Korea-Myanmar and Korea-Vietnam Finance Ministers' Meetings

Strategy and Finance Minister Bahk Jaewan had economic cooperation meetings in Myanmar and Vietnam with his counterparts on January 10 and 11. Myanmar has been thought of as a new growth engine of the global economy since it opened its markets in 2011. Korea has been searching for the best model for economic cooperation with Myanmar by conducting two rounds of summits last year. The Vietnamese economy has fully rebounded from the recent economic slowdown. Korea signed a strategic partnership agreement with Vietnam in 2009. Minister Bahk's meetings with the two countries focused on reinforcing bilateral partnership by expanding cooperation.

Meeting with Myanmar's National Planning and Economic Development Minister

Minister Bahk had a meeting with Myanmar's National Planning and Economic Development (NPED) Minister in Naypyidaw, Myanmar on January 10. The two ministers agreed to form a joint Korea-Myanmar economic cooperation joint committee and agreed on a joint statement to hold the first joint committee meeting in Myanmar in the first half of this year.

Minister Bahk expressed his appreciation for the progress that has been made regarding Korea and Myanmar bilateral relationship and emphasized that there will be government-wide efforts to further develop the cooperation. Myanmar's NPED Minister Can Chau expressed his appreciation for the Korean government's unwavering support, and hoped that the joint committee would help improve bilateral economic cooperation between the two countries. Minister Can Chau also praised Korea's Knowledge Sharing Program (KSP) for providing the best economic development model to Myanmar. Minister Bahk said the establishment of the Myanmar Development Institute, the most important project concerning the two countries, is being planned through the KSP project.

Meeting with Vietnam's Finance and Planning & Investment Ministers

Minister Bahk had meetings with Vietnam's Finance Minister and Planning & Investment Minister in Hanoi, Vietnam on January 11. At the meeting with the finance minister, the two ministers expressed their appreciation for the continuing bilateral relationship between the two countries, as Korea thinks highly of Vietnam as its largest Economic Development Cooperation Fund (EDCF) partner country and Vietnam highly appreciates Korea's EDCF and KSP.

Minister Bahk presented a positive analysis on the exchange of information regarding national treasury management, and suggested expanding the cooperation to tax policies, customs and government procurement. The two ministers signed an action plan which stipulates the 2013 KSP projects, including national reserve management and public firm restructuring.

At the meeting with Planning & Investment Minister, Minister Bahk suggested further developing the bilateral private-sector cooperation MOU, stressing the importance of boosting private investment in the partner countries. Vietnam's Planning & Investment Minister pledged firm support for projects in which Korean enterprises participate.

Minister Bahk Jaewan also met with Vietnam's Prime Minister Nguyen Tan Dung, and talked about positive outcomes that resulted from the 2009 Strategic Partnership Agreement: Notably bilateral trade volume has been rising beyond its target. The two leaders decided to further develop cooperative channels.

Evaluation

The meetings will strengthen Korea's bilateral cooperative channels in the ASEAN, and the level of cooperation will be improved through action plans and by establishing systems for efficient cooperation.

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