Myanmar promises transparency on resources to attract investors
Myanmar will join the Extractive Industries Transparency Initiative
Nay Pyi Taw/Yangon: Myanmar plans to issue landmark regulations for environment protection shortly and join the Extractive Industries Transparency Initiative (EITI), a global standard to measure governance and transparency in resource-rich countries.
The twin moves, apart from protecting the environment, will help Myanmar attract foreign companies and boost its image as using energy sources in a sustainable manner, top policy makers in the country said.
Myanmar’s decision to join EITI comes in the backdrop of allegations about multi-billion contracts being awarded in an opaque manner.
“There is a level playingground for international firms. There is no problem with Indian or companies from other countries investing in our resource space. Ours is a transparent process wherein international tenders are called and due process followed," U Soe Thane, union minister in the office of Myanmar’s president Thien Sien, said in an interview.
“It is true that we have to rely on resources as a basis for growth. However, we are protecting the environment. We are now trying to be a member of EITI for being transparent," added U Win Tun, Myanmar’s minister for environmental conservation and forestry.
“Myanmar’s move to be a part of EITI is a welcome step. Transparency is particularly important for this sector," said Stephen P. Groff, vice-president, operations, Asian Development Bank.
According to a McKinsey report, Myanmar needs $650 billion of investment by 2030 to support growth. Of this, $320 billion is required in infrastructure.
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