Foreign investment in Myanmar plumm (r)

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Subject: Foreign investment in Myanmar plummets 

Foreign investment in Myanmar plummets 

Xinhua News Agency 

2 August 1999 


Myanmar received a total of 29.45 million U.S. dollars of foreign
investment in
fiscal 1998-99, accounting for only 3.78 percent and 1.04 percent of that
drawn
in 1997-98 and 1996-97 respectively, official figures show. According to the
latest economic indicators published by the country's central statistical
organization, there were only 10 investment projects during 1998-99 that came
from eight countries and regions. They are from Britain, China, the Hong Kong
special administrative region, India, Indonesia, Japan, Singapore and
Thailand.
Of the investment, that in the manufacturing sector made up the highest with
19.57 million dollars in 5 projects, followed by fisheries with 5 million
dollars in one project and mining with 4.88 million dollars in 4 projects. The
economic indicators show that the foreign investment in the country in 1998-99
dropped to the lowest level as compared with the past five fiscal years. the
foreign investment hit a peak in 1996-97 with 2.814 billion dollars. One of
the
main reasons for the steep drop in Myanmar's foreign investment is the impact
of the Asian financial crisis. Brigadier-General Abel, Myanmar minister at the
office of the Chairman of the State Peace and Development Council, admitted
recently that due to the effect of the crisis, the direct investment in
Myanmar
from member countries of the Association of Southeast Asian Nations fell by 70
percent. According to official statistics, Myanmar had drawn a total of 7.108
billion dollars of foreign investment from 24 countries and regions up to the
end of April this year since the country opened to foreign investment and
adopted a market-oriented economic policy in late 1988. 
Internet ProLink PC User

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Foreign investment in Myanmar plummets 

Xinhua News Agency 

2 August 1999 


Myanmar received a total of 29.45 million U.S. dollars of foreign
investment in
fiscal 1998-99, accounting for only 3.78 percent and 1.04 percent of that
drawn
in 1997-98 and 1996-97 respectively, official figures show. According to the
latest economic indicators published by the country's central statistical
organization, there were only 10 investment projects during 1998-99 that came
from eight countries and regions. They are from Britain, China, the Hong Kong
special administrative region, India, Indonesia, Japan, Singapore and
Thailand.
Of the investment, that in the manufacturing sector made up the highest with
19.57 million dollars in 5 projects, followed by fisheries with 5 million
dollars in one project and mining with 4.88 million dollars in 4 projects. The
economic indicators show that the foreign investment in the country in 1998-99
dropped to the lowest level as compared with the past five fiscal years. the
foreign investment hit a peak in 1996-97 with 2.814 billion dollars. One of
the
main reasons for the steep drop in Myanmar's foreign investment is the impact
of the Asian financial crisis. Brigadier-General Abel, Myanmar minister at the
office of the Chairman of the State Peace and Development Council, admitted
recently that due to the effect of the crisis, the direct investment in
Myanmar
from member countries of the Association of Southeast Asian Nations fell by 70
percent. According to official statistics, Myanmar had drawn a total of 7.108
billion dollars of foreign investment from 24 countries and regions up to the
end of April this year since the country opened to foreign investment and
adopted a market-oriented economic policy in late 1988. 
Internet ProLink PC User


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