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Businesses “wait and see” as govt plans for GAD transfer

The business community will “wait and see” if the transfer of the General Administration Department (GAD) to civilian control improves the bureaucracy and regulatory environment for those doing business outside major cities. The President Office last week announced that the GAD under the military-controlled Ministry of Home Affairs is set to be shifted to the […]

Myanmar’s economy depends on Rakhines stability: trade body

Despite rich resources and good geographical location, Rakhine State has many challenges to overcome if it is to attract foreign investments, people in the business community say. “Foreign investments have slowed due to conflict in the state. The economy of Rakhine needs to be promoted first and only when it is conducive, will problems such […]

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 […]

State Counselor Offers Reassurances Amid Economic Woes

YANGON—Myanmar’s State Counselor Daw Aung San Suu Kyi offered words of reassurance to the business community regarding the current economic slowdown saying that her government is working to deal with some major complaints, though the progress will take time. At a meeting with members of the business community in Naypyitaw on Monday, Myanmar’s State Counselor […]

Business community ‘shocked’ to see central bank chief stay

The re-appointment of the long-time Central Bank of Myanmar (CBM) governor U Kyaw Kyaw Maung has caused widespread disbelief and disappointment among the business community. The incumbent was re-appointed governor on July 31. On July 26, President U Win Myint sent the nomination to Pyidaungsu Hluttaw. U Mahn Win Khaing Than, speaker of Pyidaungsu Hluttaw, […]

Aust’s investment poised to rise after Chambers’ merger

Australian investors’ interest in Myanmar is forecast to rise, thanks to the recent merger of the country’s two chambers of commerce in Yangon. Jodi Weedon, CEO of the new AustCham Myanmar, said the new organisation would be formed following a memorandum of understanding signed on August 14. She said the merger would enable one unified […]

World Bank pumps in $100m to halt floods in Yangon

Yangon Region Minister U Phyo Min Thein said a study on how to address the floods in Yangon is ongoing, partly using the $100 million aid. Currently, drains in the Yangon City are becoming narrow and low amid increasing population and increasing rainfall, he said in a recent meeting with the vice president and the […]

UMFCCI plans survey of business conditions

The Union of Myanmar Federation of Chambers of Commerce and Industry plans to use information gleaned from a business survey it begins this month to help the government formulate economic policy. The survey will also help the government to decide which sector or sectors to promote when the Asean Economic Community takes effect in 2015, […]