Myanmar news flash

The Myanmar Times, September 24-30,2012. “US eases sanctions. White House dropped targeted sanctions on (Myanmar) President U Thein Sein and Speaker of the Lower House Thura U Shwe Mann.However, prominent businesspeople in Yangon voiced hope that the US State Department would lift more economic sanctions on Myanmar soon, especially the ban on imports.”

The Myanmar Times. September 24-30,2012. ” EU mulls trade boost. Meanwhile, the European Commission on September 17, proposed to reinstate trade preferences with Myanmar to help support the country’s political reform. The proposal would give Myanmar duty-free and quota- free access to the European market for all products except arms and ammunition….The September 17 proposal will be submitted to EU member states and European Parliament for Agreement”.

STEPPinternational. Under the above mentioned EU proposal, the country would brought back under the so-called ” everything but arms” preferential trade regime,from which the country had been suspended in 1997.

The Myanmar Times, September 24-30, 2012. “Partners invited for Mandalay airport. The Ministry of Transport is inviting private investors    to help it to turn Mandalay international airport into a major regional logistic hub.”

“IWT seeks some private investment. Private companies can invest in four areas in cooperation with state-run Inland Water Transportation.” Investments concern “new IWT vessels, repairing old vessels, building warehouses and ports on IWT land.”

STEPPinternational. It has been up to  President U Thein Sein  to enact the new foreign investment law passed by Parliament on September 7  as it was or to return it with comments to Parliament for further discussion.  The President, in view of the still heated debate, has sent it back for reconsideration. It is hoped that this process will result in a more  reasonable framework for foreign investment rather than giving in to voices favouring old protectionistic approaches, such as the one reported in the local press, which (though hard to believe) says:  “Myanmar must retain policies that treat foreign investors unfairly, that tilt the playing field in favour of domestic firms.”