Norway has decided to lift trade and investment sanctions it has imposed on Myanmar, Norwegian media reported on Saturday.

Norway will abolish the policy which restricts private Norwegian companies to do business with and invest in Myanmar, Norwegian Foreign Minister Jonas Gahr Stoere was quoted by TV news channel NRK as saying.

But Norway will continue to follow the EU sanctions against Myanmar, the report said.

Norway took the decision following the release of hundreds of prisoners in Myanmar on Friday.

"The country needs investment and trade to create employment, development and reduce poverty," said the foreign minister, who will visit Myanmar soon.