Jun 12, 2011

BBC: Myanmar gets a record $20bn in foreign investment

Myanmar received a record $20bn (£12.2bn) in foreign investment in the past year, the country has said, dwarfing previous pledges for the isolated nation.

The amount compares with just $302m in 2010 and a total of $16bn for the prior two decades combined.

Neighbouring China was the biggest foreign investor, most of which will be invested in power projects.

The country, long ruled by a military government, held elections last year for the first time in 22 years.

Analysts say the elections may have improved prospects for the country's economy, for years under sanctions over the previous government's human rights record.

China invested $8.27bn in the year to March 2011, followed by Hong Kong with $5.39bn and Thailand with $2.94bn, according to the Ministry of National Planning Development.
Source: BBC