Myanmar Investment Commission to Reform in June

RANGOON —The Myanmar Investment Commission (MIC) will be reformed this month in line with the Myanmar Investment Law, said Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA). “Each MIC term is only three years, so it’s time for new members to be appointed,” he said. The commission, which […]

Myanmar aims to attract $140 billion in FDI until 2030

Myanmar has set its sights on attracting US$140 billion (Bt4.9 trillion) in foreign direct investment (FDI) from now until 2030, according to a national economic development plan. From 1988 until March 30, which marked the end of the 2015-16 fiscal year, Myanmar had granted permits for foreign investments worth $63.7 billion. The national development plan, […]

Thailand and Burma Set Sights on Boosting Bilateral Trade

On the heels of the launch of the Asean Economic Community in January, Burma and neighboring Thailand are making plans for a multi-billion dollar trade boost next year. Thailand is second only to China as Burma’s largest trading partner, and both countries are hopeful that they can make strides toward growing total trade volume by […]

US Business Delegation to Arrive After Election: UMFCCI

RANGOON — A delegation of some 80 US business representatives is set to arrive in Rangoon late this year, according to an official from Burma’s chamber of commerce, on the heels of a landmark general election to be held in November. Maung Maung Lay, vice chairman of the Union of Myanmar Federation of Chambers of […]

Burma Signs Trade Finance Agreement with ADB

RANGOON – Burma’s government signed a framework agreement with the Asian Development Bank on Wednesday that will allow the latter to introduce its Trade Finance Program (TFP) to the country. In a statement issued by the Manila-based institution on Wednesday, Maung Maung Thein, Burma’s deputy finance minister, welcomed the program which he said will enhance […]

Britain Sets Up Chamber of Commerce in Myanmar

YANGON — The first ever British Chamber of Commerce has been registered to work in Myanmar, in a move the UK hopes will assist companies from the former colonial power looking to set up operations here. The body, which will work with the local Union of Myanmar Federation of Chambers of Commerce (UMFCCI), was launched […]

Myanmar trade deficit rises

YANGON – Myanmar’s quarterly trade deficit reached over US$1.4 billion (45.5 billion baht), as the economy continues to open up to foreign investment, the government said Wednesday. The value of exports — including oil, gas and timber — during April-June was more than $2.2 billion, but $3.6 billion was spent on imports, the Central Statistical […]

Myanmar aims to reduce poverty level by 10%

YANGON: Myanmar aims to reduce its poverty level by an ambitious 10 per cent to 16 per cent by next year. Myanmar’s Vice President Nyan Tun made the announcement to some 8,000 workers at a rural development event in Yangon. Earning just US$2 a day is common for many in Myanmar, and the government wants […]

Electricity Rate Hike Could Hurt Competitiveness, Raise Consumer Prices

YANGON — Last week, Parliament approved a government proposal to introduce a long-expected hike in electricity prices per April 1. Business sector representatives now warn that the measures will undercut the competiveness of Burmese industries and lead to a rise consumer prices. Under the new plan, for households using under 100 kilowatt hours, or units, […]

US Exim Bank Raises Hopes in Myanmar With Credit Offer

YANGON — Local businesses are hoping for more foreign investment in Myanmar, after the Export and Import Bank of the United States (Ex-Im Bank) began offering credit for trade with the country last week. US businesses are considering their options in Myanmar, after staying away for over a decade due to economic sanctions imposed on […]