S. Korean agency proposes master plan for activating trade, investment in Myanmar

A south Korean agency has submitted a final master plan to the Myanmar government for activating trade and investment in the country, official media reported Friday.

The plan by the Korea International Cooperation Agency (KOICA) comprises a detailed action plan for Myanmar's six major export industries -- textile, forestry, fisheries, tourism, jewelry and agricultural processing industry.

It also includes consulting on organizational design of Trade-Investment Promotion Agency playing a role as Korea Trade and Investment Promotion Agency KOTRA.

In May 2015, KOTRA signed a letter of intent with the Myanmar Ministry of Commerce at a S. Korea-Myanmar forum, aimed at promoting bilateral trade and investment.

According to official statistics, South Korea's investment in Myanmar amounted to 3.49 billion U.S. dollars as of August 2016 in 128 projects since late 1988 when the country opened to foreign investment, accounting for 5.43 percent of Myanmar's total foreign investment and standing the 6th in the foreign investment line-up.

Bilateral trade between Myanmar and South Korea reached 656.536 million U.S. dollars in the fiscal year 2015-2016 of which Myanmar's export to South Korea accounted for 259.945 million U.S. dollars while its import from the East Asian country stood at 396.591 million U.S. dollars. Enditem