US lifts sanctions on investment in Myanmar

US President Barack Obama praised Myanmar for making "significant progress along the path to democracy”.

Last Updated: Jul 12, 2012, 12:35 PM IST

Washington: The Obama administration has lifted sanctions that were imposed on Myanmar, giving American companies permission to invest there.

“Today, the United States is easing restrictions to allow US companies to responsibly do business in Burma,” President Barack Obama said in a statement.

He also praised the country for making "significant progress along the path to democracy”.

“Easing sanctions is a strong signal of our support for reform, and will provide immediate incentives for reformers and significant benefits to the people of Burma,” Obama added.

According to The Telegraph, Obama, however, remained concerned about the lack of investment transparency and the military`s role in the Myanmar economy.

He made clear that US firms would be required to make detailed disclosures on their dealings there.

The moves fulfils a May 17 pledge made by US Secretary of State Hillary Clinton to relax American restrictions on investment and financial services in recognition of Myanmar`s reforms over the last 15 months as it emerges from nearly half-a-century of authoritarian military rule.