Amid its second COVID-19 wave, Myanmar and South Korea have reaffirmed their commitment to mutual trade and relations.

Speaking at a remotely-held conference of the Joint Commission for Trade and Industrial Cooperation, representatives from South Korea said the country would focus on new investments, especially in the energy sector, to help Myanmar weather the economic damage of COVID-19. South Korean minister for industry and energy Sung Yun-mo also discussed setting up a designated system specifically to help prospective South Korean investors navigate the Myanmar bureaucracy. Other industries discussed included garments, motor vehicles, finished food products, and the Korea Myanmar Industrial Complex, which is being developed in Yangon’s Hlegu Township.

By August, South Korean investments in Myanmar totaled more than USD 4 billion, according to DICA data obtained by the Irrawaddy. The virtual meeting highlights Myanmar’s place in South Korea’s New Southern Policy, which is a broader initiative to increase trade and investment in Southeast Asia and India. The conference follows two state visits between the two countries late last year. In September President Moon Jae-in visited Myanmar, and the two countries agreed to set up a financing framework that will result in USD 1 billion worth of loans for infrastructure. In November of last year, Daw Aung San Suu Kyi travelled to Busan for the Republic of Korea Commemorative Summit, where she signed MOUs for joint investments in the fishery sector, vocational training programs and environmental conservation.