South Korea, Myanmar to hold summit on economic ties

President Moon Jae-in and First Lady Kim Jung-sook toast in a Bangkok meeting with ethnic Koreans residing in Thailand (Yonhap)

Bangkok: South Korean President Moon Jae-in will head to Myanmar on Tuesday in a bid to pave the way for closer economic cooperation between the two sides.

Moon’s state visit to the nation, the first by a South Korean president in seven years, is in line with his administration’s campaign to reach out to Southeast Asian nations under the New Southern Policy.

Moon is on a weeklong tour of the region, which already took him to Thailand, where he had talks with Prayut Chan-o-cha, mainly on strengthening partnerships in high-tech industries.

He will also travel to Laos following a two-day trip to Myanmar.

Shortly after flying into the capital city of Naypyitaw, Moon is scheduled to hold a series of meetings with state councilor and Nobel Peace Prize laureate Aung San Suu Kyi and President Win Myint.

The focus will be on ways to improve bilateral relations, especially in trade, investment and development cooperation.

Myanmar is eager to attract foreign direct investment. South Korea is seeking to expand partnerships with the nation, rich in natural resources and located in the center of Asia, between China and India. More than 200 South Korean firms are doing business in Myanmar.

During Moon’s trip there, the Myanmar government plans to launch the “Korea Desk” office to help South Korean businesses resolve administrative difficulties.

Moon may convey Seoul’s position on the sensitive issue of the Rohingya humanitarian crisis as well.

On Wednesday, he will travel to Yangon for a business forum and a groundbreaking ceremony for the South Korea-Myanmar Economic Cooperation Industrial Complex.

YONHAP