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Investment in Myanmar soars on China mining deals: ministry
Yangon (AFP) July 17, 2009 Foreign investment in Myanmar increased more than fivefold to reach almost one billion dollars last year, as neighboring China pumped money into its mining sector, official statistics showed Friday. Total foreign investment in the military-ruled nation increased from 172.72 million dollars in the 2007-2008 fiscal year to 985 million dollars in 2008-2009, the Ministry of National Planning and Economic Development said. Myanmar's fiscal year begins on April 1 and ends on March 31. China's investment in mining accounted for 856 million dollars while Russia and Vietnam collectively invested 114 million dollars in the oil and gas sector and Thailand spent 15 million dollars in the hotel and tourism sector, it said. Myanmar is the subject of sanctions imposed by the United States and European countries because of alleged rights abuses and its long-running detention of pro-democracy leader Aung San Suu Kyi, who is currently on trial. But the impact of those sanctions has been weakened as neighbours, notably China, spend heavily on Myanmar's natural gas, timber and precious stones. The two countries share a 1,370-mile (2,205-kilometre) border. Share This Article With Planet Earth
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