U.S. ambassador: Investment in Myanmar to serve long-term economic interest of both countries
U.S. ambassador: Investment in Myanmar to serve long-term economic interest of both countries
New U.S. Ambassador Derek Mitchell said here on Friday that responsible U.S. investment in Myanmar will serve the long-term economic interests of peoples of both countries.
Mitchell made the remarks at his first ever press conference here after taking office which also came after the U.S. eased sanctions on July 11 to allow American companies to do business in the country.
He said the U.S. government has required American companies doing business in Myanmar to report on their activities in line with the highest standards of international corporate governance, believing that the requirement serves the two countries' mutual interest in demonstrating the unique quality of U.S. companies around the world and their commitment to be partners in Myanmar's reform process.
He also hoped that the information will help empower civil society to take an active role in monitoring all new investment that flows into the country.
He put forward special requirements for U.S. companies to be involved with Myanmar state-owned enterprises, including MOGE ( Myanmar Oil and Gas Enterprise).
The U.S. is also serious about increasing its development and humanitarian assistance, he said, adding that the USAID mission is expanding its program in Myanmar.
He announced providing 3 million U.S. dollars to the World Food Program in food assistance to displaced people in Kachin and northern Shan States and disaster risk reduction projects across the country through USAID's Office of Food For Peace.
"With this contribution, WFP will purchase approximately 3,400 metric tons of rice, which will help feed 55,000 people for six months," he said.
Following U.S. Treasury's relaxation of some sanctions on Myanmar in May to allow financial transactions to support certain humanitarian and development projects, the Obama Administration announced further easing of the sanctions on July 11, allowing U.S. companies to do business and invest responsibly in Myanmar in the sectors including oil and gas.
Derek Mitchell took office in Yangon on the day as the first U. S. ambassador in the country in 22 years.
Soon after Obama's announcement, a U.S. business mission comprising more than 70 senior executives from 38 leading U.S. companies visited Myanmar. These companies include Chevron, Caterpillar, Abbott, ACE, Baker & McKenzie, Baxter, Boeing, Chartis, Coca-Cola, General Electric, General Motors, Google and IBM.
One of the U.S. companies, General Electric, made the first deal on supplying advanced medical equipment to two leading private hospitals in Yangon last Saturday.
According to Myanmar's official statistics, U.S. investment in Myanmar amounted to 243.49 million U.S. dollars in 15 projects, accounting for merely 0.6 percent of the total as of March 2012, and standing the 9th in Myanmar's foreign investment line-up.
The figures also show that bilateral trade between Myanmar and the U.S. reached 293.64 million U.S. dollars in the fiscal year 2011-12, of which Myanmar's export to U.S. amounted to 29.57 million dollars while its import from U.S. stood at 264.07 million dollars.
xinhua
