Shwedagon High-Rise Developments to be Relocated Soon: MIC

RANGOON — The relocation of five cancelled developments planned near Rangoon’s Shwedagon Pagoda is likely to be finalized by the end of the year, according to the Myanmar Investment Commission (MIC). At a press conference on Wednesday, MIC secretary Aung Naing Oo reiterated earlier comments that developments would be relocated elsewhere in Rangoon to compensate […]

KBZ Bank signs loan agreement with Cathay United

Kanbawza (KBZ) Bank and Taiwan-based Cathay United Bank (CUB) have signed an agreement on monetary cooperation to pay out more loans for to help Myanmar businesses expand, according representatives of KBZ Bank. On January 13, Nang Leng Kham, executive director of Kanbawza Bank Ltd and Mr Aaron Hung, general manager of CUB signed the agreement […]

Korean loan comes for power lines

The Ministry of Electric Power has signed an agreement with Korea’s Export Import Bank for a US$100 million loan to fund a 500-kilovolt transmission line. The project is the first to receive funding from South Korea’s Economic Development Cooperation Fund during the period of the civilian government, though there had previously been several planned projects […]

Philippines-Myanmar air service agreement attracts LCC interest

THE inking of an air service agreement between the Philippines and Myanmar is likely to pave the way for LCC flights on the Manila-Yangon route, which travel consultants are keen to capitalise on for niche holidays. Following the May 20 signing, Philippine-based LCCs Cebu Pacific Airways, Tigerair and Philippines AirAsia have applied to the Civil […]

Myanmar Airways to sign with France’s ATR

The state-owned Myanmar Airways will sign an agreement with ATR Company from France to buy six new planes and open a repair station in Myanmar. “An MoU agreement was already signed on May 6 and the next stage is to sign an agreement at the Attorney General’s Office,” said Than Htun, managing director of Myanmar […]

Gunkul eyes Thai, Myanmar power sectors

Gunkul Engineering plans to invest more than Bt12 billion (Ks 360 billion) over the next two years to develop wind-power plants in Thailand and gas-powered plants in Myanmar. This is part of the company’s strategy to transform itself from an importer and provider of electrical equipment into a power producer in Asean. It aims to […]

Japan, Myanmar sign investment pact

TOKYO — Japan and Myanmar on Sunday signed an investment treaty to nurture closer business ties as the once secluded Southeast Asian country opens its fast-growing economy to more foreign commerce. Prime Minister Shinzo Abe and Myanmar President Thein Sein signed the deal in summit talks following a gathering of leaders from the Association of […]

Mitsubishi gets ball rolling for Japan’s involvement in Dawei SEZ

YANGON—Japan’s long-awaited involvement in the Dawei Special Economic Zone (SEZ) in Tanintharyi Region has finally begun with the Mitsubishi Corporation’s agreement to build a large, coal-fired power plant in cooperation with two Thai firms, according to the Dawei SEZ management committee. The Mitsubishi Corporation will invest 30 percent in the power plant construction project. The […]

Myanmar, Japan form steel joint venture

Myanmar has formed a joint venture with a Japanese firm to undertake production of steel solution, official media reported Tuesday. The joint venture of J and M Steel Solution Co Ltd was established between Myanmar’s Public Works of the Ministry of Construction and Japan’s JFE Engineering Corporation. The construction of the steel mill started in […]

Thailand’s Italian-Thai company to quit Dawei Special Economic Zone

Italian-Thai Development Co (ITD) is poised to cease operation at the Dawei Special Economic Zone (DSEZ) in Tanintharyi Region on Nov 20, according to local sources. The company has come under financial pressure since the project began in 2008 but failed to materialise. Its Myanmar partner Max Myanmar Group pulled out of the project last […]