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Economics Report - Burma Places Hopes for Development in Foreign Investment
This is the VOA Special English Economics Report.
Burma is in a good position to make big gains in Asia’s fast-growing markets. But development must include all of society and be sustainable for Burma to reach its goals.
That is what the Asian Development Bank said in a recent report.
Cyn-Young Park is an economist1 with the bank. She says Burma’s economic position is strengthened by its natural resources, such as oil, gas and minerals. It also has two large, growing neighbors: India and China. And the nation is young: one in four of its citizens are under the age of thirty.
But Burma has a long way to go. After fifty years of military rule, it is one of Asia’s poorest countries. Basic infrastructure2, like roads, bridges and railways, are not developed. And only thirty percent of rural people have electricity.
Burma is trying to increase foreign investment. Its civilian3 government is struggling to agree on a new foreign investment law. Recent versions of the law restrict foreign ownership in some industries and ban it completely in others.
Sean Turnell is an economist with Australia’s Macquarie University. He said the foreign investment law is now facing local disapproval4, or push back.
SEAN TURNELL: “There’s been a bit of a push back against some of the concessions5 granted to foreign investors6. In particular, there seems to be a walling off of some of the sectors7 from foreign investors.”
For years, Burma’s military closely controlled the economy. Relatives and friends of military members received rich contracts.
Now, the civilian government wants to expand services and manufacturing. It is considering giving foreign companies low tax rates so they will invest.
But experts say this could be a mistake. Sean Turnell says investors are concerned about infrastructure problems, not taxes. Economists8 also say tax breaks for local businesses may not be the answer either. They say the lack of access to credit for farmers and businesses in Burma is a bigger problem.
Reform in Burma is still in the early stages. The country recently announced new rules ending direct government censorship of news media. Reporters now must send censors9 their work after it is published, instead of before. Some reporters say they will wait to see if this means more freedom.
Cyn-Young Park says investors too are waiting to see if reform will succeed.
CYN-YOUNG PARK: “It is really going to take a while before the investors do believe that this reform is sincere and the government is not going to retract10.”
The foreign investment legislation could be signed into law as early as this month.
And that’s the VOA Special English Economics Report. I’m Mario Ritter.
1 economist | |
n.经济学家,经济专家,节俭的人 | |
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2 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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3 civilian | |
adj.平民的,民用的,民众的 | |
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4 disapproval | |
n.反对,不赞成 | |
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5 concessions | |
n.(尤指由政府或雇主给予的)特许权( concession的名词复数 );承认;减价;(在某地的)特许经营权 | |
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6 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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7 sectors | |
n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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8 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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9 censors | |
删剪(书籍、电影等中被认为犯忌、违反道德或政治上危险的内容)( censor的第三人称单数 ) | |
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10 retract | |
vt.缩回,撤回收回,取消 | |
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