Myanmar and the Republic of Korea (ROK) organized their 1st joint general trade working group committee meeting online last week reported state media. U Min Min, Director-General of the Trade Department of Myanmar’s Ministry of Commerce, and Mr Chun Yoon-jong, Director-General of the Trade and Economic Cooperation Bureau of ROK’s Ministry of Trade, Industry and Energy (MOTIE), co-chaired the meeting.
Korea is a key partner for Myanmar. Two months ago, the first Korean-Myanmar Industrial Complex, to be established on 556 acres of land in Hlegu Township in Yangon Region, was announced. Korea is also one of the first countries with Japan to reopen its borders to Myanmar workers.
The meeting established a framework for the two countries to closely cooperate by establishing a common trade goal, promoting agricultural trade, establishing a Myanmar-Korea Apparel Testing Research Institute, implementing a Technology Advice and Solutions from Korea (TASK), providing assistance for development of the rubber industry and the establishment of a Korea Desk.
The ROK is the sixth largest foreign investor in the country with over 200 South Korean companies currently operating. Bilateral trade reached nearly USD 800 million in 2018-2019 FY.