You can read daily news of Global New Light of Myanmar using mobile applications. Download now!

May 28, 2020

Myanmar-Korea Investment Promotion Seminar held at Lotte Hotel

The Myanmar-Korea Investment Promotion Seminar, coordinated by the Myanmar Investment Commission (MIC) and the ASEAN-Korea Centre, was held at Lotte Hotel on Thursday.
Officials from MIC explained the existing Myanmar Investment Law and Myanmar Companies Act, as well as the relief and tax incentives under the law. Similarly, officials from the transport, power, electricity and construction sectors detailed the current projects being executed in their respective sectors and the investment opportunities available.
Dr. Myo Nyein Aye, Deputy General Manager from the ministry of transport and communications, discussed matters concerning the condition of the transport sector, and railway, road, air and ports projects.
The transport sector offers investment opportunities in the river ports establishment (Ayeyawady/Chindwin) project; new Mandalay-Muse railway development project; new Tamu railway development project; new Yangon-Hantharwaddy railway development project; new Yangon-Thilawa railway development project; multi-modal logistics hubs in Yangon, Mandalay and Bago; container switching stations in Myawady; as well as in three pagoda passes and city truck terminals in Yangon, Magway, Pyay, Mawlamyine, Dawei, Thandwe and Heho, said Dr. Myo Nyein Aye.
The telecommunications sector offers investment opportunities in postal services, telecommunication services, the production and distribution of satellite communication items, production and distribution of radar communication items and related equipments, production and distribution of radio communication items, and the production and domestic marketing of mobile handsets and telephones, he stated.
“Myanmar’s transport sector lags behind ASEAN. Sixty per cent of its highways and most of its rail lines are in a poor condition. Some 20 million people do not have basic road access. Up to US$45 to $60 billion in investments are required by 2030,” he added.
U Kyaw Kaung Cho, Chief Engineer, Department of Bridge, operating under the Ministry of Construction, gave a report on the bridge and road projects and their estimate costs. The projects that will be executed are the Watalone Tunnel in Shan State; Ponetaung-Poneya Tunnel linking Sagaing and Magway regions; Hinthada (Ayeyawady) Bridge; Thayat-Aunglan (Ayeyawady) Bridge; Dala Bridge; an elevated highway (Yangon); and six package projects: Yangon-Mandalay Expressway, Yangon-Pathein-Ngayokekaung Expressway, Thilawa-Thanatpink-Kyaikhto Road, Minbu-An-Kyaukpyu Expressway, Mandalay-Myitkyina Expressway and Pathein-Monywa-Shwebo Road.
U Min Min Oo, Assistant Secretary of the Ministry of Electricity and Energy, noted that there are investment opportunities in the field of generation, transmission and distribution of power and upstream, and new energy activities in the petroleum sector. Korean companies can participate in the international competitive bidding, he said.
“Currently, only 39 per cent of households have access to electricity. There are many opportunities to invest in the renewable energy sector. Hydro energy and clean energy of liquefied natural gas plans are targeted to be implemented by 2030,“ said U Min Min Oo.
A one-on-one business matching session is also included in this seminar, which will bring together 17 domestic companies and 12 Korean companies.
The Korean business mission is interested in the infrastructure and manufacturing sectors, and so, they have sought a business network with their Myanmar counterparts.
South Korea was ranked sixth in the investment line-up of 49 countries and brought $3.8 billion into Myanmar. The figure constitutes 5 per cent of Myanmar’s total foreign direct investments.
Nearly 600 Korean companies have registered in Myanmar, of which 400 enterprises have invested in the service sector. The remaining enterprises are engaged in industry, trading, construction, hotel and tourism, and banking sectors.

 

May Thet Hnin

 

Comments

Related posts