Busan Port Authority (BPA) has signed a memorandum of understanding (MOU) with Myanmar Port Authority (MPA) for mutual growth and co-operation.
The accord was signed during BPA President Lim Ki-tack's visit to Yangon earlier this month.
The MOU will facilitate port development, management, and operations, as well as co-operation, seminars, and information and manpower exchange between the two ports.
Lim said, "By signing the MOU with MPA, we will share our know-how on port development, management, and operation with developing countries. Furthermore, BPA plans to enter the East Asian market to establish a network to expand Busan Port's capacity as a transhipment hub."
Myanmar has been liberalising its economy since the moderate Thein Sein came to power in 2011. Yangon is currently Myanmar's main port, handling 90% of the country's imports and exports.