YANGON, Feb. 6 (Xinhua) -- Myanmar and South Korea signed a memorandum of understanding to build a logistics hub of international standard in Yangon, the official Global New Light of Myanmar reported Tuesday.
The logistics hub will be constructed by the Myanmar Ministry of Commerce and the HUBS MK Company of South Korea on a 24-hectare land plot in Yangon's Hlaingtharya township where the biggest industrial zone lies.
The Ministry of Commerce said it is trying to bolster the country's export by implementing a national export strategy, and a logistics hub is vital for exporters and importers to reduce the supply chain transport cost.
Myanmar's Investment Commission called on local and foreign companies to invest in the country's logistic sector.
Investors from home and abroad were also invited in the manufacture of import-substitute commodities, vehicles, machines, telecommunication equipment as well as electricity distributing and control apparatus, fertilizer, plastic raw materials and other commodities.
In accordance with the statistics, over 5.2 billion U.S. dollars in foreign direct investment entered the country as of January in present fiscal year 2017-2018.
Bilateral trade between Myanmar and South Korea was registered as 866 million U.S. dollars in the last FY 2016-17. In FY 2017-18, bilateral trade already reached 510 million dollars till November.