Korea-Myanmar Industrial Complex (KMIC) groundbreaking ceremony held

A groundbreaking ceremony of the Korea-Myanmar Industrial Complex (KMIC) was held yesterday morning at the project area in Hlegu Township, Yangon Region in accordance with the COVID-19 guidelines of the Ministry of Health and Sports.
State Counsellor Daw Aung San Suu Kyi delivered a video statement at the event.
(Video speech of the State Counsellor is covered on page-4)
In his opening remarks at the event, Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations said that Myanmar’s Sustainable Development Plan (MSDP) and South Korea’s New Southern Policy share core values that could benefit the people of both countries and that the establishment of the KMIC would result in mutually beneficial cooperation.
Next, Chairman Mr Park Bok-Yeong of the Presidential Committee on New Southern Policy addressed that Korea considers Myanmar an important partner and that the Republic of Korea desired to participate not only in the KMIC project but also in various other ventures in Myanmar such as the construction of bridges, development of new urban centres and other infrastructure projects.

He further said he was confident that there would be more prominent projects like the KMIC in the future and that the ties of friendship between Myanmar and Korea would be further strengthened. He added that the establishment of the KMIC was the beginning of a journey that would bring significant economic growth to Myanmar.
Chief Minister U Phyo Min Thein of the Yangon Region, Deputy Minister Dr Kyaw Linn of the Ministry of Construction and Vice-Chair Mr Lee Yong-sam of the Korea Land and Housing Corporation also delivered welcoming remarks.
The ceremony was also attended by Speaker U Tin Maung Tun of the Yangon Region Hluttaw, the cabinet ministers of the Yangon Region, Korea Ambassador to Myanmar Mr Lee Sang-hwa, and Senior Officials from Ministries concerned and the Embassy of the Republic of Korea.
The Korea-Myanmar Industrial Complex (KMIC) is a project approved by the Myanmar Investment Commission (MIC). It is a joint venture between the Department of Urban and Housing Development, the Ministry of Construction of Myanmar, and the Korea Land and Housing Corporation (LH).
The project is strategically located 25 kilometres north of Yangon International Airport, and connected via road to Yangon port. The project is expected to support Myanmar’s advancement within the regional and global supply chains. The KMIC will house around 135 enterprises, creating numerous jobs and facilitating transfer of skills and technology.
The KMIC is planned to be a smart and green industrial complex using advanced technology and renewable energy. This project will result in closer ties of friendship between Korea and Myanmar – based on the principles of “people”, “prosperity” and “peace”. — MNA

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