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Myanmar splits up “New Yangon” scheme to encourage challenge to giant Chinese contractor

The government of Myanmar has split a Chinese-backed project to create a district for Yangon, the country’s commercial capital. “New Yangon City” was conceived as an 8,100-hectare industrial-commercial zone on the less-developed bank of the Yangon River. The initial work, masterplanned by Aecom, would involve building two bridges, a 13-sq-km industrial estate and commercial and […]

UMFCCI proposes delay in tax regulation changes to ease business conditions

A proposal to delay changes to the 2020 Union Tax Bill has been submitted to the government on behalf of local businesses, said U Aye Win, General Secretary of the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI). The changes include repealing a tax amnesty for Myanmar citizens with unassessed sources of income. […]

Taunggyi to conduct first Covid-19 test in August

The first laboratory test for COVID-19 using Real Time RT-PCR in Taunggyi, Shan State, will take place in the first week of August after a month’s delay, according to a spokesperson of the Ministry of Health and Sports. “Both equipment and place are ready. Testing will start in the first week of August,” said director […]

Japanese retailer Aeon to invest $180m in first Myanmar mall

YANGON/TOKYO — Japanese retail group Aeon said Tuesday it would build a large commercial facility in Yangon, the biggest city in Myanmar, with an investment of $180 million, marking its first market entry into the Southeast Asian nation. The Aeon Mall shopping complex would be built on a 72,000 sq. meter site within 30 minutes’ […]

Large hydropower projects to continue in Myanmar: Govt

Although electricity generated by natural gas is expected to rise, Myanmar is planning to continue implementing large hydropower projects to meet the country’s electricity needs, U Khin Maung Win, Deputy Minister of Electricity and Energy, told Pyidaungsu Hluttaw on July 27. The deputy minister was responding to a point raised by U Kyaw Ni Naing, […]

Govt reveals plans to build new SEZ in Mon State

A new Special Economic Zone (SEZ) will be implemented in Mon State, connecting Myanmar with the Mekong Subregion East-West Economic Corridor, government officials said at a Myanmar-Japan Investment Forum on July 29. The new SEZ aims to connect with Danang, Vietnam, and will be the largest SEZ in Myanmar if approved, said U Thaung Tun, […]

Hemp has potential in Myanmar, but corruption is a major barrier

A plan to legalize hemp production is in the works in Myanmar’s House of Representatives, with a draft law expected to come up in the current parliamentary session. A House rural development committee is coordinating with agriculture officials to set up trials for a variety of commercial products if the plan becomes law. “If the […]

Car sales decline due to slowdown

Sales of used and locally-produced semi-knocked down (SKD) imported cars have fallen during the COVID-19 period, according to dealers in Yangon. The dealers attribute the decline to uncertainty and economic hardships caused by the COVID-19 restrictions. Sales for luxury cars have also declined, possibly due to a rumoured government plan to grant tax exemptions on […]

Manufacturing remains vital for Myanmar’s economic growth

The manufacturing sector in Myanmar expanded to become a contributing force to the country’s economy between 2017 and 2019, a survey conducted by the Central Statistical Organisation (CSO) and the United Nations World Institute for Development Economics Research showed. Published on July 27, the report highlighted an increase in productivity in the manufacturing sector during […]

Myanmar to boost brand for foreign markets

Myanmar will strengthen its product branding to make locally made goods more competitive on the international market, a senior official said. U Thet Lwin Oo, deputy director of the Ministry of Commerce’s Myanmar Trading Promotion Organisation, said the strategy aims to improve the quality of produce and conduct a media campaign to boost consumer awareness. […]