Bae, Kim & Lee LLC (BKL) opened its seventh overseas office in Yangon, Myanmar with the recent approval from the Myanmar government to operate in the country. Amid a growing number of Korean companies entering Myanmar due to the acceleration of its market opening, BKL launched a Myanmar team and set up its Yangon office to assist Korean firms with their expansion in the market.
Led by Eric Eunyong YANG, BKL’s Yangon branch will provide advisory services on various issues, including but not limited to foreign investments, SOC projects, real estate development projects, M&A negotiations and licensing, and serve as a strong foothold for Korean companies to enhance their presence in Myanmar.
Myanmar shows a high annual growth rate of eight percent fueled by economic reforms and enhanced relations with the US, EU and other Western countries. With a population of approximately 56 million, the country shares borders with emerging markets such as China, India, Thailand and Laos. Myanmar is also regarded as “a massive untapped market” and “a production base of the future” as its working age population (those aged 15-64) accounts for seventy percent of the total population and its labor costs are half of Vietnam’s.
According to the Korea International Trade Association report, Myanmar’s first civilian-led government is expected to take steps to improve the environment for foreign direct investment in the near future, which may lead to increased opportunities for foreign companies to take part not only in private sector projects but also in public sector projects, such as energy and infrastructure.
In order to better service Korean companies reaching out to Myanmar, the market with great potential for development, BKL formed a Myanmar team comprised of Eric Eunyong YANG, who is acclaimed as the “Southeast Asia literate,” Yong Geun BAE, Byoung Pil KIM, Cheol Hyo AHN and Kaung Htet ZAW. Mr. YANG and Mr. BAE successfully handled mega-projects across Southeast Asia for the last 10 years and have a broad network in the region. Mr. KIM has a diverse practice with particular expertise on M&A, construction, real estate and international arbitration.
Mr. AHN has been involved in multiple projects in Myanmar run by Korean conglomerates, including POSCO Daewoo’s hotel project and rice processing project. As a Myanmarese attorney, Mr. ZAW also advised POSCO Daewoo on its hotel project and handles a wide variety of construction and investment matters related to Myanmar.
BKL opened seven overseas offices in Beijing, Shanghai, Dubai, Hong Kong, Hanoi, Ho Chi Minh City and Yangon to reinforce its “customer-oriented” services and established a service network that connects China, Southeast Asia, India, Middle East and Africa, with the largest number of offices worldwide among top five Korean law firms. Equipped with a branch office and attorneys who are fluent in Korean and the local language, BKL is capable of offering high-quality legal support to Korean companies in Myanmar through effective communication at a relatively reasonable price.
Founded in 1980, Bae, Kim & Lee LLC is one of the leading law firms in Korea and in Asia with over 500 professionals and supporting specialists. As the first Korean law firm to set up offices in China and the UAE, BKL maintains seven overseas offices in Beijing, Shanghai, Dubai, Hong Kong, Hanoi, Ho Chi Minh City and Yangon. With over 20 practice groups specialized in virtually every area of interest for business clients, including corporate, M&A, securities and financial services, international arbitration, tax, litigation and intellectual property, BKL is the second largest law firm in Korea by size and revenue. BKL established the Pro Bono Committee in 2002 for the first time among Korean law firms and has devoted itself to fulfilling its corporate social responsibilities since its inception. BKL received the Best CSR Practices Award at the 1st Korea Bar Association Awards and the Human Rights Award of Korea by the National Human rights Commission in 2014, and was named among ALB CSR List 2016. Please visit www.bkl.co.kr for more information.