Myanmar will receive more investments from The United States in energy, telecommunication, tourism and natural gas production sectors according to U Maung Maung Lay, chair of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The development comes after a delegation led by Mr Adam Boehler, CEO of the US International Development Finance Corporation (IDFC), met with Myanmar’s Ministry of Investment and Foreign Economic Relations on October 27. The IDFC has a mandate to invest more than US$60 billion in private development projects in lower and middle-income countries.
The US is eager to strengthen ties with Myanmar and is ready to support micro, small & medium enterprises (MSMEs) in the country with communications technology and encourage development of local human resources, said the US.
In October, US video conferencing app Zoom and local firm Global Technology Company (GlobalNet) announced that they will cooperate to provide communication services for business and education in Myanmar and to bring the latter’s suite of video conferencing products into Myanmar.
US software company VMware also announced its 5G Telco Cloud Platform in Myanmar, which will provide communications service providers in the country with high-performance cloud infrastructure to support 5G technology applications across the region.
The US has mainly invested in energy and gas production sectors and it has so far channeled US$575 million into the country according to the Directorate of Investment and Company Administration (DICA).