Miracle of Han River in Korea flows into Yangon River with KMIC groundbreaking ceremony

DSC 7977 Korea Myanmar Industrial Complex 72

The first phase, 558 acres of construction, of the Korea-Myanmar Industrial Complex (KMIC) in Hlegu township, Yangon, started on 24 December with the groundbreaking ceremony.
Korea, Myanmar’s sixth largest investment country, is building a large-scale industrial complex with world-class infrastructure there. It is attracting companies in various industries such as textiles, garments, construction, and telecommunications.
KMIC Development Co., Ltd. is a joint venture between the Myanmar Government and the Korea Land & Housing Corporation (LH) which is the combination of LH’s business development experience with the cooperation of the Myanmar government. It will create new opportunities in this rapidly developing market and will benefit both communities within the country and overseas companies wishing to enjoy its many advantages.
The KMIC Easy Service Centre will be set up to help companies conveniently handle tasks such as obtaining permits and licences. A variety of benefits, including tax incentives, will also be provided to the tenant companies. During the 2019 Launch Ceremony, Korea’s leading economic and financial companies signed MOUs. Nine companies, including K-Exim Bank, K-Sure, and KOTRA, have decided to support companies in KMIC by forming “One Team Korea”. This extensive aid will make the whole proposition safe and reliable.
High-level government officials from Myanmar, including U Thaung Tun (Union Minister of the Ministry of Investment and Foreign Economic Relations), Dr Kyaw Linn (Deputy Minister of the Ministry of Construction), and U Phyo Min Thein (Chief Minister of Yangon Region government), and Korean VIPs including Mr. Park Bok Yeong (Chairman of the Presidential Committee on the New Southern Policy), Mr Lee Sang-hwa (Korean Ambassador), and Mr Lee Yong Sam (Vice President of Korea Land and Housing Corporation) attended the ceremony.
Mr Lee Yong Sam, Vice President of Korea Land and Housing Corporation, said at the groundbreaking ceremony, “KMIC will be the turning point that makes the miracle of the Han River in Korea into the miracle of the Yangon River.”—GNLM

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