Myanmar improves extractive industry governance

YANGON - Myanmar is making strenuous efforts to be a member of Extractive Industries Transparency Initiatives (EITI), state media quoted Minister of Mines Dr. Myint Aung as saying Sunday.

The joining of EITI is to effectively use the profit in a transparent manner for the interest of the people in exploiting natural resources as well as to be in conformity with democratic nation building endeavors, Myint Aung told a seminar  on EITI in Nay Pyi Taw.

The seminar gathered leaders of EITI Office in Myanmar, as well as mineral, gems and jewelry and  gold entrepreneurs.

Myanmar is preparing to join the EITI, an international standard pursuing transparency in the mining industry.

It was raised when Myanmar President U Thein Sein met with visiting Chair of the EITI Board Clare Short earlier this week.

President U Thein Sein acknowledged the need for better governance of Myanmar's natural resource wealth.

"We want to use the EITI to ensure that these resources are developed and managed in a transparent manner for the sustainable benefit of our people," he said.

Their discussions also covered cooperation between Myanmar and the EITI, drawing work plan dealing with oil and natural gas, mining, forestry and fishery sectors, providing training courses and sharing experiences.