China cash boosts Myanmar investment: ministry
Foreign investment in Myanmar increased more than fivefold fivefold
1. having five times as many or as much
2. composed of five parts
by five times as many or as much
Adj. 1. to reach almost one billion dollars last year, as neighboring neigh·bor
1. One who lives near or next to another.
2. A person, place, or thing adjacent to or located near another.
3. A fellow human.
4. Used as a form of familiar address.
v. China pumped money into its mining sector, official statistics showed.
Total foreign investment in the military-ruled nation increased from 172.72 million dollars in the 2007-2008 fiscal year to 985 million dollars in 2008-2009, the Ministry of National Planning and Economic Development said.
Myanmar's fiscal year begins on April 1 and ends on March 31.
China's investment in mining accounted for 856 million dollars while Russia and Vietnam collectively invested 114 million dollars in the oil and gas sector and Thailand spent 15 million dollars in the hotel and tourism sector, it said.
Myanmar is the subject of sanctions imposed by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and European countries because of alleged rights abuses and its long-running detention of pro-democracy leader Aung San Suu Kyi Aung San Suu Kyi (oung sän s chē), 1945–, Burmese political leader. , who is currently on trial.
But the impact of those sanctions has been weakened as neighbours, notably China, spend heavily on Myanmar's natural gas, timber and precious stones gems; jewels.
See also: Precious . The two countries share a 1,370-mile (2,205-kilometre) border.