Quality investment high on the agenda during Myanmar-US Development Finance Corporation talks

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Union Minister U Thaung Tun and officials pose for a documentary photo with US delegation of Development Finance Corporation on 27 October. Photo : MNA

Union Minister for Investment and Foreign Economic Relations, U Thaung Tun yesterday received a US government delegation led by Mr Adam Boehler, Chief Executive Officer of the US International Development Finance Corporation (DFC) in Nay Pyi Taw.
The Union Minister welcomed the US delegation stating that: “…the greatest, most impactful, and most bankable opportunities tend to present themselves when open and competitive markets exist…where the rule of law is strong, where transparency is valued, and where individual liberty is respected.”
The Union Minister used the opportunity to provide an overview of recent social and economic progress and investment-related reforms designed to attract responsible, quality investment and touched upon some of the economic and social challenges faced, including those resulting from COVID-19.
The Union Minister also noted that Myanmar would very much welcome future investment made possible via the DFC and invited the DFC to play a significant role in the country’s post-COVID-19 economic recovery.
Mr Adam Boehler welcomed Myanmar’s recent progress and expressed appreciation for the increased use of transparent and competitive processes. With up to US$60 billion to invest in development projects in low and lower-middle-income countries, Mr Boehler noted that it was time to re-engage and greatly increase the DFC’s engagement in Myanmar.
The Union Minister provided the US delegation with an overview of potential investment opportunities including in the country’s energy, agriculture and infrastructure sectors while highlighting that the establishment of an infrastructure base that facilitates sustainable growth and economic diversification would remain a key priority. The US delegation noted the significant potential to increase investment in IT, telecommunications and other digital infrastructure.
The meeting was also attended by Ms Kimberly Reed, Chairman of the Export-Import Bank of the United States, the Managing Director of DFC for Indo-Pacific, the Under Secretary of the Treasury for International Affairs, the Senior Advisor and Chief Business Development Officer of the Office of Under Secretary of State, Acting Under Secretary for International Trade, officials of the Department of the Treasury, the Department of Commerce, the Department of State, the Department of Energy and the US Embassy in Yangon.
The Union Minister was joined by U Bharat Singh, Deputy Minister of Ministry of Investment and Foreign Economic Relations, Dr Tun Naing , Deputy Minister of Ministry of Electricity and Energy, U Chan Aye, Permanent Secretary of Ministry of Foreign Affairs and U Than Aung Kyaw, Director-General, Foreign Economic Relations Department.
The DFC is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries. First authorized on 5 October 2018, the independent agency was formed 20 December 2019 by merging the Overseas Private Investment Corporation (OPIC) with the Development Credit Authority of the United States Agency for International Development, as well as with several smaller offices and funds. —MNA

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