Korea and Myanmar signed a memorandum of understanding on establishing a state-run think tank in the Southeast Asian country, the Ministry of Foreign Affairs announced Tuesday.

The Foreign Ministry plans to send a delegation to Myanmar in order to begin the project within the year.

The think-tank, named Myanmar Development Institute, will be modelled after the Korea Development Institute and will research economic and social issues, the Foreign Ministry said.

Under the plans agreed upon by the two countries’ leaders in 2012, $20 million will be injected into the project over four years beginning this year.

In collaboration with the KDI, the two countries will draw up a master plan for the project and build research facilities for Myanmar’s think-tank.

Korea will also provide equipment and materials for the project, and dispatch experts and provide training.

By Choi He-suk (cheesuk@heraldcorp.com)