The United States announced Wednesday it is easing sanctions on Myanmar, after the country confirmed a victory by the opposition party, led Nobel Peace Price laureate Aung San Suu Kyi.

Secretary of State Hillary Rodham Clinton said the U.S. will lift a travel ban for senior leaders, relax sanctions on U.S. investment in the country and appoint an ambassador.

Aung San Suu Kyi (Wikimedia Commons)

The U.S. has not had an ambassador to Myanmar since 1988.

Speaking to reporters three days after Suu Kyi's victory, Clinton said "We fully recognise and embrace the progress that has taken place and we will continue our policy of engagement."

Suu Kyi's party won 43 of 45 possible seats in Myanmar's byelection.

Seventy-five percent of seats in Myanmar parliament will be contested in the 2015 general election.