Foreign investment in Myanmar soars

Foreign investment in Myanmar soars
Mon Jan 5, 4:10 am ET

YANGON, Myanmar (AP) – Foreign investment in Myanmar — much of it from China — nearly doubled in the first nine months of 2008 compared to the same period last year, according to government statistics seen Monday.

Mining accounted for more than 88 percent of the total foreign investment — a record for that sector.

Investment from January to September last year jumped to $974.9 million dollars from $502.5 million in the same period the previous year, said the Ministry of National Planning and Development in its latest statistical survey.

That was the second-highest amount for this nine-month span after 2006, when Thailand built a hydroelectric plant.

China accounted for $855 million of the $860.9 million invested in mining while Russia and Vietnam added $114 million in the oil and gas sector. China has signed a number of agreements with the resource-rich country to mine gems, gold and nickel.

The U.S. and European Union have imposed economic sanctions on Myanmar to pressure the military government to improve human rights and release detained pro-democracy leader Aung San Suu Kyi.

Since Myanmar liberalized its investment code in late 1988, it has attracted large investments in the hydro-electric power and oil and gas sectors.