South Korea’s Ministry of Oceans and Fisheries (MOF) has signed a memorandum of understanding (MoU) with Daewoo International Corporation to collaborate in overseas port projects.
In particular, the accord could help MOF get involved in port developments in Myanmar, which is gradually liberalising its economy.
Daewoo International could offer MOF useful connections in the country through its work developing gas fields and hotels in Myanmar.
“The signing of this MoU signifies that public-private partnerships in overseas port developments will be increasingly resilient,” said MOF’s commissioner for ports, Park Joon-kwon.
Through the agreement, the ministry will explore and undertake overseas port developments and also provide intelligence on port operations.
Both organisations have built up networks and operational experience through working on overseas port projects.
Since 2008, MOF has conducted feasibility studies and produced masterplans to help developing countries in Africa, Asia, and South America to develop their ports.
Daewoo International has interests in resource development, chemicals, and machinery.