Myanmar gets record $20B investment pledges

Myanmar received a record $20 billion of foreign investment pledges in the financial ended March 2011 despite Western sanctions against its military government.

The figure from the Ministry of National Planning Development dwarfs the value of foreign direct investment announced by Myanmar in previous years.

FDI commitments in the financial year ended March 2010 totaled just $302 million. They totaled about $16 billion in the previous two decades.

Neighboring China with $8.27 billion accounted for 41 percent of the FDI commitments in the last financial year. Much of that money will be plowed into power projects.

Other top investors included the Chinese territory of Hong Kong with $5.39 billion followed by Thailand with $2.94 billion.

CNBC

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