Tuesday, 28 May 2013

Mobile telecommunication companies to assist Myanmar’s GDP increase

Myanmar will have a boost in GDP within three years after telecommunication companies receive their license to operate, according to the survey of Ericsson Communication.

Myanmar’s wood export hits US$30 million

Myanmar earned about US$30 million last year from export of wood and finished wood products, according to Myanmar Timber Merchants Association.

Construction of Thilawa SEZ to begin in October

Myanmar authorities and Japanese organizations inked the agreement yesterday (May 25) to begin implementation the construction of first phase of Thilawa Special Economic Zone in Thanlyan Township of Yangon in October.

Myanmar to start garment export to US in June

Garment factories in Myanmar are preparing to make their first shipments to US next month, according to Myanmar Garment Entrepreneurs Association.

Myanmar signs agreement with Japan to develop Thilawa SEZ

Visiting Japanese Prime Minister Shinzo Abe on Saturday visited and witnessed a signing ceremony for a bilateral agreement to develop the first phase of Thilawa Special Economic Zone.

Yangon to open commodity exchange centre

A Commodity Exchange Centre will be opened in Yangon to gain access to real-time information of export markets, Tun Lwin, Chairman of Myanmar Pulses, Beans & Sesame Seeds Merchants Association, said.

Myanma Insurance permits five private firms for first time in 50 years

Myanma Insurance, the sole state-owned insurance organization in Myanmar, has permitted five private firms to offer insurance services in the country for the first time in 50 years.

IKBZ Insurance Co Ltd, Grand Guardian Co Ltd, Aung Thitsar Oo Co Ltd, National Economy Public Co, and Aung Myint Mo Min Insurance Co Ltd were given company licenses with ceremony at Myanma Insurance’s office on May 25.

Japanese Prime Minister attends Myanmar-Japan Economic Forum

Japanese Prime Minister Shinzo Abe have attended the Myanmar-Japan Economic Forum held at the headquarters of the Union of Myanmar Federation of Chambers of Commerce and Industry, also known as UMFCCI, in Yangon this afternoon.

GE proposes upgrading of gas turbines for Myanmar

US General Electric Company offers upgrading of gas turbines to generate more electricity, it was reported.

The current gas turbines have been used for over 30 years. It doesn't generate sufficient capacity. The gas turbines need to be upgraded, according to the electricity workshop.

ACE Group to open representative office in Yangon

Switzerland-based ACE Group, a global provider of insurance is planning to open a representative office in Yangon on the end of this year, according to the statement from the ACE Group.

Myanmar has now four million motors: official figures

Myanmar has now nearly four million motor cars officially registered to run on its roads through out the country, according to official figures from Department of Transport.

The department said it has officially registered 3,739,807 motor cars and the biggest regions such as Yangon, Mandalay, Sagaing and Magway have the most among them.

MPT to expand mobile phone stations in next fiscal year

By the next fiscal year, the number of mobile phone users will increase by 85 per cent and the number of mobile phone relay lines will jump up to 14 million lines, according to Myanmar Posts and Telecommunication (MPT) official announcement.

EU not allows Chinese grasshoppers exploiting GSP for Myanmar

The European Union (EU) will strictly regulate the rule of origins for imports from Myanmar so that Chinese abusers, also called “grasshoppers”, are not able to take undue advantage of EU’s Generalized System of Preferences (GSP) which offers tax advantage to Myanmar products, EU representative said.

Service centre for BMW cars to be opened in Yangon

A service center and spare parts showroom for BMW cars will be opened in Yangon at the end of September.

The car service center will check BMW cars with computer system and will employ skillful foreign technicians of BMW. The centre will also sell spare parts.

Italian-Thai’s hydropower project in lower Myanmar allegedly stops

Myanmar government has allegedly stopped a hydropower dam project with Italian-Thai Company in Taninthayi region of lower Myanmar due to concern of possible environmental and social impacts.

Sumitomo, NEC, NTT to build telecom network in Myanmar

Japanese firms Sumitomo Corporation, NEC and NTT Communications have finalized a telecom contract with Myanmar government to build a high-speed fibre-optic network connecting the three major cities of Myanmar, according to Japanese media.

Swiss Upper House Speaker paves the way for Swiss investments in Myanmar

Swiss Upper House Speaker Fillippo Lombardi met with Myanmar’s Vice President Nyan Tun at the President’s Office in capital Nay Pyi Taw yesterday to discuss possible Swiss investments in Myanmar, according to the reports from President’s Office.

Myanmar spends US$300m annually for palm oil imports

Myanmar has to spend more than US$300 million annually for the import of palm oil imports which amounts to over 300,000 tons every year, according to sources from local edible oil industry.

First Central Cooperatives Business Center to be opened in June

First Myanmar Cooperatives Business Center is due to open next month in Yangon to facilitate local and foreign visitors, enabling them to buy souvenirs conveniently from cooperatives shops, according to Htay Kyi Aung, information officer at the Center.

Best Western group to take over Myanmar’s Green Hill Hotel

US-based Best Western, which is one of the world’s largest Hotels group, has already agreed to going into a joint venture with the Green Hill Hotel in Myanmar, according to Best Western Hotels Group.

Green Hotel with 189 rooms is located in Tamwe Township, Yangon.

Wood, finished-wood products export gets exemption from custom check

Timber and finished-wood products will no longer need to be checked for export by the Custom Department, according to Myanmar Timber Enterprise Association.

Previously, exporting of timber and its finished-products needed to be checked at least twice. The first check is for packaging at the factory and the second is for arrival of the products at the port.

Myanmar Times (13 - 19 May 2013)

New Light of Myanmar (28 May 2013 - Tuesday)

The Mirror Daily (28 May 2013 - Tuesday)

Myanma Alinn Daily (28 May 2013 - Tuesday)

Qatar's Ooredoo eyes Myanmar licence

Ooredoo, the telecommunications operator formerly known as Qatar Telecom, plans to bid for a licence in Myanmar, the company’s CEO told Bloomberg.

Nasser Marifih described the south-east Asian nation, which currently has mobile penetration of about 5 percent, as “one of the last untapped markets”.

Japan's Abe ends Myanmar visit with aid, debt write-off

(Reuters) - Japan on Sunday endorsed Myanmar's reform program by writing off nearly $2 billion in debt and extending new aid, some of which will help support an industrial zone being developed by Japanese firms near the commercial capital, Yangon.

Japan searches for business possibilities in Myanmar

Japan is approaching Myanmar, the last frontier of Southeast Asia, in search of business opportunities.

Japanese Prime Minister Shinzo Abe visited the country from Friday to Sunday to ensure Japan's share of Myanmar's development, which is starting from scratch with untouched markets. Myanmar has inexpensive labor, is rich in resources and is strategically important.

Monday, 27 May 2013

New Light of Myanmar (27 May 2013 - Monday)

The Mirror Daily (27 May 2013 - Monday)

Myanma Alinn Daily (27 May 2013 - Monday)

The cycle of life

It's early morning in Mandalay. The sun is rising behind us, bathing the river, boats, trees and grassy plains in a soft-orange glow. 

But it's not peaceful here. It's anything but peaceful. Those trees and plains are on the other side of the Irrawaddy River; we're still on the city side of the river amid the cacophony of early-morning traffic. 

Japan gives Myanmar $504M loan, forgives debt

YANGON, Myanmar (AP) — Japan's government on Sunday extended its first loan to Myanmar in 26 years and canceled the remainder of the Southeast Asian country's debt, as Tokyo looks to re-establish strong economic ties with the former pariah nation.

Sunday, 26 May 2013

Responsible Investment Reporting Requirements Final

New Light of Myanmar (26 May 2013 - Sunday)

The Mirror Daily (26 May 2013 - Sunday)

Myanma Alinn Daily (26 May 2013 - Sunday)

Burma: Investors Need Robust Rights Safeguards

(New York) – American companies investing in Burma should not let new US government reporting requirements lull them into complacency on human rights concerns. The US “Reporting Requirements on Responsible Investment” in Burma went into effect on May 23, 2013.

Myanmar port project to boost ties with Thailand

BANGKOK, May 25 (Xinhua) -- With opening of Dawei's deep-sea port in Myanmar, Thailand's western part is poised to become a logistics and transportation hub as well as tourist destination, according to analysts here.

Kyat slumps as imports flood into Myanmar

YANGON: Myanmar’s currency has plunged more than 7% over the past month to the lowest since it was floated last year, raising concern about economic stability in Asia’s newest democracy.

Saturday, 25 May 2013

New Light of Myanmar (25 May 2013 - Saturday)

The Mirror Daily (25 May 2013 - Saturday)

Myanma Alinn Daily (25 May 2013 - Saturday)

New Light of Myanmar (24 May 2013 - Friday)

The Mirror Daily (24 May 2013 - Friday)

Myanma Alinn Daily (24 May 2013 - Friday)

Abe Goes to Myanmar as Japan Inc. Eyes Asia’s Cheapest Wages

Prime Minister Shinzo Abe today becomes the first Japanese leader to visit Myanmar in 36 years as his nation’s companies seek to invest in the former dictatorship, which has some of the cheapest labor in Asia. 

SMEs urged to invest in Myanmar

With ample business opportunities arising from the upcoming Asean Economic Community (AEC), Thai businesses are urged to set up a foothold in neighbouring Southeast Asian nations despite unclear investment regulations in Myanmar.

Hotel and restaurant prices rise as tourism booms in Myanmar

The last two years have seen a series of democratic reforms in Myanmar, with the country now apparently emerging from five decades of isolation and military rule. The reforms have impacted nearly every sphere of life in Myanmar. In the fourth of a special five-part series, we look at how the Myanmar's tourism industry has been affected by the changes.

Best Western to Open First Location in Burma

Best Western hotels has announced that they have plans to open their first hotel in Burma. USA Today reported that the hotel chain has signed a deal with the Green Hill Hotel to take over management of it. The property is located in Yangon which is Burma's largest city.

Can Burma Take a Lesson From George Washington?

WASHINGTON, D.C. - Burma's President Thein Sein made a surprising pilgrimage this week to Mount Vernon to lay a wreath on the tomb of George Washington, raising the question what the former general might learn from America's first president?

Japan PM Shinzo Abe heads to Burma for economic talks

Japanese PM Shinzo Abe is heading to Burma in the first visit by a Japanese head of government since 1977.

A business delegation will accompany Mr Abe, who is keen to strengthen economic ties with Burma.

U.S. requires transparency from Myanmar

WASHINGTON, May 24 (UPI) -- The U.S. government said it imposed requirements on U.S. investors who do more than $500,000 worth of business in the energy sector of Myanmar.

Abe on 1st trip to Myanmar by Japan PM in 36 years

YANGON, Myanmar (AP) — Prime Minister Shinzo Abe arrived in Myanmar on Friday on the first visit to the country by a Japanese leader in 36 years, as Tokyo bids to reassert its position as a top economic partner after decades of frosty relations with the previous military regime.

ACE Receives Regulatory Approval for Myanmar Representative Office

The ACE Group announced today that it has received provisional approval from Myanmar’s Directorate of Investment and Company Administration to establish a representative office in Myanmar. The company is now completing the registration process with the relevant Myanmar authorities with the intention of opening the office in the city of Yangon later this year.

EITI will help Myanmar engage with world - minister

SYDNEY (Thomson Reuters Foundation) - Myanmar considers a global initiative to increase transparency in the oil, gas and mining sector to be an international best practice that will help the resource-rich country to engage with the international community, the country’s minister of finance and revenue told a conference in Sydney.

Thursday, 23 May 2013

Criticisms hit mall’s construction near sacred pagoda

Construction of a three-storey shopping mall at the Public Square which is adjacent to one of most revered Buddhist site, the Shwedagon pagoda, in Yangon has attracted widespread criticisms, as the mall will obstruct the scene of the pagoda from the nearby areas.

Import cargo services to be privatized in Yangon International Airport

Yangon International Airport's authorities are planning to allow privatization of import cargo services, according to the release.

The Public Service Capacity Assessment Committee made the decision to privatize the services after they have inspected the airport.

Myanmar Microfinance Bank to be launched

Myanmar Microfinance Bank (MMB) offering half the current interest rate for small loans will be launched some time this year, according to the banking communities.

A private bank, MMB will be targeting to low-income households. Interest rate will be less than commercial banks and financing plan will be suitable for low-income borrowers.

Myanmar to form “trade facilitation” force

Myanmar is going to form a trade facilitation task force to streamline export and import procedures and cut red tape in the government departments, according to the President Office’s Minister Tin Naing Thein.

Myanmar-US Chamber of Commerce established during President’s US trip

Myanmar-US Chamber of Commerce Council released a statement that the council was established in United States of America and Myanmar in order to carry out business activities for investments and trading purposes.

President Thein Sein invites US investments for development of Myanmar’s middle class

President Thein Sein has invited private sectors from the United States to invest in the development of middle class people in Myanmar.

The visiting Myanmar leader on his first visit to US made a speech on meeting with the US businessmen at US Chamber of Commerce on May 20.

New Light of Myanmar (23 May 2013 - Thursday)

Myanma Alinn Daily (23 May 2013 - Thursday)

The Mirror Daily (23 May 2013 - Thursday)

Fund Managers Are Desperate To Get A Piece Of Myanmar

Myanmar is among the hottest “frontier” investment markets today.

The country is going from an authoritarian regime to democracy, from a conflict situation to a situation of relative peace, and, most importantly, from a closed economy of state-owned companies, to an open, free market economy.

Burma President Ends U.S. Trip with Trade Deal

Burmese President Thein Sein has ended a landmark visit to Washington by securing a trade agreement with the Obama administration and meeting several prominent members of Congress.

Myanmar Sanctions Should End, U.S. Senator McConnell Says

U.S. Senate Minority Leader Mitch McConnell, the congressional sponsor of economic sanctions against Myanmar, said he won’t seek their extension in light of the former military regime’s shift toward democracy. 

Myanmar urged to copy Hong Kong development model

Poor nation should maintain a land bank of public sites to help fund up to US$150 billion of much-needed infrastructure projects, investors say

To meet the enormous cost of funding Myanmar's infrastructure and property development, the impoverished country should adopt Hong Kong's land sales model. That is according to speakers at the recent Myanmar Urban Development Conference.

Abe to visit Myanmar for 1st time in 36 years

TOKYO - Japanese Prime Minister Shinzo Abe will visit Myanmar from May 24 to 26 to boost bilateral economic ties, becoming the first prime minister to visit the Southeast Asian country in 36 years, Japanese Chief Cabinet Secretary Yoshihide Suga said Wednesday.

Myanmar dials in to growing mobile market

Myanmar's increasing engagement is fuelling demand for mobile phones in a country described as less connected than North Korea.

Wednesday, 22 May 2013

Myanmar to allow tourists through Kayin border

Foreign tourists will soon be permitted to enter Myanmar through border trade centers in Kayin State, bordering Thailand, said Zaw Min, the chief minister for the state at the ASEAN Economic Forum held on May 19 in Hpa-an, its capital city.

KIA opens first-ever showroom in Yangon

Korea-based KIA Motors Company has opened its first showroom near Micasa Hotel Apartments in Yangon, on Sunday.

Super Seven Star Company (SSS) is an authorized representative for KIA since September last year.

Myanmar Oil & Gas Summit to be held in June

Myanmar Oil and Gas Summit 2013 is going to be held on June 17 and 18, it was reported.

The officials of the Directorate of Investiment and Companies Administration and Geo-Science Association will attend the Myanmar Oil and Gas Summit 2013. International experts and officials of ASEAN Petroleum Council also will attend the summit.

Thailand’s PTT plans to open filling stations in Myanmar

PTT Oil Company from Thailand is preparing to open two filling stations in Yangon in coming year and plan to sell nearly 500,000 liters of fuel per month, Thai’s Medias reported.

Panasonic eyeing to open a branch in Yangon

Panasonic Corporation from Japan is planning to open a branch office in Yangon, said Tin Zar, Assistant Manager from Panasonic (Myanmar) said.

Border trade resumes in Rakhine State after "Mahasen"

Border trading resumes in Rakhine State, western Myanmar bordering Bangladesh, starting from May 18 after a brief shut-down due to the tropical cyclone Mahasen, according to local sources.

True Corp eyes presence in Myanmar

True Corp's chief has expressed the interest in tapping the mobile phone and cable TV industry in Myanmar.

Eagles Air and Sea to pursue opportunity for JV in Myanmar

Eagles Air and Sea (Thailand) Co, a fully integrated logistics service provider, is eyeing Myanmar to boost its revenues after claiming success in Singapore.

New Light of Myanmar (22 May 2013 - Wednesday)

The Mirror Daily (22 May 2013 - Wednesday)

Myanma Alinn Daily (22 May 2013 - Wednesday)

Myanmar: A revolution in progress

It is known as the Myanmar miracle.

Or that is the hope for the country of almost 50 million people tucked between Asian powerhouses India and China. Just three years ago, Myanmar was being brutally led by one of the world's most repressive military regimes; today, it is a fledgling democracy.

Obama Says Myanmar’s Democratic Progress Fuels Economic Growth

President Barack Obama told Myanmar President Thein Sein that building democracy and ending human rights abuses will bring greater prosperity to the Southeast Asian nation. 

Oil industry eyes opportunity in Burma

Oil-and-gas companies are concerned about reporting requirements for doing business with Burma now that the United States has established relations with the country. 

Myanmar’s media faces fresh challenges

It is a new dawn for media in Myanmar—censorship has been lifted; 10 daily newspapers are now being printed, with another 14 on the way; and, reporters are free to write what they please. But the rush to this liberalized market has brought with it a fresh batch of problems for journalists, editors and media company owners.

Tuesday, 21 May 2013

Buses remain least among 90,000 vehicles registered

Myanmar’s Road Transport Administration reported that it had registered nearly 90,000 vehicles as of May 16 but public transport buses remain in short supply.

ASEAN Economic Community Workshop held in Myanmar

ASEAN Economic Community (AEC) workshop was held in Mawlamyine, the capital of Myanmar’s Mon State, to discuss about SME Financing, AEC Blueprint, and importance of SMEs experience in ASEAN countries, as well as International Land Transport Linkages and Related Regional Agreements.

Credit Information Bureau to be formed

Myanmar will form a Credit Information Bureau to check on the background of borrowers for financial loans, senior adviser San Thein of the Small and Medium Enterprise Development Bank said.

The Myanmar Times (6 - 12 May 2013)

New Light of Myanmar (21 May 2013 - Tuesday)

The Mirror Daily (21 May 2013 - Tuesday)

Myanma Alinn Daily (21 May 2013 - Tuesday)

New Light of Myanmar (20 May 2013 - Monday)

The Mirror Daily (20 May 2013 - Monday)

Debt crisis could produce jobless farmers

High interest rates will force farmers in Mandalay Region’s Patheingyi township to sell their summer harvest in June or July – when prices are at their lowest – leaving them without a profit and driving some to sell their land, farmers said.

IFC seeks ‘development dividends’

The International Finance Corporation is focusing on investing in banking and infrastructure in Myanmar, Sergio Pimenta, IFC director for East Asia and the Pacific said at the Myanmar 2013 Investment Summit in Hong Kong on May 15.

Myanma Alinn Daily (20 May 2013 - Monday)

STOCKS NEWS SINGAPORE-WE Holdings jumps on Myanmar business plan

May 20 (Reuters) - Shares in WE Holdings Ltd jumped as much as 11 percent after the electronics manufacturer and distributor unveiled plans to invest in a Myanmar-based cement plant.

United States’ Burma Sanctions List Languishes

RANGOON — If you’re American and want to do business in Burma, there’s a list of people and companies you have to steer clear of by law. But it leaves off a former minister’s son US officials suspected of brokering arms deals with North Korea, and high-rolling relatives of the man who led the repressive military government for 19 years.

From cars to cola, U.S. firms cross into Burma

Besides finger-lickin' food, residents of Rangoon, Burma's commercial capital, will soon be able to drink, drive and sleep American.

RANGOON, Burma — Maroon robes for Buddhist monks had long drawn customers to the shop in downtown Rangoon. Then a new tenant hoisted a distinctive red logo with Colonel Sanders.

Myanmar textile exports 'set to surge'

Myanmar is on course for a big jump in textile exports to Europe following the return of trade privileges by the European Union (EU), according to the Thailand Textile Institute.

The lifting of the ban on Myanmar under the EU's Generalised System of Preferences (GSP) would rapidly drive up Myanmar's exports of textiles, it said. The institute did not predict the size of the increaee, but said it would be significant.

Thriving Myanmar-Thai border trade faces warehouse shortage

Myawady checkpoint on Myanmar-Thailand border is facing warehouse shortage and cannot adequately provide temporary storage for the imported goods from Thailand as the border trade is booming too quickly, local merchants said.

Thilawa Economic Zone’s 70,000 acres to be farmed

Local farmers will grow monsoon rice on the 70,000-arce farmland earlier confiscated for Thilawa Special Economic Zone Project in Thanhlyn township of Yangon, Myanmar, Mya Kyaing, one of the farmers, said.

Commerce ministry to use its lands for necessity

The commerce ministry will turn property under its jurisdiction into shops and centers amid a growing demand as the country’s open up its economic and development space, Commerce Minister Win Myint said.

Myanmar’s Oversea Employment Agencies Federation opens office in Thailand

The Federation of Oversea Employment Agencies (Myanmar) has opened its first branch office in Bangkok to help Myanmar migrant workers in Thailand and to protect their labour rights, the federation chairman Min Hlaing said.

Nepalese Airlines to launch nonstop flight service to Yangon

The Nepalese Airlines have been in talks with Myanmar airlines authorities to launch direct flight services from Yangon to Kathmandu, according airlines director Saroj K. Kasaju.

Korean firm to conduct feasibility study on water supplying projects in Yangon

The Yangon City Development Committee has signed an agreement with the SK Engineering Construction last Friday to conduct feasibility surveys on the water supply from Kokkowa River to Hlinethaya Township and Yangon’s western zone.

Vietnam-Myanmar economic seminar in Yangon

Myanmar will host the Investment-Trade-Tourism Ho Chi Minh City-Yangon Seminar on June 6 in Yangon to promote investment, according to the Republic of Union of Myanmar Federation of Chambers of Commerce and Industry (RUMFCCI).

Sunday, 19 May 2013

New Light of Myanmar (19 May 2013 - Sunday)

The Mirror Daily (19 May 2013 - Sunday)

Myanma Alinn Daily (19 May 2013 - Sunday)

Burmese JV for Tat Hong

Singapore based international crane group Tat Hong has signed a heads of agreement with Intraco and Aung Moe Kyaw to set up a Singapore based joint venture to sell and rent cranes in Burma /Myanmar.

The non-binding plan is for the joint venture to distribute both cranes and excavators in Burma as well as establishing a wholly-owned crane rental subsidiary within the country.

A Burmese Tycoon You Can’t Find Today

As far as tycoons go, Nar Auk was one of a kind in Burma.

A cattle boy turned entrepreneur during British colonial days, he used his wealth to fight against Britain’s powerful Irrawaddy Flotilla Company and to help the country’s poor avoid exploitation by British and Indian businessmen. In the process, he became a hero to the Burmese people of the era by accomplishing what most of his contemporaries could not: slashing the profit margins of foreign businesses.

Booming Burma is a win-win scenario for business in South East Asia

When a repressive regime comes to an end, there is always optimism inside and outside the country that it will herald a bright new dawn of freedom and economic growth.

Sometimes these hopes are realised, as was the case with countries such as Panama after the fall of Manuel Noriega and his drug-running henchmen in 1989.

Friday, 10 May 2013

Japanese business travellers flock to Myanmar

The number of Japanese business travellers to Myanmar has increased over the past eleven months since the government allowed visa on arrival, according to an official from the Immigration Department at the Yangon International Airport.

Tourists to Inle region surge 50 percent

The number of international tourists visiting Inle region of Myanmar has surged about 50 percent this year, according to an executive of Myanmar Hotelier Association.

Mandalay to build 20 hotels providing over 1400 rooms

Twenty hotels providing over 1,400 rooms will be built in Mandalay to meet growing demands for hotel rooms, according to Mandalay Region's Hotels and Tourism Department.

Inle floating market nearly disappearing

Inlay is famous for its unique peddle boats, floating market and beautiful scenery. It is located in the heart of Shan plateau.

Mercedes-Benz and Mitsubishi Fuso showrooms to open in Yangon

Germany-based Mercedes-Benz and Japan-based Mitsubishi Fuso will soon open their car showroom and service centres in Yangon, Aung Kyaw Moe, chairperson of their local partner IBTC Group, said on Wednesday.

JDI draws Kyaukphyu SEZ Implementation Project

Japan Development Institute is drafting an implementation plan for Kyaukphyu Special Economic Zone in Rakhine State, a source from Myanmar Port Authority said.

Myanmar budgets US$700m earning from fishery export

Myanmar has set a targe of US$700 million from fishery export for the fiscal year 2013-14, which is the same amount with previous year although it was not achieved then, according the Department of Fisheries.

Gas exports hit $7.2 bn in 2 years

Myanmar has earned a total of US$7.2 billion from natural gas, the top export product of the country, during the two years of civil government’s administration, according to the Ministry of Commerce.

US dollar rises

The exchange rate for US dollar has strengthened against the Myanmar kyats bringing the rate down to 900 kyats per dollar.

The Central Bank of Myanmar floated its currency last April according to Thein Phyu Exchange counters.

Chinese buyers suddenly stop buying Myanmar’s onions

Myanmar’s trucks with full load of onions and garlic to export to China have piled up in Muse, a border town, as Chinese suddenly stopped buying these goods since May 6, according to official sources.

Japan and Singapore eye Myanmar investments

Meidensha Corporation from Japan and Keppel Land from Singapore are in talks with Myanmar's government for potential business to invest according to the Ministry of National planning and Economic Development.

Famous PoKKA to build factory

Japan-based Pokka soft drinks and beverages is planning to build its factory at Hlaingtharyar Industrial zone, according to a source close to Kaung Htat Myanmar Company which got the distribution license of Pokka.

Myanmar leads natural gas export in Asia

Myanmar is standing as leading natural gas exporter among Asian countries and tenth places in world ranking, according to statistics from natural gas export.

Myanmar offers investors to participate in Dawei’s economic project

Industry Minister Aye Myint left for Thailand yesterday to discuss with potential investors to participate in Dawei special economic project, reports say.

Suzuki to sell Pick-Up trucks in Myanmar

Japan-based Suzuki automaker is preparing to sell pickup trucks assembled in Yangon by the end of May, Ye Tun Oo, the Admin Manager from Myanmar Suzuki Motor Company said.

Suzuki Motor Corporation had sold 6,000 vehicles, including Pick-up(R-) and Wagon (R+) and about 10,000 motorcycles, in Myanmar from 1999 to 2010.

Livestock and Fisheries Development Bank to double capital

The Livestock and Fisheries Development Bank is planning to increase its capital investment to 70 billion kyats which will be the double amount of current capital, the bank's director Kyaw Lwin said.

Philips Electronics eyes Myanmar market

Netherland based Phillips Electronics Company are eyeing to expand its electronics stores in Myanmar, The Wall Street Journal reported.

Sagaing regional government offers to buy electricity from Manipur

Sagaing regional government has informed Manipur Chief Minister its desie to purchase electricity for Tamu Township, Sagaing region.

Italian Iveco Truck enters Myanmar

Italy-based Iveco Trucks has entered Myanmar’s market this month, according to Iveco’s partner, Myanmar Synergy.

“The Iveco will be selling all kind of trucks in the country with hire purchase system.  We will open service center with exeprienced teams at Hlaingthayar Industrial Zone,” said Ye Tun, Director of the company.

Soe Thein out as investment commission chairman

Myanmar Investment Commission's Chairman Soe Thein, who also is the union minister for the Presidential Office of Myanmar, has been replaced by Win Shein of the Finance and Revenue Ministry, sources say.

Foreigners await condominium law to buy apartments

Foreigners are waiting for Parliament to pass the condominium law as they are more interested in buying condo and apartments compared to other types of accommodations in Myanmar, according to the construction companies in Yangon.

German BMW to enter Myanmar’s market

Germany-based BMW automaker will launch its first showroom and servicing center in Myanmar, BMW’s partner, Inspiration de Formosa Group, said.

Inspiration de Formosa Group was registered as a trading and construction company at the Directorate of Investment and Companies Department and the group’s Managing Director is Than Than Htay.

Resale market of GSM SIM cards kicks in

After 1,500 K CDMA 800 MHz SIM cards sales, sales of 2 million GSM SIM cards begins to kick in again.

The GSM SIM cards are sold from one acquaintance to another. Some mobile shops also sell the cards.

Transparency is a "must" while inviting tenders, presidential office says

The presidential office of Myanmar last month addressed the government organizations and departments shall follow the rules and regulations to have transparency when inviting tenders.

Huawei opens first showroom in Yangon

Huawei , the Chinese technologies company has opened its first showroom in Yangon today (May 5, 2013).

The company planed to open more than 20 showrooms in Yangon soon and expected to open 100 stores countrywide, a spokesperson of the company said.

Myanmar’s marine product exporters prepare for EU GSP

Myanmar’s marine product exporters are preparing their goods to meet the international quality standards as the European Union (EU) is going to restore its Generalized System for Preferences (GSP) for Myanmar next month.

Parkson store chain taps Yangon market

Malaysia-based Parkson Departmental Store Chain will open an outlet in FMI Center (near Bogyoke Market) this month, an executive from Parkson FMI department store announced at a press conference yesterday.

Chinese Communist Party pledges responsible investments in Myanmar

Investment projects that are detrimental to locals’ welfare in Myanmar will be avoided in future, the Chinese Communist Party has pledged to a delegation from Myanmar on their visit in China.

Power requirements prompt rushing Yangon’s gas-fired plant projects

Gas-fired power plant projects in Yangon region are rushing to be completed by the end of this year as the city requires more energy, according to an official from the Ministry of Electrical Power.

Myanmar-Indian economic forums to be held in central Myanmar

To promote bilateral cooperation and trade between India and Myanmar, the country will host special economic forum in two biggest cities in Mandalay, the second largest city, and Monywa, located 136 km no,rthwest of Mandalay on May 26 and 27, Indian Media said.

World Bank to provide assistance for development of Myanmar’s infrastructures

To create a sound environment for investments, the World Bank (WB) will help Myanmar wtih development of key infrastructures, including Yangon housing projects.

The World Bank had lent US$ 165 million without interest for development of the country.

Shinhan opens a rep office in Yangon

Shinhan Bank, one of the largest banks in South Korea, has opened a representative office in Yangon according to the bank.

Chinese illegal logging and smuggling become worse in Myanmar

Chinese wood smugglers and local corrupt officials are increasing their illicit activities taking advantage of the unsettled political situation in Northern Myanmar, the locals living in Myanmar-China border area said.

Ministry cancels "show money system" for imports

An export income "export earning foreign currency system" in Myanmar that required for imports has been canceled by the ministry.

A 10 % of the total value of trade will be taxed. The 90% of the total value of trade is called export earning foreign currency which can be used for import according to the department.

US, EU to build wood products factories in Myanmar

The United States and the European countries have planned to invest in the manufacturing of furnished wood products in Myanmar, according to the Ministry of Environmental Conservation and Forestry.

Bosch’s automotive repairing and components sales center to open in Yangon

Bosch, a German-based multinational engineering and electronics company, will open an automotive repairing and components sales center in Yangon in May, according to the company's representative office in Yangon.

Ford to launch showroom and service center in Myanmar

Ford Motor Company will open its first showroom and service and spare parts center in Yangon this year.

Representatives from Ford and its Myanmar partner Capital Automotive Ltd, a unit of Capital Diamond Star Group, made the announcement on Tuesday at a press conference in Yangon.

Squatters at Thilawa economic zone to be examined before compensation

Myanmar authorities will offer compensation to only those squatters who have been living at Thilawa Special Economic Zone’s area for a certain period of time, said Sett Aung, Deputy Minister for National Planning and Economic Development.

Northern Shan State to have liquefied natural gas plants

Taremoenyae Chanthar Company and Sunshine KAIDI new energy Group Co. Ltd in China will cooperate to build four liquefied natural gas plants in Shan State (North).

Korea-based KIA Motors Company to open Auto show room in Myanmar

Korea-based KIA Motors Corporation Company will open its first auto show room near Micasa Hotel Apartments on Kabaaye Pagoda road in the third week of May, Kyaw Thura, Director of Super Seven Star Motors Industry Co;Ltd said.

Myanmar needs independent university system: Suu Kyi

Myanmar needs to develop a modern and independent university system which has been destroyed by half a century of military rule, pro-democracy leader Aung San Suu Kyi has said.

Democratic Transition in Burma and Western Interests

Gradual democratic transition has been seen in Burma since the 2010 general elections. Prior to the elections, the country’s closest allies were governments that had business interests or groups that had established connection with the military generals. The international community was visibly divided under two separate camps – sanctions versus engagement.

Myanmar needs to balance modernisation and heritage as it urbanises, meet told

Myanmar should place the emphasis on people and strike a balance between modernisation and its own heritage in entering the era of urbanisation, experts have suggested.

KBank allows Myanmar ATM transfers

Kasikorn Bank (KBank) has signed a deal with Myanmar's Co-operative Bank (CB Bank) to allow Myanmar nationals in Thailand to transfer funds to their homeland via KBank ATMs, starting May 28.

Business opportunities in Myanmar introduced

A workshop on business opportunities in Myanmar was held on May 3 in Ho Chi Minh City to introduce Vietnamese firms to the Southeast Asian country’s economic and business environment.

Myanmar sets sights high

YANGON, 7 May 2013: Myanmar’s government officials are talking optimistically about attracting 3 million international tourist arrivals by 2015 a sharp jump from slightly more than 1 million arrivals recorded in 2012.

US eased travel ban on Myanmar officials

The United States government lifted a visa ban on Thursday on former Myanmar's military officials, their business partners, and immediate families to support reforms in the country. 

Chief Minister Okram Ibobi Singh to visit Myanmar

Imphal, May 04, 2013: Aimed at strengthening trade relationships with the immediate international neighbour, a high level State delegation led by Chief Minister Okram ibobi Singh will be visiting Saigang Division of Myanmar in the latter part of this month.

ADB, IMF encourage Myanmar to carry on economic reforms

The Asian Development Bank (ADB) and International Monetary Fund (IMF) Saturday encouraged Myanmar to carry on its economic reforms aimed at achieving the goal of reducing poverty and development.

U.S. lifts more sanctions on Myanmar to support reforms

WASHINGTON (Reuters) – The United States on Thursday lifted another set of sanctions against Myanmar to support reforms in the formerly army-ruled country, while retaining visa and investment bans against individuals accused of human rights abuses.

The EU In Myanmar: Sanctioning Self-Interests, Yet A Positive Move? – Analysis

The European Union (EU) unanimously lifted trade, economic, and individual sanctions imposed on Myanmar at a meeting in Luxembourg on 22 April 2013. The arms embargo, however, will remain in place to be reviewed next year.

US extends targeted sanctions against Myanmar

The Obama administration has extended targeted sanctions already in place in Myanmar for another year, in an effort to maintain pressure on the country’s officials to advance political reforms.

KBank mulls life insurance niche abroad

Kasikornbank (KBank) is exploring life insurance opportunities in Myanmar and Cambodia as part of a fast-track strategy to prepare for the Asean single market in 2016.
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