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Myanmar Needs to Make More Efforts to Promote Korean Investments

Myanmar needs to make efforts to create a better investment climate and pace up the economic reforms in order to encourage more Korean businesses to invest in the country, said Lee Hyuk, secretary general of the ASEAN-Korea Centre at Myanmar-Korea Investment Promotion Seminar in June 20, 2018. Myanmar-Korea Investment Promotion Seminar was held by Myanmar Investment Commission and ASEANKorea Centre at Lotte Hotel, Yangon as a part of the 2018 Investment and Market Research Mission to Myanmar. The event was attended by around 100 participants from relevant ministries, agencies and private sectors from Myanmar and Korea. It was organized to provide a platform to rise up Korean investments in Myanmar and strengthen a mutually beneficial partnership between the two countries. The event was conducted with a one-on-one business matching session, in which Myanmar and Korea companies to seek tangible business outcomes.

“Korean investors feel that the time is not right for them to invest here. There are many challenges and on top of that, all the ASEAN countries are really competing fiercely to attract FDI. Many Korean businessmen who came to Myanmar to explore ways of doing business in the country found out that the investment environment was not as good as they had expected.”

“Government agencies need to be more enthusiastic about attracting FDI. They need to visit Korea and other countries to talk to authorities as well as companies, and come up with good conditions for the companies that are interested in doing business here”, he said.

He also said that the lack of infrastructure, insufficient power supply, higher wages and expensive land prices are the major challenges that deter Korea investments. Myanmar could be a great investment destination for Korea companies but need to make improvements in some infrastructures.