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NEWS - Myanmar Draws 7 Bln Dollars'
- Subject: NEWS - Myanmar Draws 7 Bln Dollars'
- From: Rangoonp@xxxxxxx
- Date: Fri, 05 Feb 1999 20:09:00
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.