The United States is renewing some economic and military sanctions against Myanmar, for a further year, but with significant changes. These were scheduled for review before May 20 and provide a solid base for when the sanctions are lifted entirely.
President Obama told congress that there have been significant changes in Myanmar, adding “concerns persist regarding continued obstacles to full civilian control of the government, the ongoing conflict and human rights abuses in the country, particularly in ethnic minority areas, and military trade with North Korea.”
There is significant easing of US sanction controls. State owned companies are no longer sanctioned against. From May 18th the majority of financial transactions with all of Myanmar financial institutions are not restricted.
We have written before in our blogs about the thriving ports in Myanmar – restrictions, that had been lifted for a trial six months, now remain lifted for transit of cargo through these ports and airports, and now with no end date. So indicating this is a permanent easing of the restrictions. This also applies to ports belonging to a group or corporation still on the US sanctions blacklist. There are also changes allowing US Citizens in Myanmar freeing them to complete transactions.
The USA has a trade office in Myanmar. The US Embassy has stated “The United States supports the Burmese Government’s ongoing reform efforts, and believes that the participation of U.S. businesses in Burma’s economy can be a model for responsible investment and business operations, encouraging further change, promoting inclusive economic development, and contributing to the welfare of the Burmese people. Increasing U.S. trade and investment in Burma – a key priority for the U.S. Embassy in Rangoon – brings substantial benefits to both countries.”
We in FocusCore have for many years seen the huge potential for the economic progress in this country. We opened our offices here in early 2014. Each month we see more positive signals and these changes are further endorsement of our confidence. Call us now to discuss how we can help your company commence and prosper in Myanmar. We are here to help you.