Photo Credit: File Photo from Nov. 14, 2014 meeting between Obama and Aung San Suu Kyi in Yangon (Nyein Chan Naing / European Press Photo Agency)
The US government has removed 3 government banks and 7 government agencies responsible for promoting investment and export in various sectors of this resource rich country off the sanction list.
This will greatly aid foreign investment into the country and help the new government of Daw Aung San Suu Kyi in its mission to reform the government and to generate employment for the Myanmar people.
See the list of entity that has their name removed from the US SDN List as of 17/5/2016:
- Myanma Investment and Commercial Bank
- Myanma Economic Bank
- Myanma Foreign Trade Bank
- Co-Operative Export-Import Enterprise
- Myanma Gem Enterprise
- Myanma Pearl Enterprise
- Myanma Timber Enterprise
- No. 1 Mining Enterprise
- No. 2 Mining Enterprise
- No. 3 Mining Enterprise
Banks that are owned by the military such as Myawaddy Bank and Innwa Bank remain on the US sanction list.
No tycoon or company owned by so called cronies were removed from the US sanction list. However Asia World saw many of its new companies added to the list of entity under sanction.
The above action is consistent with earlier statement by the Obama administration that it will ease sanctions against Myanmar so as to make it easier for American companies to do business there.
According to Andrew Tan, Managing Director at Consult-Myanmar : “We have been seeing an up surge in enquiry from US companies since last month (April) when there was a smooth transition of power from the military led USDP government to the democratically elected government led by Daw Aung San Suu Kyi. The peaceful transfer of power has led to a return of confidence back into the economy and we are starting to see investors that were on the sideline for the last one year starting to put down deposit or to move their funds into Myanmar.”
Source: Consult-Myanmar Co Ltd
NB: Take note that Myanmar has been taken off the US Sanction List by President Obama’s Executive Order signed on 7th October 2016. See US terminated remaining sanctions against Myanmar on 7 Oct 2016.
