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DICA chief promoted as investment ministry’s top civil servant

The government has appointed U Aung Naing Oo as permanent secretary of the recently-created Ministry of Investment and Foreign Economic Relations, the official gazette announced. As the top civil servant leading the ministry, he will support and advise the cabinet minister, career diplomat U Thaung Tun, on how to drum up foreign investments and build […]

DICA sets 30 Mar as late registration deadline for MyCO

The Directorate of Investment and Company Administration has asked companies which failed to register and re-register on the online registry MyCO in January to complete the registration formalities by 30 March. Companies which fail to meet the deadline for late registration will be struck off from the register list, according to the DICA. “More than […]

Mandalay to host SME trade fair for the first time

An international trade fair and economic forum for local small and medium enterprises (SMEs) will be held for the first time in Mandalay, Myanmar’s second-largest city from March 23-25. Mandalay Region Union of Myanmar Federation of Chambers of Commerce and Industry (MRCCI) Vice Chair Daw Khin Lay Myint said this was the first time the […]

Creation of new ministry part of Myanmar’s plan to incentivise FDI

In an attempt to reverse a recent decline in foreign investment, Myanmar has set up a new ministry tasked with attracting and facilitating fresh inflows, though concerns over the re-imposition of import tariffs by the EU could cool investor appetite. On November 19 the government established the Ministry of Investment and Foreign Economic Relations, a […]

Canadian company to pursue lithium exploration in Myanmar

AsiaBaseMetals Inc announced its entry into the Myanmar mining sector last week. The Canada-based miner will focus on mining lithium and has already obtained the necessary documents that will enable it to submit investment proposals to the Myanmar Investment Commission. Once submitted and if approved, AsiaBaseMetals will be the first company to venture into the […]

Myanmar aims to increase trade with South Korea

Myanmar will raise efforts to boost trade with the Republic of Korea, said U Aung Soe, Permanent Secretary of the Ministry of Commerce (MOC) during an event to promote local agriculture exports to South Korea on February 16. The event was hosted by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) […]

Myanmar-based Irish company Red Dot halts operations

Red Dot, businessman John Nagle’s Myanmar-based electronic payments company, halted operations in recent weeks, according to local reports. Mr Nagle established Red Dot Network, which allows customers to buy mobile phone credit and pay bills, after emerging from bankruptcy in 2014, with backing from Denis O’Brien’s Digicel, which sold the business to him last year. […]

Hundreds jobless as Adidas supplier shuts down amid dispute

A YANGON factory that supplies footwear to global sportswear giant Adidas has shut down after refusing to comply with an Arbitration Council ruling to reinstate a sacked workplace union member, leaving more than 700 workers jobless. The decision by the Shyang Jhuo Yue Co Ltd shoe factory to lock out its workers is in breach […]

Chin State seeks 10 year tax exemptions

The Chin State Chamber of Commerce and Industry (CCCI) is asking the government for approval to raise the tax-exempt period granted to investors in the state to be raised Ceu Hlei Lian, the chair of the Chin State Chamber of Commerce and Industry submitted the request to the Private Sector Development Committee headed by Vice […]

EU’s threat to scrap trade preferences spurs Myanmar’s reforms

Economic reform is getting a second wind in Myanmar as the government tries to lure back foreign investors scared away by reports of human rights abuses against the country’s Rohingya Muslim minority. The government has announced the easing of restrictions on foreign banks and the creation of a new ministry to oversee foreign investment in […]