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 0Rating  Unrated (0)  EMAIL PRINT RSS SHARETEXT SIZE: A A A    By Arshad Mohammed11 July 2012 @ 05:48 pm BST VIENTIANE - The United States on Wednesday eased sanctions to allow its companies to 	invest	 in and provide financial services to Myanmar but will require them to make detailed disclosures about their dealings, the White House said.The unusual reporting requirement aims to promote greate
rule.In a development first reported by Reuters early on Wednesday, President Barack Obama directed the U.S. Treasury Department to issue two general licenses, one giving general permission for 	investment	 in Myanmar and the other allowing financial services."Easing sanctions is a strong signal of our support for reform, and will provide immediate incentives for reformers and significant benefits to th
the traditional name of the Southeast Asian country.But the president added that the unfinished state of reforms left the United States "deeply concerned about the lack of transparency in Burma's 	investment	 environment and the military's role in the economy.""U.S. companies will be asked to report on their activities in line with international corporate governance standards," Obama added.The rule
economy.""U.S. companies will be asked to report on their activities in line with international corporate governance standards," Obama added.The rules require U.S. individuals and entities making new 	investments	 of more than $500,000 to submit annual reports to the State Department on issues such as human rights, workers' rights and environmental stewardship, the department said.Annual payments exceedin
rights and environmental stewardship, the department said.Annual payments exceeding $10,000 made to Myanmar government entities including state-owned enterprises must also be reported, while those 	investing	 in the Myanma Oil and Gas Enterprise must notify the State Department within 60 days."The purpose of the public report is to promote greater transparency and encourage civil society to partner wit
must notify the State Department within 60 days."The purpose of the public report is to promote greater transparency and encourage civil society to partner with our companies toward responsible 	investment,"	 the departments of State and Treasury said in a fact sheet explaining the policies.White House spokesman Tommy Vietor told reporters the new investment "does not authorize investment with Burmes
partner with our companies toward responsible investment," the departments of State and Treasury said in a fact sheet explaining the policies.White House spokesman Tommy Vietor told reporters the new 	investment	 "does not authorize investment with Burmese Ministry of Defence, state or non-state armed groups, or entities owned by the foregoing."NO REWARDS FOR ABUSERSThe moves fulfil a May 17 announcement mad
responsible investment," the departments of State and Treasury said in a fact sheet explaining the policies.White House spokesman Tommy Vietor told reporters the new investment "does not authorize 	investment	 with Burmese Ministry of Defence, state or non-state armed groups, or entities owned by the foregoing."NO REWARDS FOR ABUSERSThe moves fulfil a May 17 announcement made by U.S. Secretary of Stat
or non-state armed groups, or entities owned by the foregoing."NO REWARDS FOR ABUSERSThe moves fulfil a May 17 announcement made by U.S. Secretary of State Hillary Clinton to ease U.S. sanctions on 	investment	 and financial services in recognition of Myanmar's startling political reforms over the last 15 months.The Obama administration left the sanctions laws on the books, giving Washington leverage shoul
underscored that "individuals who continue to engage in abusive, corrupt, or destabilizing behaviour going forward will not reap the rewards of reform," said Obama.Clarification of the rules for 	investment	 could prompt a rush of U.S. companies into the country.Coca-Cola Co, for instance, said last month it wanted to work in Myanmar as soon as the government allowed it. It is one of just three countrie
have also been suspended or lifted by other developed countries, including Canada, Australia, Japan and European Union states.The British government's trade promotion body, UK Trade & 	Investment,	 opened an office in Myanmar's commercial capital, Yangon, on Wednesday.ACTIVIST GROUPS REMAIN WORRIEDMyanmar's quasi-civilian government took office in March 2011 and has started overhauling it
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