Myanmar aims to increase trade with South Korea

Myanmar will raise efforts to boost trade with the Republic of Korea, said U Aung Soe, Permanent Secretary of the Ministry of Commerce (MOC) during an event to promote local agriculture exports to South Korea on February 16.

The event was hosted by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Korea Myanmar Research Association in Yangon.

Myanmar currently exports sesame, some marine products like soft shell crabs and fruits to South Korea, where demand for grain, beans and pulses and vegetables are also high in demand. As such, the two countries should raise trading of such agriculture products, said Professor Young-Jun Choi from Kyung Hee University in Korea.

Myanmar should build up more bilateral trade relationships and make more effort to promote its export industries by inviting foreign investors to the country or by meeting them abroad, said Kyung Hee University’s Professor Hyun-Yong Park.

So far, the MOC has launched its Myanmar Trade Center promoting its products in Korea. “So, Myanmar is continually trying to raise trade with the Korean market, said U Aung Soe.

The two countries are currently discussing the trade of Myanmar mangos and rice, said U Aung Kyi Soe, secretary of the UMFCCI. He said that as Myanmar is experiencing a trade imbalance, where exports are lower than imports, “we have been in discussions with our Korean counterparts to improve trade, including exports of finished goods besides raw materials.”

In 2017-18, trade between Myanmar and South Korea totaled more than US$790 million. Myanmar exported over US$300 million worth of goods to South Korea and imported over US$495 million, according to the MOC.

Korean companies had invested about US$ 70 million in Myanmar agriculture and over US$ 30 million in livestock and fisheries. The Koreans are also among the largest investors in the oil and gas and manufacturing sectors in Myanmar, according to the Directorate of Investment and Company Administration.

Source: Myanmar Times

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