Officials from the public and private sector in South Korea and a delegation from Myanmar will discuss the investment potential of the Southeast Asian nation in Seoul on Tuesday.
They are to meet organizers from the ASEAN-Korea Center and the Korea Chamber of Commerce and Industry at the 2014 Investment and Business Environment Seminar on Myanmar.
Myanmar began to open to international investment only after sanctions were lifted with the start of democratic reforms in 2010.
U.S. Secretary of State John Kerry visited the country in early August. He urged Myanmar to make further progress in its democratic transition amid concerns about its backsliding on commitments to improve human rights.
Senior government officials from Myanmar’s Ministry of National Planning and Economic Development and other ministries are expected to discuss investment opportunities for Korea in the Southeast Asian country, which is well known for its vast oil and gas resources.
Other representatives from Myanmar include high-level officials from the Myanmar Central Bank, the Energy Ministry and the Ministry for Rural Development. Specifically, Myanmar officials are scheduled to meet with officials from IBK Industrial Bank, Daesang Corporation and Lotte Group to discuss areas of possible cooperation.
South Korea is already Myanmar’s fourth-largest foreign direct investor. South Korea cumulative investment in the country was over $500 million as of 2013.