SECRETARY OF MIC HOLDS PRESS CONFERENCE

Yesterday, U Thant Sin Lwin – Secretary of the Myanmar Investment Commission (MIC) – held a press conference at the Yangon Head Office of the Directorate of Investment and Company Administration, to provide an update on current developments.

U Thant Sin Lwin acknowledged and spoke about the reports that media from Bangladesh have published information indicating that about 100 South Korean firms want to relocate their projects to Bangladesh from Myanmar – due to a lack of a suitable environment for industries. He said that the MIC is mainly focused on promoting responsible investment, and that the government is working hard to attract investment and is providing necessary assistance before investment commences while also supporting firms in the post-investment process.

The Secretary also reaffirmed that bilateral relations between Myanmar and Korea are strong. He expressed that at present, the MIC has received several investment proposals from Korean investors, and also enquiries regarding investing in Myanmar. He also advised that he would like to make it clear that there has been no withdrawal or movement of Korean investment from the country.

U Thant Sin Lwin said that the government cooperation between Myanmar and Korea has increased and the Economic Development Cooperation Fund (EDCF) has been signed for US$ 1000 million. He also mentioned that Korea ranks seventh among investors in Myanmar – with 179 projects being worth over US$3.97 billion in total accounting for 4.86% of total foreign investment in Myanmar. Currently, two Korean industrial zones have been approved and there will be increased production and manufacturing businesses in these industrial zones.

The Secretary also mentioned that the leaders of 15 countries have announced that negotiations have concluded at the 3rd RCEP Summit in Bangkok on November 4 2019, and the world’s largest FTA could be signed. This could lead to a substantial increase in trade and investment in Myanmar.

Participating journalists then engaged in a question and answer session with the Secretary. A total of 19 reporters from 17 local and international media attended the press conference.