The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong-hwan Kim, “Korea Eximbank) and British law firm Ashurst jointly hosted a seminar on Investment Opportunities in Myanmar on December 17.

The seminar was held to discuss winning strategies for Korean companies entering Myanmar, a country on which the international community is relaxing economic sanctions and global firms are increasing their investments.

Reflecting the keen interest of Korean firms in the newly emerging market, about 150 participants from 60 firms in the industrial plant, engineering, general trading and financial services industries attended the seminar.

In particular, Myanmar experts including former Director General of Myanmar’s Ministry of Energy U Soe Myint, Ashurst’s lawyer specializing in Myanmar, and Korea Eximbank’s EDCF staff in charge of Myanmar all showed up, providing vital information for investors including Myanmar’s foreign investment law and the outlook on economic sanctions.

Myanmar not only has abundant reserves of natural gas and crude oil, but also minerals including soft coal and uranium, much of which remains untapped due to prolonged economic sanctions by the international community.

Foreign direct investments are expected to rise in the energy sector including oil, gas and power and in the underdeveloped infrastructure sector as a result of the Myanmar government’s reforms combined with the easing of economic sanctions by the international community.

Senior Executive Director Ki Sub Nam of Korea Eximbank observed in his keynote address that “the demand for Myanmar’s natural resources is increasing as neighboring states like India and China are economically expanding. The need for cooperation between Korea and Myanmar in the field of resource development and power generation will also increase in tandem with Myanmar’s surging power demand triggered by economic development.”