An industrial complex will soon rise in Myanmar but this will only cater to Korean companies. An agreement was made between the parties to ensure investment and to avoid possible risks for firms doing business venture in the country, Korea IT Times news reported.
An external affairs ministerial meeting was held at Korea Exim Bank last June 13 by the government of Korea. The proposal of creating a "Korea-Myanmar economic cooperation joint committee was passed.
Korean’s Deputy Prime Minister for Economic Affairs and Minister of Strategy & Finance Hyun Oh-seok will have his tour on Myanmar and meet with Myanmar’s Minister of National Planning and Economic Development in Burmese capital Naypyidaw on June 19.
According to Shin Min-seok, the finance ministry's senior manager for trade negotiations, on the next economic cooperation committee meeting, the guarantee of profit remittance and currency exchange, risk management support and the creation of an industrial complex will all be discussed.
The plan to establish a Myanmar Development Institute will be patterned after the Korea Development Institute to lead the economic development scheme of Myanmar, the report said.
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