US companies engage Myanmar on reforms, capacity and infrastructure
American companies have shown their support to Myanmar's reform efforts and proposed engagement in capacity and infrastructure development.
This message was relayed by 15 leading companies during a meeting with Myanmar leaders in Nay Pyi Taw last week. The meeting was arranged by the US-Asean Business Council and included AIG, Archer Daniels Midland, Baker & McKenzie, Baxter, Chevron, Citi, Coca-Cola, Deloitte Touche, Ford, GE, Intel, Jhpiego, PwC, Time Warner and Visa. Some of the companies already have a significant presence in Myanmar, including Chevron, Coca-Cola, PwC and Deloitte Touche.
Discussions between the delegation and the government focused on how US companies could continue to support ongoing economic reforms, opportunities to partner to improve Myanmar’s infrastructure across the board, including physical, digital, financial, medical and legal infrastructure, and ongoing efforts to build Myanmar’s human capacity, including those supported by the Council through the US-Asean Business Alliance for Competitive SMEs, the council said in a statement.
The delegation was received by President Thein Sein and other senior officials in Nay Pyi Taw, where they also attended a joint session of Parliament as guests of Speaker Thura Shwe Mann. The delegation also met with the US Ambassador to Myanmar Derek Mitchell, the Economic Committee of the National League for Democracy and civil society representatives in Yangon.
“Myanmar is embracing many of the changes it needs to make to create a modern economy and a strong, business-friendly regulatory environment,” said Alexander Feldman, president and CEO of the US-Asean Business Council.
“During the three consecutive years that the Council has visited Myanmar, the infrastructure has continued to improve, digital infrastructure has vastly expanded, and the regulatory environment continues to be streamlined and improved. American corporations continue to be interested in the opportunities that the country offers. On average a US company opens a rep office or signs a distribution deal in Myanmar each week, which was not the case just a year ago.”
The mission concluded with a dinner honouring President’s Office Minister Soe Thane for his outstanding contribution to economic reforms and to the American business community's engagement with Myanmar.
“The role that U Soe Thane has played in Myanmar’s reemergence onto the global stage has been immense,” stated Feldman, “The importance of his wisdom, patience, and passion to the US business community in general, and the US-ASEAN Business Council in particular, is incalculable.”
At the end of May, the Myanmar Investment Committee had approved 16 investment projects from the US worth US$245.6 million, making the US the 14th top foreign investor in Myanmar. However, only $2 million has already been invested, according to the Directorate of Investment and Company Administration. Some of the companies have made investment through subsidiaries in the region, mainly from Singapore and Thailand.
