Asia Green Development Bank is owned by Tay Za, who was described by the U.S. Treasury in 2008 as an arms dealer and financial henchman of the former military regime. Ayeyarwady Bank is owned by Zaw Zaw, who was described as "one of Burma's up-and-coming cronies" in a June 2009 leaked diplomatic cable from the U.S. Embassy in Yangon. He has not been publicly linked to arms or drug dealing.
"American corporations are very late in every business sector," said businessman Aung Aung, whose oil and gas and hotel companies have alliances with Korean, Indian and Russian partners. "Asian countries, like India and especially China, have already dominated the market. It's difficult for American companies to compete."
The U.S. ranked 13th in foreign investment in Myanmar as of Jan. 31, according to Myanmar's Directorate of Investment and Company Administration. The U.S. accounted for just 0.6 percent of approvals by dollar volume — less than the Netherlands, France and Vietnam. China ranked number one with a 33.9 percent share of foreign investment approvals, followed by Thailand.
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