Foreign investment in Myanmar sharp

[darnott@xxxxxxxxxxx]

Foreign investment in Myanmar sharply drops 

 Xinhua, Yangon 18 October 1999.  foreign investment in .Myanmar amounted 
to only 11.823 million U.S. dollars in the first half of this year,
plummeting by 
94.73 percent from the same period of last year when 224.482 million dollars
came in. During the half-year period, Myanmar absorbed investment from India, 
Thailand, Japan and Indonesia with 4.5 million dollars, 4.5 million dollars, 
1.446 million dollars and 1.377 million dollars respectively, according to
the latest 
figures published by the country's Central Statistical Organization. 
Of the total, 7.323 million dollars were injected into manufacturing sector
in three 
projects, 3.5 million dollars into hotels and tourism sector in one project
and 1 million 
dollars into mining sector in one project. The sharp drop of foreign
investment was 
mainly attributed to the impact of the Asian financial crisis. The Myanmar
government 
openly admitted recently that due to the effect of the crisis, direct
investment from member countries of the Association of Southeast Asian Nations 
reduced by 70 percent. According to the statistics, since Myanmar opened to
foreign 
investment in late 1988, the country has drawn a total of 7.1 billion
dollars from 24 countries 
and regions. The 10 major foreign investors lined up as Britain, Singapore,
Thailand, 
Malaysia, France, the United States, Indonesia, the Netherlands, the
Philippines and Japan. 
China ranked the 14th with 30.826 million dollars. 



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