Juicy worms

[NBH03114@xxxxxxxxxxxxxxxx]

Errors-To:owner-burmanet-l@xxxxxxxxxxx
FROM:NBH03114@xxxxxxxxxxxxxxxx
Burmese Relief Center--Japan
DATE:July 12, 1995
TIME: 15:50JST 

Subject:Nice juicy worms
BUSINESS TIMES (Singapore)
July 12, 1995

YANGON MOVE LIFTS BARRIER TO INVESTMENT

But some pragmatic neighbours already have a head start in
potential bonanza

Singapore - The release of top dissident Aung San Suu Kyi
has lifted a barrier to move foreign investment in Myanmar,
but pragmatic neighbours already have a head start in the
potential bonanza, analysts said yesterday.

Ignoring 
Western calls to isolate the Yangon junta, Asian nations, led
by Singapore and Thailand, have boosted trade and are
pumping hundreds of millions of dollars into Myanmar, a
nation endowed with oil, timber and minerals.

"We will be one of the early birds to pick the juicy worms,"
said a senior Singaporean expert on Myanmaese affairs.

Governments worldwide hailed the release of the 1991 Nobel
Peace Prize winner from six years of house arrest on Monday
but pressed Yangon to take more steps toward democracy. 
Some, however, are already talking business.

Tokyo is expected to resume loans to Myanmar, hated after
the current junta seized power in 1988.  These will reportedly
including lending for airport, power and telecommunications
projects.

Australia is to review its trade relationship with Myanmar, but
it is too early to say whether trade relations would be fully
restored, Trade Minister Bob McMullan said.

Investment in the last five years had only been about US $28
million (S$39 million), mostly related to a now-abandoned oil
and gas exploration project by BHP Ltd.

The renascent tourism industry in Myanmar -- an ancient
Buddhist civilisation -- is also a prime foreign investment
target, along with its crumbling infrastructure.

Malaysian company Atlantic Outline Capital clinched a
US$3000 million tourism deal in 1993 to develop Pulu Basin
Island near the Myanmaese-Thai border.

Businessmen have been urged to look at mining and
agriculture opportunities.

Even the United States and European countries at the
forefront of the campaign to have Aung San Suu Kyi and
other political prisoners freed already have substantial
investments in Myanmar.  US energy firm Unocal and
France's Total are part of a billion-dollar project to develop
offshore gas fields.  British firms are also involved in energy
projects.

But Singapore, with nearly US$300 million committed to
hotel and other projects in Myanmar, has lately been the most
aggressive investor as part of its efforts to become a regional
economic player.  Bilateral trade is worth US$580 million.

Singapore Prime Minister Goh Chok Tong vi sited Myanmar
last year.  Last month, the head of the Burmese junta, Than
Shwe, made an official visit to Singapore, during which an
economic cooperation agreement was concluded.

Two other Asian "dragon" economies, South Korea and
Taiwan, have minimal investments in Myanmar.  China,
Myanmar's biggest arms supplier, is keen to import more raw
materials and minerals from Myanmar.

Myanmar's neighbour, Thailand, had 23 projects valued at
US$264.6 million at the end of 1994, second only to
Singapore, particularly int eh hotel, tourism and petroleum
sectors.

Thai investments include the construction of a five-star hotel
in Yangon and a 30-year agreement worth 300 billion baht
(S$17 bullion) to purchse natural gas from Myanmar's