Myanmar and South Korea inked the series of agreements on economic and infrastructure development and investments in Myanmar

Myanmar and South Korea inked a series of agreements on economic and infrastructure development during South Korean President Moon Jae’s visit to Nay Pyi Taw on Tuesday.

These include bilateral agreements for the construction of the Dala Bridge, or Korea-Myanmar Friendship Bridge, as well as the Korea-Myanmar Industrial Complex (KMIC) in Yangon. The president said South Korean investors would be encouraged to invest in the KMIC.

On Wednesday, the president also attended a ceremony in Yangon to mark the beginning of the KMIC project. Located near Nyaun Hna Pin Village of Hlegu Township, the project will be developed by the Korean Land and Housing Cooperation (LH) and Ministry of Construction across 555 acres of land. Valued at US$100 million, the project is expected to be completed in 2024.

The two governments also inked a memorandum of understanding (MoU) to conduct feasibility studies for the construction of the Dala Satellite City Project. 

 “We expect the project to strengthen the relationship between Myanmar and Korea. We’ve signed this agreement with the aim to cooperate on new township projects, economic affairs and other development programmes in the future,” said Yangon Chief Minister U Phyo Min Thein.

South Korea’s KB Kookmin Bank and Yangon Region Government signed an agreement under which the bank will provide funds to construct affordable housing for low-income earners. 

An MoU was also signed between KB Kookmin Bank and Human Resources Development Service of Korea to provide support to Myanmar migrant workers in Korea, facilitate money transfers and improve working conditions.

Earlier in the week, Leaders from the two countries discussed providing assistance to the agriculture sector to facilitate rural development, cooperating on environmental conservation and promoting tourism between the two countries.

Meanwhile, Minister for Investment and Foreign Economic Relations U Thaung Tun and Republic of Korea’s Minister for Foreign Affairs Ms Kang Kyung-wha signed an agreement for the Koreans to extend a US$1 billion loan to Myanmar for economic development. 

Minister for Commerce U Than Myint and Republic of Korea’s Trade Minister Ms Yoo Myung-hee also signed an MoU for the establishment of an information center in Yangon to facilitate Koreans investments in Myanmar. 

Minister for Transport and Communications U Thant Sin Maung and Korean’s Ambassador to Myanmar Mr Lee Sang-hwa signed an MoU to cooperate in the shipping sector, including the upgrading of local shipyards and port terminals. 

Mr Lee also inked a separate agreement with Minister for Education U Myo Thein Gyi for cooperation in science and technology and with Permanent Secretary of Ministry of Industry U Ko Ko for cooperation in the emerging businesses and innovation sector. – Translated 

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-south-korea-ink-agreements-infrastructure-investments.html )

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