Myanmar foreign investment up 94%

Myanmar foreign investment up 94%

YANGON: Foreign investment in Myanmar jumped 94 percent in 2003 despite harsh economic sanctions on its military regime imposed by the United States, according to official statistics.

The increase reflects foreign investment of $95.3 million in 2003, up from $49.2 million the previous year, according to a report published recently by the Ministry of National Planning and Development.

Eight countries invested in the country, also known as Burma, in 2003, the report said.

The largest investments came from Britain, which pumped $27 million into Myanmar's transportation sector, and Thailand, which invested $22 million in the country's oil and gas sector.

Other investors included Malaysia, which put $18.2 million in the fisheries sector, and Hong Kong, which invested $15.8 million in fisheries and transportation. Singapore invested $6.1 million in fisheries. South Korea and Brunei also took stakes in Myanmar fisheries, while Canada invested in the mining industry. -- AP