State Counsellor Daw Aung San Suu Kyi delivered a video statement at the groundbreaking ceremony of the Korea-Myanmar Industrial complex (KMIC) which was held this morning in Hlegu Township, Yangon Region.

In her message, the State Counsellor stated that the groundbreaking ceremony of the KMIC represents more than the creation of an industrial complex as it lays the foundation for a better economic future for the people of Yangon, and for the people of Myanmar.

She said that the project was the result of the forward looking reforms and investment efforts undertaken by the administration and the Ministry of Investment and Foreign Economic Relations.

She noted that when the Industrial Park was completed, it would certainly contribute to the further expansion of a range of ancillary industries – local businesses, suppliers, restaurants, creating opportunities for our nation’s growing micro, small and medium enterprises.

The State Counsellor also underlined that Myanmar had achieved some of the strongest FDI approvals on record in recent years – with FDI creating many quality new jobs since the administration took office.

She called for the KMIC to serve as a symbol of close ties of friendship and cooperation between Myanmar and Korea.

In his opening remarks at the ceremony, Union Minister for Investment and Foreign Economic Relations, U Thaung Tun stated that Myanmar’s Sustainable Development Plan (MSDP) and South Korea’s New Southern Policy share core values that could benefit the people of both countries and that the establishment of the KMIC would result in mutually beneficial cooperation.  

Mr. Park, Bokyeong, Chairman of the Presidential Committee on New Southern Policy in his address noted that Korea considers Myanmar an important partner and that the Republic of Korea desired to participate not only in the KMIC project but also in various other ventures in Myanmar such as the construction of bridges, development of new urban centres and other infrastructure projects.

He said he was confident that there would be more prominent projects like the KMIC in the future and that the ties of friendship between Myanmar and Korea would be further strengthened. He added that the establishment of the KMIC was the beginning of a journey that would bring significant economic growth to Myanmar.

U Phyo Min Thein, Chief Minister of Yangon Region Government, Dr. Kyaw Linn, Deputy Minister of the Ministry of Construction and Mr. Lee Yong-sam, Vice President of Korea Land and Housing Corporation also delivered welcoming remarks.

The Korea-Myanmar Industrial Complex (KMIC) is a project approved by the Myanmar Investment Commission (MIC). It is a joint venture between the Department of Urban and Housing Development, Ministry of Construction of Myanmar, and the Korea Land and Housing Corporation (LH).

The project is strategically located 25 kilometers north of Yangon International Airport, and connected via road to Yangon port. The project is expected to support Myanmar’s advancement within the regional and global supply chains. The KMIC will house around 135 enterprises, creating numerous jobs and facilitating transfer of skills and technology.

The KMIC is planned to be a smart and green industrial complex using advanced technology and renewable energy. This project will result in closer ties of friendship between Korea and Myanmar – based on the principles of "people," "prosperity" and "peace”.