UK to play important role in nations's economic transformation

 

In order to enhance bilateral economic relations, Barbara Woodward, director-general for Economic and Consular issues at the UK’s Foreign and Commonwealth Office, visited Myanmar on February 17-18.

During her visit, Barbara welcomed the recent meeting of Myanmar’s Multi-stakeholder Group of the Extractive Industries Transparency Initiative.

“EITI can play a key role in increasing transparency within the extractives industry and the use of the funds it produces. The UK government is supporting to ensure that the new investment that this country receives is sustainable, equitable and ethically viable,” said Woodward.

She added that business, both domestic and foreign, plays a vital role in the economic reform process and democratisation of the country, committing to help the Thein Sein administration create an environment where ethical business can flourish.

During her two-day visit, Woodward met with government, opposition parties, civil society, business representatives and the media.

Woodward’s visit follows visits by Foreign Office Minister Hugo Swire and the UK’s Business Ambassador for Agriculture James Townshend.

“British business is certainly interested in the opportunities for investing in agriculture in this country. The British companies exhibiting at Livestock Myanmar are clear evidence of this,” said Townshend, who visited the country from January 20-25 for the first time.

During his visit, Townshend met the Myanmar Livestock Federation, rural farmers and members of the donor community to understand the reality of the agriculture sector in Myanmar. He will meet government ministers in Naypitdaw and the rector of the Yezin Agricultural University, and discuss the promotIon of agribusiness in rural areas.

The UK Ambassador also visited agriculture projects in the Delta, including a visit to Maw Tin Estate near Pathein, which is a joint venture between Yoma Strategic and the UK’s ED&F Man aimed at producing export quality coffee. He also attended the opening of the Livestock Myanmar 2014 show, where he met some British firms.

The Centre for Responsible Business, which is affiliated with the UK-based Institute for Human Rights and Business, organised a training session for economic journalists in conjunction with the British Council, as part of the UK government’s prosperity agenda in support of responsible business and investment in the country. 

The UK is the founding donor and biggest contributor to the centre, which is working with business, civil society and government to promote responsible business in Myanmar.

The UK’s Department for International Development (DFID) is supporting Myanmar’s attempts to apply for membership to the Extractive Industries Transparency Initiative. The UK continues to be one of the largest donors to Myanmar; committing 195 million pounds (approximately US$300 million) to support the people of the country over four years (2011-2015). 

Moreover, the UK was the first European country to open a trade promotion office. UK Trade & Investment, the department that helps UK-based companies succeed in the global economy, opened its Yangon office in July 2012, based at the British Embassy.

To date, the UK has been placed as the fifth largest investor in Myanmar with the total investment amount worth US$2.59 billion (Ks 2,563 billion) by 34 British firms.