¡¡¡¡YANGON, February 23 (Xinhuanet) -- Myanmar and the Republic of Korea (ROK) have reached an agreement on avoidance of double taxation and prevention of avoidance of paying income tax between the two countries.

¡¡¡¡The agreement was signed here on Friday by Myanmar Minister of National Planning and Economic Development U Soe Tha and visiting Minister of Trade of the Ministry of Foreign Affairs and Trade of ROK Hwang Doo-Yun, Saturday's official newspaper the New Light of Myanmar reported.

¡¡¡¡In addition, a memorandum of understanding (MOU) between the Union of Myanmar Federation of Chamber of Commerce and Industry and Korean International Trade Association (KITA) on Myanmar-Koreabusiness partnership was also signed on Friday to boost business cooperation between the two countries, according to another reportof the paper.

¡¡¡¡Following the signing of the MOU, 14 industrial and export-import companies of ROK and 77 companies of Myanmar discussed matters relating to bilateral trade.

¡¡¡¡According to official statistics, ROK has poured in 153.11 million U.S. dollars in 26 projects in Myanmar since the country opened to foreign investment in late 1988.

¡¡¡¡Bilateral trade between Myanmar and ROK in the first ten monthsof 2001 amounted to 328.61 million dollars, accounting for 7.61 percent of Myanmar's total foreign trade during the period.

¡¡¡¡ROK is one of Myanmar's main trading partners. Enditem

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