Myanmar joins Extractive Industries Transparency Initiative (EITI)

Myanmar has joined the Extractive Industries Transparency Initiative (EITI), joining 44 other countries on the EITI Standard which requires disclosure and accountability on how natural resources- including forest resources- are governed. Under this Standard, all statistics related to the timber sector will have to be provided to an independent auditor.

Clare Short, Chair of the EITI, said, “Myanmar’s admission to the EITI comes at a critical time as the country is now opening up its vast natural resources for foreign investment. By implementing the EITI, the government has made a commitment to the people of Myanmar: that they will have the right see how these resources are managed. I encourage the government to make use of the EITI as a tool to inspire wider reforms and to enshrine transparency in government institutions.”

 

Image: A log yard in Yangon

Source: ITTO/ Edited by Panels & Furniture Asia