President Barack Obama called the move a strong signal of US support for reform. He praised Myanmar for making progress along the path to democracy in a statement on Wednesday.
The decision fulfills a pledge in May by Secretary of State Hillary Clinton to relax restrictions on investment.
The US government has eased sanctions step by step after Myanmar held by-elections for the national assembly in April.But Obama said that the transition in Myanmar remains unfinished and that concerns remain about the lack of investment transparency.
He said Myanmar's military-related bodies and firms trading arms with North Korea will stay on the sanctions list, along with any organization guilty of human rights abuses.
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