One of Asia’s economy giants, South Korea, is constructing novel agreements with Myanmar, Asia’s last frontier. Accordingly, the agreements include investment in myriad sectors.
“We expect the project to strengthen the relationship between Myanmar and Korea. We’ve signed this agreement with the aim to cooperate on new township projects, economic affairs and other development programs in the future,” stated Yangon Chief Minister, U Phyo Min Thein.
To elaborate the agreements, they include the construction of Dala-Bridge, or Korea-Myanmar Friendship Bridge, and the establishment of Korea-Myanmar Industrial Complex (KMIC). This US$ 100 million worth of project will take place near Nyaun Hna Pin Village of Hlegu Township, Yangon and will finish in 2024.
Besides these major projects above, the memorandum of understanding (MoU) also contains other agreements as well.
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Agreements between the Two Countries
The bilateral agreements between Korea and Myanmar are very crucial as they reach almost every sector possible. These sectors are pertinent to economic and infrastructure development, The Myanmar Times reported.
One of the agreements in the MoU is pertaining to feasibility studies for Data Satellite City Project construction. Accordingly, the least contribution of its development is to support the rising population.
Another agreement is pertinent to the construction of affordable housing for low income earners. Korea’s KB Kookmin Bank will provide the supporting funds to Yangon Region Government for its construction.
Also, the bank and Human Resources Development Service of Korea signed an MoU pertaining to migrant workers. Accordingly, they will provide facilitation to Myanmar migrant workers in Korea in terms of money transfers and working conditions improvement.
Furthermore, agreements on the improvement on agriculture, tourism, conservation, trade, and economy are also becoming the target concerns.
Additionally, the establishment of an information center in Yangon to facilitate Koreans investments in Myanmar will also be conducted. This is part of the KMIC project accordingly.