The European Union on Monday suspended its sanctions against Myanmar for a year following a wave of widely praised political reforms in the country, but will retain an embargo on arms sales, officials said.
European Union nations are set to reward Myanmar for its "remarkable" reforms by suspending most sanctions Monday, a move opening the way to a potential trade and investment bonanza for Europe.EU foreign ministers meeting in Luxembourg are set to approve a one-year suspension of sanctions against almost 500 individuals and more than 800 firms, but keep an arms embargo in place.
YANGON (Reuters) - European firms seeking to invest in Myanmar are unlikely to rush into business deals until more concrete reforms are put in place, despite a suspension of economic sanctions by the EU, its foreign policy chief Catherine Ashton said on Saturday. The European Union and other powers have moved in recent weeks to ease sanctions on Myanmar, as the once pariah nation embarks on landmark reforms and seeks engagement with the world. ...
BRUSSELS: After swaying a skeptical parliament to back a harsh austerity package to stave off financial collapse, the Greek government on Saturday faced an uphill task persuading its international creditors that it could be trusted to enact its reform promises in full. Over and over, finance ministers and top officials of the eurozone arrived for a key meeting on Greece's package with the same message we don't trust fully you.
United Nations (United States) (AFP) - Libya's foreign minister urged the UN Security Council on Wednesday to lift an arms embargo to allow the internationally recognized government to fight jihadists, amid growing alarm over the threat from the Islamic State.
EU countries have agreed in principle to suspend all sanctions against Myanmar, with the exception of an arms embargo, for a 12-month period, European Union diplomats said Thursday.The 12-month extension "gives us time to assess the sustainability of reform", said a diplomat close to the talks.A formal announcement, which would include the possibility of reviewing the decision in six months, is expected at a meeting of European Union foreign ministers on Monday in Luxembourg.
Colgate-Palmolive Company (CL) has acquired a Myanmar-based toothpaste manufacturer, called Laser Brands Toothpaste. According to The Wall Street Journal, the deal between the US consumer-goods giant and the toothpaste maker is worth $100 million. This deal marks one of the largest investments from a foreign company in Myanmar since the economic sanctions against the Southeast Asian country were relaxed in 2012. The removal of sanctions ended six decades of Myanmar’s segregation under military rule.
Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.The paragraphs below come courtesy of Mark Mobius, Chairman of the Templeton Emerging Markets Group.Myanmar, once known as Burma, has democracy standing on its doorstep.