Myanmar Clears $ 6.87bn Fdi

Myanmar (Burma) said yesterday it had approved 299 projects worth about $6.87 billion in foreign direct investment since opening up the economy in 1988. Singapore is the largest foreign investor followed by Britain, Thailand and Malaysia. About 65 per cent of the proposed projects have been implemented, ministry sources said. Western governments have imposed trade or economic sanctions on Myanmars military regime, which seized power in 1988, for ignoring the results of a 1990 election won by opposition leader Aung San Suu Kyis National League for Democracy. Myanmars military government allowed foreign investment shortly after the previous ruling body the State Law and Order Restoration Council seized power in 1988. (Reuters)