Another chapter in the bilateral diplomatic partnership between South Korea and Myanmar was written last month as the Myanmar Investment Commission approved plans for a joint venture between the two countries. 

The Myanmar Times reports that the South Korea - Myanmar Industrial Complex is expected to be completed across five years, with Phase One taking place on land in Hlegu Township, Yangon Region

According to the Times, $US100 million has been allocated to the KMIC, which is a 60/40 partnership between South Korea’s Land and Housing Cooperation and Myanmar’s Department of Urban Housing and Development under the Ministry of Construction. 

It is not the first time South Korea has shown interest in Myanmar, with the country investing $98 million to construct an international-standard logistics hub at Shwe Lin Ban Industrial Zone in Hlaing Thar Yar Township, and also opening factories at the Thilawa Special Economic Zone (SEZ).

Colliers International said the government needed to work closely with the municipalities in laying out clear rules and regulations that would help investors to set up their businesses smoothly in the country.

"As many Korean manufacturing companies are now interested to expand further, the government should ensure the deployment of fully operational one-stop service centers for SEZs in the country," it said.

"Meanwhile, given the robust potential for investments in SEZs, the government should be prepared for the challenges faced in setting up factories in the country."

Sources: Myanmar Times, Colliers International

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