Korea and Myanmar Construction Associations Sign MOU
Date Of Write
2021-08-31
Heo Sung, Chairman of the Korea Federation of Construction Contractors (KFCC) Seoul Chapter, signed a Memorandum of Understanding (MOU) with the Myanmar Construction Entrepreneurs Association (MCEA) in Yangon, Myanmar on the 28th, on behalf of KFCC President Yoo Ju-hyun, for mutual cooperation in the development of the construction industry.
Under the MOU, both organizations agreed to strengthen mutual cooperation in support of market entry for construction companies from both countries, including information system development, construction technology research, exchange of workforce and technical development training programs, and cooperation for global market expansion.
Chairman Heo Sung stated, "Through this agreement, I hope that Korean companies will expand their presence in Myanmar's rapidly growing construction market, that the cooperative relationship between the two countries will be strengthened, and that the horizons of economic and cultural exchange will broaden."
The MOU signing ceremony was attended by key figures from both countries' construction industries, including KFCC Seoul Chapter Chairman Heo Sung; board members Park In-jun (CEO, Ipyeong General Construction), Choi Tae-jin (CEO, Hyundo General Construction), Lee Dae-seong (CEO, Imwon Development), and Kim Chung-jae (CEO, Geumgang Housing); MCEA Chairman U Shein Win; and Han Seong-su, Land and Transport Attaché at the Korean Embassy in Myanmar.
Following the signing ceremony, a briefing on Myanmar's construction and economic investment environment was held, during which Lee Hee-sang, Director of KOTRA's Yangon Trade Office, introduced the current state of Myanmar's construction and economy, and Jang Seong, Local Director of law firm Jipyong, explained Myanmar's investment laws and regulations. The briefing covered financial and legal information necessary for entering Myanmar and discussed support and cooperation measures through KOTRA and local law firms.
A luncheon to celebrate the exchange of construction information and the MOU signing between the two countries was attended by Han Seong-su (Land and Transport Attaché), Shin Hyo-seop (Director, LH Corporation Yangon Office), Jeon Seong-ho (President, Korean Association), Jang Seong (Local Director, Jipyong), the Branch Manager of KB Microfinance Myanmar, Kim Seung-ho (Local Director, Aju Myanmar), Yang Jin-su (Local Director, KORYO CABLE Myanmar), Kim Jong-sik (Local Director, Yojin Cement), and Son Tae-won (Local Director, LS Cable Myanmar). Participants shared know-how for market entry and discussed key industry issues.
Han Seong-su, Land and Transport Attaché at the Korean Embassy in Myanmar, stated, "The MOU between the two construction associations is highly necessary for promoting exchange and cooperation in the private sector. The Korean Embassy will also do its utmost to create conditions that allow more Korean companies to advance in the infrastructure sector."
The KFCC Seoul Chapter noted, "We plan to continuously expand cooperative relationships with Seoul Metropolitan Government, SH Corporation, and other city-affiliated organizations and overseas construction associations, so that domestic construction companies can jointly advance into markets when Seoul establishes friendly city agreements with overseas cities."
