A total of 135 Korean firms will invest US$48.5 million in the Korea-Myanmar Industrial Complex (KMIC) which is located in Hlegu Township, Yangon Region to build quality infrastructure and promote production.
State Counsellor Daw Aung San Suu Kyi said, “The KMIC project will create many opportunities for micro, small and medium enterprises including local businesses, restaurants and industries.”
The project will be jointly implemented by the Ministry of Construction and Korean State-owned Korea Land and Housing Corporation. Phase 1 activities of the project started on December 24.
Myanmar needs foreign investors like KMIC to boost production and industry. The government must also establish sound infrastructure to receive good investments, said U Thaung Tun, Minister for Investment and Foreign Economic Relations.
Korea is the 8th largest trading partner of Myanmar and has invested about US$4 billion in 187 businesses until the end of November, according to government data.