17 January 2019
Yangon Region Investment Committee met with Korean Business entrepreneurs and investors who are working in the country in Yangon on Wednesday.
Chairman of Yangon Region Investment Committee, Chief Minister U Phyo Min Thein met with them not only to learn their difficulties and concerns but also to coordinate and share information of investment in Myanmar.
According to Myanmar Investment Commission (MIC), Korea stands sixth on the list of foreign investors with over 4 Billion US$ investment. Korean entrepreneurs and investors have been working in various industries, including oil and gas, construction, manufacturing, service sectors and many more.
Korean investors pleased on the current growth but stressed some difficulties and pointed out the needs of improvement for rules and regulations.
Ambassador, Embassy of the Republic of Korea, H.E. Lee Sang-hwa said "... We see a growing numbers of our business men and investors from Korea.... We are very hopeful that this trend will grow further... There are several obstacles and problems... we encountered when opening up the new business, including the high land cost and lack of electricity, etc.....”
Officials assure to coordinate the needs and urged them to invest more in labor intensive industry to promote job opportunities for the locals.
Director General, DICA, Aung Naing OO said “We already set up and implement necessary rules and regulations for both local and foreign entrepreneurs and investors. But it still needs times for the user to be friendly with. Although we still need to improve more, we are hoping to see more investment in agriculture sector as well. We also try to get more business and investment in tourism, health and education sectors.”
Despite the challenges, Korean entrepreneurs and investors shared their belief to improve win-win partnership between the two countries.
Ambassador, Embassy of the Republic of Korea, H.E. Lee Sang-hwa said "... At the moment, there are many ongoing development projects between our two countries including the transportation, electricity, energy, etc... So we are confident that this year 2019 will be an important significant momentum in terms of our trade and investment between our two countries..."
According to MIC, the amount of foreign investment in Myanmar reached over 1.3 Billion US$ currently.