Business News
Myanmar attracts 8 billion dollars in new Chinese investment
Aug 15, 2010, 8:58 GMT
Yangon - Military-run Myanmar attracted more than 8 billion dollars of new investment in May for energy and mining projects from Chinese companies, a news report said Sunday.
The projects include two hydroelectric dams in Kachin state, valued at 5 billion dollars; oil and gas pipelines from Rakhine state to Yunnan, China, for 2.15 billion dollars, and a copper mine in Monywa for 997 million dollars, the Myanmar Times reported.
'You need energy to drive an economy,' said Min Win Myint Aung, former director general at Myanmar's Ministry of Electric Power. 'This has made China move pre-emptively and acquire energy resources before other countries.'
Prior to May, Thailand's foreign direct investments in Myanmar amount to 7.4 billion dollars, while mainland China accounted for 6.4 billion dollars, and Hong Kong invested 3.7 billion dollars, the weekly newspaper reported.
Four years ago, China's official investments in the country amounted to less than 200 million dollars.
China has mainly invested in energy projects in neighbouring Myanmar.
Most US and European firms are barred from investing in Myanmar's energy sector by economic sanctions imposed on the ruling junta.
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