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Propaganda News - Myanmar Citizens'
- Subject: Propaganda News - Myanmar Citizens'
- From: Rangoonp@xxxxxxx
- Date: Wed, 04 Nov 1998 00:26:00
Subject: Propaganda News - Myanmar Citizens' Investment Sharply Increases
Myanmar Citizens' Investment Sharply Increases
YANGON (Nov. 3) XINHUA - The investment of Myanmar
citizens in the country reached 30.82 billion kyats (102.75
million U.S. dollars) at the end of May this year, up 69.32
million dollars or 207 percent from the same period of last
According to the latest issue of Myanmar Business News,
published by the Myanmar Chamber of Commerce and
Industry, the sharp rise in investment of local citizens was
due mainly to heavy investment in real estate development
and manufacturing, which jumped from 7.2 million dollars
and 6.86 million dollars to 63.4 million dollars and 14.1
million dollars respectively.
The invested projects, which increased from 70 to 137 in the
period, covered construction, transport, hotels and tourism,
industrial estate, livestock and fisheries, agriculture and
To promote domestic investment and boost commodity
production and exports by the private sector, Myanmar
enacted its Citizens' Investment Law in March 1994.
The private sector, which plays an active role in Myanmar's
economic development, contributed 75.4 percent to the
country's gross domestic product (GDP) in 1997/98 when the
GDP grew by 4.6 percent.
Meanwhile, foreign investment in Myanmar from 23 countries
and regions after late 1988 amounted to more than 7 billion
dollars at the end of May this year, the statistics show.