YANGON—Myanmar and South Korea signed five Memorandums of Understanding (MOUs) on financial, trade and investment cooperation as well as infrastructure projects at the Myanmar-Korea Business Forum on Thursday.
Held in Myanmar’s commercial capital, Yangon, the forum was attended by South Korean President Moon Jae-in on the second day of his three-day visit to Myanmar. Moon is promoting his “New Southern Policy” to deepen relations, including economic ties, with Southeast Asian nations.
During Moon’s trip, Myanmar and Korea signed a total of 10 MOUs and a framework agreement, including five MOUs and one agreement in Naypyitaw on Tuesday. These included government-to-government, government-to-business and business-to-business collaborations.
According to the Ministry of Information, the Yangon regional government and KB Kookmin Bank—one of South Korea’s four largest banks—signed an MOU on financial cooperation in the real estate sector. The Korean bank will provide the regional government with financial support to construct affordable housing, according to the agreement.