Easing Burma Sanctions Draws Interest of US Business
November 27, 2012
The United States is looking to increase business with Burma following President Barack Obama's historic visit and the easing of economic sanctions. But some limitations remain and American investors are proceeding cautiously.
The United States suspended the restrictions 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 jade and rubies, considered the world's finest, are still in place.
Members of Burma's previous military government and their cronies still profit from the gem industry that remains tainted by its record using forced labor and children.
Gem mine owner and dealer Aung Kyaw Zin claims labor abuses are a thing of the past and argues U.S. restrictions fail to curb 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 gems, like ruby and sapphire, selling are less than 5 percent [of the precious stone total]. Therefore, sanctions only affect gem & colored stone dealers."
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