Foreign Minister U Wunna Maung Lwin and his South Korean counterpart Yun Byung-se inked a bilateral investment promotion and protection agreement in Nay Pyi Taw last week, the state-run New Light of Myanmar reported without giving any further information.
According to official statistics, South Korean investment in Myanmar amounted to $3.05 billion in 86 projects as of January, accounting for 6.7 percent of the total foreign investment. It stands sixth on the list of 28 foreign investor countries in Myanmar at present, according to official data.
During Yun’s visit in Myanmar, President U Thein Sein and Speaker of the Parliament and the Lower House U Shwe Mann also met the S Korean foreign minister separately.
They discussed about promotion of relations between the two countries, trade and investment and technical and monetary assistance for the development of Myanmar including agricultural and rural development sectors, according to official media.
Bilateral trade between Myanmar and South Korea reached $1.76 billion in 2013, of which Myanmar’s export to South Korea accounted for $554.59 million while its import from the East Asian country stood at $1.21 billion.
