SK Group, one of the five largest conglomerates in South Korea, has entered the construction industry in Myanmar, according to the Directorate of Investment and Company Administration (DICA).
DICA approved SK Group Construction (Myanmar) Co Ltd on September 13, making it the latest Korean firm to enter Myanmar so far. Other South Korean firms such as Samsung, LG, Hyundai, and POSCO have already stepped into the Myanmar market.
A consortium led by Incheon International Airport Corp has also been awarded a contract to build and operate the Hanthawaddy International Airport in Bago Region, which will become the largest airport in Myanmar upon completion.
SK Group is involved in a wide range of businesses such as chemical, petroleum, energy, trading, construction, logistics, and telecommunication industries. Established in 1953, SK Group has about 120 offices worldwide and includes such world-famous firms as SK Holdings, SK Telecom, SK Gas, and SK Securities.
In 2011, its net revenue was nearly US$99 billion, whereas its net income was $1.5 billion.
(Source: Eleven Weekly Media)