General Electric in first US-Myanmar deal

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Hillary Clinton’s talks with Myanmar President Thein Sein opened doors for US companies in the formerly secluded country

Industry giant General Electric has become the first US firm to seal a deal with Myanmar after sanctions were lifted by US President Barack Obama on July 11.

It was also the effort of US Secretary of State Hillary Clinton, who met Myanmar’s President Thein Sein last Friday (June 13) in Cambodia at a US-ASEAN business conference and introduced him to a US company delegation.

The deal, worth $2 million, involves the delivery of medical equipment for hospitals in Yangon. General Electric said that the small deal was only the beginning of business relations with the country. The US conglomerate is eyeing to supply Myanmar with gas turbines for its power plants and equipment for the delapidated railway infrastructure.

Other companies, among them Ford Motor Corp, General Motors, Chevron, Caterpillar, IBM, Procter & Gamble, Dow Chemical, Mastercard, Visa, Boeing, ConocoPhillips, Time Warner, Goldman Sachs, KPMG and Google, are sending representatives on business trips to Myanmar to explore opportunities. The Coca Cola Company has already committed to resume business in Myanmar after 60 years of absence. Altogether, 37 US firms were in talks with the Myanmar government to enter the country, hoping to tap into everything from infrastructure and financial services to information technology, tourism, mining, and oil and gas.

At the same business conference, General Electric also signed two deals worth $86 million to deliver steam turbines and electrical equipment to Vietnam.

The US also reopened its embassy in Myanmar last week after 22 years.

Meanwhile, the International Monetary Fund announced that it plans to open an office in Bangkok which will be focusing on Myanmar and Laos.

 

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Reading Time: 1 minute

Hillary Clinton’s talks with Myanmar President Thein Sein opened doors for US companies in the formerly secluded country

Industry giant General Electric has become the first US firm to seal a deal with Myanmar after sanctions were lifted by US President Barack Obama on July 11.

Reading Time: 1 minute

Hillary Clinton’s talks with Myanmar President Thein Sein opened doors for US companies in the formerly secluded country

Industry giant General Electric has become the first US firm to seal a deal with Myanmar after sanctions were lifted by US President Barack Obama on July 11.

It was also the effort of US Secretary of State Hillary Clinton, who met Myanmar’s President Thein Sein last Friday (June 13) in Cambodia at a US-ASEAN business conference and introduced him to a US company delegation.

The deal, worth $2 million, involves the delivery of medical equipment for hospitals in Yangon. General Electric said that the small deal was only the beginning of business relations with the country. The US conglomerate is eyeing to supply Myanmar with gas turbines for its power plants and equipment for the delapidated railway infrastructure.

Other companies, among them Ford Motor Corp, General Motors, Chevron, Caterpillar, IBM, Procter & Gamble, Dow Chemical, Mastercard, Visa, Boeing, ConocoPhillips, Time Warner, Goldman Sachs, KPMG and Google, are sending representatives on business trips to Myanmar to explore opportunities. The Coca Cola Company has already committed to resume business in Myanmar after 60 years of absence. Altogether, 37 US firms were in talks with the Myanmar government to enter the country, hoping to tap into everything from infrastructure and financial services to information technology, tourism, mining, and oil and gas.

At the same business conference, General Electric also signed two deals worth $86 million to deliver steam turbines and electrical equipment to Vietnam.

The US also reopened its embassy in Myanmar last week after 22 years.

Meanwhile, the International Monetary Fund announced that it plans to open an office in Bangkok which will be focusing on Myanmar and Laos.

 

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