3. US approves $21m assistance to Myanmar
YANGON - The United States will provide an additional US$21 million (Bt730 million) in assistance to Myanmar, to promote economic growth and capacity building for long-term development in the country.
The initiative will support the government's goal of tripling exports in five years; strengthen the ability of the government and the legal system to provide accountable and transparent oversight; and help modernise the agriculture sector which will be the driver of employment over the next 10 years, said Ben Rhodes, US deputy national security adviser.
Rhodes was on his fifth visit to Myanmar last week.
He said more reforms were needed in the structure, legal and regulatory framework to make it easier for companies to invest. He also mentioned the possibility of a full lifting of sanctions against Myanmar, which have been an obstacle for US companies. Reinstatement of the generalised system of preferences (GSP) was also in sight.
"We may make changes in our sanctions, and big businesses are coming here, especially in Yangon where there is a highly educated young population. They are also creating space, making it easier for [business] people to start business here. In that area, the US can help," he said.
Rhodes sees Myanmar as a potential market for American companies.
"Entrepreneurs always complain about our sanction policies. What they see is small-scale economic growth. A business employs 10 or 20 people. Over time, if you open up the space for that type of knowledge-based, innovation-based economic growth, then that can achieve much more."
Last week, State Counsellor Aung San Suu Kyi accepted US President Barack Obama's invitation to visit the US.