Obama sets timetable to lift Myanmar sanctions

CCTV News

obama-sets-timetable-to-lift-myanmar-sanctions

The U.S. plans to lift economic sanctions against Myanmar, but trade with the country’s military will still be restricted. President Barack Obama made the announcement as he hosted Myanmar’s State Counselor Aung San Suu Kyi in Washington.

CCTV America’s White House Correspondent Jessica Stone reports.

Obama sets timetable to lift Myanmar sanctions

Obama sets timetable to lift Myanmar sanctions

The U.S. plans to lift economic sanctions against Myanmar, but trade with the country’s military will still be restricted. President Barack Obama made the announcement as he hosted Myanmar’s State Counselor Aung San Suu Kyi in Washington. CCTV America’s White House Correspondent Jessica Stone reports.

After nearly 20 years of sanctions against Myanmar, U.S. President Barack Obama said it’s time for a change.

Myanmar has now moved from military rule to democratic elections, with State Counsellor Aung San Suu Kyi as its leader.

“I expect your businessmen to come to our country to make profits,so that we can make profits for us as well,” Suu Kyi said.

A quarter of the population still lives in poverty, and the Asian Development Bank estimates over the next 14 years, Myanmar needs more than $60 billion in transportation infrastructure investment.

For years, American businesses have been shut out of Myanmar, but the U.S. began easing sanctions in 2011 and is preparing to lift the last obstacles to reward further government reforms.

“I think this will give the United States, our businesses, our nonprofit institutions, a greater incentive to invest,” Obama said.

But by far, China is Myanmar’s largest trading partner. Suu Kyi traveled to Beijing last month to discuss restarting China’s long-stalled dam project.


Erin Murphy on Myanmar economy

For more on Myanmar’s economy, CCTV America’s Rachelle Akuffo interviewed Erin Murphy, founder and principal of Inle Advisory Group, a firm focused on development opportunities in Myanmar.