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Foreign investment in Myanmar plumm

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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. 
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<font face=3D"Courier, Courier">Foreign investment in Myanmar plummets
<br>
<br>
Xinhua News Agency <br>
<br>
2 August 1999 <br>
<br>
<br>
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.
</font><br>
<div>Internet ProLink PC User</div>
</html>

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