During 2011 and early 2012, Myanmar’s army-backed civilian government has embarked on a number of important political and economic reforms that promise to open up resource-rich Myanmar to foreign investment.
Western governments have responded to these reforms by gradually reversing the country’s diplomatic isolation and sanctions.
Yesterday, 17 May 2012, marked another important step in this rehabilitation process as the US followed the European lead, lifting some economic sanctions, having previously eased some diplomatic sanctions and allowed limited technical assistance from international financial institutions in February 2012.
The EU had already temporarily suspended all economic and diplomatic sanctions on 23 April. These moves have further paved the way for international businesses to return to the country. (more…)