Foreign investment in Myanmar, one of the world's poorest and most authoritarian countries, dropped more than two thirds last fiscal year as Chinese investment tailed off and economic sanctions on the military-ruled nation continued, according to government figures.
A statistical report from the country's Ministry of National Planning and Development that was seen Wednesday said foreign investment in the 12 months through March 2010 fell 68 percent to $315 million from $985 million the previous year.
The main reason for the drastic drop was because of China's unprecedented investment in Myanmar in 2008-2009. It spent $855.9 million in the mining sector, …
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