The United States will open a foreign trade service branch in Yangon in a bid to boost trade ties with the Southeast Asian nation.
It was decided when President U Thein Sein met with visiting US Commerce Secretary Penny Pritzker in Nay Pyi Taw last week.
The pair also had discussions on increased direct investment by US companies, cooperation in energy and mutual cooperation in agriculture sector.
Last week, a business luncheon was hosted by US-ASEAN Economic Council in the Myanmar capital, attended by Vice President U Nyan Tun and US Ambassador Derek Mitchell as well as government officials and business leaders.
A wide range of sectors such as transport, power generation, gas exploration, banking and insurance, foreign investment, dispute settlement, potential cooperation in economic development, anti-corruption, transparency, ease of doing business and formulation of competition law was discussed in the business luncheon.
Pritzker, who arrived Nay Pyi Taw on a two-day visit to Myanmar, also met with Speaker of the Parliament and the Lower House U Shwe Mann and opposition Chairperson Aung San Suu Kyi.
According to official statistics, US investment in Myanmar amounted to $243.5 million as of January 2014, making it 13th in Myanmar’s foreign investor line-up.
Myanmar-US bilateral trade in 2013 stood at $137.5 million with Myanmar’s exports to the United States amounting to $18.18 million and imports $119.32 million.