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Myanmar
US Eases Sanctions on Myanmar
Myanmar, for years has been completely isolated politically and economically due to complete military control at the hands of the Military Junta. Since they took power in the coup of 1962, they have acted as the machine of the state. However recently, the self-dissolution of the junta in spring 2011 lead to an establishment of a new government which now suggests that the country is currently engaged in the process of profound change. This includes a policy of economic openness, which began in 2010 by massive privatization and liberalization of the financial sector. |
 Yangon, business center |
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On the commercial front, the country has been under the yoke of trade sanctions imposed by the United States for the 15 years. Due to these sanctions, U.S. companies were prohibited from making investments in the country. However new doors have opened this week with the U.S. government announcing on Wednesday, July 12, that they would ease up on sanctions and implement more lenient policies which now means U.S. companies are now free to invest in Myanmar. However, they are not permitted to enter into business relations with the Burmese army and industries controlled by the Ministry of Defense. In addition, many goods are still forbidden to be imported on American soil. Finally, companies making investments in excess of $ 500,000 must submit detailed reports, to guarantee to the U.S. government they are not working with companies that do not meet the new rules for the fight against corruption and against violations of human rights.
Many companies have already announced their intention to launch operations in Myanmar. Among the sectors offering the greatest business opportunities are the energy sector (the country being rich in natural resources thanks to offshore oil and gas of the Andaman Sea), health, electricity (General Electric has recently shown an interest in investing in the country following the government's announcement regarding the purchase of two gas turbines of 25 megawatts) and financial services.
It is in this context that the Deputy U.S. Secretary of Economic Growth and the Deputy U.S. Secretary for International Trade visited Rangoon this past July 14th and 15th, to discuss with their Burmese counterparts the economic and trade reforms underway and the development of trade between the two countries.
US-Myanmar TRADE RELATIONS:
• Background Note: Myanmar
• The US-Burmese Relationship
DOING BUSINESS IN MYANMAR
• Network Myanmar, Business and Investment in Myanmar
• International Trade in Myanmar on Globaltrade
For more information on other countries worldwide:
• Country profiles from FITA
• Market Analyses, business tips and more on GlobalTrade.net
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US-India Business Council
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Mission is to strengthen U.S.-Indian relations and to enable Indian and American business decision-makers to conduct a continuing dialogue on bilateral economic relations. |
Association of American Chambers of Commerce in Latin America
www.aaccla.org
Umbrella group for 23 American Chambers of Commerce in 21 Latin American/Caribbean nations. Representing over 16,600 companies and individuals managing the bulk of U.S. investment in the region, AACCLA advocates trade and investment between the United States and the countries of the region through free trade, free markets, and free enterprise.
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