50 business executives from the United States are scheduled to fly to Myanmar next week to find trade and investment opportunities. The country has eased sanctions against the resource-rich nation according to the US Chamber of Commerce.
Tami Overby, US Chamber of Commerce’s vice president for Asia, described the delegation trip as a vital milestone. He added that remarkable progress has been made in normalizing the economic relations between the two countries. The trip would take the relationship to the next level.
The US business delegation would be the first to go to Myanmar since President Barack Obama visited the country in November. Some members of the delegation include representatives of companies from the automotive, agribusiness, electronics, retailing, energy, telecommunications, and other sectors.
The United States recently softened sanctions against Myanmar and removed the ban on most imports from the Asian nation as a result of the democratic changes in the country. Washington also relaxed sanctions implemented on four large banks in Myanmar that give them access to the US financial system.
The Treasury Department gave a general license to the Myanma Investment and Commercial Bank, Myanma Economic Bank, Ayeyarwady Bank and Asia Green Development Bank. The general license relaxes restrictions and allows the banks deal with US companies and citizens. The sanctions on the books remain and give Washington leverage if Myanmar goes back on its government reforms. President Barack Obama is the first American president to visit the Southeast Asian country.
