Tay Za replaced as head of gem association

Yone Mu from Sane Lin Yadanar Jewellery Company has been elected as the new chairperson of Myanmar Gems and Jewellery Entrepreneurs Association, replacing tycoon Tay Za who runs the Htoo Group of Companies. Yone Mu said he would work to move the jewellery industry up the value chain from supplying raw materials to producing finished […]

Foreign companies show growing interest in Thilawa SEZ

A total of 45 companies from 11 countries – including Japan and the United States – have submitted proposals to invest in the Thilawa Special Economic Zone (SEZ), a major industrial complex located on the outskirts of Yangon. More than 17,000 intended subscribers offered to buy a total of more than 4 million shares, at […]

Banking – another business step of Shwe Than Lwin

The business empire under Shwe Than Lwin has proposed to open a financial institution, Shwe Rural and Urban Development Bank. In the application for commercial and investment banking license, Shwe Than Lwin said the initial investment capital would be Ks 10 billion, partly financed by the profit earnings from the sale Sky Net TV signal […]

Minister of Energy to chair investment commission

Minister for Energy Zayyar Aung, who has a close relationship with President Thein Sein, has been appointed as chairperson of the influential Myanmar Investment Commission (MIC). In a new reshuffle, a number of top ministers and government officials, including Htay Aung (Hotels and Tourism), Win Tun (Environment and Forestry) and Tun Shin (Attorney General), were […]

Thilawa SEZ to allow construction of factories this month

The Thilawa Special Economic Zone is to commence the construction of factories by this month, according to Win Aung, chairperson of Myanmar Thilawa SEZ Holdings. “Factories construction will be allowed late this month. The aim is to prevent the resale of plots bought in the zone. We sell plots to buyers according to their proposals […]

‘No encouraging development’ in fishery sector policy, says official

When compared to its neighbouring countries, the fishery breeding sector in Myanmar is largely incompetent and cannot compete in the global market, says an official with the Myanmar Fishery Products Processors and Exporters Association (MFPPEA) at a public meeting on Tuesday. According to the latest information, during fiscal year 2013-2014, the export value in the […]

Kanbawza Bank pays Ks 22 billion in advance tax

Kanbawza Bank Ltd, the largest private bank in Myanmar, has paid Ks 22 billion (US $ 22 million) in advance tax for the fiscal year 2014-15, according to its chairperson Aung Ko Win. The bank topped the list of income-tax paying companies in 2012-13 after paying Ks 10 billion (US$ 10 million) for income tax […]

Thilawa SEZ public offering sees 700,000 shares sell out

A total of 700,000 shares of the Thilawa Special Economic Zone had sold out by March 14, according to the chairperson of the SEZ’s public company. The shares, ranging from tens of thousands to millions of kyat, are in high demand, said Win Aung. Share sales between March 3 and March 14 amounted to more […]

UK accountants, Myanmar chambers of commerce ink development deal

YANGON—The UK-based Association of Chartered Certified Accountants (ACCA) and the Union of Myanmar Federation of Chambers of Commerce (UMFCCI) signed an agreement on Sunday (March 16) to cooperate in Myanmar’s financial and economic development tasks. “We’ll sign the Memorandum of Understanding with the ACCA’s Singapore office,” said an official from the UMFCCI. The UMFCCI also […]

Jewellers demand new gems law

Local jewellers are calling for the government to privatise their multibillion dollar a year industry and allow for individual traders to export rare commodities directly under a more favourable tariff scheme. Jewellers said that a limitation on exports of raw and polished precious stones to sales at government-run emporiums and selected markets was strangling the […]