U.S. Secretary of Commerce Penny Pritzker celebrated the growing commercial relationship between the United States and Burma on Friday, as part of her week-long commercial diplomacy mission to the ASEAN region.
Since President Obama visited Burma in 2012, the country has undertaken reforms to improve its business climate. Two years ago, the United States began allowing investment in Burma for the first time in 15 years, and shortly thereafter, Burma’s President signed a law to help attract more foreign commercial engagement. As a result U.S. foreign direct investment in Burma has now reached $250 million.
The U.S. government is encouraging American companies to evaluate growing mutually-beneficial opportunities in Burma, because responsible investment by U.S. firms can help facilitate broad-based economic growth and prosperity for the country’s people. American companies and products are among the finest in the world, and when U.S. businesses make investments, they bring with them the highest standards, including a commitment to corporate and social responsibility.
As a way to build on the growing trade and investment relationship between the U.S. and Burma, Secretary Pritzker formally announced that the U.S. Department of Commerce will soon open its first-ever Foreign Commercial Service office in the country, to be headquartered in Rangoon. Foreign Commercial Service offices, which are located in U.S. embassies all over the world, help American companies enter overseas markets so they can expand their operations and find new customers.
During her visit, Secretary Pritzker also highlighted the contributions that U.S. firms are already making in Burma.