Financial and investment sanctions against the military regime in Burma have been eased by the US Obama administration, in response to reforms over the past year.
The enactment of the easing of the restrictions, announced in May this year, allows the first new US investment in the Asian country for nearly 15 years, and broadly authorizes the exportation of financial services to Burma.
The administration said: “The United States supports the Burmese Government’s ongoing reform efforts, and believes that the participation of US businesses in the Burmese economy will set a model for responsible investment and business operations as well as encourage further change, promote economic development, and contribute to the welfare of the Burmese people.”
The US also said that it would continue to support and monitor Burma’s progress, amid continuing concerns about the country’s record on human rights protection, corruption and the role of the military in the economy.
The new policy, it added, was designed to support democratic reform and reconciliation efforts, while helping to develop an economic and business environment that would benefit all Burma’s people.