[Federal Register Volume 77, Number 199 (Monday, October 15, 2012)]
[Page 62596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25252]



 [Public Notice 8062]

Allowing New Investment in Burma

AGENCY: Bureau of Economic & Business Affairs, Office of Sanctions 
Policy and Implementation, Department of State.

SUMMARY: The Deputy Secretary of State has determined that it would be 
contrary to the national security interests of the United States to 
continue to apply the sanction referred to in section 570(b) of the 
Foreign Operations, Export Financing, and Related Programs 
Appropriations Act of 1997 (Pub. L. 104-208) (the ``Act''), which 
authorizes and directs the President to prohibit U.S. persons from 
making new investment in Burma, if the President makes certain 
determinations and certifications to Congress. The President made the 
required determinations and certifications and imposed a prohibition on 
new investment in Executive Order 13047 (May 20, 1997). He subsequently 
delegated the waiver authority under Section 570(e) of the Act to the 
Secretary of State on July 11, 2012, and the determination described 
above constitutes the exercise of such waiver authority. In conjunction 
with this waiver determination, the Department of the Treasury's Office 
of Foreign Assets Control issued a General License (No. 17) on July 11, 
2012 authorizing new investment in Burma by U.S. persons subject to 
limitations and requirements set forth therein.
    These steps are in response to the recent reforms that have taken 
place in Burma over the past year. Continued application of the ban on 
investment would be contrary to U.S. national security interests 
because it would hinder current U.S. policy to support those in the 
Burmese government leading important reform efforts. Further reforms 
would advance longstanding U.S. national security interests such as 
promoting national reconciliation and democracy in Burma; improving 
respect for human rights; curtailing the flow from Burma of refugees, 
illicit narcotics, infectious diseases, and victims of trafficking; and 
advancing nonproliferation goals. While the Department of State remains 
concerned about the protection of human rights, corruption, and the 
role of the military in the Burmese economy, it believes that the 
participation of U.S. businesses in the Burmese economy will set a 
model for responsible investment and business operations as well as 
encourage further change, promote economic development, and contribute 
to the welfare of the Burmese people.

DATES: Effective Date: July 11, 2012.

FOR FURTHER INFORMATION CONTACT: John Marshall Klein, Senior Sanctions 
Officer, Economic & Business Affairs, Office of Sanctions Policy and 
Implementation, 202-647-9452.

    Dated: September 27, 2012.
Jose W. Fernandez,
Assistant Secretary for Economic and Business Affairs, Department of 
[FR Doc. 2012-25252 Filed 10-12-12; 8:45 am]