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"Turmoil has not affected FDIs in B

Subject: Turmoil has not affected FDIs in Burma

The Star (Malaysia)

Thursday, December 4, 1997

Asean Business Forum 

Turmoil has not affected FDIs in Myanmar

KUALA LUMPUR: Foreign direct investments (FDIs) in Myanmar have not been
affected by the regional currency crisis, said its Finance and Revenue
Minister Brig-Gen Win Tin.

"Myanmar does not feel the crisis as we are still in the midst of developing
our capital market and foreign investments," he said. 

He said after presenting a luncheon talk on Myanmar's Monetary and Financial
System: Past, Present, Future at the forum yesterday that as a new member of
Asean, "we hope to have wider option to enjoy a larger financial package and
closer cooperation for regional technology transfer." 

The Asean countries, he said, contributed 45% of Myanmar's total trade
investment which helped the country to obtain the much needed foreign
exchange to generate employment and achieve higher growth. 

Earlier, in his address, Win Tin said Myanmar's financial services sector
had been liberalised.

As of end-September 1997, 21 domestic private banks had been issued
operating licences. Of these, 20 banks were in operation providing domestic
commercial banking services. 

Among the private banks, eight had been allowed to deal in foreign exchange
since June last year.

Win Tin said private banks had opened 41 branches by the end of September
this year and the services available included the issuance of credit cards
in the local kyat, hire purchase, leasing and use of ATM machines. 

"In the near future, local and foreign banks will enjoy healthy competition
in Myanmar," he added.

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