Arab Today, arab today us opens up investment in myanmar
Last Updated : GMT 17:46:31
Arab Today, arab today
Arab Today, arab today

US opens up investment in Myanmar

Arab Today, arab today

Arab Today, arab today US opens up investment in Myanmar

Washington - AFP

The United States gave the green light to companies to invest in Myanmar including in oil and gas, in its broadest and most controversial easing yet of sanctions on the former pariah. Hours after the arrival in Myanmar of Derek Mitchell, the first US ambassador in two decades, President Barack Obama announced the latest gesture in recognition of reforms in a nation dominated by the military since 1962. "Today, the United States is easing restrictions to allow US companies to responsibly do business in Burma," Obama said in a statement, referring to Myanmar by its former name. "President Thein Sein, Aung San Suu Kyi and the people of Burma continue to make significant progress along the path to democracy, and the government has continued to make important economic and political reforms." US companies have been pressing the Obama administration to end restrictions on investment, fearing they will lose out to European and Asian competitors that already enjoy access to the potentially lucrative economy.  But Obama's move marks a rare divergence from Suu Kyi, Myanmar's Nobel Peace Prize-winning opposition leader, who has warned foreign firms not to form partnerships with the state-owned Myanma Oil and Gas Enterprise, or MOGE. Suu Kyi, who spent years under house arrest but won a seat in parliament since the reforms, said on a recent tour of Europe that MOGE needed first to sign up to international standards such as the IMF code on transparency. Under the new rules, US companies will have the right to enter into business with MOGE but must notify the State Department within 60 days. All US companies that invest more than $500,000 in Myanmar will be required to file reports to the State Department each year that show their consideration for human rights, workers' rights and the environment. In an interview with the Financial Times, Thein Sein said it was "extremely important that sanctions be lifted... to make possible the sort of trade and investments that this country desperately needs at this time." The administration's decision nevertheless came under fire from human rights activists, who until recently had largely supported the US engagement with Myanmar. Human Rights Watch said that the reporting requirements were not enough, and that the United States should have insisted on reforms in governance and human rights before opening up investment. "By allowing deals with Burma's state-owned oil company, the US looks like it caved to industry pressure and undercut Aung San Suu Kyi and others in Burma who are promoting government accountability," said Arvind Ganesan, the group's director for business and human rights. Aung Din, a former political prisoner who heads the US Campaign for Burma pressure group, said Obama was rewarding institutions behind the serious human rights violations in a country torn by decades of conflict. "I am sure Obama will be appreciated by the Burmese generals, cronies and US corporations, but not by the people of Burma," he said. But Jim Webb, a senator from Obama's Democratic Party who has championed engagement with Myanmar, said the move would "incentivize positive conduct" and called on the administration to go further by ending a ban on imports. Obama voiced concern about the role of the military and said that the United States would continue to ban investment in companies owned by the defense ministry or armed groups. "This order is a clear message to Burmese government and military officials: those individuals who continue to engage in abusive, corrupt, or destabilizing behavior going forward will not reap the rewards of reform," he said. Obama also issued sanctions on Myanmar's Directorate of Defense Industries over its agreement in 2008 with North Korea on missile development. The relationship between Myanmar and North Korea has long been murky. South Korean President Lee Myung-Bak said after a visit to Myanmar in May that he won a promise to refrain from military cooperation with the North. Myanmar's parliament is considering a new investment law and a series of other measures aimed at liberalizing the economy, which was left in tatters by decades of mismanagement, cronyism and isolation under the junta. Mitchell, a veteran US policymaker on Asia, arrived Wednesday as the first US ambassador to Myanmar since the then junta's violent crackdown on pro-democracy protests in 1988. Obama made the announcement as Secretary of State Hillary Clinton, who paid a historic visit to Myanmar in December, landed in Cambodia for talks with Southeast Asian nations. Two other senior US officials, Robert Hormats and Francisco Sanchez, plan to hold talks this weekend in Myanmar on stepping up trade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us opens up investment in myanmar Arab Today, arab today us opens up investment in myanmar

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us opens up investment in myanmar Arab Today, arab today us opens up investment in myanmar

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday