The United States is pleased to announce a partnership with the Government of Myanmar to strengthen transparency and good governance in Myanmar’s extractive industries sector. This initiative will help advance good human rights practices, positively contribute to resource sharing among local populations, and possibly help to mitigate conflict.
Myanmar is undergoing an historic political and economic transformation. The country has important gas and mineral reserves which, if properly managed, can play a critical role in promoting economic growth, expanding access to electricity, and increasing development in the country. This partnership builds on a joint statement on good governance and transparency in the energy sector signed on the margins of President Thein Sein’s visit to Washington, DC in May 2013.
The partnership will provide political support and technical assistance to help Myanmar implement international best practices in the oil, gas, and mining sectors in order to improve public oversight, financial accountability, safety, and environmental stewardship. This engagement will improve long-term management in the sector and update the legal, regulatory, fiscal, and operating environment with the goal of attracting responsible investors.
It will also help Myanmar meet the requirements to join the Extractive Industries Transparency Initiative (EITI). EITI is a voluntary, global initiative in which extractives sector payments made by companies and received by governments are publicly disclosed and reconciled. The initiative is designed to increase transparency, strengthen the accountability of natural resource revenue management, and build public trust in the governance of this important sector.
Good governance and transparency in the extractives sector is a key priority for the G-8 this year, and this partnership represents a key outcome of the United Kingdom’s leadership on this issue. Robert D. Hormats, the Under Secretary of State for Economics, Energy, and the Environment will travel to London, England on June 15, 2013 to announce the Partnership with Myanmar.
For more information please see link to partnership document: http://www.state.gov/e/enr/rls/210632.htm.