Myanmar is preparing to apply for membership of Extractive
Industries Transparency Initiative (EITI) by December next year in the
latest, according to economist Dr. Zaw Oo.
Membership of
EITI, which increases transparency over payments by companies from the
oil and mining industries to governments and to government-linked
entities, will help ensure transparency in the country’s extractive
industries, especially that of oil and gas, Zaw Oo said on December 23.
“Transparency will inherently bring accountability for all.”
On
December 14, President Thein Sein formed the Extractive Industries
Transparency Initiatives Leading Authority and tasked it with applying
for EITI membership.
The authorities are now starting the preparation
to complete the application process by due time, said Tin Maung Than, a
senior researcher with Myanmar Development Resource Institute.
The
Leading Authority, which is comprised of four ministers, has been asked
to improve management capacity of the industry and enhance natural
resources exploration, encourage more investments, and establish open
and transparent communications between public and private organisations.
source: Eleven Myanmar
http://www.elevenmyanmar.com/business/1905-myanmar-to-apply-for-eiti-membership
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