Thursday, September 15, 2016

US to end economic sanctions against Myanmar


President Barack Obama said the U.S. will lift the sanctions program in place against Myanmar after nearly 20 years, a decision that clears one of the last remaining obstacles to fully normalized relations.

Mr. Obama made the announcement Wednesday after meeting in the Oval Office with the country’s state counselor and de facto leader, Aung San Suu Kyi, a 71-year-old Nobel laureate. The decision by the White House ends nearly three decades of strained diplomatic relations with Myanmar, which was known as Burma until 1989.

“The United States is now prepared to lift sanctions that we’ve imposed on Burma for quite some time,” Mr. Obama said. “It is the right thing to do in order to ensure that the people of Burma see rewards from a new way of doing business and a new government.”

Great news for Myanmar and Yoma Strategic Holdings which does all of its business in Myanmar. This is a long term hold for me as Myanmar is starting from such a lower economic base and we could see 8% growth for years. 

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