POSCO International Plans to Withdraw 30% of Expatriates from Myanmar

Considering Gradual Withdrawal Following Ministry of Foreign Affairs' Recommendation... Withdrawal Plans for Resident Employees' Families

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] As South Korea's Ministry of Foreign Affairs raised the travel advisory for the entire Myanmar region to Level 3 (recommendation to evacuate), POSCO International has established a plan to gradually withdraw some of its dispatched personnel stationed locally.

According to industry sources on the 5th, POSCO International is discussing with the Ministry of Foreign Affairs a plan to repatriate some non-essential personnel working in Myanmar.

Earlier, an employee working at Shinhan Bank's Yangon branch in Myanmar, where a coup occurred, was shot by Myanmar military police around 5 p.m. on the 31st of last month while returning home, was taken to a nearby hospital but unfortunately passed away.

In response, the Ministry of Foreign Affairs upgraded the travel advisory for the entire Myanmar region from Level 2 (travel caution) to a recommendation to evacuate.

POSCO International is engaged not only in trade business in Myanmar but also produces and sells gas from the Shwe and Shwe Phyu gas fields in the Bay of Bengal, as well as the Mya gas field. Additionally, POSCO International owns the Lotte Hotel in Yangon, Myanmar, which is operated under a consignment contract system with Hotel Lotte.

Currently, about 60 Korean personnel from POSCO International are working on-site in Myanmar. It is also known that about 50 family members of the dispatched personnel are staying locally.

The initial targets for evacuation are the families of the personnel stationed locally and 30% of non-essential personnel. POSCO International plans to evacuate them by plane according to a self-established plan.

A POSCO International official stated, "It is difficult to specify an exact date as various factors such as flight availability need to be considered, but we plan to proceed as soon as possible."

This content was produced with the assistance of AI translation services.