China, Myanmar Sign Deals Worth $7.8 Billion
David Curry | | Nov 15, 2014 11:57 AM EST |
(Photo : Reuters) In a move to cooperate better with its neighbors, China has announced $7.8 billion in deals with Myanmar.
China and Myanmar have signed various deals worth a total of $7.8 billion, cementing the two countries continued economic support.
The deals focus on energy, agriculture, telecommunications, infrastructure and finance. China's Premier Li Keqiang visited the country to secure the deals and make sure everything was above-board.
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Myanmar has been moving away from Chinese reliance since 2011, when the country broke free of military leadership. The revival of democracy has allowed more U.S. and worldwide support for the country, removing the need for China's support.
Before 2011, China funded Myanmar both economically and politically, while the West continued to place large sanctions on the country over to human rights violations. These deals with the military government are starting to become public, and they seem to favor China immensely.
One deal - shut down in 2011 by President Thein Sein - included a $3.6 billion investment in a Myitsone dam project. The deal would have given China 90 percent of the power, making it a rather lackluster decision by the military government, but a great investment for China.
The deal has not been fixed since 2011 and the dam remains unfinished. China offered most of the resources to build the dam, and it appears they aren't willing to offer a higher percentage to Myanmar to finish the project.
China has worked with other politically shunned countries, offering economic and political support. This has given China quite the edge financially, with huge deals in several large countries, even though it continues to be an issue in the United Nations.
TagsMyanmar, Energy, agriculture, telecommunications, infrastructure, finance
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