Soe Zeya Tun/Reuters
Myanmar submitted its first Extractive Industries Transparency Initiative (EITI) report at the beginning of January which included reports on the oil and gas, jade, gems and mineral sectors. Hydropower sector will be included in the 2017 EITI Report, according to Myanmar EITI.
Myanmar currently stands as a ‘candidate country’ within International EITI and Myanmar’s inclusion as a full member rests on the shoulders of this report.
“We will know whether Myanmar can become a full member of EITI or not after the 2017 EITI report. And also, even full member countries may get removed anytime if they violate EITI principles,” U Min Zar Ni Lin, secretary of Myanmar EITI said.
The EITI is a global standard to establish open and accountable management of natural resources, while it seeks to strengthen government and company systems, inform the public and enhance transparency.
The 2015 EITI report is currently under review by the international EITI board and Myanmar EITI is working to empower the local non-governmental organisations from every state and region in order to monitor the usage of natural resources by the government, according to Myanmar EITI.
“We don’t have much time for this report but we have put forth the same effort like the first one. Hydropower sector information such as the Myitsone dam and dams on Thanlwin river will be included in this report,” said U Kyaw Thu, civil organisations representative from Myanmar EITI.
If Myanmar becomes a member of EITI, it will bring more investments from foreign countries and the taxation reports on the country’s natural resources will become public information, U Kyaw Thu said.
Myanmar EITI is comprised representatives from three sectors: government, business and NGOs. Deputy Finance Minister Dr Maung Maung Thein is the leader of the group.
From:Myanmar Business Today