S Korean investment in Myanmar rises sharply in four months

South Korea's investment in Myanmar has risen 10 times in the first four months of the fiscal year 2010-11, hitting 2.658 billion U.S. dollars as of July 2010 since 1988, the local Weekly Eleven News reported Monday.

The sharp increase of South Korea's investment has prompted the country to rise up to the position of 5th from 10th in Myanmar's foreign investment line-up.

The Korean investment grew from 239.318 million dollars in March, at the end of 2009-10.

S. Korea poured its investment in the sectors of mining and oil and gas.

According to official statistics, Thailand, China, China's Hong Kong, Britain, S. Korea and Singapore have topped Myanmar's foreign investment.

As of July 2010 since 1988, Thailand has invested 9.568 billion dollars, China 6.415 billion dollars, China's Hong Kong 5.904 billion dollars, Britain 2.659 billion dollars, S. Korea 2.658 billion dollars and Singapore 1.592 billion dollars, the statistics show.

Myanmar has absorbed 15.84 billion U.S. dollars' huge contracted foreign investment in the first four months of the fiscal year of 2010-11, registering the highest annually throughout Myanmar's foreign investment over the past 22 years.

The four-month investment has brought Myanmar's total foreign investment to 31.895 billion dollars up to July 2010 since 1988 when the country opened to such investment.

The last total figure was registered as 16.05 billion dollars up to March, the end of 2009-2010.

Sectorally, the total investment as of July 2010 since 1988 has been registered as 13.447 billion dollars for the oil and gas, 11. 341 billion dollars for electric power, 2.395 billion dollars for mining, 1.662 billion dollars for manufacturing and 1.064 billion dollars for hotels and tourism.

Source:Xinhua