Korean investors asked for liberalization of rules in export-import and ER
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Hsu/ Phoo Pyae (NP News) - Feb 3
As per reports, #Korean_investors_in_Myanmar demand to liberalize strict rules and restrictions in export-import sectors and the exchange rate matters so that they can run their businesses more smoothly and will be able to create more job opportunities in Myanmar.
The Chairman of the Korea Chamber of Commerce Mr. Park Jeong Hwan and delegates met with the Chairman of UMFCCI Aye Win and other officials in January.
During the meeting, the Korean investors reportedly discussed the situations in which they are facing difficulties in getting the visa, releasing the red tape mechanisms in export-import licensing, accessing electricity, exchange rates matter and difficulties in the market; and asked the UMFCCI for their guidance and measures to deal with these difficulties.
The UMFCCI agreed to assist in solving the encountering difficulties of Korean businessmen by negotiating with the relevant ministries and departments in the best possible ways.
In Myanmar, there are altogether about 200 Korean companies and about 100 were garment factories and the rest of them are from the electricity, cosmetic, foodstuff, and commodity sectors.
As of December 2022, total Korean investments in Myanmar are worth 4.155 billion USD standing as the sixth largest investors in Myanmar; in fact, which shares five percent of total FDI in Myanmar.