At Sunday, April 1, 2012 elections, party led by the Nobel Peace Prize winner Aung San Suu Kyi won 43 out of 45 seats contested in the by-elections. It was a huge blow to the ruling military-backed government who won the 2010 elections which was boycotted by Suu Kyi.
The U.S. government is ready to ease some of the sanctions imposed on Myanmar including a ban that prohibit U.S. corporations investing in Myanmar after the recent elections. During a recent visit by the Secretary of State Hillary Clinton, the U.S. government reconnected with Suu Kyi. The French government is expected to request the European Union to lift some of bans on Myanmar. The Japan’s second largest bank, Mizuho Corporate Bank, opened a branch in Myanmar very recently. China stated that the recent elections were fair and urged the international community to lift sanctions. The renewed interest from the international community will pave the way for ending the economic isolation and economic development in Myanmar.
The general election in Myanmar is scheduled for 2015 and the ruling military-backed party, the United Solidarity and Development Party (USDP) will have to reconsider its strategy due to recent developments in the country.