Newly appointed US Ambassador Derek Mitchell presented his credential to Myanmar President U Thein Sein on Wednesday. According to observers, the ambassador’s appointment to Myanmar is a step toward restoring the diplomatic relations between the two countries after a 22-year lapse. Mitchell is a diploma experienced in US-Asia policy. Mitchell served as Principal Deputy Assistant Secretary of Defense for Asian and Pacific Security Affairs from 2009-2011. On 14 April, 2011, he was appointed US Special Representative and Policy Coordinator for Myanmar, and on 17 May, 2012, President Obama appointed him the first US ambassador to Myanmar in 22 years.

Obama announced on Wednesday that the US will loosen its economic sanctions against Myanmar, allowing US companies to invest in and export financial services to Myanmar. Obama called the move “a strong signal” expressing US support for the reforms occurring in Myanmar.