US companies are keeping an eye on political and economic reforms taking place in Myanmar to exchange views on ways to promote economic relations with the US

There has been an enormous increase in the number of US companies keeping an eye on political and economic reforms taking place in Myanmar, said George Sibley, the deputy chief of mission of the US embassy in Myanmar.

Sibley spoke alongside the embassy’s economic unit chief Alyce Abdall at an event at the UMFCCI headquarters in Yangon on August 10. The two officials discussed the Myanmar government’s cooperation with the private sector to maximise economic development and exchanged views on ways to promote economic relations with the US.

Sibley said many US companies are keeping an eye on political and economic reforms in Myanmar. The main barrier to US investors is Myanmar’s financial system, he said.

US ambassador to Myanmar Scot Marciel echoed this sentiment in July, when he said many US companies wish to make investments in Myanmar – especially in the garment sector – but are refraining from doing so until the financial system becomes more transparent and efficient.

The ambassador also said payment and transfer systems muse be developed and regulated in order to prevent money laundering and financial assistance to terrorists.

US investments in Myanmar have reached US$250 million, according to Directorate of Investment and Company Administration director-general Aung Naing Oo. He also said this number will double over the next three years as a result of the removal of US sanctions on Myanmar.

“Coca Cola and Ball Corporation have already made investments in Myanmar. They entered Myanmar through Singapore. US businesspersons are interested in finance, insurance and IT. American investments depend on our policy,” said Aung Naing Oo.

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