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Easing Burma Sanctions Draws Interest of US Business

The United States suspended the restrictions¹ on imports from Burma just ahead of President Obama's trip.

"America is lifting our ban on companies doing business here, and your government has lifted restrictions on investment and taken steps to open up your economy," said Obama. "And now, as more wealth flows into your borders, we hope and expect that it will lift up more people."

But sanctions against Burmese jade² and rubies³, considered the world's finest, are still in place.

Members of Burma's previous military government and their cronies still profit from the gem⁴ industry that remains⁵ tainted⁶ by its record using forced labor⁷ and children.

Gem mine owner and dealer⁸ Aung Kyaw Zin claims labor abuses are a thing of the past and argues U.S. restrictions fail to curb⁹ the trade in jade while unfairly hurting family-owned businesses like his.

"Jade is especially for the China market, there is no American market," he said. "So, the current sanctions are not effective on the jade market and business. Ninety-five percent of [precious stone] annual profits, $2 billion to $3 billion, are from jade selling. The profit from gems¹⁰, like ruby¹¹ and sapphire¹², selling are less than 5 percent [of the precious stone total]. Therefore, sanctions only affect gem & colored stone dealers¹³."

Despite lingering concerns over labor practices, there are already signs the stigma¹⁴ of doing business in Burma is fading and American companies are moving in.

Thaw¹⁵ Tin says his company plans to open two more shops exclusively selling Apple products.

He says despite import problems American brands are well known. "It's just a matter of how much we can import in and how many we can get them on shelf," he noted¹⁶. "They just move by itself."

Major U.S. investors¹⁷ are also eyeing Burma's markets for opportunities, but are proceeding¹⁸ cautiously.

YGA Capital Managing Director Thura Ko Ko is advising the largest U.S. equity¹⁹ firm in the world.

"Sanctions can be lifted or waived²⁰ or suspended within a very short time," he explained. But, if you cannot wire dollars over, if you cannot convert easily, if you cannot wire funds outside, I think you'll still see challenges in the pace of foreign investment."

President Barack Obama's unprecedented²¹ visit underscored the potential the U.S. sees in Burma.

But his reception here also demonstrated the potential that Burma, long reliant on neighbors China and Thailand, sees in the U.S.