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Myanmar, S. Korea to improve co-operation in commerce, investments - Xinhua
Yangon, April 24 (Xinhua) -- Myanmar and Korea hold ministers' meetings on increased co-operation on Nay Pyi Taw trading and investments, the Myanmar News Agency said on Tuesday. Myanmar's mission was chaired by Minister of Commerce Than Myint, while the country's side was chaired by Minister of Commerce, Industry and Energy Kim Hyun-chong.
Both sides spoke on issues related to the establishment of an industry park for Korea businesses that invest in Myanmar, the establishment of a Korea Desk and enhanced co-operation between the Department of Foreign Trade of the Ministry of Foreign Affairs of Myanmar and the Korea Trade and Investment Promotion Agency. Discussions were also held on the deployment of officials to South Korea for education in trade-related information, the provision of assistance in the establishment of a data base for the implementation of e-commerce and the implementation of the already concluded Memorandum of Understanding on the facilitation and safeguarding of trades and investments.
In the margins of the discussions, State Councillor and Minister of State Aung San Suu Kyi and Kim exchanged ideas on improving current bi-national business ties. In Myanmar, Kim has shown interest in the establishment of industry parks. Since the end of 1988, South Korea has invested USD 3.788 billion in Myanmar, making it the 6th biggest international donor in the state.
In the 2016-17 financial year, Myanmar's bi-lateral trading with South Korea amounted to USD 866 million, of which USD 510 million had already been recorded in the 2017-18 financial year.
Myanmar president resigns to recover from duties
In accordance with the country's constitutional system, the higher of two vice-presidents will serve as chairman until a new chairman is appointed by a Parliament within seven working day. That means that Myint Swe, who has been appointed vice-president by the army, will become current chairman. He is the Prime Minister of Myanmar and has extensive constitutional authority.
Htin Kyaw's part was more solemn, however, as Aung San Suu Kyi has de facto headed Myanmar since April 2016. The former junta's draft bill banned Nobel Peace Prize winner Suu Kyi from top positions and selected Htin Kyaw, a strong associate of hers, as prime minister.
Suu Kyi's National League for Democracy (NLD) spokesperson Aung Shin said Htin Kyaw, 71, had resigned for sickness. There was no presidential cause for Htin Kyaw to resign. On his secondment, the President's Bureau said the Constitutional Treaty states that measures will be taken to supersede him within seven working hours.
"Aung Shin said, "The next speaker will be a member of the NLD or one who fits NLD-politics. "According to the present constitutional system, the present deputy may not be the next president."