NAYPYITAW,
Myanmar, May 23 (UPI) -- With energy companies examining the reserve potential
in a re-emerging Myanmar, the country's foreign minister said she's not afraid
of sanctions.
Foreign
Minister Aung San Suu Kyi hosted U.S. Secretary John Kerry during a weekend
visit that coincided with a reshaping of U.S. policies in Asia. Washington
during the weekend lifted an arms embargo on Vietnam as it seeks to contain a
Chinese move to gain more leverage in the Asia-Pacific.
Washington
recently lifted some of the economic pressure on Myanmar, known formerly as
Burma, as the country takes further steps away from decades of military rule.
Kerry told the foreign minister, however, there were still concerns about
maneuvering through Myanmar's political space.
"We're
not afraid of sanctions," Suu Kyi countered. "We're not afraid of
scrutiny."
Sanctions
pressures on Myanmar eased after 2010 elections, giving foreign investors more
opportunities in the once-isolated country. Htin Kyaw, a close confidant of
democracy leader Suu Kyi, was sworn in this year as the first civilian
president of the country since 1962. In his inaugural address, he said the
much-needed reforms would address many of Myanmar's long-term desires.
The Asian
Development Bank said developing countries in the Asia-Pacific, including
Myanmar, are expected to make a "strong contribution" to global
economic health in the coming years. Since 2009, the region has accounted for
close to 60 percent of the global growth in gross domestic product.
In terms
of energy, Australian energy company Woodside Petroleum was among those signing
up recently for the opportunity to tap into frontier basins off the western
Myanmar coast and last week said it was increasing its estimates for the
reserve potential offshore.
Kerry
stressed that easing sanctions on Myanmar would encourage inclusive economic
growth and attract more foreign capital to the country. At the same time, he
said, some pressures will remain until civilian rule is fully consolidated in
Myanmar's government.
"I
know that the legacy of more than half a century of military rule has not yet
been completely erased," he said.
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