Investment in Myanmar rises

Investment in Myanmar rises

YANGON (Reuters): Foreign direct investment approved in military-ruled Myanmar in the seven months to October 31 totaled a meager US$60.4 million, but represented an improvement on a dismal $24.95 million in the same period in 1998.

Data from the Ministry of Planning and Economic Development received by Reuters on Friday showed the investment for this year was in nine projects -- two each from Thailand and Japan and one from Singapore, Britain, Indonesia, Hong Kong and South Korea.

The ministry said five of the projects were in manufacturing, two in mining and one each in the hotel and tourism and livestock and fisheries sectors.

Myanmar made a major shakeup in its investment commission earlier this month, replacing Vice-Admiral Maung Maung Khin as chairman with Science and Technology Minister U Thaung.

Investment for the whole of last fiscal year to the end of March totaled just $29.46 million, against $777.4 million the previous year.