Jul 13, 2012

Dozens of U.S. companies seek investment in Myanmar

At least 36 companies from the United States are seeking long-term investment in Myanmar and they will meet officials from each sector in Yangon Saturday, local media reported Thursday.
The three-day meeting at the Sedona Hotel will be joined by U.S. companies of finance, energy, health and infrastructure industries, local newspaper the 7-Day said.
During their visit, the U.S. entrepreneurs will study Myanmar's foreign investment law and procedures and economic data.
Significant reforms have been initiated by Myanmar President U Thein Sein since he took office last year, in the light of which the European Union announced suspension of most of its sanctions against Myanmar for one year in April except an arms embargo.
The U.S. Treasury has also relaxed some sanctions on Myanmar to allow financial transactions to support certain humanitarian and development projects.
In the latest development, the Obama administration announced further easing of sanctions on Myanmar on Wednesday, allowing U.S. companies to do business and invest in Myanmar in sectors including oil and gas as the first U.S. ambassador in 22 years, Derek Mitchell took office in Yangon.
According to Myanmar 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 since Myanmar opened to such investment in late 1988 and standing the 9th in position 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, with Myanmar's export to U.S. amounting to 29.57 million U.S. dollars while its import from U.S. standing at 264.07 million U.S. dollars.
Meanwhile, a 24-member delegation of the United Kingdom Trade and Investment mission has also visited Myanmar recently for the first time in 15 years to show interest in investing in the country's education, health, banking, and infrastructure.

Source: Xinhua