Myanmar official says ‘totally underestimated’ economic impact of Rohingya crisis

A Myanmar foreign investment official said on Wednesday he “totally underestimated” the economic damage of the Rohingya crisis, adding that the outcry over the jailing of two Reuters reporters would also have some impact on his country’s reputation. Asked at an investor forum in Singapore what impact the crisis had on Myanmar’s economy and investment, […]

Prospects of huge gas reserves in deep sea

Bangladesh has discovered the prospects of a big deep-sea gas reserve after the resolution of its maritime boundary dispute with Myanmar and India. A 2D seismic survey along the Myanmar border has revealed that Bangladesh could have a minimum of five prospective structures in the Bay of Bengal in Block D-12. The operator of the […]

Can China-Myanmar Economic Corridor overcome hurdles to progress?

Recently, U Aung Naing Oo, director general of the Directorate of Investment and Company Administration of Myanmar, said that Myanmar and China will soon sign a Memorandum of Understanding (MoU) on building the China-Myanmar Economic Corridor (CMEC), one of the key projects of the Belt and Road initiative (BRI). The two sides reached a 15-point […]

Myanmar’s Waiting for the Western Investment That Never Came

Among business leaders in Myanmar, would-be investment from the U.S. and Europe is known by the wry acronym NATO. “No Action, Talk Only,” Sean Turnell, special economic consultant to Myanmar’s leader Aung San Suu Kyi, said in an interview, underscoring the country’s history of missed opportunities and unfulfilled potential. As Southeast Asia’s fastest-growing economy began […]

Japanese beer company probing if donations went to Myanmar forces

Japanese beer company Kirin is investigating whether its donations went to Myanmar’s military, accused of brutal attacks against Rohingya Muslims. Amnesty International has urged Japanese authorities to look into donations Kirin’s subsidiary Myanmar Brewery made in September and October last year. A televised ceremony for a US$6,000 donation showed the commander of Myanmar’s military. Tokyo-based […]

Border trade increases by $196 million

Between 1 April and 25 May in this fiscal year, the value of border trade reached US$ 1.165 billion, recording an increase of $196 million compared to the same period in the last FY, state media reported quoting figures recently released by the Commerce Ministry. The total value of border trade, as of 25 May […]

Myanmar allows full foreign ownership in retail and wholesale

YANGON — Foreign companies are now allowed to invest in Myanmar’s retailers and wholesalers, including holding 100% stakes, as the country makes efforts to lift foreign investment amid the Bengali refugee crisis. The Ministry of Commerce announced the change on Friday, explaining that it wants to increase competition in the sectors and promote price stability […]

Emerging markets hold hope for smartphone shipment growth

Global smartphone shipments continued to weaken in the first quarter (Q1) of 2018, according to analysts. Canalys says shipments were down 3.4%, continuing the trend from a decline of 3% in Q4 2017. Worldwide sales of smartphones recorded their first decline since 2004, in Q4 of 2017, says Gartner. Global sales of smartphones to end-users […]

Infrastructure, safety standards needed for LPG industry to take off

The government is now more than half way through its term and time is running out for it to make good on its promise to double Myanmar’s supply of electricity within the next two years. But the government is not without backup plans to help it achieve its goals, one of which is replacing the […]

Alibaba buys Rocket Internet’s Daraz to expand its e-commerce empire into South Asia

Alibaba has expanded its e-commerce empire into South Asia after the Chinese internet giant acquired Daraz in an undisclosed deal. Daraz was founded in 2012 by Rocket Internet and today it operates in Pakistan as well as Bangladesh, Myanmar, Sri Lanka and Nepal. Rocket said in a statement that Alibaba has acquired the entire Daraz […]