Obama Allows U.S. Companies To Do Business In Myanmar

[News_Editor]

Obama allows U.S. companies to do business in Myanmar < br />

2012-07-13 03:22:12 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- U.S. President Barack Obama on Wednesday announced his administration has eased certain financial and investment sanctions on Myanmar, allowing American companies to do business in the Asian country for the first time in nearly 15 years.

Obama praised Myanma President Thein Sein for his government's economic and political reforms on a path to democracy, but noted that the reforms remain unfinished. "Easing sanctions is a strong signal of our support for reform, and will provide immediate incentives for reformers and significant benefits to the people of Burma," Obama said, referring to Myanmar by its former name.

Myanmar held its first elections in 20 years in November 2010, paving the way for the end to 49 years of military rule. The country has undergone a rapid number of political changes in the past year, including the loosening of press laws, legalizing the right to demonstrate and organize as workers, the release of leading political prisoners, and ethnic cease-fire agreements.

The U.S. State Department said it believes the participation of U.S. businesses in the Myanma economy will set a model for responsible investment and business operations as well as encourage further change, promote economic development, and contribute to the welfare of the Myanma people.

"U.S. companies will be asked to report on their activities in line with international corporate governance standards," Obama said. Another executive order signed by the U.S. president expands the government's authority to impose blocking sanctions on persons believed to undermine the reform process, engage in human rights abuses, contribute to ethnic conflict, or participate in military trade with Myanmar.

But Obama cautioned the political and economic reforms in Myanmar remain unfinished. "The United States Government remains deeply concerned about the lack of transparency in Burma's investment environment and the military's role in the economy," he said. "As we indicated in May, the armed forces and Ministry of Defense-owned entities will not be covered by these General Licenses."

He added: "Responsible investment will help facilitate broad-based economic development, and help bring Burma out of isolation and in to the international community. My Administration will continue to support the Government of Burma in its efforts to work toward international standards for economic growth, responsible governance, and human rights."

Last month, Coca-Cola announced it is developing plans to begin business in Myanmar as soon as the U.S. government allows it to do so. The company said it expects to make 'significant investments' in the Asian country over the next 3 to 5 years. Myanmar is currently one of only three countries in the world where Coca-Cola does not do business. The other two are Cuba and North Korea.

-- © BNO News All rights reserved 2012-07-13

[gk10002000]

Buy GE and CAT or some Telecom companies.

[redroo]

Cheaper then mexico...

and will work 20hours a day 7 days a week

for food and accomadation.

well aren't they so lucky

[GentlemanJim]

And so the latest 21 century Gold Rush begins! Fortunes to be made for the brave.

[Microwave]

Obviously infrastructure needs to be built in Myanmar, but tourism could take off. With the lack of quality hotels in tourist sites such as Pagan and Inle Lake, hotels may be looking to invest in Myanmar.

[flying]

Good for Myanmar & why not Cuba also?

[Credo]

The removal of sanctions on Myanmar is based on democratic reforms. How's Cuba faring on the scale? But I don't think this topic is about Cuba.

[flying]

The removal of sanctions on Myanmar is based on democratic reforms. How's Cuba faring on the scale? But I don't think this topic is about Cuba.

Yes agreed & I don't think it is about Cuba either...Was just curious.

So democratic reforms is the criteria?

I wonder then about many other places that the US allows......

I mean if a list is made how many are allowed vs how many are not

Are all on the allowed list democratic?

[Thongkorn]

If i had big money this is the place to invest Now.Many opportunity's. you could make money with Markets opening up and give the poor people jobs and a descent living. I was there four years ago down in the South, off the beaten track, they need help and guidance after years of repression.

[Jules65]

I do not think I could praise a government full of hatred, murder and who are responsible for over 50 years of some of the worlds worst human rights records and appalling ethnic cleansing on the entire globe. They make Saddham look like an innocent child. He was executed but these guys get praise and salutes of good doing.....what hypocracy and ignorance of the truth and the facts. Sorry I cannot buy into it or wish to applaud such horrible evil human beings. The only people who should be applauded are the poor mass folk of Myanmar, the likes of the Karens and other ethnic minorities who have been ethnically cleansed and brutalised since the end of the WW 2. Please read your history books and learn the facts so none of us are misguided on the country, its politcs and its current state. Go to the borders and cross over. See for yourself.....shame on anyone shaking those governments hands. Would not do it with Saddham, so why do it to someone a lot worse. So bored with the hypocracy.

Yes its great people can invest but it is the government and friends who will reap most of the rewards. Having been there, I can say there is much for people to know about and learn before thinking it is all over and all can be forgiven. The scars run very deep and the people are so nice too.....but have been treated so badly, ignored by us and those that did it are still there living in their expensive homes shaking hands with world leaders....I wish Myanmar all good but I know there are millions in poverty and millions who have suffered at the hands of the evil dictatorship. Would we be forgiving if our sisters had been raped, children murdred, sons killed. All because we were not of the same ethnic background ? Peace and love to all. Good luck to the Myanmar people and I hope so much it is all good for the future.I hope you get what you deserve which is respect and decency shown to you at last.

Edited July 19, 2012 by Jules65

[DagonKhan]

How on earth are these companies going to comply with anti-corruption laws and the like? It is impossible to do business in Myanmar without paying bribe money. I'd hate to be involved in their compliance department!