South Korea’s Busan Port Authority (BPA) has signed a memorandum of understanding (MoU) with Myanmar Port Authority (MPA) for mutual growth and cooperation.
According to the deal, BPA and MPA will jointly implement port development, management and operation, as well as organise seminars, exchange information and manpower, BPA said in a statement.
The deal was signed during BPA President Lim Ki-tack’s visit to Yangon in February.
“BPA plans to enter into the East Asian market to establish the network and develop Busan Port, a prestigious port, by expanding port capacity as a transshipment hub port,” Lim said.
Myanmar has recently enacted the New Port Authority Act which is set to change the port operations from a state-run management system to a “public port corporation” like BPA.
