Yangon (AsiaNews / Agencies) - For the first time in 15 years, American companies will be able to invest in Myanmar. This was announced by U.S. President Barack Obama, thus confirming the opening of a new phase in relations between the two countries, which began last May. To obtain the necessary licenses to invest in and provide financial services to Burmese companies and industries, U.S. companies must submit annual reports to the State and Treasury departments. However, businesses and individuals already subject to sanctions, or involved with the former military junta are excluded from these partnerships.
Announcing the decision, Obama significantly spoke of the Asian country using its old name: "Loosening sanctions is a strong signal of our support for reform, and to provide immediate incentives and benefits to the people of Burma."
Among the companies who will benefit from U.S. investment, is Myanma Oil & Gas Enterprise (MOGE), the national oil company. During her trip to Europe, the opposition leader Aung San Suu Kyi, had urged foreign countries not to enter into economic relations with that company. The former political prisoner - now a member of the Burmese Parliament - in fact, denounced the lack of transparency in the MOGE affairs. For investments with this company, the U.S. has asked the companies to communicate its economic initiatives within 60 days (and not a year, ed).
The first sign of openness launched by the United States dates back to May, when President Obama eased sanctions on partial investment and trade with Myanmar, and appointed the first ambassador in 22 years. The decision was the result of democratic reforms initiated by the Southeast Asian country in late 2010 to today, including the release of Nobel Peace Laureate Aung San Suu Kyi, a peace agreement with some ethnic minorities, the release of hundreds of political prisoners.
