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NEWS - Myanmar Draws 7 Bln Dollars'



Subject: NEWS - Myanmar Draws 7 Bln Dollars' Foreign Investment

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Myanmar Draws 7 Bln Dollars' Foreign Investment

               Xinhua
               04-FEB-99

               YANGON (Feb. 5) XINHUA - Foreign investment in
               Myanmar reached 7.089 billion U.S. dollars at the
               end of October 1998, according to a latest official
               statistics. 

               The investment, from 23 countries and regions,
               covers 303 projects with the oil and gas sector
               drawing the largest amount of 2.296 billion dollars,
               followed by manufacturing, hotels and tourism, and
               mining. 

               The figures issued by the Myanmar Central
               Statistical Organization also show that Singapore
               ranked first among foreign investors, injecting into
               the country 1.485 billion dollars, followed by Britain,
               Thailand and Malaysia. 

               Since Myanmar adopted an open-door
               market-oriented economic policy in late 1988, the
               investment environment gradually improved with
               foreign investors stepping in. 

               However, due to the impact of the Asian financial
               crisis, Myanmar received only 1.25 billion dollars of
               foreign investment in 1997, 1 billion dollars less
               than that in 1996. 

               The country drew over 200 million dollars' foreign
               investment in the first 10 months of 1998,
               accounting for 20 percent and 10.86 percent of that
               absorbed in the same period of 1997 and 1996
               respectively.