GE lands first deal as US firms descend on
#Myanmar#MedDevice — ow.ly/cnF5D— Doug Mowen (@DougMowen) July 30, 2012
According to a Reuters story, GE will provide X-ray machines for cardiology and topography to two private hospitals in Myanmar through a local dealer. The deal was announced earlier this month and was one of the first to close after President Barack Obama eased sanctions to allow investment and financial services.
GE is also working on a deal to sell generators to the country’s government to update its outdated power grid.
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The U.S. Treasury relaxed some sanctions in May to allow financial transactions to support certain humanitarian and development projects. The administration announced further easing of the sanctions on July 11, and allowed U.S, companies to do business and invest responsibly in Myanmar in sectors including oil and gas.
Other American companies investing in Myanmar include Chevron (NYSE:CVX), Caterpillar (NYSE:CAT), ACE (NYSE:ACE), Baxter, (NYSE:BAX), Boeing (NYSE:BA), Coca-Cola (NYSE:KO), General Motors (NYSE:GM), Google (NYSE:GOOG) and IBM (NYSE:IBM).