A team led by the chairman of the Myanmar Investment Commission (MIC) is coordinating matters on the extension of the country's gem sector, and some US companies have expressed their interest in engaging in the gem industry, according to MIC secretary Aung Naing Oo.
"There are some American companies willing to engage in our gem industry. It depends on the government's policy. To want extent can the government boost the gem sector? There are discussions and coordination under the leadership of MIC chairman and the minister for planning and finance [Kyaw Win]. After that, [foreign investors] can come," said Aung Naing Oo.
"US investment cannot flow in large quantities just because sanctions were lifted. Vietnam was in a similar situation. In 1994, the US lifted sanctions against Vietnam but only by 2004 was significant investment going there. It took about 10 years. Investment in Vietnam was just over US$200 million after 1994 but had reached nearly US$2 billion in 2004. We must not take 10 years," he commented.
Currently, Myanmar is hosting the 54th Jade and Gems Emporium which sells 6,561 lots of jade, including one jade sale worth €12 million (Ks19 billion) and 326 lots of jewellery.