President Barack Obama’s trip to Myanmar in November—the first ever by a sitting president—wasn’t just a state visit. It was an endorsement of the steps that the country’s leaders have taken to open Myanmar to the world following 60 years of military rule.

Over the past two years Myanmar has enacted a number of reforms, including the release of many political prisoners, the relaxation of media censorship, and efforts to fight corruption. Equally important, the country has moved quickly to rev up its economy, and Obama’s visit served as a vote of confidence for Western companies eager to enter a market of 60 million people strategically located between China and India.