( CNN ) -- The United States announced Wednesday that it is easing sanctions on Myanmar , also known as Burma , allowing American companies to conduct business in the Southeast Asian nation . An investment ban had been in place since 1997 . `` President Thein Sein , Aung San Suu Kyi and the people of Burma continue to make significant progress along the path to democracy , and the government has continued to make important economic and political reforms , '' President Barack Obama said in a written statement . `` Easing sanctions is a strong signal of our support for reform , and will provide immediate incentives for reformers and significant benefits to the people of Burma . '' Myanmar VP nominee 'disappoints ' reformers . The country has undertaken recent reforms , including the release of Nobel Peace Prize laureate Aung San Suu Kyi , who is now a member of parliament and leader of a political opposition group . But , Obama cautioned , the nation 's `` political and economic reforms remain unfinished . '' `` The United States government remains deeply concerned about the lack of transparency in Burma 's investment environment and the military 's role in the economy , '' he said in the statement . For decades , Myanmar was ruled by a repressive military junta . But in recent years , the generals have relaxed their grip on power , permitting Thein Sein 's administration to push through a series of changes , including peace talks with rebel groups and the release of hundreds of political prisoners . Last week , the government announced the planned release of 24 political detainees , the latest after hundreds of political prisoners were set free in the previous year as part of the reforms . Other Western governments have responded to the efforts by easing sanctions on the country .
The United States announces it is easing sanctions on Myanmar , also known as Myanmar . It will allow Southeast Asian companies to conduct business in the American nation . An investment ban had been in place since Last week . The country has enacted recent reforms , including the release of Thein Sein 's .