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NEWS - Foreign Investment Inflow in



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.