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NEWS - Foreign Investment Inflow in
- Subject: NEWS - Foreign Investment Inflow in
- From: Rangoonp@xxxxxxx
- Date: Wed, 14 Apr 1999 22:54:00
Subject: NEWS - Foreign Investment Inflow in Myanmar Plummets in 1998
Foreign Investment Inflow in Myanmar Plummets in 1998
Xinhua
13-APR-99
YANGON (April 14) XINHUA - Myanmar received a
total of 247 million U.S. dollars of foreign investment
in 1998, accounting for only 19.6 and 10.73 percent
of that drawn in 1997 and 1996 respectively,
according to the latest official statistics.
Of the total, investment in the manufacturing sector
made up the highest with 181 million dollars in 10
projects, followed by that in hotels and tourism with
40 million dollars in one project, the Central
Statistical Organization (CSO) said.
Investment in fishery amounted to 10.82 million
dollars in two projects, mining got 7.585 million
dollars in five projects and oil and gas 7.2 million
dollars in one project.
Last year, there were no foreign investment
injected into other sectors such as agriculture,
construction, transport and real estate.
The Economic Indicators issued by the CSO
attributed the falling foreign investment to the impact
of the Asian financial crisis which has lasted for
more than a year.
Up to now, a total of 26 foreign companies, mainly
from South Korea, Malaysia, Thailand and Japan,
have pulled out of Myanmar.
The statistics also show that since Myanmar
adopted the open-door economic policy, it has
absorbed 7.1 billion dollars of foreign investment
from 23 countries and regions.