Myanmar Govt May Let Foreign Banks Operate This Year

YANGON — Some foreign banks may be allowed to operate in Myanmar later this year although initially they will only be allowed to have branches in certain areas and offer a limited range of products, government and banking sources said on Tuesday. “The president last week formed a committee to choose five to 10 out […]

Thilawa SEZ to allow construction of factories this month

The Thilawa Special Economic Zone is to commence the construction of factories by this month, according to Win Aung, chairperson of Myanmar Thilawa SEZ Holdings. “Factories construction will be allowed late this month. The aim is to prevent the resale of plots bought in the zone. We sell plots to buyers according to their proposals […]

Credit Bureau Delayed by ‘Second Thoughts’ About Foreign Stake

YANGON — Although financiers in Myanmar have been trying since 2012 to form the country’s first credit bureau, concerns about how much foreign involvement in the process should be allowed have delayed their efforts, bankers said this week. The Central Bank of Myanmar aims to form the credit bureau to allow lenders to check the […]

Tourism firm commits Ks 46 billion to project on ex-military college grounds

YANGON—Adventure Myanmar Tours & Incentives Company will invest Ks 46 billion (US$ 46 million) to build hotels and infrastructure on 7.42 acres of land at the former National Defence College, according to the Myanmar Investment Commission. The MIC allowed the company to operate on the former college grounds in accordance with the foreign investment law […]

Foreign Bank Operations by 2014 “Unlikely”

Foreign banks will be allowed to operate financial services in Myanmar, but this issue is still under discussion and no exact time has been set, a top official from the Central Bank of Myanmar said. “We are still holding dialogues about the issue [of foreign banks operating in Myanmar]. The reports that foreign banks will […]

More than 82,000 business tourist visits to Myanmar in 2013

YANGON—More than 82,000 tourists visited Myanmar with business visas-on-arrival last year, according to the Yangon international airport’s immigration department. Since June of 2012 Myanmar has allowed visas-on-arrival to 26 countries, including regional neighbours. An additional 22 nations, most of them European countries, were added to the list in February 2013, running up the total to […]

Exim Bank of Korea to enter Myanmar

YANGON—Myanmar has allowed the Export-Import Bank of Korea to open a representative office in Yangon, according to the Directorate of Investment and Company Administration. The bank registered at the DICA on December 18 to open its office. Established in 1976, the bank has supported South Korea’s export-led economy by providing loans, financing mega-projects, and facilitating […]

Myanmar Carlsberg company prepares to start operation

BAGO – Myanmar Carlsberg company is preparing to invest in Bago industrial zone, sources say. Myanmar Carlsberg’s Finance and Business Planning Director Mr. Dheeraj Mishra met with Director General of Directorate of Investment and Companies Administration (DICA) Aung Naing Oo on December 18 to discuss about the required rules and regulations to make investment. Myanmar […]

Burma to Allow Foreign Banks to Begin Some Operations Next Year

Ground clearance and basic infrastructure preparation work has begun on an industrial estate inside the Thilawa Special Economic Zone, said the Japanese Kyodo News agency. A ceremony marking the start was attended by Japan’s Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation plus nine Burmese business partners and Naypyidaw government representatives, said Kyodo. Mitsubishi, Marubeni and […]

Italian-Thai will have to submit bids: project chairman

Two companies formed by the governments of Myanmar and Thailand will take over as the main developers of the Dawei Special Economic Zone, project chairman U Aye Myint told a news conference in Yangon on December 2. The companies – Special Purpose Vehicle (1) and (2) – would take over the project’s development from Italian-Thai […]