Burma's economic relations with South Korea
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"10 new air-conditioned train carriages bought from South Korea will be up and running on the Mandalay-Myinkyina rail road in early March, according to the Ministry of Transport and Communications.
The new air-conditioned trains will take about 17 hours to travel the Mandalay-Myitkyina route, an hour less than other trains.
Myanmar Railways (MR) signed a contract agreement with the Dawonsys Company to buy 100 new modernised train carriages under the Korean loans on Dec 5,2018.
The Ministry will use a US$45mil loan from Economic Development Cooperation Fund (EDCF) of the EXIM Bank to buy the train carriages. A vessel carrying the 10 new train carriages out of 100 and spare parts, bought under a loan from South Korea, arrived at the Thilawa Jetty, Yangon, on Jan 7.
Works to upgrade the Yangon-Mandalay railroad is a collaboration among Myanmar, South Korea and Japan.
Myanmar and Japan will also cooperate on the Hanthawaddy airport project, the ministry announced..."
Source/publisher:
"The Star Online" (Selangor)
Date of publication:
2020-01-17
Date of entry/update:
2020-01-17
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Category:
Burma's economic relations with South Korea, International Trade, South Korea-Burma relations
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"South Korea and five member states of the Association of Southeast Asian Nations (ASEAN) signed a memorandum of understanding (MOU) on Monday on boosting development cooperation in education, smart cities and other fields, Seoul's aid agency said.
The MOU, signed with Cambodia, Laos, Myanmar, the Philippines and Vietnam, aims to expand official development assistance (ODA) in the five countries under five flagship programs designed by the Korea International Cooperation Agency (KOICA), KOICA said in a release.
The signing took place on the margins of the special summit between leaders of South Korea and ASEAN partners being held in Busan to commemorate the 30th anniversary of their dialogue relations.
The programs focus on forging digital partnerships for inclusive development, providing assistance for higher education and establishing smart cities and transportation, the aid agency said.
The programs are designed based on the New Southern Policy, a key policy initiative pushed for by the Moon Jae-in government that seeks to deepen economic and other ties with ASEAN members and India..."
Source/publisher:
"The Korea Times" (South Korea)
Date of publication:
2019-11-25
Date of entry/update:
2019-11-25
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Individual Documents
Category:
Burma's economic relations with ASEAN, Burma's economic relations with South Korea, Burma/Myanmar's relationship with the Global Economy, ASEAN-Burma relations, South Korea-Burma relations
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"The Embassy of the Republic of Korea (ROK) has issued a statement reaffirming South Korea’s commitment to investing in Myanmar.
The statement issued last week reiterated that the embassy has not heard any official news of South Korean companies considering relocating from Myanmar to neighbouring countries.
The statement was issued following the emergence of news reports in Bangladesh reporting that a South Korean developer of industrial zones active in Myanmar intends to do the same in Bangladesh, and that South Korean companies would be relocating there.
The embassy’s statement went on to say that it has not heard of any South Korean company or factory operating in Myanmar considering relocation to neighboring countries.
In added that, on the contrary, the embassy has been receiving an increasing number of inquiries about Myanmar from prospective South Korean investors..."
Source/publisher:
"Myanmar Times" (Myanmar)
Date of publication:
2019-11-13
Date of entry/update:
2019-11-13
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"SH Suhyup Bank has set up a micro finance institution (MFI) in Myanmar, which is its first overseas subsidiary. The bank is planning to accelerate its entry into Southeast Asian markets, such as Cambodia and Indonesia, in the future.
Suhyup Bank held an opening ceremony for “Suhyup Micro Finance Myanmar” in Naypyidaw, the capital of Myanmar, on Sept. 16, the bank said on Sept. 17. This is the first fruit of Suhyup Bank CEO Lee Dong-bin’s efforts to find a new growth engine.
Lee urged officials of the new subsidiary to provide services with sincerity and put trust from local customers first. He also told them to respect Myanmar's laws and culture in doing business and prevent all kinds of financial accidents.
Since assuming office, Lee has sought to move into Southeast Asian countries, making preparations to open the bank’s first overseas subsidiary. He thought that it would be difficult to create a new breakthrough in the South Korean market.
For starters, Suhyup Bank decided to establish its own subsidiary rather than acquire a local financial company. The bank chose Myanmar as the first country to start its overseas business because it was possible to start business with a small amount of investment and it was relatively easy to gain approval for new business from the local government. Suhyup Bank received final approval on July 31 from the Myanmar government to establish the subsidiary. It was allowed to operate in all eight townships in Naypyidaw. It will operate three offices in Naypyidaw, including the head office in Pyinmana..."
Source/publisher:
"BusinessKorea" (South Korea)
Date of publication:
2019-09-18
Date of entry/update:
2019-09-18
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Economic development, agriculture, electricity, and infrastructure projects will be the focus of a framework for loans between South Korea and Myanmar.
Description:
"On September 3, Union Minister for Investment and Foreign Economic Relations U Thaung Tun and South Korea’s Minister for Foreign Affairs Ms Kang Kyung-wha signed the framework agreement under which South Korea will provide US$1 billion to Myanmar for an economic development cooperation fund (EDCF) during a visit by South Korean President Moon Jae to Myanmar.
According to the Ministry of Investment and Foreign Economic Relations, nine projects are included under the loan framework. The Ministry of Agriculture, Livestock, and Irrigation is expected to receive US$57 million for upgrading state agricultural institutes conducting vocational and educational programmes, upgrading agricultural cooperative societies, promoting income generation for rural cooperatives members, and the Ayeyarwaddy Delta Area Development Programme.
The Ministry of Transport and Communication (MOTC) is expected to receive US$93 million for an e-government integrated data center project, US$45 million for a railway modernisation project, and US$700 million for the Mandalay – Myitkyina rail line project..."
Source/publisher:
"Myanmar Times"
Date of publication:
2019-09-09
Date of entry/update:
2019-09-09
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"The president of South Korea pledged to accelerate Korea’s economic presence and to cooperate on development in Myanmar after meeting with the Myanmar State Counselor in Naypyitaw on Tuesday. The trip is a part of his “New Southern Policy” to deepen relations with Southeast Asian nations, including in the economic realm.
Moon Jae-in arrived Myanmar’s capital of Naypyitaw on Tuesday morning after beginning a six-day tour of the region on Sunday to build closer ties with Southeast Asian countries ahead of a special meeting with ASEAN member states in November.
In Naypyitaw, the Korean President met with his Myanmar counterpart U Win Myint and State Counselor Daw Aung San Suu Kyi. Five MOUs and one framework agreement, focused mostly on investment between two countries, were signed.
As part of its flagship policy, Myanmar is one of Korea’s focus countries. Moon highlighted a Korea Myanmar industrial complex project and said the project is ‘a signature cooperation’ between the two countries that will accelerate Korean companies’ investment in Myanmar and significantly contribute to economic growth..."
Source/publisher:
"The Irrawaddy"
Date of publication:
2019-09-03
Date of entry/update:
2019-09-04
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