Parliament approves large loan for Dala-Yangon bridge build

The Pyidaugnsu Hluttaw has given the go-ahead to a US$138 million loan from South Korea to build a bridge between Yangon and Dala – a project that will cost nearly $170 million. The $137.8 million loan from South Korea’s Economic Development Cooperation Fund, which will go to Myanmar’s Ministry of Construction, gained approval on May […]

Seven firms face fines if ‘Death Highway’ is not repaired on schedule

The seven companies hired to upgrade Myanmar’s notorious “death highway” will be fined if they do not complete their work on schedule, Soe Tint, deputy minister of construction told Parliament yesterday. The deputy minister also admitted he had seen no evidence that any of the companies, which include some of Myanmar’s largest conglomerates, had started […]

Japan to Help Upgrade Inland Water Transport System in Myanmar

Japan will help upgrade inland water transport system in Myanmar for national transport sector development. Japan is expected to provide technology and assistance for the implementation of the master plan which has been drafting, said Myanmar deputy Minister for Transport U Han Sein at the coordination meeting of transport deputy ministers from both sides held […]

S Korea to Open Polytechnic University in Myanmar

South Korea and Myanmar will cooperate in technology development by opening a polytechnic university in the Southeast Asian country. The government has approved a draft memorandum of understanding between Myanmar and South Korea on this project, according to Dr Aung Kyaw Myat, deputy minister for science and technology. The South Korea Polytechnic University and the […]

Former Norway Envoy’s Telenor Move Raises Eyebrows

The May 16 announcement that Norway’s former ambassador to Myanmar, Katja Nordgaard, will soon take a position with Telenor, the majority state-owned Norwegian telecommunications firm that signed a lucrative deal with Myanmar’s government last year, has prompted concern from some quarters about the ethics of what they see as just the latest example of an […]

Myanmar reduces teak production to preserve forests

YANGON – Myanmar will cut its output of processed teak by around a third this fiscal year, a senior official said Friday, to preserve its dwindling forests.  “We have decided to reduce the rate of teak production year by year,” Aye Myint Maung, deputy minister of environmental conservation and forestry, told Parliament. A maximum of […]

Next change for new-look MIC? Independence

The Myanmar Investment Commission is to be made independent of the Ministry of National Planning and Economic Development in the near future, the body’s new secretary told The Myanmar Times last week following a reshuffle that saw it expand from 11 to 13 members. “The MIC will become independent like the Central Bank. But we […]

Investment proposals of 45 companies in Thilawa SEZ

A total of 45 companies from 11 countries have outlined their investment proposals for Thilawa Special Economic Zone, a major industrial complex located on the outskirts of Yangon. “These companies already sent us letters of confirmation to invest in Thilawa SEZ. They are from various countries. One is a US company. Others are from Thailand, […]

Norway looks to Thai gateway to Myanmar

Norway aims to turn Thailand, its seventh-biggest trading partner in Asia, into a gateway for its businesses and investments in Myanmar, according to top Norwegian officials. Last week, the Nordic country launched its fifth annual “Norway-Asia Business Summit” in Bangkok, which was followed by a similar event in Yangon, as both Thailand and Myanmar are […]

Investors hesitate to invest in power sector

NAY PYI TAW — The deputy minister for electric power has denied claims in parliament that plans to increase the price of electricity was aimed at pleasing investors. The government will now charge Ks 20 per unit of electricity, according to deputy minister Aung Than Oo, which will cover production, construction and maintenance of hydropower […]