Deputy Prime Minister and Finance Minister Hyun Oh-seok said Korea would help Myanmar to adopt the Saemaul Movement, a development model, Korea used during the 1970s to grow the economy under the direction of late President Park Chung-hee, the father of President Park Geun-hye.

A group of government officials led by Hyun visited Naypyidaw on Wednesday to hold a series of meetings with Myanmar officials, including Kan Zaw, minister for National Planning and Economic Development of Myanmar.

Korea plans to provide comprehensive economic aid to Myanmar to support the Southeast Asian country’s efforts to develop its economy, Hyun said.

It will also help set up an economic think tank with Myanmar to play the role of a “navigator” for the development of the Myanmarese economy.

The finance minister said that the two sides would closely collaborate through knowledge sharing in IT, energy resources, infrastructure and broadcasting.

Korea will help finance Myanmar’s energy and road infrastructure development including its hydroelectric plants’ power supply lines through economic development cooperation funds.

Korean companies and investors will be encouraged to make inroads into the Southeast Asian country and set up their regional base in Dala.

By Park Hyong-ki (hkp@heraldcorp.com)