MIC approves new projects worth $100 million

The Myanmar Investment Commission (MIC) has approved nine new projects in its fourth round of licensing since the new government took power. In the meeting, held last week, the commission approved four foreign investments worth US$62 million and five local investments worth more than K32 billion, according to Directorate of Investment and Company Administration (DICA) […]

Thailand, Singapore eye in Myanmar’s solar energy sector

Two companies from Thailand and c have submitted proposals to Myanmar Investment Commission(MIC) to implement solar energy power projects in upper Myanmar, U Than Aung Kyaw, Deputy Director General of Directorate of Investment and Company Administration (DICA), told Xinhua at a press conference on Monday when asked. According to the proposal, Thai company has plan […]

Myanmar Investment Commission to be reformed

THE Myanmar Investment Commission, which has the power to approve or reject investments in the country, will be reformed under Myanmar’s new government. “The Myanmar Investment Commission will be reorganised according to the new Foreign Investment Law and the Myanmar Citizens’ Investment Law. The amount of foreign investment was US$9.48 billion during the 2015-2016 budget […]

Trade finance plans stalled

CB Bank is keen to start a program where the Asian Development Bank (ADB) guarantees some of its trade finance lending, but is still waiting for higher-level approval, said CB managing director U Pe Myint. Trade financing is in its infancy in Myanmar, with few loans being given for trade, generally leaving exporters and importers […]

ADB tackles a banking barrier to trade

The Asian Development Bank (ADB) moved to ease international business money transfers from Myanmar by guaranteeing Letter of Credit transfers from CB Bank, CB managing director U Pe Myint said. A Letter of Credit from a bank guarantees the seller will receive a payment from the buyer on time, with the bank responsible if the […]

Businesses worry red tape will remain an obstacle despite reforms

Cutting red tape in line with regional standards is going to be an uphill struggle for many government departments, experts said, as the government has instructed its ministries to simplify bureaucratic procedures to meet ASEAN standards by the end of March. U Tin Maung Than, director and senior research fellow of Myanmar Development Resource Institute […]

Ford launches as govt revamps import rules

Industry observers said they welcomed the notice, which was obtained by The Myanmar Times last week, from the ministry’s Directorate of Trade outlining parameters for distributors to sell new cars in Myanmar though some added it is at most a first step and further clarification is required. Ford became one of the first among other […]