Kotra helping to set up trade body in MyanmarThe Korea Trade-Investment Promotion Agency (Kotra) said yesterday it will help Myanmar establish a similar trade promotion body as part of efforts to share its know-how on bolstering exports with the reclusive country.
The state-owned trade organization said it is currently in talks with the government of Myanmar to set up a new trade agency dubbed Mytra.
Kotra will serve as a role model for Mytra, the agency said. Mytra will provide support for the country’s businesses and small exporters to be able to make new inroads in overseas markets. Its main role will be promoting and attracting foreign investment into Myanmar.
In order to learn more about Korea’s export-driven development model, a group of government officials will visit Seoul in the coming months. Kotra will offer training programs for them to learn how to successfully establish and operate the trade agency.
Although details are still being discussed, Mytra could be launched by the end of next year, Kotra said in a statement.
The move came after Myanmar President Thein Sein visited Seoul last month and asked for support. Ending decades of military dictatorship, the Southeast Asian country has been trying hard to boost its economy and attract more foreign investment on the back of eased international sanctions.
Since the reclusive country began opening up to the rest of the world last year, Kotra has been making swift efforts to tap the new market.
Kotra launched a forum on economic cooperation between Korea and Myanmar in March. The agency also created a support team for the country. In September, it dispatched a delegation to make investments.
By Song Su-hyun, Yonhap [firstname.lastname@example.org]
More in Finance
[NEWS ANALYSIS] As foreigners rush back, market does an about-face
CU gets into the foreign exchange transaction business
Kospi hits another record high despite Covid spike
5-day winning streak ends as Kospi drops 0.62 percent
Debt is the latest hot product being pushed into the market