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MYANMAR ABSORBS 7 BLN DOLLARS OF FO



Subject: MYANMAR ABSORBS 7 BLN DOLLARS OF FOREIGN INVESTMENT 

MYANMAR ABSORBS 7 BLN DOLLARS OF FOREIGN INVESTMENT 

 Xinhua, Yangon 15 November 1999. MYANMAR HAD DRAWN A TOTAL 
OF 7.101 BILLION U.S. DOLLARS OF FOREIGN INVESTMENT AS OF THE 
END OF JULY THIS YEAR SINCE IT OPENED TO FOREIGN
INVESTMENT IN LATE 1988, ACCORDING TO THE LATEST ISSUE OF
"ADVERTISEMENT AND MARKET DIRECTORY" PUBLISHED LOCALLY. 

THE INVESTMENT, FROM 24 COUNTRIES AND REGIONS, COVER A TOTAL OF 317
PROJECTS. 

OF THE PROJECTS, THOSE IN THE OIL AND GAS SECTOR DREW THE LARGEST
AMOUNT OF INVESTMENT, REACHING 2.30 BILLION DOLLARS, FOLLOWED BY
MANUFACTURING (1.46 BILLION DOLLARS), HOTELS AND TOURISM (1.04 BILLION
DOLLARS), REAL ESTATE (997.14 MILLION DOLLARS) AND MINING (507.25 MILLION
DOLLARS). 

THE STATISTICS ALSO SHOW THAT SINGAPORE RANKED THE FIRST AMONG
FOREIGN INVESTORS, INJECTING INTO THE COUNTRY 1.49 BILLION DOLLARS,
FOLLOWED BY BRITAIN (1.35 BILLION DOLLARS), THAILAND (1.25 BILLION
DOLLARS), MALAYSIA (587 MILLION DOLLARS) AND THE UNITED STATES (582
MILLION DOLLARS). 

SINCE MYANMAR ADOPTED THE OPEN-DOOR MARKET-ORIENTED ECONOMIC
POLICY IN LATE 1988, THE INVESTMENT ENVIRONMENT HAS GRADUALLY
IMPROVED FOR FOREIGN INVESTORS. 

HOWEVER, DUE TO THE IMPACT OF THE ASIAN FINANCIAL CRISIS, THE INFLOW OF
FOREIGN INVESTMENT INTO MYANMAR HAS DROPPED STEADILY. FOR INSTANCE,
INVESTMENT FROM MEMBER COUNTRIES OF THE ASSOCIATION OF SOUTHEAST
ASIAN NATIONS (ASEAN) FELL BY 70 PERCENT. 

ACCORDING TO OFFICIAL FIGURES, MYANMAR RECEIVED ONLY 1.26 BILLION
DOLLARS OF FOREIGN INVESTMENT IN 1997, 248.26 MILLION DOLLARS IN 1998 AND
11.82 MILLION DOLLARS IN THE FIRST HALF OF THIS YEAR. 

THE DECLINING FOREIGN INVESTMENT INFLOW HAS BROUGHT ABOUT NEGATIVE
EFFECTS ON THE COUNTRY'S ECONOMY. 

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