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NEWS - Foreign Investment in Myanma
- Subject: NEWS - Foreign Investment in Myanma
- From: Rangoonp@xxxxxxx
- Date: Mon, 02 Aug 1999 22:33:00
Subject: NEWS - Foreign Investment in Myanmar Plummets in 1998-99
Foreign Investment in Myanmar Plummets in 1998-99
Xinhua
01-AUG-99
YANGON (Aug. 2) XINHUA - 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.
Other reasons are because of the poor infrastructure, money
laundering through high level officials in and out of the military and
the SPDC knows nothing about business management.