Australian Ambassador to Myanmar exuded praise on the economic policies created by the NLD government

Australian Ambassador Nicholas Coppel reaffirmed Australia’s continuing engagement with Myanmar at a talk organised by the Parami Institute of Liberal Arts and Sciences on Saturday, expressing the need for greater international support to foster freer and more stable conditions in the nation.

Mr Coppel also exuded high praise of the economic policies created by the NLD government.

“Myanmar is one of the least known and understood countries in Southeast Asia. The gap in understanding and knowledge can only be bridged by greater engagement,” he said. 

“Myanmar has its own problems in terms of internal conflict and it will take a long time to overcome these. Our approach is one very much supporting the processes, and the government and Myanmar people to find solutions to their own issues.”

The ambassador said the current status of Australia’s trade relationship with Myanmar as weak, but praised the current government for the steps it has taken towards fostering an economic environment which facilitates greater trade.

Mr Coppel also spoke highly of Australia’s increasing investment in Myanmar. “Much of the growth we saw under the previous government was not sustainable, and that manifested in very high rates of inflation and a depreciating currency,” the ambassador said.

“The NLD has brought the economy back under control, passing legislation necessary to create the solid legal underpinning that is necessary for business. The Myanmar Investment Law and Companies Law are fundamental underpinnings for any company wanting to business here.”

Australia has had diplomatic relations with Myanmar since 1952 and has been deepening its bilateral relationship with Myanmar in recent years. 

Currently, Australian imports from Myanmar are estimated to be a relatively low at $67 million. Meanwhile, Australia exports $167 million worth of goods to Myanmar, according to the Australian Trade and Investment Commission.

Myanmar has also been gaining greater attention from Australian companies eyeing the country’s vast natural resources and its strategic location next to China, India and the rest of ASEAN. 

Natural gas firm Woodside Petroleum, which started offshore exploration in Myanmar in November 2015, is among the largest Australian investors in Myanmar. The firm last year discovered an offshore gas column in Southern Rakhine.

However, the firm and its partners have deferred gas exploration plans in Myanmar until this year, citing the need to reassess the costs and risks involved in the project.

(The Myanmar Times: https://www.mmtimes.com/news/australian-ambassador-praises-nld-economic-policies.html )

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