CMP garment sector may fetch $3bln this year

Export earnings from the CMP (cutting, making and packaging) garment sector are expected to exceed US$3 billion (4.1 trillion kyat) this year, according to the Myanmar Garment Entrepreneurs Association(MGEA). MGEA chair Myint Soe, said that the European Union “has topped the lists of garment order, followed by Japan, South Korea and other countries”. This year, […]

Firm accused of cheating investors changes name, stays in business

The Malaysian-owned company that swindled millions of dollars from local investors has changed its name and is now being run by two Myanmar people, U Kyaw Swa Hein, a former director of the firm has told the media. The owners of Myanmar Junwell Global Co. Ltd – Loh Yun Poh, alias Mr. Alan, Wong Jyh […]

Govt Investment Director Confident in Foreign Investment Despite Rakhine Conflict

YANGON — U Aung Naing Oo, director-general of Directorate of Investment and Company Administration under the Ministry of National Planning and Finance, talked to The Irrawaddy reporter Shwe Lay about foreign investment in Myanmar and the government’s plan to promote it. How much investment has Myanmar had over the past year? Which countries are the […]

MIC issues 13 new business permits in August, including one for beer

The Myanmar Investment Commission (MIC) has approved the issuance of 13 permits, including one for a beer joint venture in Mandalay. Eight foreign businesses and 5 Myanmar citizen businesses were approved at a recent 12/2017 meeting, according to Deputy Director General of Directorate of Investment and Company Administration (DICA) U Than Aung Kyaw. This includes […]

Draft Companies Law designed to remove obstacles for foreign investment

A new Myanmar Companies Law currently being drafted by legislators will remove cumbersome restrictions and make foreign investment easier, said Dr Myat Nyana Soe, the secretary of Amyotha Hluttaw Bill Committee. “The draft law was approved by Amyotha Hluttaw and the amendments made by Aymotha Hluttaw and Bill Committee are already submitted to Pyithu Hluttaw. […]

US Firms Lobby for Removal of Myanmar Trade Restrictions

YANGON — American businesses based in Myanmar are urging their government to remove sections 311 and 312 of the USA Patriot Act which prohibit US banks from trading in Myanmar. The American Chamber of Commerce in Myanmar (AMCHAM) led 13 financial service companies to meet with government officials from Yangon and Naypyitaw as well as […]

Myanmar Raises the Bar

The country is opening up its economy to foreign investors. To do so, it is introducing the Myanmar Companies Bill, extending credit and lifting bans to raise confidence in its economy. The latest draft of the Myanmar Companies Bill was submitted to the Amyotha Hluttaw by Deputy Minister for Planning and Finance U Maung Maung […]

FDI could exceed MIC’s target in 2017-18, but still lower than previous years’

Between April 1 and July 11 of the current fiscal year, FDI into the country hit US$2.7 billion, almost half the MIC’s target. Meanwhile, a total of US$127 million in fresh funds was pumped into the Thilawa Speical Economic Zone, while US$221 million was injected into existing projects. That’s US$3.1 billion in total for the […]

China First in Overall Foreign Investment List

China ranked first on the list of foreign investment countries with overall investments of US$18billion in 183 projects permitted as of end of May, according to the statistics of the Directorate of Investment and Company Administration (DICA). China’s investment in Myanmar accounted for over 26 per cent of total foreign investment value. Singapore placed second […]

Natural gas export earnings decrease by over US$35million

Natural gas export earnings as of the end of May this FY hit over US$230million, a decrease of over US$35 million from the same point last year, according to the Commerce Ministry. Natural gas exports accounted for 45 per cent of the country’s total export earnings, followed by the garment sector with 17 per cent. […]