Yangon, Jun 21 (IANS): South Korea has agreed to provide $500 million in loans to Myanmar between 2013 - 2017 from its economic development cooperation funds, media reports said Thursday.

It was announced at a joint committee meet on economic cooperation between the two countries and co-chaired by visiting South Korean deputy prime minister and minister for strategy and finance Hyun Oh-Seok and Myanmar Minister for National Planning and Economic Development Kan Zaw in Nay Pyi Taw Wednesday, Xinhua reported.

The joint committee also discussed eight areas of cooperation covering 39 projects including those related to infrastructure development, promoting services and sports sectors.

Appreciating South Korea for its support, Myanmar President U Thein Sein told Hyun that the its outcome would contribute to Myanmar's reform process.

South Korea was the fourth biggest investor in Myanmar as of March this year, with investment in the country totalling some $2.98 billion in 77 projects.

Myanmar opened itself to foreign investment in late 1988.

Bilateral trade between Myanmar and South Korea reached about $573 million in 2012, of which Myanmar's export to South Korea accounted for about $237 million while its import stood at about $335 million.