September 23, 2017

Myanmar Agricultural and Fishery Products attract Korean buyers

A worker preparing to transport tomatoes harvested from farmland in Inle Lake to markets. Photo: Aye Min Soe
A worker preparing to transport tomatoes harvested from farmland in Inle Lake to markets. Photo: Aye Min Soe

WITH rising interest of South Korean entrepreneurs in Myanmar’s agricultural and fishery products, local businessmen must participate in the export sector by manufacturing standard quality products, said U Aung Soe, the director-general of the Myanmar Trade Promotion Organisation.
Myanmar exports rice, pulses, crops that produce oil, fishery products, forestry products, rubber and garments to South Korea. The value of Myanmar’s exports to South Korea is around US$160 million per year. Myanmar imports agricultural machines, industrial products, steel and plastic products from Korea, with an import value of over $400 million.
Myanmar and South Korea initiated bilateral trade in 2007 after signing a trade deal in 2006. Trade volume between the two countries rose from 2011 to 2014, though it declined in the 2015-2016 fiscal year. Myanmar’s foreign trade is valued at $27 billion, of which South Korea is responsible for between two and three per cent.—200

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