US-ABC's Myanmar Visit Enhances Economic Cooperation

US-ABC's Myanmar Visit Enhances Economic Cooperation
Xinhua 9 Jul 2013  A delegation of the U.S.-ASEAN Business Council (USABC), led by its President Alexander Feldman, is currently paying another visit to Myanmar, a year after it started doing business in the country in 2012.

Feldman vowed to invest in Myanmar's prioritized areas such as infrastructural projects of health and education.

He made the remarks when he met with President U Thein Sein, expressing hope that Myanmar will achieve more economic success in Myanmar.

He thanked the president for sector-wise offer for U.S. businessmen to engage in the country.

President U Thein Sein called for support of USABC for Myanmar' s economic development, saying that the council serves as an important organization for U.S.-ASEAN relations.

U Thein Sein said Myanmar is making efforts to bring down its poverty rate by 16 percent in 2015, adding that cooperation in technology and investment which the country needs could bring mutual interest as Myanmar possesses tremendous economic potential with rich natural resources and adequate manpower and its strategic location for South Asia and Southeast Asia offers a huge market for global investors.

Pointing out the requirement in information and communication technology and telecommunication sectors, U Thein Sein said the government is making offer to cooperate with local operators as the country has a target of ensuring 80 percent of its total population to have access to mobile services by 2015.

The USABC 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.

Myanmar-U.S. relations have entered a new higher stage especially after the exchange of visits between U.S. President Barack Obama and Myanmar President U Thein Sein in 2012 and 2013.

In late June, Myanmar and the U.S. reached a new bilateral agreement for economic cooperation, formalizing the November 2012 pledge of U.S. President Obama to provide 170 million U.S. dollars ' assistance to Myanmar over the next two years.

Bilateral trade between Myanmar and the United States reached 190.96 million U.S. dollars in 2012, of which Myanmar's export to the United States accounted for 16.47 million dollars while its import stood at 174.49 million dollars.