[THE INVESTOR] POSCO Daewoo, South Korea's leading trade company, was picked as the single preferred bidder for a multimillion dollar project to build a power plant in Myanmar, the company said on July 31.

The nation’s biggest steelmakerPOSCO’s subsidiary said it won the qualification during an international competitive bid held by Myanmar’s Electric Power Generation Enterprise.

The bid winner will build a steam power plant in Shwetaung, northwest of largest city Yangon, to provide electricity to households, industrial plants and Myanmar’s nationwide transmission network for the next 20 years.

“The accomplishment proves Myanmar government’s trust in our contributions to the local community for a long time,” said a company official.

POSCO Daewoo has had business experience in Myanmar since 1985. It is well known there for its financial arrangements and business solutions provisions.

The firm plans to consolidate its position as a big power supplier and seek out chances to expand business.

“We would like to enlarge our business size here and pave the way for other Korean companies to come,” the official added.

By Song Ji-won/The Korea Herald (jiwon.song@heraldcorp.com)