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Myanmar welcomes U.S. partial lifting of sanctions

Xinhua, May 18, 2016 Adjust font size:

The United States' lifting of some sanctions on Myanmar may boost trade and foreign direct investments to the nation, spokeman of the president's office U Zaw Htay said on Wednesday.

"Before lifting those restrictions, our country's foreign investors and trade partners have suffered from inconvenient financial transactions. The investors and local traders have used Singaporean firms as a transition point," he said.

"In fact, the investors have confusion over entering the country and trade value could not reach as much as expected,

The United State said on Tuesday that restrictions on Myanmar's financial institutions were lifted and certain transactions related to U.S. individuals living in the country are allowed. Seven stated-owned enterprises and three state-owned banks were removed from the U.S. blacklist.

These actions were demonstrating strong support for the country's political and economic reforming progress, according to the announcement.

U Khin Maung Han, president of Myanmar Federation of Mining Association, said local mining firms expect to be able to penetrate the world market as the state-owned mining enterprises have been lifted from sanctions.

At present, local firms can enter just regional market where their products have not been valued in accordance with international standardization.

The U.S. toughened sanctions on six Myanmar companies which are linked to local giant Asia World Company, to galvanize further democratic reforms and maintain pressure on targeted individuals and entities and the military, according to the statement.

"In my opinion, it may be better for foreign investors if such local private banks are removed from blacklist. Private banks are widely used in trade and investing transactions," Aung Thura, CEO of Thura Swiss, a local research and consulting company for capital market, told Xinhua.

The U.S. began lifting some sanctions after a civilian government was formed in 2011. In December 2015, the U.S. temporarily lifted restrictions on trade transactions through airports and harbors for six months.

U.S. Secretary of State John Kerry will visit Myanmar on Sunday to meet with key leaders in Nay Pyi Taw. Endit