15:38 | 08/07/2016 Global Economy
The Republic of Korea (RoK) and Myanmar have agreed to set up an organisation, dubbed the "Korea Desk" in Myanmar’s capital of Yangon to assist RoK firms in making inroads into the Myanmar market.
RoK President Park Geun-hye meets Myanmar's Commerce Minister Than Myint in Seoul on July 4, 2016 - (Source: Yonhap)
The agreement was reached during talks held on July 5 in Seoul between RoK Trade, Industry and Energy Minister Joo Hyung-hwan and his Myanmar counterpart Than Myint, in which the two sides discussed ways to enhance bilateral cooperation, according to Yonhap which quoted sources from the Ministry of Trade, Industry and Energy.
At the event, Than Myint thanked the RoK side for helping Myanmar set up its own trade promotion institute as part of efforts to transfer its expertise in economic development.
The two ministers also agreed to pass on the RoK’s knowledge in exports so that Myanmar's businesses and exporters could explore more overseas markets.
In 2012, the two countries agreed for the Korea Trade-Investment Promotion Agency (KOTRA) to support the Naypyidaw government in mapping out detailed support measures to establish a Myanmar trade agency.
The Myanmar government earlier announced that it will boost the country's export volume threefold in the next five years./.