Aug 15, 2012

More American companies seek investment opportunities in Myanmar

Eight more American companies of the American Chamber of Commerce based in Singapore are seeking investment opportunities in Myanmar, official media reported Wednesday.

These companies include Caterpillar, Citibank, KraftFoods, GE Energy, Ford Motor Co, Bell Helicopter, Hewleft-Packard Corporation and Arrow Technologies Pte Ltd, said the New Light of Myanmar.

A delegation of the American chamber of commerce, accompanied by U.S. Ambassador to Singapore David Adelman and new U.S. Ambassador to Myanmar Derek J. Mitchell, called on Myanmar Vice President Sai Mauk Kham in Nay Pyi Taw on Tuesday. Discussions were focused on the investment opportunities for the U.S. companies in Asia in service, energy, electricity, transport, communications, health and production sectors of Myanmar, the report 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 sanctions on July 11, allowing U.S. companies to do business and invest responsibly in Myanmar in the sectors including oil and gas as the first U.S. ambassador took office in Yangon on the day in 22 years.

Soon after Obama's announcement, a first ever historic U.S. business mission comprising over 70 senior executives from 38 leading U.S. companies visited Myanmar over the past week.

One of the U.S. companies, General Electric (GE), made the first deal on supplying advanced medical equipment to two leading private hospitals in Yangon on July 14.

Source: Xinhua


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