BUSINESS people from Busan, the second biggest city in South
Korea, met with representatives from about 100 domestic companies
in Yangon last week to search for new markets for South Korean
products in Myanmar in the wake of a drop in bilateral trade.
Mr Choi Yong Tae, the commercial counselor at the Yangon office
of the Seoul-based Korea Trade-Investment Promotion Agency (KOTRA),
said that trade between Myanmar and South Korea has been declining.
Exports from Myanmar to South Korea have decreased significantly,
while exports from South Korea to Myanmar have remained relatively
unchanged, he said.
“Compared with (South) Korea’s total exports to
ASEAN countries, the amount exported to Myanmar is negligible
– our exports to ASEAN countries amount to US$20 billion
a year, while those to Myanmar were only worth $20 million (last
year),” he said.
In 2004 South Korea gained a $170 million trade plus with Myanmar,
as Myanmar’s exports to South Korea declined from $50 million
to $30 million, mainly due to complicated export procedures, said
Mr Choi.
“Nevertheless, Myanmar will become one of the biggest
markets for South Korea one day,” he said.
“(South) Korean exporters are very interested in the Myanmar
market despite the current low trade volume – Myanmar has
a lot of natural resources, which is why about 10 (South) Korean
delegations from different business sectors visit Myanmar each
year to conduct market analysis,” said Mr Choi.
He said last year eight business delegations traveled from South
Korea to Myanmar, while this year nine are expected to visit.
Myanmar’s primary exports to South Korea are timber products,
marine products, and beans and pulses, while South Korea mainly
exports electronic goods, machinery and IT products to Myanmar.
Myanmar is the Busan delegation’s second stop following
Indonesia, with plans to travel next to the Philippines to promote
trade among ASEAN countries, said Mr Choi.
Most of the companies represented by the delegation work in
the IT sector, with the others focusing on trading, banking and
manufacturing machinery.
