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Reuters-Myanmar attracts meagre for

Subject: Reuters-Myanmar attracts meagre foreign investment 

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Myanmar attracts meagre foreign investment=20
05:34 a.m. Dec 31, 1999 Eastern=20
YANGON, Dec 31 (Reuters) - Foreign direct investment approved in =
military-ruled Myanmar in the seven months to October 31 totalled a =
meagre $60.4 million, but represented an improvement on a dismal $24.95 =
million in the same period last year.=20

Data from the Ministry of Planning and Economic Development received by =
Reuters on Friday showed the investment for this year was in nine =
projects -- two each from Thailand and Japan and one from Singapore, =
Britain, Indonesia, Hong Kong and South Korea.=20

The ministry said five of the projects were in manufacturing, two in =
mining and one each in the hotel and tourism and livestock and fisheries =
sectors.=20

Myanmar made a major shakeup in its investment commission earlier this =
month, replacing Vice-Admiral Maung Maung Khin as chairman with Science =
and Technology Minister U Thaung.=20

But analysts do not expect a major pickup in investment without major =
policy changes.=20

Yangon's efforts to obtain foreign investment have been hit by Western =
economic and political sanctions and the Asian economic crisis that =
broke two years ago.=20

Investment for the whole of last fiscal year to the end of March =
totalled just $29.46 million, against $777.4 million the previous year.=20

Realisation rates for approved projects have ranged from about 30 =
percent to more than 50 percent in recent years.=20

In its most recent report on Myanmar, the World Bank said the country =
needed to improve its rights record, reform its two-tier exchange rate =
system, lift wide-ranging restrictions on private-sector activity and =
reform its inefficient state enterprise sector if it wanted to attract =
more investment.=20





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<DIV><FONT face=3DArial size=3D2><FONT size=3D+1><STRONG>Myanmar =
attracts meagre=20
foreign investment</STRONG></FONT> <BR>05:34 a.m. Dec 31, 1999 Eastern=20
<P>YANGON, Dec 31 (Reuters) - Foreign direct investment approved in=20
military-ruled Myanmar in the seven months to October 31 totalled a =
meagre $60.4=20
million, but represented an improvement on a dismal $24.95 million in =
the same=20
period last year.=20
<P>Data from the Ministry of Planning and Economic Development received =
by=20
Reuters on Friday showed the investment for this year was in nine =
projects --=20
two each from Thailand and Japan and one from Singapore, Britain, =
Indonesia,=20
Hong Kong and South Korea.=20
<P>The ministry said five of the projects were in manufacturing, two in =
mining=20
and one each in the hotel and tourism and livestock and fisheries =
sectors.=20
<P>Myanmar made a major shakeup in its investment commission earlier =
this month,=20
replacing Vice-Admiral Maung Maung Khin as chairman with Science and =
Technology=20
Minister U Thaung.=20
<P>But analysts do not expect a major pickup in investment without major =
policy=20
changes.=20
<P>Yangon's efforts to obtain foreign investment have been hit by =
Western=20
economic and political sanctions and the Asian economic crisis that =
broke two=20
years ago.=20
<P>Investment for the whole of last fiscal year to the end of March =
totalled=20
just $29.46 million, against $777.4 million the previous year.=20
<P>Realisation rates for approved projects have ranged from about 30 =
percent to=20
more than 50 percent in recent years.=20
<P>In its most recent report on Myanmar, the World Bank said the country =
needed=20
to improve its rights record, reform its two-tier exchange rate system, =
lift=20
wide-ranging restrictions on private-sector activity and reform its =
inefficient=20
state enterprise sector if it wanted to attract more investment.=20
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