Korea steps up to expand investment into Myanmar

Korea's state-owned trade promotion agency said Monday it has sent a group of businessmen to Myanmar in a bid to help expand their investments into the reclusive country.

The trade delegation includes four business associations of fabric, industrial plants, communications and resources development industries, and 23 private companies, according to the Korea Trade-Investment Promotion Agency (KOTRA).

They had a business forum and a consultation session at the capital of Yangon to promote business opportunities in the Southeast Asian country, said KOTRA.

KOTRA said it will meet with Myanmar government officials and South Korean entrepreneurs later this week to observe the investment environment in the long-isolated country.

Ending decades of military dictatorship, Myanmar recently introduced a law to exempt corporate taxes and raise foreigners' share in a joint venture, in an attempt to attract more foreign investments.

The United States and European Union are considering lifting economic sanctions on Myanmar, following the country's democratic reforms after an election in 2011.

"As the withdrawal of economic sanctions on Myanmar is imminent, the business delegation will gain a foothold for further investments in Myanmar," said an official from KOTRA.

A large business fair will be also held for the first time in Yangon in November to introduce South Korean products, with 60 companies expected to participate in the event, KOTRA added. (Yonhap)