Korea and Myanmar sign investment guarantee treaty
Korea IT Times | Wednesday, January 8th, 2014
Korea and Myanmar sign investment guarantee treaty
SEOUL, KOREA — The governments of Myanmar and Korea have signed an investment guarantee agreement. The Ministry of Foreign Affairs said on January 6 that it sent the bilateral investment treaty documents to the Myanmarese government for confirmation.
Under the terms of the pact, the two nations must protect investors from the other country while treating them fairly with domestic investors.
In case where any of the investors incur losses from nationalization or any other government measures, the treaty requires that the government must compensate promptly and completely. In addition to investment guarantee, the agreement makes sure people in both countries can send and receive money freely.
Korea is fifth largest country in terms of investment sum to Myanmar, following China, Thailand, Hong Kong, and the United Kingdom. As of the end of November 2013, Korea’s total investment in Myanmar was US$3.04 billion. There are 80 or so Korean companies currently doing business in the Southeast Asian nation, including POSCO and Daewoo International.
