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Mahathir says Malaysians cutting My



Mahathir says Malaysians cutting Myanmar investmen 
05:06 a.m. Mar 10, 1998 Eastern 
YANGON, March 10 (Reuters) - Malaysian Prime Minister Mahathir Mohamad said
on Tuesday his country would have to cut back on its investment in Myanmar
(Burma), but praised Myanmar's efforts to open up its economy. 

``Because of the currency crisis, the cost of investment in our own country
has gone up, so we have to minimise our investment in Myanamr,'' Mahathir
told reporters at the end of a two-day visit to Yangon. ``But as soon as we
recover we would like to (resume investment).'' 

Malaysia is the fourth largest investor in Myanmar in terms of approved
projects. Latest figures show the government has approved a total investment
of $587.17 million in 25 projects since 1988 when Myanmar opened its economy. 

Mahathir, who first visited Myanmar in 1988 a few months before the military
seized power, said he saw a lot of change in the country over the past
decade and praised the government for its progress. 

The Malaysian leader said he would urge investors to carry out their plans
in Myanmar, but he was hoping to focus more on improved trade between the
two nations rather than direct investment. 

``The most important subject (discussed with Myanmar leaders) was economic
cooperation,'' he said. ``We want to balance the trade between the two
countries, which is currently very much in Malaysia's favour at the moment.'' 

Myanmar exported to Malaysia goods worth 305.94 million kyat ($50.99 million
at the official exchange rate of six kyat to dollar) in the 1996/97 (April
to March) fiscal year, and imported goods worth 847.46 million kyat,
official figures show. REUTERS