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India On Media |
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| Politics
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| Obama eases investment curbs |
| Obama eases investment curbs on Myanmar, names ambassador
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| UNITED STATES OF AMERICA
, 18-May-2012
4:10:55 AM |
| President Barack Obama on Thursday eased investment sanctions on Myanmar and named the first US ambassador to the country in 22 years, seeking to reward an easing of "iron fist" rule.
But Obama, seeking maximum leverage on Myanmar's nominally civilian government and to preserve his options in case of "backsliding," maintained wider US sanctions on Myanmar and figures linked to the former junta.
"As an iron fist has unclenched in Burma, we have extended our hand, and are entering a new phase in our engagement on behalf of a more democratic and prosperous future for the Burmese people," Obama said in a statement.
The US government will now license certain types of investment in financial services and allow US businesses to work in Myanmar, though will ensure that those who abuse human rights and seek to slow progress do not benefit.
"It is a recognition of progress, it is a recognition that opening up greater economic engagement between our two countries is important to support reformers," a US official said, speaking on condition of anonymity.
Obama also said however that current sanctions law would stay on the books to encourage further reform and to allow a speedy reimposition of tough measures if needed.
Secretary of State Hillary Clinton, who made a historic trip to Myanmar in December, also pressed the authorities to release more political prisoners, after meeting Myanmar Foreign Minister Wunna Maung Lwin.
The US decision could usher in the first major trade and investment between the United States and Myanmar for years, and help pry open a backward economy left behind by speeding Southeast Asian development.
The US government will maintain restrictions on investment with the military, which has deep commercial interests in the country's economy.
"What we are doing is easing on society at large and carefully looking to target what we call the spoilers, the bad actors within the system," said
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