[FIU] Korea strengthens economic and financial cooperation with Myanmar

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Hi all!

Today I’d like to share with you the latest news about financial and economic cooperation between Korea and Myanmar – the country not very much economically empowered for now, yet with abundant potentials for future economic development.

Let me begin with the visit of Burmese government officials to Korea. On 23-25th of October, the Burmese government officials, in charge of financial information analysis, were invited to Seoul by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS).

Why did they come to Seoul? Well, the purpose for their visit was simple; to learn from Korean financial supervisory system against money laundering, and hence to develop Myanmar’s own system as like FIU. So the Burmese delegation, headed by Soe Myiang, visited relevant government offices in Seoul. They spent time learning about FIU’s information and supervisory system, and Korean financial companies’ reporting system.

Afterwards, on 12-15th of November, the former Prime Minister of Korea Goh Kun visited Myanmar to share Korea’s development experience – the movement known as ‘Saemaeul Undong. This movement is a community-based programme facilitating rural development, which has been appreciated as a core instrument for Korea’s transition from one of the poorest country in the world to the world’s 11th largest economy. During his visit, Mr. Goh met the Burmese Minister of Cooperatives and Vice President to discuss economic cooperation between two countries.

In Korea, under the guidance of the Prime Minister’s office, many government departments and institutions cooperate (and will cooperate even more) with their Burmese counterparts to share successful practices in the past and knowledge of economic development. The Ministry of Strategy and Finance of Korea plans to offer training and knowledge sharing program (KSP) with regards to Saemaeul Undong. Moreover, the Korea International Cooperation Agency (KOICA) and the Ministry of Foreign Affairs and Trade (MOFAT) will provide financial support for Myanmar through the Economic Development Cooperation Fund (EDCF).

 

Korean government hopes further economic and financial cooperation with Myanmar. Indeed, this cooperation is not only beneficial for Myanmar but also for Korea. This is because Myanmar is such a country with ample potentials for future growth and development. The current cooperation is deemed to promote economic prosperity and stability in Asia.

 

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