Mitsubishi Corporation(MC) believes that respect for human rights is fundamental to doing business globally. MC stipulates its respect for human rights in its Code of Conduct for Executives and Employees, Corporate Standards of Conduct and Social Charter. MC also supports international norms such as the International Bill of Human Rights (Universal Declaration of Human Rights and International Covenants on Human Rights), the UN Guiding Principles on Business and Human Rights, the core labor standards of the International Labour Organization (ILO), and the Voluntary Principles on Security and Human Rights. For more information, please see the Human Rights section of MC’s Sustainability Website.

We support the statement of theJapan Chamber of Commerce and Industry in Myanmar (JCCM), and we continue to be concerned over the current situation in Myanmar. We hope that the people of Myanmar will be able to return to a safe and peaceful life as quickly as possible.

We would like to provide our response to the concerns raised about our company’s business activities in Myanmar as follows. 

• Yetagun Gas Field Project

① MC’s stance on the project

MC intends to withdraw from the Yetagun gas field project, in which it indirectly owns 1.93% of shares as a 10% shareholder of Nippon Oil Exploration (Myanmar) Limited (NOEM), and has already started discussions with other NOEM shareholders.

② Possibility of funds flowing to the military

Although Myanmar Oil and Gas Enterprise (MOGE), a state-owned company of Myanmar, holds a 20.5% share of the project, MC has confirmed that MOGE is not directly invested by Myanmar military 

• Thilawa Special Economic Zone (SEZ) Development Project

① MC’s stance on the project

This project has been undertaken as one that contributes towards industrial promotion, economic development, and job creation in Myanmar. We will make a comprehensive decision on our policy going forward based on future developments.

② Possibility of funds flowing to the military

Thilawa SEZ is being developed and operated by Myanmar Japan Thilawa Development Ltd. (MJTD). The Myanmar government has a 10% share of MJTD, and Myanmar Thilawa SEZ Holdings Public Ltd. (MTSH), whose shareholders are private companies and individuals in Myanmar (no direct investment by the Myanmar military), has a 41% share of MJTD. Dividends from MJTD have been suspended since the military coup in Myanmar in 2021. 

• Landmark Project (Yoma Central Project)

① MC’s stance on the project

Since the military coup in Myanmar, the construction of this project has been suspended. We will make a comprehensive decision on our policy going forward based on future developments.

② Possibility of funds flowing to the military

The land for this project is leased by Myanma Railways, a state-owned enterprise under the Ministry of Transport and Communications. However, payment of lease fees has been suspended after the military coup in Myanmar in 2021