YANGON, July 16 (Xinhua) -- The U.S.- ASEAN Business Council vowed to
work closely with the Myanmar government for long-term U. S.-Myanmar business
relationship, said a press release of the council in Yangon Monday.
The release came at the
conclusion of a first ever historic business mission to Myanmar of a delegation
of over 70 senior executives from 38 leading U.S. companies, organized by the
U.S.- ASEAN Business Council.
Alexander Feldman, President of
the Council, said the development in Myanmar has opened way for American
companies to do business in the country, however, adding that it is just the
beginning of the process.
The delegation group, was led by
the Chairs of the Council Myanmar Committee Kevin Thieneman of Caterpillar and
Mariano Vela of Chevron, was joined by the most senior U.S. Government economic
delegation, led by Under Secretary of State for Economic Growth, Energy and the
Environment Robert Hormats and Under Secretary of Commerce for International
Trade Francisco Sanchez.
As the first U.S. business
delegation to visit the country after the formal suspension of sanctions and
arriving only days after the arrival of the first U.S. Ambassador to Myanmar
Derek Mitchell since 1990, the delegates focused on exploring the business
environment and gathering information on the government economic programs, the
release said, adding that as a beginning, Council member General Electric (GE)
moved forward with a deal to provide medical equipment to two hospitals in
Yangon.
During its Myanmar mission, the
council members also met with representatives of NGOs and civil society to
explore ways to invest in Myanmar.
Before the mission the Abbott
Fund, the corporate foundation of Council member Abbot, announced a 1 million
U.S. dollars' partnership with the Secretary of State International Fund for
Women and Girls to empower women in Myanmar, the release said.
The delegation visited Myan Shwe
Pi (MSP) Tractors facility in Yangon to learn from their exemplary Corporate
Social Responsibility programs which include free of charge engineering
apprenticeship which help their local employees develop skills and continue
their education.
MSP is the authorized dealer for
Caterpillar in Myanmar.
The release disclosed that
companies joining the delegation included Chevron, Caterpillar, Abbott, ACE,
Baker & McKenzie, Baxter, Boeing, Chartis and the Coca-Cola Company.
The U.S.-ASEAN Business Council
represents over 100 major U.S. Corporations, ranging from those who have been
active in Southeast Asia for over 100 years to newcomers looking to expand
their presence in one of the world's most dynamic markets.
As the first deal of U.S.
company, GE Healthcare's national dealer Sea Lion company signed sale and
purchase agreements on supplying advanced medical equipment for two leading
private hospitals in Yangon -- Bahosi and Pun Hlaing on last Saturday.
Following U.S. Treasury's
relaxation of some sanctions on Myanmar to allow financial transactions to
support certain humanitarian and development projects, the Obama Administration
announced further easing of sanctions on Myanmar on July 11, allowing U.S. companies
to do business and invest in Myanmar in the sectors including oil and gas as
the first U.S. ambassador Derek Mitchell took office in Yangon on the day in 22
years.
According to Myanmar official
statistics, U.S. investment in Myanmar amounted to 243.49 million U.S. dollars
in 15 projects, accounting for merely 0.6 percent of the total as of March 2012
since Myanmar opened to such investment in late 1988 and standing the 9th in
position in Myanmar's foreign investment line-up.
The figures also show that
bilateral trade between Myanmar and the United States reached 293.64 million
U.S. dollars in the fiscal year 2011-12, of which Myanmar's export to the
United States amounted to 29.57 million U.S. dollars while its import from the
United States stood at 264.07 million U.S. dollars.
Feng Yingqiu
Business & Investment Opportunities
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