Local retailers balk at foreign competition as economy slows

While opening up the domestic retail and wholesale sector to foreign ownership has succeeded in generating rising investor interest, local concerns over the move by the Ministry of Commerce (MOC) have also grown. Chief among those concerns is foreign competition. In fact, local retailers say there should be restrictions placed on foreign firms that directly […]

Businesses call for lower taxes amid slowing economy

Myanmar businesses are urging the government to lower the country’s tax rates to alleviate pressure from the rising dollar exchange rate and slowdown in demand in recent months. According to the quarterly Business Sentiment Survey by the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI) released last month, Myanmar’s high taxation rates are […]

In Myanmar, economic opportunity and a renewed commitment to democracy are on the horizon if leader Aung San Suu Kyi wants them

When Thura Ko went last week to meet some local partners in the Mandalay, he ordered a motorcycle-taxi through an app on his smartphone and paid for it with his credit card. “We’ve gone from an 8% mobile penetration rate to 90% in six years,” said Ko, a foreign investor who has advised US and […]

Surbana Jurong and Mitsubishi Corporation Enter Joint Venture to Set up Fund Management Company

SINGAPORE, Sept. 14, 2018 /PRNewswire/ — Surbana Jurong Capital, the newly established financial services arm of Surbana Jurong, and Mitsubishi Corporation today signed an agreement to set up a fund management company (FMC). The FMC will be a 50:50 joint venture between the two companies and will be jointly managed by both partners. The FMC […]

Myanmar property group sees its future in consumer sector

In the heart of Yangon, the commercial capital of Myanmar, the former headquarters of Myanmar Railways is surrounded by white steel frames. The historic redbrick building, more than a century old, is being restored and will be the future site of the Peninsula Yangon, a luxury hotel set to open in 2021. The grand structure […]

Foreign investors show interest in First Private Bank

Foreign investors are showing interest in taking stakes in First Private Bank, which is listed on the Yangon Stock Exchange (YSX), said its CEO, U Myint Zaw. Interest has risen following the enforcement of the Myanmar Companies Law on August 1. The new law states that foreigners will be allowed to own a maximum of […]

Suu Kyi: Myanmar ‘not left behind’ in 4th Industrial Revolution

Myanmar leader Aung San Suu Kyi said on Wednesday her country, having been “practically bypassed” by the IT-based Third Industrial Revolution that began decades ago, is making “quantum leaps” to catch up amid the rapid advancement of transformative technologies driving the Fourth Industrial Revolution. “We have been forced to plunge straight into the fourth one,” […]

Arrival and departure cards cancelled

Visitors will no longer need to fill in the Arrival and Departure cards at the Yangon, Mandalay, and Nay Pyi Taw international airports. The measure will start September 12, according to the statement made by the Ministry of Labor, Immigration and Population. The cancellation is an effort to promote tourism and draw more foreigners to […]

Seed Myanmar closes six-digit investment in delivery startup

Singapore-based Seed Myanmar Ventures Limited, a country-focused venture capital fund targeting early stage technology companies, has closed a six-digit round in Marathon Myanmar Company Limited, a delivery service platform. The investment values Marathon Myanmar in the seven-digit dollar range. Seed Myanmar will pick up a minority stake in the startup, which has secured its largest […]

Myanmar Gets First Foreign Investments for Power Projects in Fiscal Year Transition

YANGON — Myanmar has received its first foreign investments in the power supply sector in the transitional six-month fiscal period, which started on April 1, according to the Directorate of Investment and Company Administration (DICA). A gas-fired power plant will be built in Mandalay Region’s Singaing Township as part of a joint venture between China’s […]