Aung San Suu Kyi calls for investment after Obama pledges Myanmar sanctions relief

WASHINGTON: Myanmar leader Aung San Suu Kyi urged businesses to invest in the Southeast Asian country on Thursday (Sep 15) as a way to advance its democratic transition, a day after US President Barack Obama pledged to lift long-standing sanctions on the country. Aung San Suu Kyi, speaking in Washington, said that economic development spurred […]

Tourist arrivals in Nay Pyi Taw Airport slump

  Nay Pyi Taw Airport received local and foreign 27,390 tourists last fiscal year. This number has declined by over 10,000 in the current fiscal year. Among domestic flights, only Myanmar National Airlines, which is state-owned, made regular flights to Nay Pyi Taw. However, charter flights under other domestic airlines still fly to Nay Pyi […]

Mandalay-Muse highway to be upgraded to four-lane asphalt road

The Oriental Highway Company will upgrade the existing Mandalay-Muse two-lane highway to a four-lane asphalt road with a US$ 300 million investment. State-run daily newspapers reported on 1 February that the 283-mile long Mandalay-Muse highway will be upgraded at a cost of US$ 1.2 million per mile. The Ministry of Construction gave the contract to […]

Shan State officials seek new route for China trade

Shan State officials say they are planning to conduct surveys for a new road that would divert traffic from one of Myanmar’s main trading routes and open up business with China. The Mandalay-Lashio-Muse Road, which passes through Shan State, is plagued by constant traffic jams and frequent accidents, said U Aung Kyaw Nyunt, minister for […]

Military-linked tycoons claim political middle ground

Despite decades of benefiting from connections within the military and ruling Union Solidarity and Development Party (USDP), many of Myanmar’s leading conglomerates have claimed to be politically neutral.   Spokespeople for some of the country’s most successful companies including Asia World, Htoo Group, Kanbawza (KBZ) Group and Max Myanmar said as private businesses they had […]

US banks call for waiver on Asia World port

The Clearing House Association – which is owned by many of the world’s largest commercial banks – and the Bankers Association of Finance and Trade (BAFT) wrote to the Office of Foreign Assets Control (OFAC) in July, after discovering that a significant amount of trade, including from the US, moves through AWPT. The port is […]

Bidders to re-summit financing for Hanthawady airport construction

The shortlist of four bidding contractors for the construction of Hanthawady airport has been invited to re-submit their financial proposals within the April 22 deadline, according to the Department for Civil Aviation. The bidders are Yongnam-CAPE-JGC Consortium, TAI SAE Corporation, VINCI Airport and Incheon Airport Consortium. The four previously proposed to finance the construction. In […]

Yatanapon Teleport Plc to raise $1bn capital

Yatanapon Teleport is planing to raise a total capital of Ks 1 trillion (over US$1 billion) as it switched from a wholly state-owned enterprise to the public company, said a source close to the company. Yatanapon Teleport is one of the two local rivals against the two foreign mobile operators in Myanmar_ Norway’s Telenor and […]