is to provide information and communication technology infrastructure for the Myanmar government to link its 38 ministries to a high-speed internet network and computerize its personnel management system.
In the business field exchange, several trade missions of South Korea comprising representatives from over a dozen small and medium enterprises have visited Myanmar since late last year to strengthen exploration of market potential for exporting products to Myanmar and importing raw materials from the country.
Meanwhile, the South Korean International Cooperation Agency (KOICA) will also fund Myanmar's development programs with 2 million U.S. dollars during this year, according to local sources. The programs cover the sectors of health, agriculture, ICT, electric power and rail transportation.
Moreover, Myanmar and South Korea have also agreed to strengthen cooperation in the sectors of energy and mining, setting up a joint cooperation committee on energy and mineral resources at a time when the Daewoo International of South Korea is concentrating on its investment in the oil and gas sector. The Daewoo, leading a consortium with 60-percent share, has been doing good in carrying out oil and gas exploration at Block A-1 and A-3 in the offshore areas of Myanmar's western Rakhine state.
In a latest move, the Myanmar-Korea Forestry Cooperative committee met in the new capital of Nay Pyi Taw earlier this month and discussions were held on cooperation in development of forest, wood-based industry, related human resources, technology sharing and arid zone greening projects.
Myanmar and South Korea forged diplomatic links in 1975 and the two countries have maintained continued cooperative relations in various areas including cultural, economic, technical cooperation.
In view of the two countries' cooperation projects underway in the most two recent years, observers here said the bilateral relations including trade and economic cooperation between Myanmar and South Korea are getting closer and heading for a new height.
Source: Xinhua
