Economy
The principal product of Magway Region is petroleum. It produces most of the oil and natural gas in Burma. The following oil fields are located in the Magway Region: the Mann, Yenangyaung, Chauk, Kyauk-khwet, Letpando and Ayadaw oil fileds.
In May 2002 Russia agreed to help Myanmar build a 10-megawatt nuclear reactor and two laboratories in the region. Other industries include cement, cotton weaving, and tobacco, iron and bronze. Magway Region produces a large quantity of edible oil as well as petroleum, hence gaining a reputation as the "oil pot of Myanmar".
Agriculture is also important. The major crops are sesamum and groundnut. Other crops grown are rice, millet, maize, sunflower, beans and pulses, tobacco, toddy, chili, onions, and potatoes. Famous products of Magway Region include: Thanaka (Limonia acidissima) and Phangar (Chebulic myorobalan) fruit.
Magway has almost no tourist industry.
Read more about this topic: Magway Region
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)