NEW YORK, Sept 26 (Bernama) -- Despite being a member state of the
Association of Southeast Asian Nations (Asean), which as a collective
group usually has a positive ring about it in the international arena,
Myanmar was shunned in the past by much of the world, particularly the
Western nations, which had imposed tough sanctions against the country's
former repressive military dictatorship.
However, things have changed dramatically for Myanmar ever since it shed its repressive character and released political prisoners, including the country's democracy movement leader Aung San Suu Kyi, and promised to push the much-needed reforms to resuscitate the ailing economy.
Myanmar's foreign minister Wunna Maung Lwin, who is currently visiting New York to attend the United Nations General Assembly, on Wednesday night highlighted the "incredible opportunities" available to American investors in his country.
Opening a discussion forum on Myanmar's economic future at the Asia Society, the foreign minister called on American companies to "join the gold rush" in his country.
"The door for business opportunity had been closed for four decades...that door is now wide open. It's a gold rush," he exclaimed.
Unlike other countries that have invested heavily in Myanmar so far - these include some of the Asean member countries such as Thailand and, to a less extent, Malaysia, but also neighbouring countries such as India and China which pursue strategic interests in that country and the region surrounding it - the US corporate sector has so far taken a "wait-and-watch" attitude.
The US ranks 13th out of the 32 nations that have invested in Myanmar.
However, US corporate executives and officials told Bernama on Wednesday night that corporate enthusiasm is strong.
"Burma's (many American tend to use the old moniker for Myanmar) rich natural resources are a big attraction for US companies.
Besides, its location and its accessibility to the 560 million strong Asean market through its membership in the group make it a good investment site for US companies, particularly those interested in natural resources," one US corporate executive, speaking on condition of anonymity, told Bernama at the event.
The executive said that he was interested in mining and was negotiating with a Burmese company, and could not divulge his plans.
But despite the dramatic changes taking place in Myanmar, many American investors are still reticent about taking a "full plunge" into that country.
The problem was also highlighted by none other than USAID administrator Rajiv Shah who revealed that while dozens of US companies had expressed an interest to join him on his recent trip to Myanmar, there was need to "knock down barriers" in the way of investment, particularly corruption and bureaucracy.
Shah posed the rhetoric question: "Can its (Myanmar's) ministries change fast enough?"
The event, aptly called "Responsible Investments in Myanmar's Future", hosted by the Asia Society and sponsored by the McKinsey Global Institute, brought leaders of the governments of Myanmar and the United States together with global leaders from the from the public, private and not-for-profit sectors.
source: Bernama
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