US investment over haft million required transparency reports from Myanmar

The government of the United States disclosed that it will require all US investors that will engaged in energy sector in Myanmar with more than $500,000 worth of capital to report on policies and procedures in Myanmar by July 1, UPI news reported.

The Office of Management and Budget added that the reporting requirements will extend to human rights, corruption and any arrangements with security service personnel.

According to the U.S. State Department the requirements extends in particular with the investments made with the Myanma Oil and Gas Enterprise and any contact made with the military or non-state armed groups.

The ongoing reforms by the government of Myanmar is supported by the United States and they expressed confidence that the participation of US companies to the country's economy can boost business operations, encouraging further change and responsible investment, help promote inclusive economic development and contributing to the welfare of the people of Burma.

With regards the latest report on transparency in the extractive industries, Myanmar was at the lowest rank as rated by the Revenue Watch Institute, the report said.

Original source: http://www.betweenonline.com/2013/05/24/us-investment-over-haft-million-required-transparency-reports-from-myanmar/