"They talked about the need for specific steps to promote responsible, transparent investment, empower reformers, and target abusers," Xinhua quoted the statement as saying.
The two leaders agreed that the democratic progress in Myanmar remains "fragile" and that the international community needs to help protect against "backsliding", the statement said.
Clinton assured Suu Kyi that the US is keeping its sanction regime on Myanmar in place as an "insurance policy".
Last week, US President Barack Obama nominated Derek Mitchell as America's first ambassador to Myanmar in 22 years. He also announced that Washington will ease its bans on the "exportation of financial services and new investment" in the country.
The announcement by the Obama administration is being viewed as a reward for the recent democratic reforms in Myanmar.
The country held its historic parliamentary by-election April 1, in which the opposition party led by Suu Kyi secured big gains, winning 43 of 45 parliamentary seats available.