China, India Firms Dropped by Norway Fund Over Myanmar Weapons

Facts

• On Tuesday, Norges Bank Investment Management (NBIM) announced that Norway’s sovereign wealth fund had dropped two companies — located in China and India — for selling light combat aircraft as well as a weapons system to Myanmar's military government.
• NBIM reportedly excluded AviChina Industry & Technology and Bharat Electronics because the companies took on an "unacceptable risk" by selling weapons to a state that uses them "in ways that constitute serious and systematic violations of international humanitarian law."
• According to the latest available figures, the fund — which was valued at 13.2T kroner ($1.3T) as of Wednesday — owned 0.37% of the Chinese group and 0.32% of the Indian company at the end of 2021.
• The fund, which receives oil revenue from the Norwegian government, holds positions in more than 9K businesses, as well as holdings in bonds and real estate. Regulations on the fund forbid it from investing in businesses that engage in gross human rights abuses.
• The move comes only a week after the Special Advisory Council on Myanmar (SAC-M) released a report detailing foreign companies and businesses that allegedly sold supplies needed for weapons manufacturing.
• Since the 2021 coup in Myanmar — which saw the military depose the civilian government — the Assistance Association for Political Prisoners has documented more than 2.7K civilian deaths, including 277 children. The AAPP has also detailed detentions of more than 13K people since the military takeover.

Sources: Al Jazeera, Hindu, Live Mint, and Improve the News.

Narratives

• Narrative A, as provided by Special Advisory Council. This report makes clear something that was already well-known — foreign powers are assisting Myanmar's military as it slaughters innocent civilians and erodes the country's democratic institutions. Foreign companies must stop sending materials to Myanmar, and world governments must do more to prevent private enterprises from colluding with a regime guilty of mass murder.
• Narrative B, as provided by Burma News International. Though the intentions of those calling for greater sanctions against Myanmar are well meaning, imposing more restrictions would do nothing to benefit the people of Myanmar. The economy is already facing a dire situation and additional sanctions would shrink foreign investments, job opportunities, and trade, affecting the poorest in society most severely.