Groundbreaking of December Economic Cooperation Complex Near Yangon, Myanmar's Largest City

Ministry of Industry Holds 1st Korea-Myanmar Trade and Industry Cooperation Joint Committee Video Conference
'Korea Desk' to Launch in November... Agreement to Open Joint Textile Testing Lab Early Next Year
POSCO International Introduces Energy Projects to Both Governments

A bird's-eye view of the Korea-Myanmar Economic and Industrial Cooperation Complex (KMIC). (Photo by Korea Land and Housing Corporation)

[Asia Economy Reporter Moon Chaeseok] The government announced that it has agreed with Myanmar to commence construction of the Korea-Myanmar Economic Cooperation Industrial Complex (KMIC) this December.

The Ministry of Trade, Industry and Energy stated that Minister Sung Yun-mo will attend the '1st Korea-Myanmar Trade and Industry Cooperation Joint Committee' online meeting on the 16th at 5 p.m. as a co-chair.

The joint committee was originally scheduled to be held in Myanmar in the first half of this year, but due to the spread of COVID-19, it was held online in September, marking the first anniversary of President Moon Jae-in's visit to Myanmar last year.

Minister Sung will review the implementation of projects resulting from the presidential visit and support Korean companies' participation in Myanmar projects during the meeting.

At this joint committee, both countries agreed to begin construction of the representative cooperation project, KMIC, in December. Based on this, cooperation in infrastructure sectors such as the Dala New Town development project will continue.

KMIC is a joint project between the two countries to build an industrial complex covering 2.25 million square meters north of Yangon, Myanmar's largest city, by 2024.

In November, both sides agreed to establish a 'Korea Desk' within the Myanmar government to support Korean companies entering the Myanmar market.

Additionally, they agreed on the specific opening schedule of the 'Korea-Myanmar Joint Textile Testing Laboratory,' which is likely to open in the first quarter of next year.

Minister Sung said, "Although the global economic conditions are challenging due to the spread of COVID-19, I hope that close cooperation between the two countries can turn this crisis into an opportunity to enhance our growth potential," and urged, "I ask all related ministries, agencies, and companies of both countries to do their best to faithfully implement the joint committee's discussions and achieve visible results."

Meanwhile, the joint committee will conduct in-depth discussions on development plans by sector, including trade, industry, energy, and investment.

POSCO International introduced the current status of its successfully executed energy infrastructure projects in Myanmar at the joint committee and requested continued interest and support from both governments in the future.

This content was produced with the assistance of AI translation services.