Jul 25, 2012

Myanmar signals possibility of making investment in mining with transparency

Myanmar has signaled that foreign investment could be made in mining sector with transparency, accountability and security as new Myanmar Investment Law will be promulgated soon for application by investors from the international community, official media reported Wednesday.
Minister of Mines U Thein Htaik told the ongoing first Myanmar Mining and Minerals Summit in Yangon that the country is trying to join the market policy of ASEAN Economic Community (AEC) by utilizing and manufacturing Myanmar's under-ground, above-ground and water resources which are all owned by the state.
He encouraged foreign partnership and luring foreign investment.
The summit, which runs from Monday to Wednesday, is being attended by 250 foreign scholars and entrepreneurs as well as dozens of local counterparts totaling about 300.
Myanmar has been encouraging local and foreign investment in mining of such minerals as gold, gems, copper, lead, zinc and tin as well as coal.
Coal, a non-metallic mineral, is among minerals being explored and mined by foreign companies investing in Myanmar also.
Foreign firms having being engaged in mineral exploration in Myanmar include those from Australia, China, France, Japan, Malaysia, Singapore, South Korea, Thailand, the United States and Russia.
Official statistics how that foreign contracted investment in Myanmar's mining sector amounted to 2.814 billion U.S. dollars in 66 projects as of March 2012 since the country opened to such investment in late 1988, accounting for 6.9 percent of the total foreign investment and standing as the third largest sectorally after electric power and oil and gas.

Source: Xinhua