SEOUL, KOREA - The "New Community Movement," or "Saemaul Movement," which has been an important component of Korea's economic growth during the 1960s and 1970s will be implanted in the newly developing nation of Myanmar. In addition, an industrial complex will be built exclusively for Korean companies investing in the country.
The Korean delegation headed by Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, held on June 19 the first "Korea-Myanmar economic cooperation committee" meeting at the capital Naypyidaw with Myanmar counterpart Kan Zaw, Minister of National Planning and Economic Development, and agreed on a number of issues including the implantation of the New Community Movement and the creation of an industrial zone.
As part of the agreement, the Korean government will send rural area development experts to farming areas in Myanmar where more than 80 percent of the population reside. In addition, it will lend support to building farm goods processing plants, schools, and other facilities for rural development. The government will also support the establishment of a Myanmar Development Institute modeled after the Korea Development Institute.
Meanwhile, the two governments agreed to locate an industrial zone near Yangon, mostly likely in Dala Township just across the river from the nation's largest city. The Korean government will also finance the building of a "friendship bridge" on the Yangon River using the economic development cooperation fund.
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