US to ease investment restrictions on Myanmar

Washington will also move quickly to name an ambassador after the landmark elections.

Written by Agencies | Washington | Published: April 5, 2012 9:49:10 am

Secretary of State Hillary Clinton said that the United States would ease restrictions on investment to Myanmar and move quickly to name an ambassador after landmark elections.

Hoping to boost reformers in the country,Clinton said that the United States would also make it easier for Myanmar officials to visit but would not yet ease the bulk of sanctions on the long-isolated state.

Clinton hailed the “leadership and courage” of President Thein Sein after the country formerly known as Burma held by-elections that will see opposition icon Aung San Suu Kyi entering parliament for the first time.

“The United States will stand with the reformers and the democrats both inside the government and in the larger civil society as they work together for that more hopeful future that is the right of every single person,” Clinton told reporters.

Clinton announced “the beginning of the process” of a “targeted easing of our ban on the export of US financial services and investment.”

She said that the step on investment was “part of a broader effort to help accelerate economic modernisation and political reform.”

But she warned: “Sanctions and prohibitions will stay in place on individuals and institutions that remain on the wrong side of these historic reform efforts.”

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