Myanmar has signed a revised contract that increases its share of the
profits from a controversial Chinese-backed copper mine, the country’s
largest, officials said.
The revision is seen as an attempt by the government to appease
public anger over the project by giving the country a bigger share of
the profits, after protests last year that triggered a violent police
crackdown.
The new terms give the government 51 per cent of the profits from the
Letpadaung copper mine in Monywa, 760 km (472 miles) north of Yangon,
far more than its original 4 per cent share.
Monday, 29 July 2013
With Myanmar Economy On The Rise, Indian Companies Want To Wrest Business Away From Dominant Chinese Rivals
Myanmar, formerly one of the poorest nations in Southeast Asia but now
termed the region’s “next economic frontier” by the International
Monetary Fund, is also the newest battleground for Indian companies
seeking to wrest business away from Chinese firms, which remain the
biggest investor in Myanmar, even as western companies rush to the
country.
Export-Import Bank of India (Exim), the state-controlled trade financing institution, has agreed to invest $800 million in Myanmar, part of which will be used to upgrade the Yangon-Mandalay railway and a plant for Tata Motors Limited (NYSE:TTM) to assemble vehicles in the country, said David Rasquinha, the executive director of the bank, according to Bloomberg.
Export-Import Bank of India (Exim), the state-controlled trade financing institution, has agreed to invest $800 million in Myanmar, part of which will be used to upgrade the Yangon-Mandalay railway and a plant for Tata Motors Limited (NYSE:TTM) to assemble vehicles in the country, said David Rasquinha, the executive director of the bank, according to Bloomberg.
Myanmar's Largest Investor, China, May See Its Investment Share Dwindle As Western Companies Move In
Chinese firms, which for decades were the largest and the only foreign
investors in a closed-off Myanmar, are now becoming increasingly
unpopular for allegedly unfair contracts, environmental damages and
China’s ties with the former military regime.
As a result, China could see its share of total investment in Myanmar diminish as the nation sees foreign investment from developed countries, following the lifting of Western trade sanctions and the opening of the economy under the new democratic government.
As a result, China could see its share of total investment in Myanmar diminish as the nation sees foreign investment from developed countries, following the lifting of Western trade sanctions and the opening of the economy under the new democratic government.
Myanmar unveils 75-year plan on development of SEZ
Myanmar has worked out a 75-year plan to develop its Dawei Special Economic Zone (SEZ) seeking strategic partnership with Japan in addition to Thailand and inviting international tenders and developers for the project.
The plan, in five phases, will be implemented on land covering 44,850 acres, according to U Aye Myint, chairman of the Central Working Committee for Implementation of the Dawei SEZ, reports Xinhua.
The plan, in five phases, will be implemented on land covering 44,850 acres, according to U Aye Myint, chairman of the Central Working Committee for Implementation of the Dawei SEZ, reports Xinhua.
Myanmar's president wants ex-governor back to head central bank
(Reuters) - President Thein Sein has proposed that a former head of the central bank of Myanmar
be brought back as governor as part of reforms that will make it
independent from the Ministry of Finance, a source at the president's
office said on Monday.
"In his message sent to the Union Parliament, the president last week proposed appointing Kyaw Kyaw Maung, retired central bank governor, as the governor," the senior official said, asking not to be identified.
"In his message sent to the Union Parliament, the president last week proposed appointing Kyaw Kyaw Maung, retired central bank governor, as the governor," the senior official said, asking not to be identified.
Myanmar-China gas pipeline starts to deliver gas to China
Myanmar signs MoU with foreign company on building cycle power plant
YANGON, July 27 (Xinhua) -- The Myanmar electric power authorities
have signed a memorandum of understanding (MoU) with two foreign
companies, GMS Power Publish Co.,Ltd and Global Power Synergy Co.,Ltd of
Thailand.
The MoU aims at conducting feasibility study for establishment of combined cycle power plant project in Ayeyawady and Yangon Regions,official media reported Saturday.
The MoU aims at conducting feasibility study for establishment of combined cycle power plant project in Ayeyawady and Yangon Regions,official media reported Saturday.
Petter Furberg to head Telenor Myanmar
(Fornebu/Norway, Yangon/Myanmar - July 12, 2013) Telenor Group has appointed Petter Furberg as Chief Executive Officer (CEO) of Telenor Myanmar, effective from when the company receives formal approval from the relevant Myanmar authorities. Mr. Furberg comes from the position as Chief Financial Officer of Thailand's second-largest mobile operator, dtac, of which Telenor is a majority shareholder. He will be responsible for the rapid roll out of modern telecommunications network and services to the benefit of the entire Myanmar population.
Myanmar's cabinet undergoes strategic reshuffle
The latest cabinet reshuffle was about putting “the right people in the right place”, improving policy implementation and supporting U Thein Sein’s clean government push, officials say.
Four ministers were rotated while six new deputy ministers were appointed, the government announced through state-run television on the evening of July 25.
Four ministers were rotated while six new deputy ministers were appointed, the government announced through state-run television on the evening of July 25.
Trade with Myanmar Key Part of US Pivot to Asia
Is there a pivotal link between the United States’ concerns over
China’s assertiveness in the South China Sea and inroads into the Indian
Ocean and bids from the US to expand Yangon’s airport and improve the
roads between Myanmar’s main commercial city and Mandalay?
The rapid rapport developing between Washington and Naypyitaw coincides with US efforts to reassert influence in the Asia-Pacific region as China’s belligerent territorial claims on most of the South China Sea create angst for old US allies such as the Philippines.
The rapid rapport developing between Washington and Naypyitaw coincides with US efforts to reassert influence in the Asia-Pacific region as China’s belligerent territorial claims on most of the South China Sea create angst for old US allies such as the Philippines.
Myanmar shows the highest relative growth in Southeast Asia
Myanmar has the highest relative growth in Southeast Asia, according to the latest tourism statistics from United Nations World Tourism Organisation (UNWTO).
Statistics from the UNWTO shows that
Southeast Asia showed the highest growth among Asian subregions, with
nine per cent more arrivals in 2012.
Myanmar makes “ineffective” cabinet reshuffle
The President’s Office of Myanmar announced another major reshuffle of its government cabinet on Thursday, but observers say the reshuffle may be not enough to tackle vast corruption among some government ministries.
Myanmar’s second cabinet reshuffle since
President Thein Sein took office in March 2011 saw four ministers
reassigned, ten deputy ministers reshuffled or appointed, and two deputy
ministers dropped.
Heineken beer to be produced in Myanmar by 2014
Heineken beer-maker APB Alliance Brewery Company said its first beer factory in Myanmar will be able to start operation by the end of next year.
Myanmar’s Directorate of Investment and Company Administration approved establishment of APB Alliance Brewery on July 25.
It is a joint venture between Asia Pacific Breweries Ltd (APB) and its local partner Alliance Brewery Co Ltd (ABC).
Hydropower, mining, oil and gas sectors cover 85 per cent of total investment
Investment sectors in hydropower, mining, oil and gas covered 85 per cent of total investment in Myanmar, said Aung Naing Oo, Director General of Directorate of Investment and Companies Administration in a conference held at Myanmar Investment Commission Office in July 25.
Telenor aims for strong presence in Myanmar telecom market
Norway's Telenor group is counting on
the competence of its executives, outsourcing, and planned local and
global partnerships to establish a strong presence in Myanmar's telecom
market.
One of its experienced executives is
Petter Furberg, who was recently appointed chief executive officer of
Telenor Myanmar, effective from when the company receives formal
approval from that country's authorities. Furberg currently serves as
chief financial officer of Thailand's Total Access Communication (DTAC),
of which the Norwegian telecom group is a majority shareholder.
French Trade Minister and her team to visit Myanmar
A delegation led by French Trade Minister Nicole Bricq will pay a visit to Myanmar in the coming future.
She will lead a small and medium sized business delegation to Myanmar in order to boost trade ties with the country.
Upgrading work for low capacity natural gas power plants
Upgrading works for low capacity natural gas power plants are to be integrated by foreign and local investments, according to Minister Aung Than Oo of the Ministry of Electric Power.
“There are many visits made by foreign
and domestic companies who are interested in doing upgrading works for
low capacity power plants currently running in Myanmar,” the Minister
said.
Marubeni eyes further investment in Myanmar
Marubeni Corporation, one of the largest general trading company from Japan, is eying to make investment in generating electricity, upgrading railroad tracks, selling machinery and investing in Thilawa Special Economic Zone, according to the announcement of the corporation.
Mr. Akihito Asayama, General Manager of
the corporation, had a discussion about the investment with officials
from Directorate of Investment and Companies Administration in Nay Pyi
Taw on July 23.
Myanmar earns US$150m from marine export
Myanmar has earned over US$150 million from exporting marine products during the first quarter of the 2013-14 fiscal year, according to a report from the fisheries department.
This is a bit short of the target amount
of around 175 million for the first quarter. The country aimed $700
million earning from marine export during this fiscal year.
Nissan showroom, services and spare parts sales centre to open on July 31
Nissan showroom, services and spare parts sales centre will be officially opened on July 31, according to Malaysia-based Tan Chong Group that oversees the Japanese auto company.
The centre will sell brand new cars and the service centre made a business opening ceremony on February 2.
E.SUN Bank’s opens representative office in Myanmar
Taiwan based E.SUN Bank opened its representative office in Yangon on July 17.
The E.SUN Bank's immediate aim is to
provide financial advice to Taiwanese traders operating in Myanmar, as
well as monitor the economic and financial situation in the country.
Three companies chosen to operate transport services
Myanmar’s Ministry of Rail Transportation and road transport department have selected one foreign company and two local companies to operate transport services as a joint venture, according to the announcement of road transport department released on July 15.
The chosen companies are South
Korea-based Busan Express Bus Terminal Company Limited and two local
companies; Forever Green Right Services Company (FGRS) and Moe Thaut
Hnin Company.
The three companies will carry out construction of terminal buses, vehicles maintenance and passengers’ transportation.
The road transport department offered
tender to local and foreign companies who want to co-operate the
services as a joint venture with the department on April 23rd and 25th
of this year and carried out the work procedures starting from June 18.
The submitted companies are Japanese
based company Ryobi, South Korea based Busan, CJ GLS and local
companies; FGRS, San Yaung Ni, Moe Thaut Hnin, Myint Family and YCTT
Solution.
Among them, the department has already chosen a foreign company and two local companies.
The securitizing is a first phase and the remaining companies will be securitized based on their transport services.
source: Eleven Myanmar
Hong Kong and China to invest in Myanmar’s garment industry
Hong Kong and China will operate garment enterprises under Cutting, Making and Packing –CMP system at industrial zones in Yangon, the commercial hub of Myanmar, according to the Directorate of Investment and Companies Administration-DICA.
MPT to sell over 100,000 GSM and CDMA 800 MHz SIM cards in Yangon
Myanmar Post and Telecommunications (MPT) is planning to sell K 1,500 GSM and CDMA 800 MHz mobile phone SIM cards on July 25.
Myanmar imports 32,000 motorbikes from China in June
Myanmar has imported 32,047 motorbikes from China in the month of June this year through the Muse border trading center in the northeastern country, according to an official there.
Also imported were other motor vehicles
and industrial machineries which only amounted to 683. The official said
the country has spent US$26 million overall for those imports during
the month.
Wanbao and Ministry of Mines to finalise new Letpadaungtaung deal
Myanmar’s Ministry of Mines and the Chinese Wanbao Company operating the controversial Letpadaungtaung copper mine project are planning to finalise signing a new contract on July 24, according to the reports of Ministry of Mines.
The Ministry of Mines will submit a newly amended contract to parliament and hold a press conference.
Myanmar to conduct a ground survey test for a refinery in Kalargote
A joint venture of a Chinese company and Myanmar Economic Corporation (MEC) is taking ground survey to construct a five million tons oil refinery in Kalargote deep seaport project, according to Naing Lawi Aung, Minister for Electric Power and Industry of Mon State.
If the refinery is finished, Myanmar will import crude oil from
Middle East to refine like Shwe natural gas project, the minister said.
Thursday, 25 July 2013
Myanmar's Weakening Kyat (MMK) And Worsening Trade Deficit Are Necessary For The Country's Growth
The opening of Myanmar’s economy along with its floating currency and
growing demand for imports has led to a worsening trade deficit and
significant weakening of the Myanmar kyat (MMK) against the dollar.
Investors have no reason to worry, however, as these are necessary
growing pains for the rapidly emerging economy, according to the
analysts at Standard Chartered Bank.
Myanmar vows to strengthen ties with China
Myanmar President U Thein Sein has assured China that his country will continue to pursue a friendly policy towards Beijing and advance ties between the two countries.
Talking to visiting Fan Changlong, vice chairman of China's central
military commission, in the capital, the president said Myanmar would
continue to pursue a friendly policy toward Beijing and make unremitting
efforts to push forward the Myanmar-China comprehensive strategic
cooperation partnership, Xinhua reported.
Tuesday, 23 July 2013
Myanmar to promote tourist sector with Japan
Traditional cultural heritage plays an important role in promoting tourist sector of the two countries, the Daily Eleven quoted Myanmar Minister for Culture U Aye Myint Kyu as saying.
Monday, 22 July 2013
Myanmar military to return 18,000 acres of confiscated land
The Myanmar military will return over 18,000 acres of confiscated
farmlands to their original owners, according to the Minister of
Defence.
He told Myanmar's parliament on Tuesday that the commander-in-chief
of defence service himself has instructed the military to return unused
farmlands which are located outside military bases.
U.S. to help Myanmar with fish farming
YANGON, July 21 (Xinhua) -- The United States will provide technical
assistance to Myanmar to help the country farm fresh water Tilapia fish,
local press reported Sunday.
As part of the efforts to promote Tilapia fish farming, a U.S. team comprising experts would give advice and farming technique to Myanmar to enable it to export high quality fish and fish products, the New Light of Myanmar quoted Myanmar Fisheries Federation as saying.
As part of the efforts to promote Tilapia fish farming, a U.S. team comprising experts would give advice and farming technique to Myanmar to enable it to export high quality fish and fish products, the New Light of Myanmar quoted Myanmar Fisheries Federation as saying.
Burma is Opening for Business
Doug Barry is a Senior International Trade Specialist in the International Trade Administration’s Global Knowledge Center.
After decades of political and economic isolation, Burma is slowly opening to the world. The U.S. government has issued a general license making it easier for American companies to do business there.
Myanmar Is Now Home To An Increasing Number Of International Law Firms
Following major investments flowing into Myanmar, international law
firms are now scrambling to get into the country for a piece of the
action in the rapidly developing economy, as foreign investors and
businesses building their presence in Myanmar will certainly require
legal counsel.
Myanmar represents a new market for lawyers, not just investors.
Before 2011, when the current government took over from the former
military junta, the country was closed off culturally and economically,
and remained stagnant in terms of development.
Myanmar seeks natural gas imports from 2014 on growing power, industrial demand
Myanmar is looking to import natural gas starting next year in order to
meet surging domestic demand, an official with the Yangon Electricity
Supply Board said Friday.
The YESB has issued a tender, which will close at the end of July, calling for supplies of between 150,000 Mcf/day and 200,000 Mcf/day to start from March next year, said U Aung Khaing, chairman of the YESB.
The YESB has issued a tender, which will close at the end of July, calling for supplies of between 150,000 Mcf/day and 200,000 Mcf/day to start from March next year, said U Aung Khaing, chairman of the YESB.
Myanmar's Mandalay airport to become logistics hub
Myanmar has invited bids for transforming the Mandalay international
airport into a logistics hub that will help in transporting goods from China and India to other countries in Asia and Europe, state media reported Thursday.
The winner from the private sector will be announced by the end of this month, Xinhua cited the New Light of Myanmar as saying.
Japan, Myanmar discuss economic cooperation
Japan
and Myanmar have discussed bilateral economic cooperation in
agricultural sector in Nay Pyi Taw, official media reported Friday.
The meeting on cooperation in agricultural sector was held Thursday,
attended by a Japan-Myanmar goodwill delegation and led by Minister for
Agriculture and Irrigation U Myint Hlaing and Japanese Ambassador Mikio
Numata, reported Xinhua citing the New Light of Myanmar.
Haribo’s Myanmar Sugar Rush
German confectionary giant Haribo is set to have its products on
Myanmar’s shelves for the first time, after inking a deal with leading
market expansion services provider DKSH.
Dr. Joerg Wolle, President & CEO of DKSH Group, commented: “We
are delighted to help grow Haribo's business in Singapore and to support
its market entry to Myanmar. Myanmar is a very challenging market with
significant growth opportunities. Therefore we are very much looking
forward to this collaboration with Haribo.”
Wijaya Karya team up with UMG to explore Myanmar
Indonesian publicly listed construction company PT Wijaya Karya will set
up a joint venture company with Myanmar’s United Mercury Group (UMG) to
help expand its business overseas.
Wijaya Karya foreign affairs department manager Destiawan Soewarjono said on Thursday they would construct a precast factory and work on big infrastructure projects in Myanmar through the joint venture firm.
Wijaya Karya foreign affairs department manager Destiawan Soewarjono said on Thursday they would construct a precast factory and work on big infrastructure projects in Myanmar through the joint venture firm.
Myanmar's authorities seize nearly 70K tons of illegal logs: ministry
Myanmar's authorities have seized over 69,600 tons of illegal logs from April 2011 to June this year, according to Ministry of Environmental Conservation and Forestry.
It's the ministry was responding to a
question raised by in the Parliament by MP Aung Kyi for Nyaung Oo
Township Constituency on July 18 whether the government has any plan to
stop legal and illegal logging in Myanmar's forests to export and to
prevent further deforestation.
Construction and Housing Development bank to open in 2014
Myanmar will be opened Construction and Housing Development Bank in January next year, according to Win Zaw, Managing Director of Construction and Housing Development Bank Public Company Limited.
“We have an idea for low income people
to own an apartment or a house with a long term loan (20 years to 30
years) and establish a financial system,” said Kyaw Lwin, Union Minister
for Construction.
EU reopens preferential trade with Myanmar
Myanmar is set to profit from a preferential trade agreement with the European Union (EU) starting on July 19, according to an EU press release.
“This has the potential to make a huge
difference to the country’s economic development and to bring real
benefits to the people of Myanmar,” said EU Commissioner Karel De Gucht.
Asia must tackle structural bottlenecks: BOT Governor
Bank of Thailand Governor Prasarn Trairatvorakul warned that before Asian nations are moving forward, they need to address structural bottlenecks to ensure sustainable development.
At The Nation’s 43rd Anniversary
International Conference on Friday, in his opening speech on "Asian and
Thai Economies in a Volatile World", Prasarn said that the apparent
slowdown in Asia, despite gradual improvement of the advanced economies,
lends support to the idea that Asia also has its own structural
bottleneck issues to deal with.
Germany shows interest in expanding tourism businesses in Myanmar
Germany is interested in expanding its tourism businesses in Myanmar, and urged the country to preserve its historical heritage, according to German Minister of State at the Foreign Office.
"German companies have been operating in
Myanmar tourism industry. As Germans love to travel a lot, Germany is
really interested in expanding the tourism business in Myanmar. However,
it would be a lot better if more chances are given to medium-level
tourism services and programmes," said Cornelia Pieper, German Minister
of State at the Foreign Office.
Germany shows interest in expanding tourism businesses in Myanmar
Germany is interested in expanding its tourism businesses in Myanmar, and urged the country to preserve its historical heritage, according to German Minister of State at the Foreign Office.
"German companies have been operating in
Myanmar tourism industry. As Germans love to travel a lot, Germany is
really interested in expanding the tourism business in Myanmar. However,
it would be a lot better if more chances are given to medium-level
tourism services and programmes," said Cornelia Pieper, German Minister
of State at the Foreign Office.
French agro company teams up with Myanmar firm
Myanmar Investment Commission has recently granted license to a joint venture formed by a local private firm and France’s company to run agricultural businesses including a rice factory in Ayeyarwady Region in the delta are of the Ayeyarwady River.
The France’s company, Societe Industrielle Agricole Et Commercial D’
Outre Mer (SIACOM), will work with Myanmar’s XY Trading Company to
operate their agribusinesses in Hinnthada Township in the region. The
two have joined hands under the new company Shwe Zabar Co Ltd, which
aims to set up rice mills for processing steam-rice and run other
agricultural businesses there.
Myanmar Port Authority will only compensate for crops in Thilawa
Although local residents have demanded the authorities to compensate confiscated lands for the Thilawa port project, Myanmar Port Authority said they will only compensate for the crops but not the land.
"During our last meeting with officials
from Myanmar Port Authority, they told us that they will give worthy
compensation for the crops. They will have to submit to the authorities
for compensate for the lands. As for me, I don't want to give away my 47
acres of farmlands for only crop compensation," said Tin Ohne, a farmer
from Shwepyitharyar ward, Baypauk village in Thilawa area.
UK to invest in Myanmar's oil, gas and travel sectors
The United Kingdom has pledged to invest over US$385 million in Myanmar in two years time, according to statistics of the Directorate of Investment and Company Registration.
The UK invested over US$2659.954 million
in March 2011, and the investment is increased to over US$3045.434
million in June 2013. China is still the biggest investor in Myanmar
with more than US$14 billion. The UK is standing in 5th place behind
China, Thailand, Hong Kong and South Korea.
Myanmar nominates historic sites for UNESCO world heritage
The ancient cities of Bagan and Innwa in the Mandalay region will be submitted for inclusion to UNESCO's World Heritage List, according to officials from Myanmar's Department of Archaeology.
"If they are included in the UNESCO
list, the world will become more interested in our historical and
cultural heritages and more tourists will visit Myanmar," said an
official.
Italy's Ferrero chocolate brand launches in Myanmar
Italy-based Ferrero Chocolate has been granted permission to export its products to Myanmar and distribute them locally. The move was announced at a ceremony to appoint an official sales representative held at the Park Royal Hotel on July 15.
Ferrero is a global brand producing many
products, including the bite-sized Ferrero Rocher chocolates, Pocket
Coffee, Mon Cheri, Giotto, Tic Tac breath mints, Nutella chocolate
spread, Raffaello coconut cream candy, and the Kinder line of products
to name a few popular ones.
Friday, 19 July 2013
Myanmar Risks Getting Old Before Becoming Rich, OECD Report Says
Myanmar may start aging earlier than
its neighbors, increasing the urgency for its leaders to
implement policies that optimize economic growth, according to
the Organization for Economic Co-operation and Development.
The Southeast Asian nation with an estimated 59 million
people has a population structure like China’s in the 2000s,
signaling it’s approaching the point where the share of working-age citizens starts declining, an OECD report showed. By
contrast, Cambodia and Laos will probably see their proportion
of workers continue to rise, it said.
Myanmar could let foreign banks buy stakes in local lenders
The government is finalising regulations to allow foreign banks to begin operations through joint ventures, Deputy Finance Minister Maung Maung Thein said, although he noted some local banks did not want to do this.
Myanmar Regains EU Trade Benefits, May Boost Clothing Exports
The European Union ended 16-year-old
trade sanctions against Myanmar because of labor-rights
improvements in the Asian country, whose clothing exports to
Europe may be boosted by the EU step.
Myanmar will be given preferential access to the EU market
tomorrow for the first time since 1997, when the bloc suspended
the trade benefits because the nation violated international
conventions on forced labor.
Myanmar's beans and pulses industry survives changing times
During Myanmar's socialist era, private trade in pulses and beans was
dampened by death threats. "State buyers would tell farmers that if they
didn't sell them their beans they would be punished with death," said
Myint Zaw, executive member of the Myanmar Pulses, Beans & Sesame
Seeds Merchants Association. Under military strongman Ne Win, the crop's
export was a state monopoly handled by the Myanmar Agriculture Produce
Trading from 1962 to 1988, and side dealing was prohibited.
Thursday, 18 July 2013
New Taskforce to support development of financial services sector in Myanmar
The FINANCIAL -- The
UK and Burma have created a Financial Services Taskforce which will
support the development of Burma’s financial services sector, according
to the announcment of The UK's Department of Business, Innovation and
Skills.
The new taskforce will bring together experts from both sides including
relevant authorities and financial and professional services firms,
according to Standard Chartered.
Myanmar Seeks To Liberalise Foreign Exchange Market
YANGON, July 17 (Bernama) -- Myanmar will seek to transform its managed
float foreign exchange regime to free float exchange one as part of its
efforts in liberalising the foreign exchange market, China's Xinhua
news agency said citing a report of local daily Voice on Wednesday.
Myanmar Nears First Local Credit Card
YANGON, Myanmar — Myanmar’s cash-based economy may soon make another
inroad into global financial inclusion, with at least one private local
bank hoping to get approval to issue credit cards to local people by
year-end.
Cooperative Bank Ltd., known as CB Bank, says it wants to introduce
these cards for Myanmar citizens, allowing the bank’s customers to carry
Visa V +0.14% and Mastercard MA +0.60%-branded credit cards for both domestic and international transactions.
Myanmar set for stock exchange
Deputy Minister for Finance and Revenue, Maung Maung Thein confirmed
on 15 July that Myanmar will begin implementing a stock exchange market
this year.
Earlier announcements state the stock exchange market will be established by 2015, but preparations are already under way.
Government grants land concessions for local hotel projects
Myanmar Investment Commission has granted land concessions to two local companies to invest in hotel businesses in Mandalay Region - including the historic Bagan site - in the latest move to encourage local enterprises to invest in the hotel and tourism sector.
More high-rise buildings approved in Yangon
Yangon authorities have given the green light for the construction of a 24-storey high-rise building on Kyaikkasan road, Tamwey Township according to reports from the Yangon City Development Committee (YCDC).
Floating hotel postponed due to high water in Mandalay
Construction of a floating hotel being built on the Ayeyarwaddy River has been postponed due to high water during this years monsoon season, according to project managers.
Wednesday, 17 July 2013
Myanmar Benefits From Thai Rice Subsidy As Thai Traders Increase Rice Trade
The Thai government has embarked on a disastrous and costly rice subsidy
program to benefit its rice farmers – the program cost the government
$4.4 billion last year – but an unexpected beneficiary turned out to be
Myanmar, as Thai traders flock to the neighboring country to buy rice
that will then be sold to the Thai government at a hiked price.
Vietnamese businesses encouraged to invest in Myanmar
Businesses should invest in Myanmar right now instead of waiting for a couple of years when they may miss lucrative opportunities, said Tran Bac Ha, Chairman of Association of Vietnamese Business Investors in Myanmar on July 15 in Hanoi.
Speaking at a seminar on investment opportunities in Myanmar, Ha believes that businesses will prosper right now in the newly opened market in Myanmar.
Speaking at a seminar on investment opportunities in Myanmar, Ha believes that businesses will prosper right now in the newly opened market in Myanmar.
Opportunities and challenges as Colliers opens office in Myanmar
Colliers International becomes the first international real estate services company to open an office in Myanmar.
"We see huge potential in the country, with many of our clients seeking
new opportunities in what is arguably the last major frontier market in
the region," CEO Piers Brunner said yesterday.
As Tourists Flock to Burma, Country’s Wealthy Fly Out for Health
While Burma struggles to cope with a surge in foreign tourists,
increasing numbers of Burmese are flying out of the country to spend
millions of dollars on improving their health.
The phenomenon of tens of thousands of wealthy Burmese seeking
medical treatment abroad was spotlighted by a travel trade magazine
which last week warned of the inadequacy of Burma’s health care for
tourists.
Yangon faces housing shortages - Chief Minister
Yangon is unable to provide adequate housing for its growing population as the number of households exceeds the governments capacity to construct new housing projects by over three and a half times, Yangon regional chief minister said on Monday.
Chief Minister of Yangon Region, Myint
Swe was addressing the issue during the opening ceremony for a new
housing development bank that will help lower-income families purchase
new houses. Yangon is Myanmar's biggest city with a population of four
million as of 2007, which experts say is expected to rise rapidly as
more people move from the country side to the city.
Three new international carriers to fly direct to Myanmar
Three new international airlines are planning to fly direct flights to Myanmar, according to a spokesperson from Yangon International Airport.
They are Thailand-based Nok Air, Business Air and Singapore-based
Tiger Air. Representatives from the airlines discussed plans with
officials from Yangon International Airport to start direct flights in
September ahead of the peak tourist season in Myanmar.
Tuesday, 16 July 2013
China's Wanbao signs new contract for controversial copper-mine
China's Wanbao Mining Company signed a new contract for the controversial copper-mine project in Sagaing Region last week, according to the Myanmar Investment Commission.
The Myanmar Investment Commission approved a new contract for
Letpadaungtaung copper-mine project on July 10 which gives 51 percent of
profits to Myanmar government, 19 percent to the military-owned Union
of Myanmar Economic Holdings Ltd (UMEHL), and 30 percent to Wanbao
Company. Gen Yi, Managing Director of Myanmar Wanbao Company, ensured
there would be transparency and all agreements will be revealed to the
public.
Local entrepreneurs invest in hotels and tourism sector
Local entrepreneurs have invested over US$ 7 billion in Myanmar’s hotels and tourism sector, according to the Directorate of Investment and Companies Administration.
The total investment volume of local entrepreneurs in hotel and
tourism sector was over US$ 175 billion as of June 10 this year and the
current volume has reached over US$ 183 billion on July 1. So far, over
US$7 billion has been invested in Myanmar within 20 days.
Help unsqueeze Myanmar’s packed hotels
I made a business trip to Myanmar with two female colleagues a few
months ago. Knowing most of us were visiting the country for the first
time, our partners, a Chinese company in Myanmar, kindly arranged a
sightseeing tour including a two-day stay in Mandalay, the
second-largest city in the country.
You cannot imagine how scarce the hotel accommodation there was. Since it was an unscheduled trip, virtually every ordinary room in the city's four- or five-star hotels was already booked by the time we started looking.
You cannot imagine how scarce the hotel accommodation there was. Since it was an unscheduled trip, virtually every ordinary room in the city's four- or five-star hotels was already booked by the time we started looking.
Myanmar to open capital markets by 2015
Banks, miners and hotels are likely to be among the first to list on the Yangon Stock Exchange as early as in October 2015 says PwC.
Myanmar is trying to lure foreign investors by updating its legal and
regulatory framework, and opening its stock exchange within the next two
years.
Monday, 15 July 2013
Asean calls for multicountry tourism strategy
The Association of Southeast Asian Nations (Asean) is urging tour
operators from the 10-member states of the grouping to develop
multi-country packages highlighting the so-called “experiential and
creative tourism
.”
.”
Such a kind of tourism is reportedly a rising trend among
consumers seeking more authentic travel experience, said Aung Zaw Win,
chair of the Asean tourism product development working group.
German foundation to organize tourism workshops in Myanmar’s ethnic regions
Germany-based Hanns Seidel Foundation will organize community-based tourism workshops in Mon, Kayah and Shan States in Myanmar in coming September, the foundation’s representative said.
“We intend to organize the workshops in
four regions - Kayah, Mon, Shan and Chin. But, Chin State is not certain
yet. Even if we will do in Chin, it will be only in November. Our aim
is to help the region’s commercial development related to tourism,” said
Achim Munz, local representative from Hanns Seidel Foundation.
Hong Kong’s AIA opens office in Myanmar
Hong Kong-based insurance company AIA Group Limited has opened its representative office on July 13 in Yangon, the commercial hub of Myanmar, according to local sources.
The representative office will only work
as a consultancy offering insurance consultation and will not do direct
insurance services, according to Mr. Simeon Preston from AIA.
Myanmar exports farm products via Muse
China-Myanmar main border trade center, Muse, has traded US$225 million of goods in June, 2013, according to sources.
The center mainly exported farm products such as rice, bean, corn and sesame.
Myanmar discusses with Thailand to open new border trade center
Myanmar is in discussion with Thai government about opening a new border trade center in Kayin State bordering Thailand, according to Zaw Min, the chief minister for Kayin State.
The center will be located at Phayar Thonesu (Three Pagodas Pass), a border area in Kyarinn Seikkyi Township in the Kayin State.
Myanmar: New Challenges Of Economic Transition – Analysis
Until a few years ago, as roaming services were inexistent, a foreign
visitor who wanted to use a cell phone in Myanmar had to buy a local
SIM card for the sum of USD1500. However, there are now around 500,000
tourists each year – symbol of the stupendous economic transformation of
the country – and this number is expected to grow by 20-30% this year.
After 50 years of military government, economic prospects obtained a
brighter hue for Myanmar, which is planning on an average yearly GDP
growth of 8.8% by 2030. The transition to a market-oriented system is on
track with Myanmar, to quote the IMF, establishing itself as “Asia’s
next economic frontier”.
Sunday, 14 July 2013
Saturday, 13 July 2013
Telenor moves Thai exec to head Myanmar business
Norwegian operator appoints Telenor group executives to management positions in Myanmar, but pledges to build pool of local talent.
Telenor has named the management team that will lead its new Myanmar business, including appointing Petter Furberg as CEO.
Furberg is currently CFO of DTAC, the Thai mobile operator majority owned by Telenor, and has served within the Telenor group for 14 years
Telenor has named the management team that will lead its new Myanmar business, including appointing Petter Furberg as CEO.
Furberg is currently CFO of DTAC, the Thai mobile operator majority owned by Telenor, and has served within the Telenor group for 14 years
TAITRA holds 1st ever trade promotion fair in Myanmar
YANGON, Myanmar--The Taiwan External
Trade Development Council (TAITRA), Taiwan's main trade promotion body,
opened its first trade fair ever in Myanmar Friday, hoping to create
opportunities for Taiwanese equipment makers in the emerging market.
A total of 126 Taiwanese companies and business groups are
participating in the trade fair, called EMMA (electrical, motor,
machinery and auto parts) Fair Myanmar 2013, that is being held in
Yangon until July 15.
Myanmar Foreign Investment Reached $42 Billion From 32 Countries, Production And Hotel Sectors Favored In June
Foreign investment in Myanmar has now reached more than $42 billion from
32 countries. In June alone, the up-and-coming investment hotspot
received $423 million in foreign investment, $379 million of which came
from Thailand.
The 14 enterprises given permission to invest also came from four other countries: Singapore’s investment totaled $23.6 million; Britain invested $15.8 million; China $4.1 million, and India $9.6 million.
The 14 enterprises given permission to invest also came from four other countries: Singapore’s investment totaled $23.6 million; Britain invested $15.8 million; China $4.1 million, and India $9.6 million.
Chinese firms in Myanmar attempt to fix image problem
Facing unexpected turbulence over its investments in Myanmar, China is employing a strategy more commonly used by Western corporations: The “corporate social responsibility” campaign.
Hence last week’s rollout of new guidelines to be followed by Chinese firms doing business here in Myanmar (Burma), a country that until recently had been viewed by many as a Chinese client state.
Hence last week’s rollout of new guidelines to be followed by Chinese firms doing business here in Myanmar (Burma), a country that until recently had been viewed by many as a Chinese client state.
A tall order for Myanmar tourism
Tour tickets by many travel and tour companies in Myanmar declined by about 40 percent this year.
Despite a greater number of travelers than last year’s record high, most of the travelers to Myanmar are foreign businessmen and the number of package tours declined this year.
The number of travelers reached a record high number of one million in 2012 and it was expectedto rise further, however, the travelers are in Free Individual Tour (FIT) and the number of package tours was still low, said a tour industry group.
Despite a greater number of travelers than last year’s record high, most of the travelers to Myanmar are foreign businessmen and the number of package tours declined this year.
The number of travelers reached a record high number of one million in 2012 and it was expectedto rise further, however, the travelers are in Free Individual Tour (FIT) and the number of package tours was still low, said a tour industry group.
Burma's $8.5 Billion Port Project Facing Hurdles
BANGKOK — When Burma's planned Dawei
deep-sea port and special economic zone are finished, a highway, railway
and pipeline will connect Southeast Asia's largest industrial zone to
Thailand’s primary commercial hub.
Although major construction has yet to begin, the planned $8.5 billion project on Burma’s southern coast is already being heralded by the company leading the project, Bangkok-based Italian-Thai Development, as the largest industrial estate in the region.
Although major construction has yet to begin, the planned $8.5 billion project on Burma’s southern coast is already being heralded by the company leading the project, Bangkok-based Italian-Thai Development, as the largest industrial estate in the region.
New and Improved Airports Needed as Burma’s Tourism Grows, Officials Say
RANGOON — With the winning bids for Burma’s three major new airport
projects due to be announced by the end of this month, officials say the
contracts are necessary, given that the government hopes to draw over 7
million tourists to the country by 2020.
The existing international airports for Rangoon and Mandalay will be upgraded, while a new international airport—expected to rival other major Southeast Asian hubs such as Bangkok’s Suvarnabhumi and Singapore’s Changi in size—will be built at Hanthawaddy in Burma’s central Pegu Division, about an hour’s drive north of Rangoon, the country’s biggest city.
The existing international airports for Rangoon and Mandalay will be upgraded, while a new international airport—expected to rival other major Southeast Asian hubs such as Bangkok’s Suvarnabhumi and Singapore’s Changi in size—will be built at Hanthawaddy in Burma’s central Pegu Division, about an hour’s drive north of Rangoon, the country’s biggest city.
‘The Union of Myanmar Economic Holdings Also Has to Pay’
Tax reform is under way in Burma, with a
government-backed committee now reviewing the tax system and offering
suggestions in a country rampant with corruption and tax evasion. The
Board of Scrutinizing and Monitoring of Tax Collection formed in May,
and among its members is Maw Than, an economics scholar and a patron of
President Thein Sein’s National Economic and Social Advisory Council. In
an exclusive interview with The Irrawaddy, Maw Than, who was once a
rector at the Institute of Economics in Rangoon, discusses how Burma’s
tax system is set for some major changes—with military-backed companies
now paying taxes for the first time in decades.
Myanmar Economic Bank has been losing money for two decades: audit report
The state-owned Myanmar Economic
Bank (MEB) has been operating at a loss for over 20 years, according to
a report from the Union Auditor General’s Office read during a
parliamentary session on Thursday.
The report was read out by Thurein Zaw,
vice-chairman of the Public Accounts Joint Committee and details the
findings of the Union Auditor General’s Office on state budgets and
accounts for the 2011-2012 fiscal year.
US to invest in Myanmar’s infrastructure development
United States companies will
start investing in Myanmar’s development focusing in sectors such as
education and health according to Alender Feldman, chairman of the
US-ASEAN Business Council who was meeting with President Thein Sein in
Nay Pyi Taw.
China is the biggest investor to Myanmar
this year so far followed by the US, according to the reports of
Directorate of Investment and Companies Administration (DICA).
Authorities look for suitable location for hotel zone in Mon State
Myanmar authorities have been facing difficulties finding a suitable location for a new hotel zone in Mon State, Southern Myanmar according to officials.
"At the moment, we don't have any land
to designate for the hotel zone. Most of the lands in Mottama area are
religious sites," said an official from the Ministry of Hotels and
Tourism.
Yangon office rental higher than New York or Tokyo say investors
Finding office space in Yangon,
Myanmar's economic hub is becoming increasingly difficult because of
high prices and limited availability.
As many foreign companies rush to open
businesses in Myanmar, limited office space and exuberant rental fees
means that many have to rely on the big hotels such as the Sedona,
Traders, Sakura Tower and La Pyae Won Plaza.
General Motors to sell Chevrolets in Myanmar
The US-based General Motors (GM) plans to open a Chevrolet showroom in Myanmar at the end of this year, according to reports.
GM are the latest global motor company
to open up shop in Myanmar, which promises a growing demand as more
roads are built and consumers begin to buy more cars.
Friday, 12 July 2013
2nd MPS - Myanmar Power Summit
Myanmar’s power needs call for strategic plans and investment opportunities
Myanmar’s power shortage is one of the biggest
problems faced by investors and developers in the new frontier. With
the influx of foreign companies and investors, Myanmar’s unstable
electricity has become apparent and troughs of efforts are now underway
to rectify this issue. Currently, only about 26% of the general public
receives electricity, which is set to change by 2030 as Myanmar
government makes bold plans to improve the statistic to 80%.
Myanmar to assess environmental impact for oil refinery
Myanmar’s Ministry of Energy is planning to conduct an environmental impact assessment and social impact assessment for a new oil refinery plant that will process crude oil from Myanmar-China oil pipeline.
The plant is to be built in Minhla
Township of Magway region near Oil Chemical Factory and the government
is inviting tenders to carry out the assessments.
Information Ministry to lease government land under market value
Myanmar's Ministry of Information is planning to lease two plots of land in Yangon worth five billion kyats each to Forever Group, a joint venture company currently in business with the ministry.
The 2 acres are in Yay Ku broadcasting
station in Yangon which is owned by the Ministry of Information. Forever
Group is leasing the land to build a studio for their programmes.
Project to supply drinking water for Yangon townships
Construction has begun on the Lagonpyin Water Supplying Project which will generate water to four townships around Yangon as well as the Thilawa Special Economic Zone, according to government officials.
The project plans to supply 40 million
gallons of water to Dagon Myo Thit, Thingangyun, Tharkayta and Dawpon
townships. 30 million gallons will be drinking water and the remaining
will go to the Thilawa Special Economic Zone.
Myanmar targets 80% mobile penetration by 2015 - President
Myanmar's government plans to increase the percentage of mobile phone users to 80 percent by 2015, according to a message President Thein Sein sent to parliament on July 8.
“Currently, only 7.08 percent of the
Myanmar's 60 million population have access to mobile phones. Therefore,
we are implementing a plan to increase the telephone density to 22.8
percent in the fiscal year 2013-14, 50 percent in 2014-15, and between
75 and 80 percent in 2015-16,” the President’s message read.
Mitsubishi & Nippon Koei eye to invest in Myanmar
The Japan-based Mitsubishi Materials Corporation and Nippon Koei companies are discussing plans to invest in Myanmar according to official reports.
Executives from the two companies were
meeting officials from Myanmar's Directorate of Investment and Companies
Administration (DICA) who reported discussing matters relating to the
rules and regulations of foreign investment.
Yangon flyover to be opened in January 2014
A two-tier flyover at the bustling Bayintnaung junction in Yangon will be opened to the public in January next year, according to officials.
"We only have a quarter left to
complete. We expect to be finished in December. Cars will be able to
cross the flyover in January," said Myint Kyaw, an official from the
Bayintnaung flyover project.
Myanmar border trade exceeds US$ 700 million
Border trade is booming according to Myanmar's Commerce and Consumers Affairs Department, with exports exceeding imports and total trade value this year estimated at US$760 million by mid-July.
Tour companies offer 7 day package tours from Myawady
Local tour companies have started offering tour packages for foreign tourists in Myawady on the Myanmar/Thai border, according to a managing director from a tour company.
In the past foreign tourists were only
allowed a restricted one day visit from the Myawady border gate whereas
the Tachileik and Muse border gates in Shan State allowed a 7 day stay
over.
Myanmar President To Visit UK, France
YANGON, July 11 (Bernama) -- Myanmar President U Thein Sein will pay
official visits to the United Kingdom, Northern Ireland and France soon,
an official announcement said Thursday.
The visits are expected to take place in days, Xinhua news agency reported.
The visits are expected to take place in days, Xinhua news agency reported.
Myanmar details Telenor, Ooredoo price plans
Telco ministry hails operators' retail rollout roadmaps, which will see cost of SIM cards fall substantially.
Telenor and Ooredoo, the successful applicants for two mobile
licences in Myanmar, on Thursday shared more information on how much
they will charge customers to use their services.
Thursday, 11 July 2013
US-ASEAN business council mission meets key Myanmar leaders
American business groups were in Myanmar this week on a mission to offer support for the country's economic reforms and discuss opportunities to support Myanmar's 2014 chairmanship of Asean.
Subscribe to:
Posts (Atom)
