Myanmar Approves $6.87 bln Investme

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Myanmar approves $6.87 bln investment since 1988

YANGON, March 17 (Reuters) - Myanmar (Burma) said on Tuesday it had approved
299 projects worth about $6.87 billion in foreign direct investment since
opening up the economy in 1988. 

Myanmar's military government, which allowed foreign investment shortly after
the previous ruling body -- the State Law and Order Restoration Council --
seized power in 1988, said the figures were for projects approved through
February 28. 

The Ministry of National Planning and Economic Development said the figure
compared to investments totalling $6.64 billion at the end of January. 

Singapore is the largest foreign investor followed by Britain, whose
investments have been made by companies incorporated in the British Virgin
Islands, Burmuda and the Cayman Islands. 

Thailand is the third largest investor followed by Malaysia. 

About 65 percent of the proposed projects have been implemented, ministry
sources said. Diplomats and economists say the figure is lower and less than
half the promised money is actually in the country. 

An official from the ministry said the actual cost for some of the completed
projects exceeded the proposed amounts. 

Western governments have imposed trade or economic sanctions on Myanmar's
military regime, which seized power in 1988, for ignoring the results of a
1990 election won by opposition leader Aung San Suu Kyi's National League for
Democracy. 

The sanctions have also been prompted by charges that the military has curbed
opposition activities and abused human rights of some of its citizens.
^REUTERS@