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Mizzima: Burma said it achieved 7.2



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Burmese government said it achieved 7.2% GDP last year

New Delhi, November 17, 2000
Mizzima News Group (www.mizzima.com)

After it switched over to a market oriented system from a centrally
planned economic system in 1988, Burma was able to bring down the
inflation rate from 30% in 1988-89 to 3.5% at present. The economic
reforms implemented by the government had resulted in a strong GDP
growth of 7.2% last year. This was stated by General Maung Aye,
vice-chairman of the State Peace and Development Council (SPDC) at an
interactive luncheon meeting held in Le Meridien Hotel in New Delhi,
organized by Confederation of Indian Industry (CII).

According to him, Burma laid down four-year economic plan beginning from
the year 1992-93 to the year 1995-96. During this period, it had
targeted a GDP growth rate of 5.1% and was able to achieve 7.5%.
Following the first four-year plan, Burma promoted a five-year plan
beginning 1996-97 and this year 2000-2001 is the last year of the of the
five year plan. And it achieved 7.2% GDP growth upto last year.

He also said that the total foreign investment till date amounted to
around US $ 7.3 billion. Of this, 50% originated from ASEAN countries,
30% from Europe, 8% from the United States and India barely accounted
for 1.1% only amounting to 4.5 US $ million. This figure, he said,
needed to increase further.

Speaking at the function, Burmese deputy prime minister Lt. General Tin
Hla said that foreign investors could obtain land on long lease from the
government in Burma to set up their projects. In his welcome address to
the Burmese delegates, Mr. Arun Bharat Ram, President of the CII stated
that India has emerged as the fourth largest export market for Burma
accounting for US $ 163.4 million i.e. one-fourth of Burma?s total
exports. He also proposed to have a target of US $ 2 billion for
bilateral trade between India and Burma by the year 2003.

The visiting Burmese General was accompanied by a high level delegation
comprising Commander of the North Western Command Major General Soe Win,
Foreign Minister U Win Aung, Finance and Revenue Minister U Khin Maung
Thein, Science and Technology Minister U Thaung, Commerce Minister Brig.
Gen. Pyi Sone among others.

Speaking to the media persons after the meeting, foreign minister U Win
Aung said that General Maung Aye?s visit to India is the beginning of
better relationship between India and Burma. When asked what are the
steps being taken by his government to bring for the democratically
elected government in Burma, U Win Aung said that ?the government is now
trying to solve the fundamental problems which have existed in Burma
since its Independence and then it will lay down concrete steps for the
emergence of democratically constitutional government with the emergence
of a new constitution which the government is writing?.

General Maung Aye and Burmese delegates were given a ceremonial welcome
this morning in New Delhi by the government of India. Later in the
evening, Indian Home Minister Mr. L.K Advani and former Army Chief V.P
Malik called on General Maung Aye at Maurya Sheraton Hotel in New Delhi.



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<html>
<font size=+2>Burmese government said it achieved 7.2% GDP last year</font>
<p>New Delhi, November 17, 2000
<br>Mizzima News Group (www.mizzima.com)
<p>After it switched over to a market oriented system from a centrally
planned economic system in 1988, Burma was able to bring down the inflation
rate from 30% in 1988-89 to 3.5% at present. The economic reforms implemented
by the government had resulted in a strong GDP growth of 7.2% last year.
This was stated by General Maung Aye, vice-chairman of the State Peace
and Development Council (SPDC) at an interactive luncheon meeting held
in Le Meridien Hotel in New Delhi, organized by Confederation of Indian
Industry (CII).
<p>According to him, Burma laid down four-year economic plan beginning
from the year 1992-93 to the year 1995-96. During this period, it had targeted
a GDP growth rate of 5.1% and was able to achieve 7.5%. Following the first
four-year plan, Burma promoted a five-year plan beginning 1996-97 and this
year 2000-2001 is the last year of the of the five year plan. And it achieved
7.2% GDP growth upto last year.
<p>He also said that the total foreign investment till date amounted to
around US $ 7.3 billion. Of this, 50% originated from ASEAN countries,
30% from Europe, 8% from the United States and India barely accounted for
1.1% only amounting to 4.5 US $ million. This figure, he said, needed to
increase further.
<p>Speaking at the function, Burmese deputy prime minister Lt. General
Tin Hla said that foreign investors could obtain land on long lease from
the government in Burma to set up their projects. In his welcome address
to the Burmese delegates, Mr. Arun Bharat Ram, President of the CII stated
that India has emerged as the fourth largest export market for Burma accounting
for US $ 163.4 million i.e. one-fourth of Burma?s total exports. He also
proposed to have a target of US $ 2 billion for bilateral trade between
India and Burma by the year 2003.
<p>The visiting Burmese General was accompanied by a high level delegation
comprising Commander of the North Western Command Major General Soe Win,
Foreign Minister U Win Aung, Finance and Revenue Minister U Khin Maung
Thein, Science and Technology Minister U Thaung, Commerce Minister Brig.
Gen. Pyi Sone among others.
<p>Speaking to the media persons after the meeting, foreign minister U
Win Aung said that General Maung Aye?s visit to India is the beginning
of better relationship between India and Burma. When asked what are the
steps being taken by his government to bring for the democratically elected
government in Burma, U Win Aung said that ?the government is now trying
to solve the fundamental problems which have existed in Burma since its
Independence and then it will lay down concrete steps for the emergence
of democratically constitutional government with the emergence of a new
constitution which the government is writing?.
<p>General Maung Aye and Burmese delegates were given a ceremonial welcome
this morning in New Delhi by the government of India. Later in the evening,
Indian Home Minister Mr. L.K Advani and former Army Chief V.P Malik called
on General Maung Aye at Maurya Sheraton Hotel in New Delhi.
<p>&nbsp;</html>

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