Posted on 06/25/2013 2:20:25 AM PDT by TexGrill
The Myanmar government plans to renegotiate billions of dollars of natural resource deals as it imposes tougher environmental standards and clamps down on corruption, a leading US think-tank said. UNITED NATIONS: The Myanmar government plans to renegotiate billions of dollars of natural resource deals as it imposes tougher environmental standards and clamps down on corruption, a leading US think-tank said.
The country's powerful military and Chinese firms could be most affected by the move as the government pursues a radical reform agenda, turning away from decades of junta rule, according to the Asia Society.
Myanmar has huge reserves of resources -- ranging from petroleum to tin, timber and precious gems -- which have become notorious for corruption and crony capitalism.
"Apparently, the government is preparing to renegotiate all previously agreed-upon projects to ensure that appropriate safeguards are in place and to subject future projects to stricter social and environmental controls," said a report by the society, which has worked closely with the old junta and new government.
Chinese firms dominate the foreign presence in Myanmar and could suffer.
"Contracts negotiated with the former government need to be reviewed as the new government enacts new policies and signs on to new international standards, so I don't think anyone is immune to that approach," Suzanne DiMaggio, an Asia Society vice-president and co-author of the report, told AFP on Monday.
DiMaggio said the value of the deals was probably in the billions of dollars, an estimate agreed by other experts dealing with Myanmar.
(Excerpt) Read more at channelnewsasia.com ...
Perhaps they will open up the corduroy market.
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