Foreign capital in Myanmar

Foreign capital in Myanmar

YANGON (Reuter): Firms from 18 countries have invested a total of US$2.59 billion in Myanmar since 1988, Myanmarese Finance Minister Brigadier General Win Tin, said.

Speaking at the opening of a foreign bank representative office, he said the government had approved 130 ventures involving foreign investment since market reforms to a state- dominated economy began in 1988.

"Foreign investors from Singapore, Thailand, Malaysia, Hong Kong and Korea have deepened their links with our country," he said in a speech published in Yangon newspapers yesterday.

Some Yangon diplomats say foreigners are still wary of making large investments in Myanmar because of poor infrastructure, an overvalued official currency and political uncertainty.