Malaysia, Korea eye Myanmar

Malaysia, Korea eye Myanmar

YANGON, Myanmar (AP): A Malaysian and a South Korean company
have signed agreements to set up two factories worth a total of
$4.8 million in Myanmar, official newspapers reported Thursday.

Weng Hong Hung of Malaysia signed a land lease agreement with
the Department of Housing Wednesday to build a garment factory to
make slacks, jeans and shirts, according to the Myanma Ahlin
daily.

It said the $2.8 million factory is expected to make 6 million
garments annually.

In the other deal, the Esquire company of South Korea signed a
land lease agreement Monday to build a $2 million shoe factory,
which is expected to begin production in March. About 95 percent
of the production will be exported, while the rest will be sold
locally, the report said.

Malaysia is the fourth largest investor in Myanmar with $597
million worth investments, or about 8 percent, of the total
foreign investment by 25 countries with a presence in Myanmar.
South Korea is the 12th largest investor with $107 million,
according to the latest government figures.