Myanmar foreign investment rises sharply in 2008

http://english.people.com.cn/90001/90778/90858/90863/6617077.html

Myanmar's foreign investment rose sharply by 93.06 percent in 2008, reaching 974.996 million U.S. dollars compared with 2007, according to the latest figures released by the Central Statistical Organization.

The organization attributed the sharp increase of the foreign investment to that added in the mining sector which registered 860.996 million dollars. Of it, over 855.996 million dollars were injected by China, while the remaining 5 million dollars by Singapore.

Of the 114 million dollars' foreign investment in oil and gas during the year, Russia accounted for 94 million dollars, while Vietnam represented 20 million dollars.





According to local report, total foreign contracted investment in Myanmar has hit 15 billion U.S. dollars in 422 projects up to end of 2008 since Myanmar opened up to such investment in late 1988.

Of the 29 countries and regions investing in Myanmar, Thailand stood first with over 7 billion U.S. dollars, followed by Britain and Singapore with over 1 billion U.S. dollars each, the Union of Myanmar Federation of Chambers of Commerce and Industry was quoted as saying.

Electric power sector dominated with 6 billion U.S. dollars, followed by oil and gas (over 3 billion U.S. dollars).

Such sectors as manufacturing, mining, real estate development, hotel and tourism were injected with over 1 billion U.S. dollars each, while fisheries and livestock breeding, and transport and communication took 300 million U.S. dollars each, industry estate 100 million U.S. dollars, construction and agriculture 30 million U.S. dollars each.

Myanmar also received 136.5 billion Kyats' (113.7 million U.S. dollars) investment from domestic companies in 11 sectors namely -manufacturing, real estate development, transportation, construction, fisheries and livestock breeding, mining, hotel and tourism, electric power, industries and agriculture, local news reports said.

Of these sectors, manufacturing topped the investment with 40 billion Kyats (33 million U.S. dollars), followed by real estate development (25 million U.S. dollars) and transportation (16.6 million U.S. dollars).

Source: Xinhua