Myanmar’s small and medium enterprises (SMEs) are planning to ship value-added products to the Republic of Korea, said U Aung Kyi Soe, the general secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
He made the remarks at an event to promote agro, fishery, and livestock trade with South Korea held on 16 February.
“We are experiencing a trade imbalance, with low exports and high imports. We have been discussing with our Korean counterparts to improve trade,” said U Aung Kyi Soe.
“At present, we have been negotiating with them to export new items, including Myanmar’s mango and rice, to Korea,” he added.
“A Myanmar Trade Center has already been opened in Korea and Myanmar’s products are on display at the center. We have to make efforts to improve Myanmar-Korea bilateral trade as Myanmar has already built economic ties with Korea,” said U Aung Soe, the director of the Myanmar Trade Promotion Organization.
“Korean people like sweet flavors. Our mango is a marketable fruit in Korea. Moreover, we can export rice to South Korea as it can be consumed as well as put to industrial use. We can increase earnings for the whole supply chain,” said U Aung Kyi Soe.
“Myanmar primarily exports black sesame, soft shell crab, and other fruits. Myanmar’s pulses and vegetables should penetrate the Korean market as there is high demand,” said Professor Young Jun Choi from Kung Hee University, at the event.
“Myanmar must form supporting groups related to agro exports so that those groups can help expedite export procedures, invite foreign businesspersons, organize expos, and link with international buyers,” said Professor Hyun Yong Park at Kung Hee University.
South Korea imports US$ 12-14 billion worth of agro and fishery products and livestock every year. Myanmar exports products, including black sesame seeds, to Korea, according to the UMFCCI.
By Aye Yamone
(Translated by Ei Myat Mon)