360° Coverage : South Korea to give $500 mn loan to Myanmar

South Korea to give $500 mn loan to Myanmar

Yangon, June 21 (IANS) South Korea has agreed to provide $500 million in loans to Myanmar between 2013 - 2017 from its economic development cooperation funds, media reports said Thursday.

Jun 20 2013, 3:58pm CDT | by

South Korea to give $500 mn loan to Myanmar
Photo Credit: Jessica Hromas, Getty Images

Yangon, June 21 — South Korea has agreed to provide $500 million in loans to Myanmar between 2013 - 2017 from its economic development cooperation funds, media reports said Thursday.

It was announced at a joint committee meet on economic cooperation between the two countries and co-chaired by visiting South Korean deputy prime minister and minister for strategy and finance Hyun Oh-Seok and Myanmar Minister for National Planning and Economic Development Kan Zaw in Nay Pyi Taw Wednesday, Xinhua reported.

The joint committee also discussed eight areas of cooperation covering 39 projects including those related to infrastructure development, promoting services and sports sectors.

Appreciating South Korea for its support, Myanmar President U Thein Sein told Hyun that the its outcome would contribute to Myanmar's reform process.

South Korea was the fourth biggest investor in Myanmar as of March this year, with investment in the country totalling some $2.98 billion in 77 projects.

Myanmar opened itself to foreign investment in late 1988.

Bilateral trade between Myanmar and South Korea reached about $573 million in 2012, of which Myanmar's export to South Korea accounted for about $237 million while its import stood at about $335 million.

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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