Myanmar–U.S. economic ties can grow, despite political differences
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Myanmar–U.S. economic ties can grow, despite political differences
Phyo/Thuta Kyaw(NP News)-Mar 29
Despite their political differences, economic ties between Myanmar and the United States could grow, according to several economic and political observers interviewed by The Statesman.
The U.S. Embassy in Myanmar announced that Charge d’affaires, Sonnek, visited the Yangon International Mobility Show to support Ford and underscore the United States' commitment to ensuring fair market competition for American companies in Myanmar.
Earlier, a new agreement was reportedly signed between a U.S. exporter and Myanmar buyers to increase US soybean exports to Southeast Asia.
A political analyst said that “The main point is that the current U.S. president is also a businessman. For the United States, political instability and economic matters are viewed separately. It is largely about the current situation. From their perspective, I believe things will proceed in this way. It can be said that there may be economic engagement under the new government.”
An economist says that politics is only one part of the equation and that some political hurdles can be bypassed if there are significant interests and benefits to be gained.
“Some political situations can be overcome. In the past, sanctions were imposed on Myanmar, but Total and Chevron managed to overcome them. So, when it comes to business, interests are what matter most. So, we can bypass politics. That’s what big countries do,” he said.
He said that the relationships are already in place for countries that create a favorable business environment for good prospects to exist.
“The main requirement is a conducive environment, including adequate infrastructure, functioning financial markets, and a strong rule of law. Furthermore, if laws exist to protect individual rights, politics becomes less of a concern because people will continue to engage in business regardless,” he said.
He said that among the goods expected by the U.S., rare earth is one of the Myanmar products that is attracting attention.
"The Myanmar side should take this as an opportunity. If that happens, it will become an economic opportunity," he suggested. –