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Myanmar: US Embassy makes public first 5 responsible investment reports pursuant to Office of Foreign Assets Control’s requirements

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Article
30 July 2013

U.S. Companies Investing in Myanmar Must Show Steps to Respect Human Rights

Author: Steven Lee Myers, New York Times

When the Obama administration lifted economic sanctions on Myanmar last year, encouraging American investments after decades of treating the nation as a pariah, it did so with a significant caveat. For the first time, effective on Monday, American companies investing in Myanmar must detail in public reports the steps they have taken to respect human and labor rights, to protect the environment and to avoid corruption…Business and industry groups have complained that they are onerous and make American companies less competitive than their European counterparts…Human-rights advocates argue that they are not strong enough — and lack explicit penalties for companies that do not comply…[T]he State Department expects that most companies will comply to avoid public criticism from advocates for human rights and the environment who are closely watching Myanmar’s political and economic opening…[Refers to Coca-Cola, Ford, General Electric]

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Article
1 July 2013

Responsible investment reporting [Myanmar]

Author: US Embassy in Burma

The United States supports the ongoing reform efforts in Burma, and believes that the participation of U.S. businesses in that country’s economy can be a model for responsible investment and business operations, supporting further positive change, promoting inclusive economic development, and contributing to the welfare of its people…The following reports were submitted pursuant to the Responsible Investment Reporting Requirements required by OFAC [Office of Foreign Assets Control] General License 17 authorizing new investment in Burma. [Refers to Capital Guardian Emerging Markets DC Master Fund, Capital Guardian Emerging Markets Restricted Equity Fund for Tax-Exempt Trusts, Crowley Marine Services, Emerging Markets Growth Fund, Hercules Offshore]

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