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BAN ON NEW US INVESTMENT IN BURMA C
Subject: BAN ON NEW US INVESTMENT IN BURMA COMES INTO FORCE
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Ban on New US investment in Burma comes into force
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Bangkok, May 21: A ban on new US investments in Burma took
effect on Wednesday, just as a new crackdown by that
nation's military rulers on pro-democracy activists was
reported from Rangoon.
President Clinton's executive order starting the sanctions
was signed in Washington on Thursday, the President
announced the sanctions on April 22, because of Burma's
increased repression of its democracy movement. Mr Clinton
also accused Burma of being the world's leading producer of
opium and heroin.
The order, however, appears to allow US companies to
continue wide range of business activities with Burma,
including any actions they need to implement an existing
contract or to exercise options signed before May 21.
The order also doesn't prohibit US companies from entering
into or financing Burmese contracts for the purchase or
sale of goods, services or technology.
However, US companies cannot be paid for such goods or
services with shares of ownership in or profits from any
new investment, according to the order. Due to huge
investment in the oil and gas sector, companies from the US
rank fourth in Burma By country of origin.
Several United States companies had announced suspension of
activities in Burma after fast month's sanctions
announcement.
The oil company, Uncal, the biggest foreign company and
Burma being from the United States, said it was giving up
developing two new natural gas fields because of the
sanctions. (AP)
The Asian Age 22 May 1997.
News and Information Bureau, All Burma Students League.
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