Yulchon has opened its doors in Yangon to capitalise on an increasing amount of investment from Korean companies into Myanmar.
Partners Eric Eungyong Yang and Yong Geun Bae, who are based in Seoul and Hanoi respectively, are heading the office alongside two foreign attorneys and an external consultant who are based in Yangon.
The office will assist Korean companies on their investments and transactions in Myanmar, a lucrative option for Korean investors as the new civilian government continues to liberalise the country’s economy after five decades of rule by the military junta.
Official statistics show South Korean investment in Myanmar amounted to $2.98 billion in 77 projects as of March 2013.
“The Yangon office will play a role as an advanced base for entry of Korean businesses in Myanmar,” said Yang in a statement.
“We are expecting shared growth with Korean businesses that will be entering Myanmar through this positioning.”
The new establishment in Yangon is Yulchon’s fourth office outside Korea. After opening an office in Ho Chi Minh City in 2007, the firm launched an office in Hanoi in 2010 and in Beijing in 2011.
The liberalisation of Myanmar’s economy has lured a host of law firms to set up shop in Yangon this year, including international firms Baker & McKenzie and Allen & Overy, Singaporean law firms Allen & Gledhill and WongPartnership, and Japan’s Mori Hamada & Matsumoto.
In January, Singapore firm Colin Ng & Partners entered into an association with Myanmar law firm Fame Myanmar Co.
In the same month, legal and tax advisory firm VDB Loi, which set up shop in Yangon in 2012, launched its second Myanmar office in Naypyidaw.
Source: ASIAN LEGAL BUSINESS