The Export-Import Bank of Korea held a seminar on investment opportunities in Myanmar last week to provide information and insights to interested Korean businesses.

About 150 officials from some 60 Korean companies and financial firms attended the seminar, jointly hosted with British law firm Ashurst, in which a former Myanmar official, Ashurst lawyers specializing in Myanmar and Eximbank officials in charge of economic development cooperation funds to Burma spoke about the country’s foreign investment laws, sanctions on Myanmar and EDCF to Yangon.

Myanmar has abundant natural gas, crude oil, soft coal and uranium, but most of its natural resources are undeveloped due to years of economic sanctions by the international community.

With the government of Myanmar recently opening up its economy and the international community loosening the sanctions, foreign investment to develop oil, gas, electricity and the country’s infrastructure is expected to surge.

“Demand for natural resource development in Myanmar is rising constantly as neighboring economies such as India and China grow,” said Nam Ki-sup, vice president of Eximbank.

“Power demand is also increasing sharply with the nation’s economic development, signaling greater need for cooperation between Korea and Myanmar on resource development and the power generation market.”

By Kim So-hyun (sophie@heraldcorp.com)