US businesses get Washington nod to invest in Myanmar

Even as Aung San Suu Kyi's party today welcomed a US decision to ease Myanmar sanctions today, the opposition leader called for greater "transparency" as foreign firms eye the energy sector of the country.

Washington yesterday gave the nod to firms to invest in Myanmar, including in oil and gas, in the greatest loosening of sanctions as a reward measure for introduction of reforms in the country, as it emerges from 50 years of military rule.

The US decision was followed by the announcement of top-level talks with Myanmar this week. However, Nobel laureate Suu Kyi had earlier voiced concerns about the state-owned Myanma Oil and Gas Enterprise, or MOGE.

Suu Kyi, who is an influential voice in Washington, however, said today that the US move was "nothing significant". She repeated calls for the international community to step up pressure on MOGE, which has had close links to the junta government that was replaced by a reformist regime last year.

She said what she had called for was that they ask MOGE to have transparency. She also demanded that the state-owned body sign up to International Monetary Fund codes of conduct.

According to her National League for Democracy, the US decision was not at odds with the party's view that lifting tough western sanctions should be considered if it would help regenerate the country's moribund economy.