Posted at 5:13 PM
As the first-ever U.S. Commerce Secretary to visit Burma, Secretary Penny Pritzker today encouraged Burmese leaders to continue making positive political and economic reforms to bolster U.S. private sector interest in the region.
Secretary Pritzker met Burmese President Thein Sein and discussed the ways our two countries can continue working together to improve the U.S.-Burma commercial relationship. Pritzker also met with Vice President Nyan Tun and various Burmese ministers and outlined ways in which the Commerce Department can help Burma increase trade with U.S. firms. She reassured the Burmese leadership that U.S. businesses want to be part of the solution as countries across the region look to support a growing middle class, develop world-class infrastructure, unleash sustainable energy, and invest in their futures.
U.S. companies have made significant investments in the ASEAN region, which reached nearly $190 billion in 2012. That is more than U.S. investment in all of the BRIC countries (Brazil, Russia, India, China) combined. ASEAN investment into the U.S. exceeds $27 billion and investment has grown over 1,400% and has increased 169% since 2001. The Asian Development Bank (ADB) estimates Burma’s GDP growth accelerated to 7.5 percent in 2013, and expects that growth to continue. As the economy in countries like Burma continues to open, there will be expansive opportunities for U.S. companies to export more goods and services, supporting the modernization and development that will improve the quality of life for citizens.
Secretary Pritzker was joined by a delegation of U.S. CEOs and the U.S.-ASEAN Business Council. Earlier this week, the delegation visited Vietnam and the Philippines where Secretary Pritzker met with government and business leaders and entrepreneurs to discuss the Commerce Department’s priorities for increasing trade and investment in the region.
Secretary Pritzker’s trip to the Asia-Pacific region demonstrates the importance of the region to the Obama Administration and the U.S. business community, and our shared commitment to increasing U.S. commercial activity with countries in the ASEAN region.