The present invention relates to a method for isolating stem/progenitor cellsfrom the amniotic membrane of umbilical cord, wherein the method comprisesseparating the amniotic membrane from the other components of the umbilicalcord in vitro, culturing the amniotic membrane tissue under conditionsallowing cell proliferation, and isolating the stem/progenitor cells from thetissue cultures. The isolated stem cell cells can have embryonic stem cell-like properties and can be used for various therapeutic purposes. In oneembodiment, the invention relates to the isolation and cultivation of stemcells such as epithelial and/or mesenchymal stem/progenitor cells underconditions allowing the cells to undergo mitotic expansion. Furthermore, theinvention is directed to a method for the differentiation of the isolatedstem/progenitor cells into epithelial and/or mesenchymal cells.