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Singapore invests $128 mln in Burma
Subject: Singapore invests $128 mln in Burma complex (fwd)
---------- Forwarded message ----------
Date: Wed, 11 Sep 1996 1:40:04 PDT
Newsgroups: clari.world.asia.southeast, clari.world.asia.indochina.misc,
Subject: Singapore invests $128 mln in Burma complex
RANGOON, Sept 11 (Reuter) - Traders Square Co Ltd, a
subsidiary of Singapore's Kuok Group, will invest $128 million
to build a commercial complex in Rangoon, official media
reported on Wednesday.
Under terms of an agreement between Traders Square and
Burma's ministry of defence, Traders Square will build a
22-storey building complex comprising shopping malls, offices
and residences within 4-1/2 years, state-run New Light of
The Hotels and Tourism Minister, Lieutenant General Kyaw Ba,
showed his appreciation for Singapore's continued investment in
Burma, despite recent negative news about the country.
"The encouragement of the government of Singapore gave
impetus to Singaporean businessmen to invest in Myanmar
(Burma)," the newspaper quoted him as saying.
"We owe so much to the government of Singapore for
strengthening the bilateral economic cooperation between the two
countries even at a time when negative issues on our country are
spreading all over the world," he said.
Democracy leader Aung San Suu Kyi has urged foreign
investors not to do business in Burma until the military
government takes steps towards improving its human rights record
and working towards democracy.
Singapore is Burma's largest foreign investor, and the
latest deal will bring the total promised investment to $652
million, Kyaw Ba said.
A total of 204 projects from foreign investors worth $4.3
billion in 10 sectors have been approved by the Burmese
government through August 31, government officials said.