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South Korean President Enhances Bilateral Economic Ties with Myanmar

YANGON- The president of South Korea pledged to accelerate Korea’s economic presence and to cooperate on development in Myanmar after meeting with the Myanmar State Counselor in Naypyitaw on Tuesday. The trip is a part of his “New Southern Policy” to deepen relations with Southeast Asian nations, including in the economic realm. Moon Jae-in arrived […]

KB Kookmin Bank to provide home loans to low income households

South Korea’s KB Kookmin Bank will participate in developing a government-funded residential complex for low income households in Yangon, Kim Chang-woo, chief representative of KB Kookmin Bank Yangon Representative Office, told The Myanmar Times. KB Kookmin Bank and Yangon Region Government signed a Letter of Intent to support the project during South Korean President Moon […]

Myanmar fruit and veg women’s rep travels to the US for economic forum

This week, Sandar Myo, representing the Myanmar Fruit, Flower & Vegetable Producer & Exporter Association (MFVP), joins a group of women – and one man – from 18 countries traveling to the United States as part of the Women’s Global Development and Prosperity (W-GDP) Initiative established by the White House. “The Myanmar economy is based […]

Authorities working on permitting liquor imports

Arrangements are being made to allow liquor, beer and wine imports, albeit within limits, U Aung Htoo, deputy minister for the Ministry of Commerce, said in Parliament. Supporting legislation will also be drafted. As Myanmar currently bans the import of alcohol, large quantities of foreign liquor, beer and wine are smuggled into the country on […]

Guide to ‘Respecting Myanmar Culture in the Workplace’ launched

The Directorate of Investment and Company Administration (DICA) and the Myanmar Centre for Responsible Business (MCRB) have launched an guide to “Respecting Myanmar Culture in the Workplace”. The guide aims to help foreigners understand Myanmar culture and avoid cross-cultural misunderstanding in the workplace and with local communities. It was developed by the MCRB, in partnership […]

Myanmar banks look to consolidation through better governance

Consolidation can be expected in Myanmar’s overcrowded banking sector, aided by improved corporate governance and central bank directives as well as a cleaning up of loan books, an investment conference heard this week. Speaking at the Myanmar Global Investment Forum 2019 panel discussion “Changes in the Banking and Financing Sectors” in Nay Pyi Taw this […]

Yangon approves $238M in hotel, tourism investments

Yangon’s Regional Tourism Committee recently announced that investments totalling US$238 million and K119.63 billion were approved for the region’s hotels and tourism sector between May and August. In the same period, the committee approved investments for 33 new hotels and eight guest houses, approved 18 new hotels, 400 new travel agencies, and 200 tour guides. […]

Broad coalition to ramp up food safety in Myanmar

Myanmar’s food safety advocacy groups plan to bring around 400 stakeholders from the food industry together to discuss food safety issues and challenges in the country. Myanmar Innovative Life Sciences (MILS), Myanmar Consumers Union and Food Science and Technology Association (FoSTA Myanmar) told the media at a press conference on Wednesday that they will organize […]

Myanmar’s Second Biggest City Receives Smart City Award 2019

YANGON—In the midst of a high-tech makeover to become a genuine smart city, Myanmar’s historic royal capital Mandalay—more than 160 years old—received the Smart City Award 2019 at a Bangkok summit attended by 24 countries including Japan, India, Australia, Singapore, Taiwan and Thailand. “We have been effectively changing municipal services by using technology, and these […]

Myanmar steps up on company director accountability

Company directors in Myanmar now face legal repercussions if they fail in their corporate duties under the new Myanmar Companies Law, which came into force last August. Articles 165-172 of the Companies Law includes a set of directors’ duties, aimed at ensuring that a company is properly run and managed in the best interests of […]