YANGON, April 28 (Xinhua) -- Myanmar and South Korea have signed a memorandum of understanding (MoU) on technology advice and solution from the East Asian country, Myanmar News Agency reported Friday.
The MoU was signed between Myanmar Ministry of Industry and the Korea Institute for Advancement of Technology (KIAT) in Nay Pyi Taw Thursday.
The MoU is aimed at forming framework for technological advancement and cooperation between companies and research organizations of the two countries.
Meanwhile, the Korea International Cooperation Agency (KOICA) has submitted a master plan to the Myanmar government for activating trade and investment in the country and establishing the Myanmar Trade-Investment Promotion Agency.
According to official statistics, South Korea's investment in Myanmar amounted to 3.555 billion U.S. dollars as of March 2017 in 138 projects since late 1988 when the country opened to foreign investment, accounting for 5.05 percent of Myanmar's total foreign investment and ranking the sixth in the foreign investment line-up.