Confidence in trade and foreign investments has been given a welcome boost following a decision by the International Labour Organization (ILO) to lift its outstanding sanctions on Myanmar.

ILO delegates voted this week to totally lift all remaining restrictions at their annual International Labour Conference in Geneva, Switzerland.

Sanctions initially imposed by the UN agency back in 2000 meant the 185 member states were recommended to limit ties with the former pariah state in order to check the stream of forced labor in Myanmar.

Myanmar’s Ministry of Labor projected in a statement that the move will help boost international trade, increase foreign investment and create new jobs.

“The remaining restrictions have been lifted because Myanmar carried out pragmatic measures, including legislation, for eliminating forced labor in the country, and has achieved good results,” Myanmar’s Ministry of Labor, Employment and Social Security said in a statement.

But activist Su Su Nway, who spoke to AP, said that while there has been progress in the area of workers' rights, forced labor is still a major problem in many parts of the country.

“The resolution adopted by the conference recognizes the progress made in Myanmar and lifts all ILO restrictions on Myanmar,” the UN agency said in a statement on Tuesday.