"The report ASEAN Investment Report 2019: FDI in Services showed that FDI into Myanmar declined despite record-high inflows into other countries in the grouping. FDI in Myanmar in 2018 slumped 11 percent to US$3.6 billion, primarily because of a 48 percent decline in investments in extractive industries. Although the country benefits from over 59 percent of investments from ASEAN countries, Myanmar is the only one among the CLMV countries - Cambodia, Laos, Myanmar, and Vietnam - that saw a decrease in intra-ASEAN investment. Myanmar continues to be favoured by companies based in Singapore, though many of them are subsidiaries of Chinese or Hong Kong entities. In 2018, more than 48 per cent of all intra-ASEAN investments went to Indonesia, making it the largest recipient of intraregional investment. Globally, the ongoing US-China trade war has seen combined FDI to the CLMV countries rising by 4 pc to $23 billion last year, accounting for 15pc of FDI in ASEAN, though Myanmar, along with Laos, still lagged behind. “Chinese and other Asian multinational enterprises are shifting production to the CLMV countries for cost reasons and in some cases because of the effect of the United States-China trade tensions,” the report stated..."