Companies vie to cash in on Burma’s tourist boom

Burma wants to boost its food and hospitality standards to serve growing demand from international tourists, who are expected to number five million this year. Hotels and Tourism Minister Htay Aung called tourism one of Burma’s fastest-growing industries, with the growth rate tripling since the country opened its doors to foreign investors in 2011. Burmese […]

Urbanisation at an Early but Growing Stage: WB

Myanmar is at an early but growing stage of urbanisation, having no large urban areas by East Asian standards as of 2010, a new World Bank report finds. Urbanisation in Myanmar during the first decade of the 2000s lagged behind that of its neighbours, likely as a result of Myanmar’s economic isolation, which continued until […]

Huge growth potential for Myanmar’s insurance industry

One in 86 people in Myanmar has insurance policies. This means huge growth potential, but not everyone is convinced that the country is ready to open the market to foreign firms. YANGON: Myanmar may only allow foreign insurance firms to operate in the country in 2018. The government had earlier signalled it may open the […]

Growth prediction raised by IMF on gas, investment

Rising gas production and investment will lead to a higher-than-expected 8.5 percent economic growth rate for the 2014-15 year, according to the International Monetary Fund (IMF). The IMF had predicted 7.7pc GDP growth for the year in January. The economy will continue to be driven by both domestic and foreign investment, said Matt Davies, head […]

Infrastructure, skilled workforce are keys to Burmese economic growth

Despite an influx of foreign investment and large resource base, Myanmar’s exponential growth in gross domestic product (GDP) could be held back by inadequate basic infrastructure and a lack of skilled workers, says a Yangon-based business and market entry adviser. Jean-Pierre Verbiest, an economic and finance expert at West Indochina, said Myanmar, officially known as […]

MasterCard and China UnionPay acceptable at Ayeyarwady Bank ATMs

MasterCard and China UnionPay cards can be used for local cash withdrawals at the Automated Teller Machines (ATMs) of the locally owned Ayeyarwady Bank throughout Myanmar as of Tuesday this week, company sources say. “We are very pleased to announce that Ayeyarwady Bank is ready to accept MasterCard and China UnionPay cards for ATM local […]