AMCHAM launches Myanmar chapter
The American Chamber of Commerce launched its Myanmar chapter in Yangon last week, the US Embassy said in a statement.
The US government welcomed the move and thanked American businesses for their enthusiastic support of the new chapter and for bringing US business to the Southeast Asian country, said Derek Mitchell, the US ambassador to Myanmar.
“I look forward to a strong partnership with it. The easing of economic sanctions means the US government can encourage US businesses to once again invest and trade here. We believe strongly that done the American way – responsibly, respectfully and with eyes wide open – US trade and investment here will bring substantial benefits to both countries and advance bilateral ties for the future,” he said.
“We not only expect to see our companies model environmental, social and labour best practices, we wish to see them engaged in the local community, building local capacity, creating jobs and contributing to the country’s economic development.”
One of the chapter’s first goals will be advocacy in support of a Chamber of Commerce law, which would allow the chapter to become an independent American Chamber of Commerce in Myanmar.
US conglomerates such as Chevron, GE, Coca-Cola, Pepsi and Cisco have invested in the newly-opened country. But overall US investment remains low compared to other Western countries, according to the Myanmar Investment Commission.
The chapter will help Myanmar to foster long-term investment and economic growth and will deepen bilateral ties, sources say.
In response to political reforms initiated by the Thein Sein administration, the United States has broadly eased sanctions on Myanmar since July of last year. It has waived restrictions on the provision of financial services, authorised new investment by US citizens subject to reporting requirements and permitted the import of all products from Myanmar, except jadeite and rubies.
Door opening
This easing has opened the door to possibilities for engagement by US businesses to support the development and growth of Myanmar’s economy and improve the livelihoods of its citizens. As US businesses participate in Myanmar’s economy, they provide a model for responsible investment and world-class business practices.
American companies investing in Myanmar's oil and gas sector and those investing US$500,000 or more in this emerging market are required to file reports with the US government, outlining steps taken towards responsible investment.
The reports include details such as what human rights and worker rights policies have been implemented in the course of the investment and what due diligence has been undertaken on local counterparts.
The Obama administration has been supporting US businesses in Myanmar since mid-2012. A joint State-Treasury delegation came to Myanmar in late September of this year to learn from US companies and other stakeholders about their experiences doing business in the country.
The delegation met with US businesses, government officials, civil society and members of the private sector to discuss the impact of the easing of US sanctions over the past year.
