Japan's FM seeks understanding for Myanmar debt waiver

Japan's foreign minister Koichiro Gemba has sought understanding for waiving about 3.7 billion dollars of Myanmar's debts and resuming aid, saying that supporting the country's democratic and economic reforms is in Japan's interest. Gemba told reporters on Tuesday that the write-off will help Japanese companies that want to invest in the geopolitically important country, according to Japan's (NHK WORLD) website. Gemba said building a win-win business relationship between Myanmar and Japan will be profitable for Japan. Japanese Prime Minister Yoshihiko Noda told Myanmar President Thein Sein last week that Japan would forgive about 60% of Myanmar's debt and resume development loans for the first time in 25 years. Myanmar owes Japan more than 6 billion dollars from past loans. Gemba said the steps are a way for Japan to support Myanmar's national reconciliation and democratic reforms. The Japanese foreign minister added that Japan also asked the president to continue talking with opposition leader Aung San Suu Kyi while moving forward with reforms.