YANGON—The Youth Force Group of Companies (Youth Force), which is owned by a Myanmar citizen, says it will build a precast concrete factory here for low-cost housing projects with the assistance of Yau Lee Holding, Ltd, a top Hong Kong-based company.
“Myanmar is now facing high demand for housing. A precast concrete factory will be aimed at building low-cost housing apartments, which are a basic need for the public right now. Although Youth Force has signed an agreement with Yau Lee Holding, Ltd to build such a factory, we still haven’t found a suitable site for its construction,” said Tin Tun, managing director of Youth Force.
Tuesday, 31 December 2013
Bilateral trade with Bangladesh needs a boost
Bilateral trade between Myanmar and Bangladesh in this fiscal year is the lowest compared to other neighbouring countries, according to the sources from Ministry of Commerce.
Myanmar earned more than US$3.4 billion from the border trade with China, India, Thailand and Bangladesh from April 1 to December 13.
China is the biggest trade partner with Myanmar followed by Thailand.
Myanmar earned more than US$3.4 billion from the border trade with China, India, Thailand and Bangladesh from April 1 to December 13.
China is the biggest trade partner with Myanmar followed by Thailand.
JICA, govt to finalise railway upgrade loan
Japan will loan Myanmar US$200 million of the $500 million required to upgrade the Yangon-Mandalay Railway early next year, a Japan International Cooperation Agency official said last week.
While JICA has not committed to financing the remaining $300 million, chief representative Tanaka Masahiko said it was the “first batch” of several payments for the upgrade, which will cut travel time in half from 15 hours.
While JICA has not committed to financing the remaining $300 million, chief representative Tanaka Masahiko said it was the “first batch” of several payments for the upgrade, which will cut travel time in half from 15 hours.
MIC allows over 100 foreign investment businesses this year
Myanmar Investment Commission (MIC) has granted permission for more than 100 foreign investment businesses in this year, including beer and cigarette makers.
For the period of January to December 19, MIC said it granted permission for 118 foreign investment businesses and joint ventures to operate in the country.
For the period of January to December 19, MIC said it granted permission for 118 foreign investment businesses and joint ventures to operate in the country.
End of the Drought
YANGON — Myanmar’s drought of SIM cards is nearly over. The tiny plastic chips have in recent years been limited in supply. Distribution has been only through lotteries, driving a lucrative black market where they are peddled for hundreds of dollars each.
Sometime in the middle of the 2014 rainy season, however, the country’s major cities, at least, can expect a flood of affordable SIM cards.
Making mobile services available across the country is a big task, but there has been no shortage of international firms keen to get involved in setting up decent telecommunications, a vital prerequisite to Myanmar’s development in other sectors.
Sometime in the middle of the 2014 rainy season, however, the country’s major cities, at least, can expect a flood of affordable SIM cards.
Making mobile services available across the country is a big task, but there has been no shortage of international firms keen to get involved in setting up decent telecommunications, a vital prerequisite to Myanmar’s development in other sectors.
Myanmar, EU to sign investment agreement
Myanmar will soon sign an investment protection agreement with the European Union to promote foreign investments, according to the Myanmar Investment Commission (MIC).
“The EU has begun to make investments in Myanmar. We have agreed with the EU on principle to sign an investment protection agreement. Soon, discussions will start. After signing the agreement, EU investments will flow into Myanmar. Currently, investments have come from France, Luxemburg and Switzerland,” said an official from the MIC.
“The EU has begun to make investments in Myanmar. We have agreed with the EU on principle to sign an investment protection agreement. Soon, discussions will start. After signing the agreement, EU investments will flow into Myanmar. Currently, investments have come from France, Luxemburg and Switzerland,” said an official from the MIC.
Divisions emerge over health coverage scheme
Universal health coverage appears set to become a political issue in the 2015 election, with the government and the National League for Democracy in agreement on the need to introduce affordable coverage for all – but at odds on how and over what period to do it.
The World Bank, which is assisting the government with its plans, describes universal coverage as ensuring all people obtain the health services they need without suffering financial hardship when paying for them.
The World Bank, which is assisting the government with its plans, describes universal coverage as ensuring all people obtain the health services they need without suffering financial hardship when paying for them.
CPI has the lion’s share of Myanmar’s controversial Myitsone project
China Power Investment (CPI) owns most of the shares in Myanmar’s Myitsone dam project on the Ayeyawady River in Myitkyina, Kachin State, according to the project figures released on Thursday.
The Upstream Ayeyawady Confluence Basin Hydropower Co Ltd (ACHC), which released the project data, said CPI has 80 percent of the shares in the project which President Thein Sein suspended in 2011, while the Myanmar government’s Ministry of Electric Power owns 15 percent shares with no plan for further investment, while the local Asia World Company five percent with cash-down payment. The project is allowed to run for 50 years before the full ownership is transfer to the government, according to the project figures.
The Upstream Ayeyawady Confluence Basin Hydropower Co Ltd (ACHC), which released the project data, said CPI has 80 percent of the shares in the project which President Thein Sein suspended in 2011, while the Myanmar government’s Ministry of Electric Power owns 15 percent shares with no plan for further investment, while the local Asia World Company five percent with cash-down payment. The project is allowed to run for 50 years before the full ownership is transfer to the government, according to the project figures.
Lanka’s CECB explores Myanmar’s construction boom in 2014
Sri Lanka’s Central Engineering Consultancy Bureau (CECB), the country’s foremost engineering consultancy body, is guiding leading local construction companies to secure foreign construction contracts.
A fully fledged CECB international base office will be opened in Myanmar in the new year to undertake construction contracts and consultancy services with the aim of taking full advantage of the current construction boom in that country, veteran engineer Nihal Rupasinghe, Chairman, CECB revealed in an interview with the Business Times.
A fully fledged CECB international base office will be opened in Myanmar in the new year to undertake construction contracts and consultancy services with the aim of taking full advantage of the current construction boom in that country, veteran engineer Nihal Rupasinghe, Chairman, CECB revealed in an interview with the Business Times.
Best Western enters Myanmar
YANGON—Best Western International (BWI), the U.S.-based global hotel chain, has opened its first hotel in Myanmar, the Best Western Green Hill Hotel in Yangon, company sources say.
BWI becomes the first U.S. hotel company to establish a presence in Myanmar, following the recent political and economic reforms enacted by the Thein Sein administration that have drawn foreign investors’ interest.
The hotel is situated in the heart of Yangon, just 15 minutes’ drive from the Shwedagon Pagoda. It has 189 air-conditioned rooms featuring 32-inch flat-screen televisions with international satellite channels, bathrooms with bathtubs and showers, and complimentary Wi-Fi.
BWI becomes the first U.S. hotel company to establish a presence in Myanmar, following the recent political and economic reforms enacted by the Thein Sein administration that have drawn foreign investors’ interest.
The hotel is situated in the heart of Yangon, just 15 minutes’ drive from the Shwedagon Pagoda. It has 189 air-conditioned rooms featuring 32-inch flat-screen televisions with international satellite channels, bathrooms with bathtubs and showers, and complimentary Wi-Fi.
Myanmar to introduce travel insurance services to foreign visitors
Myanmar is planning to introduce travel insurance services among foreign visitors in view of dramatic increase in tourist arrivals, official media reported Sunday.
The number of application for travel insurance is still low in Myanmar, the New Light of Myanmar quoted a private insurance firm as saying.
The number of application for travel insurance is still low in Myanmar, the New Light of Myanmar quoted a private insurance firm as saying.
Myanmar to build more industrial zones
The government is planning to build more industrial zones in the coming future as part of the strategy to contain the growing land prices, according to officials.
“The matter of higher land prices is very difficult to tackle. [The government] is currently planning to create more industrial zones in the future. Land prices go up and down according to the market’s supply and demand. Higher prices will go down when a wanted land plot is inexpensively available in the market. So it’s now considering to create more industrial zones. Some are now under preparations in Myawaddy, Hpa-an and Bago,” said an official from Myanmar Investment Commission (MIC).
“The matter of higher land prices is very difficult to tackle. [The government] is currently planning to create more industrial zones in the future. Land prices go up and down according to the market’s supply and demand. Higher prices will go down when a wanted land plot is inexpensively available in the market. So it’s now considering to create more industrial zones. Some are now under preparations in Myawaddy, Hpa-an and Bago,” said an official from Myanmar Investment Commission (MIC).
Myanmar president calls for development of traditional medicine
Myanmar President U Thein Sein has called for the development of traditional medicine and pharmacy within the framework of related laws, official media reported Saturday.
U Thein Sein made the call in his message on the occasion of the 14th Myanmar Traditional Medicine Practitioners' conference held in Nay Pyi Taw on Friday.
The conference has been held annually since more than a decade ago.
U Thein Sein made the call in his message on the occasion of the 14th Myanmar Traditional Medicine Practitioners' conference held in Nay Pyi Taw on Friday.
The conference has been held annually since more than a decade ago.
Japan’s financial aid to be used for healing of Ayeyarwady mangroves
Myanmar will implement a four-year restoration project with Japanese aid worth (Yen 583 million) for mangrove forests in Ayeyarwady delta region starting from November of this year to the end of 2017.
The forest department under the Ministry of Environmental Conservation and Forestry will implement mangrove restoration plan for preventative against the natural disaster in delta region together with Japan International Corporation Agency-JICA.
The forest department under the Ministry of Environmental Conservation and Forestry will implement mangrove restoration plan for preventative against the natural disaster in delta region together with Japan International Corporation Agency-JICA.
Collect more revenues in order to spend more: PAJC told government
The government has got Ks 2500 billion from revenues collected during 2012-2013 financial year, but those are expected to increase during this fiscal year, according to Lower House’s Public Account Joint Committee.
The exact sum of the revenues collected during 2013-2014 financial year has yet to be made public.
“The revenues have increased during 2013-2014 financial year. Similarly, the government’s expenditures will be on the increase in the next financial year as the country will host related ASEAN’s meetings,” said Thurein Zaw, the chairman of the PAJC.
The exact sum of the revenues collected during 2013-2014 financial year has yet to be made public.
“The revenues have increased during 2013-2014 financial year. Similarly, the government’s expenditures will be on the increase in the next financial year as the country will host related ASEAN’s meetings,” said Thurein Zaw, the chairman of the PAJC.
Myanmar allows intl GSM mobile phone coverage
Myanmar telecommunication authorities have allowed GSM and WCDMA mobile phone coverage from foreign countries, local media reported Friday.
GSM/WCDMA subscribers from 64 operators from 33 countries including ASEAN countries can get access to the communication services in Myanmar, said the 7-Day News.
Myanmar Posts and Telecommunications (MPT) and Orange Company of France signed the International Roaming Services Agreement on Dec. 20.
GSM/WCDMA subscribers from 64 operators from 33 countries including ASEAN countries can get access to the communication services in Myanmar, said the 7-Day News.
Myanmar Posts and Telecommunications (MPT) and Orange Company of France signed the International Roaming Services Agreement on Dec. 20.
The 2nd New Year Celebration together with the world in “Myanmar Countdown 2014”
After the great success from last year of ‘Myanmar Countdown 2013’ with over 100,000 attendees, Myanmar Index Creative Village (MICV) still attempts to experience Myanmar people in celebrating together with other countries around the world by providing the 2nd New Year countdown in Myanmar. There will be 3 zones for the 3 highlight activities; Free concert, Snow Town, and finally, food and beverage and shopping zone.
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