Published on Friday, 28 December 2012 11:04
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.
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