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Myanmar, S. Korea agrees to construct Yangon logistic centre - Xinhua
YANGON, February 6 (Xinhua) -- Myanmar and South Korea on Tuesday announced the signing of a Global New Light of Myanmar agreement to establish an internationally recognized logistic center in Yangon. Myanmar's Ministry of Commerce and HUBS MK Company of South Korea are building the center on a 24-hectare site in Yangon's Hlaingtharya Town Hall, where the largest industry area is.
As the Ministry of Trade said, it is trying to strengthen the country's exports by pursuing a domestic exports policy, and a logistical platform is essential for exports and imports to lower the transportation costs of the delivery chains. Myanmar's Investment Commission has urged domestic and international businesses to make investments in the country's logistical area.
According to figures, more than USD 5.2 billion in FDI flowed into the current 2017-2018 financial year. In the last 2016-17 financial year, Myanmar and South Korea recorded a volume of 866 million US dollar bilaterally traded. By November, in the 2017-18 financial year, the volume of bi-lateral trading had already risen to 510 million US dollar.
Korea builds million Yangon logistic centre
In South Korea, $98 million has been spent on building a logistic center in the Shwe Lin Ban Industrial Zone in the Yangon area. This step is considered essential to promote Myanmar's export activities. South Korean company Morocco MK Co Ltd and Myanmar Trade Promotion Organisation on Wednesday in Nay Pyi Taw concluded a MOA for the MPA.
Since Myanmar is continuing to use parts of its economies for global commerce, an internationally standardized logistical platform will be necessary to provide a certain degree of exports and lower manufacturing and transit cost, said U Aung Soe, General Manager of the Myanmar trade promotion organization. "Myanmar's exports of farm, animal and fisheries produce can be monitored and maintained if we establish a state-of-the-art trading assistance system that will facilitate the logistical and transit of goods from farm operations to a key crossroads for cross border traffic.
There should also be support for other exports. That', says U Aung Soe. Burma will not participate in the financial support of the scheme, but will allow the 59.1 hectares of state-owned property to be used. Afterwards, the winnings will be shared out accordingly," U Aung Soe said to the Myanmar Times.
As part of the study, we will assess the progress of the study within one year. Myanmar Investment Commission's next move is to present the Myanmar Investment Commission's bill in accordance with the Act. "Since Yangon is Myanmar's trading capitol, the company is developing its flag ship logistical venture.
Following the completion of this ongoing commercial development programme, commercial terms for exports of farm and other fisheries related commodities are likely to be improved, which will stimulate the exportsector, keep up product safety and lower cost, he underlined. "Once this process is over, it will benefit Myanmar's entire economy," said Union Minister Dr. Than Myint.