Myanmar and South Korea will promote bilateral relations in the country’s small and medium enterprise sector, the Union of Myanmar Chambers of Commerce and Industry (UMFCCI) said.
A trade delegation from 33 firms from South Korea visited Myanmar last week on a three-day trade mission to explore business opportunities in the SME sector.
During the visit, the Trade Promotion Committee of UMFCCI and the Kangnam-gu trade delegation signed a memorandum of understanding (MoU) to boost trade and investment and exchange market and business information between the two private sectors.
The trade mission followed a preliminary discussion between officials of Kangnam-gu Chapter of Seoul Chambers of Commerce and Industry (SCCI) and the UMFCCI last May.
“We are interested in doing business activities with Myanmar counterparts in the sectors of agriculture, energy, manufacturing, construction, transport and trading,” Choi Jae-Young, president of SCCI, said.
Economic cooperation with the Korea Chamber of Commerce is also advancing, following the establishment of Myanmar-Korea Business Council, according to the UMFCCI.
So far, UMFCCI has signed MoUs with a number of South Korean business associations including the Korea Chamber of Commerce and Industry (KCCI).
According to official statistics, South Korean investment in Myanmar amounted to $3.07 billion in 96 projects as of June, or 6.58 percent of the total FDI, making it the 6th largest investor in Myanmar.
Bilateral trade between Myanmar and South Korea reached $1.57 billion in 2013-14, of which Myanmar’s export to South Korea accounted for $352.92 million.