US renews economic ties with Myanmar

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US Secretary of State Hillary Clinton opens the doors for US businesses in Myanmar

After more than 15 years of harsh sanctions against Myanmar, US companies now get the opportunity to refresh economic relations with the former pariah state.

As part of her Southeast Asia mission, US Secretary of State Hillary Clinton is going to introduce a large gathering of US companies to Myanmar’s president Thein Sein on Friday, July 13 in Siem Reap, Cambodia, where she will meet the president at the US-ASEAN Business Council held in the city.

US President Barack Obama on Wednesday, July 11, finally lifted US sanction against Myanmar, allowing US companies to invest in the formerly military-led state. This move is seen as an answer to Myanmar’s radical policital and economic reforms that christens the country as the new investors’ darling on the ASEAN map.

Until recently, and unlike the EU and other Asian countries, the US has upheld a number of sanction against Myanmar, including a ban on imports such as gems, textiles and other commodities, which are seen as providing revenue for the military. However, US business groups complained that the sanctions are putting them at a disadvantage.

All US companies that invest more than $500,000 in Myanmar will be required to file reports to the US State Department each year that show their consideration for human rights, workers’ rights and the environment. US firms are now also allowed to deal with state-owned Myanmar Oil and Gas Enterprise, the country’s sole operator of oil and gas exploration, production and distribution and an economic lifeline for the former ruling junta.

Meanwhile, two high-profile US politicians have embarked on a rare trip to Myanmar. Robert Hormats, the Under-Secretary of State for Economic Growth, and Francisco Sanchez, the Under-Secretary of Commerce for International Trade, will meet with Myanmar’s top financial leaders in Naypyidaw and Yangon on July 14 and 15.

Their mission is “to support Maanmar’s reform process by promoting economic and business engagement with government officials”, a statement said.

Also attending the US-ASEAN Business Council in Siem Reap will be Thailand’s Prime Minister Yingluck Shinawatra, where she is planning to speak to a delegation of US entrepreneurs on business opportunities in Thailand.

 

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Reading Time: 2 minutes

US Secretary of State Hillary Clinton opens the doors for US businesses in Myanmar

After more than 15 years of harsh sanctions against Myanmar, US companies now get the opportunity to refresh economic relations with the former pariah state.

Reading Time: 2 minutes

US Secretary of State Hillary Clinton opens the doors for US businesses in Myanmar

After more than 15 years of harsh sanctions against Myanmar, US companies now get the opportunity to refresh economic relations with the former pariah state.

As part of her Southeast Asia mission, US Secretary of State Hillary Clinton is going to introduce a large gathering of US companies to Myanmar’s president Thein Sein on Friday, July 13 in Siem Reap, Cambodia, where she will meet the president at the US-ASEAN Business Council held in the city.

US President Barack Obama on Wednesday, July 11, finally lifted US sanction against Myanmar, allowing US companies to invest in the formerly military-led state. This move is seen as an answer to Myanmar’s radical policital and economic reforms that christens the country as the new investors’ darling on the ASEAN map.

Until recently, and unlike the EU and other Asian countries, the US has upheld a number of sanction against Myanmar, including a ban on imports such as gems, textiles and other commodities, which are seen as providing revenue for the military. However, US business groups complained that the sanctions are putting them at a disadvantage.

All US companies that invest more than $500,000 in Myanmar will be required to file reports to the US State Department each year that show their consideration for human rights, workers’ rights and the environment. US firms are now also allowed to deal with state-owned Myanmar Oil and Gas Enterprise, the country’s sole operator of oil and gas exploration, production and distribution and an economic lifeline for the former ruling junta.

Meanwhile, two high-profile US politicians have embarked on a rare trip to Myanmar. Robert Hormats, the Under-Secretary of State for Economic Growth, and Francisco Sanchez, the Under-Secretary of Commerce for International Trade, will meet with Myanmar’s top financial leaders in Naypyidaw and Yangon on July 14 and 15.

Their mission is “to support Maanmar’s reform process by promoting economic and business engagement with government officials”, a statement said.

Also attending the US-ASEAN Business Council in Siem Reap will be Thailand’s Prime Minister Yingluck Shinawatra, where she is planning to speak to a delegation of US entrepreneurs on business opportunities in Thailand.

 

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