USCC inks deal with Myanmar counterpart to boost trade, investment

Vice-Chairman of the Myanmar Chambers of Commerce and Industry Maung Maung Lay (L, front) shakes hands with Tami Overby, vice president of Asia U.S. Chamber of Commerce (R, front) after signing a memorandum of understanding (MoU) in Yangon, Myanmar, Feb. 25, 2013. (Xinhua).

The United States Chamber of Commerce (USCC) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Monday signed a memorandum of understanding (MoU) in a bid to promote bilateral trade and investment between the two countries.

The MoU was signed between the two organizations at the U.S.- Myanmar trade and investment symposium here for increased understanding between business communities of the two countries.

The symposium brought together senior business executives and government officials from both countries, including a major business delegation of the USCC led by Jose Fernandez, United States Assistant Secretary of State for Economic and Business Affairs, and consisting of 50 representatives of U.S. companies from a wide range of industries from agribusiness and automotive to electronics, energy, retailing and telecommunications.

"We have made tremendous progress in normalizing economic relations between our countries. It is now time to take the relationship to the next level," said Tami Overby, vice president of Asia U.S. Chamber of Commerce.

The conference helped the participants to identify Myanmar's economic development priorities and objectives, and explore opportunities for expanding U.S.-Myanmar trade and investment across a range of key industry sectors.

It is the first major U.S. business delegation since President Barack Obama's historic visit to the country in November 2012.

On Friday, the Obama administration eased sanctions on four major Myanmar banks -- Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank, and Ayeyarwady Bank - - allowing transactions with them and their access to American financial system.

According to Myanmar official statistics, U.S. investment in Myanmar amounted to 243.56 million U.S. dollars in 15 projects, accounting for merely 0.6 percent of the total as of July 2012 since Myanmar opened to such investment in late 1988 and ranking the ninth in Myanmar's foreign investment line-up.

Bilateral trade between Myanmar and the United States reached 293.64 million U.S. dollars in the fiscal year 2011-12, of which Myanmar's export to the United States accounted for 29.57 million dollars while its import stood at 264.07 million dollars.