Propaganda News - Myanmar Citizens'

[Rangoonp@xxxxxxx]

Subject: Propaganda News - Myanmar Citizens' Investment Sharply Increases

Myanmar Citizens' Investment Sharply Increases

            Xinhua
            02-NOV-98

            YANGON (Nov. 3) XINHUA - The investment of Myanmar
            citizens in the country reached 30.82 billion kyats (102.75
            million U.S. dollars) at the end of May this year, up 69.32
            million dollars or 207 percent from the same period of last
            year. 

            According to the latest issue of Myanmar Business News,
            published by the Myanmar Chamber of Commerce and
            Industry, the sharp rise in investment of local citizens was
            due mainly to heavy investment in real estate development
            and manufacturing, which jumped from 7.2 million dollars
            and 6.86 million dollars to 63.4 million dollars and 14.1
            million dollars respectively. 

            The invested projects, which increased from 70 to 137 in the
            period, covered construction, transport, hotels and tourism,
            industrial estate, livestock and fisheries, agriculture and
            others. 

            To promote domestic investment and boost commodity
            production and exports by the private sector, Myanmar
            enacted its Citizens' Investment Law in March 1994. 

            The private sector, which plays an active role in Myanmar's
            economic development, contributed 75.4 percent to the
            country's gross domestic product (GDP) in 1997/98 when the
            GDP grew by 4.6 percent. 

            Meanwhile, foreign investment in Myanmar from 23 countries
            and regions after late 1988 amounted to more than 7 billion
            dollars at the end of May this year, the statistics show.