US$400 million Chinese investment proposed for 33 agricultural extension centers

Myanmar’s Agribusiness Public Corporation (MAPCO), the Myanmar Rice Federation (MRF) and the China CITIC Construction Group submitted a US$400 million proposal to Myanmar Investment Commission (MIC) to construct the 33 agribusiness service centers in states and regions. “We will construct the 33 agribusiness service centers as soon as possible,” said Dr. Soe Tun, the MRF […]

Myanmar businessmen propose Muse FX exchange for China trade

Myanmar businessmen are lobbying the government to open a new state-run foreign exchange bank near Muse Trade Zone in response to China’s recent closures of Myanmar traders’ bank accounts along the Yunnan border, according to a report of Myawady Daily newspaper yesterday. In an effort to crack down on illegal gambling, smuggling and other illicit […]

Traders wish for negotiations with Chinese for blocked bank accounts

Traders want the State to enter into negotiations with the Chinese government over 1,000 bank accounts of Myanmar merchants which are frozen by Chinese banks, merchants said. The Chinese government blocked the bank accounts which are used in transactions in the course of taking actions against illegal importers from Myanmar and Viet Nam. The bank […]

Central Bank May Liberalise Trade Financing for Foreign Banks

​​ The Central Bank of Myanmar may allow foreign banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters, Central Bank director general U Win Thaw told the Myanmar Times. “The Central Bank has already allowed local private banks to do trade financing. If they [local private […]

Light Manufacturing to Lead Way in Foreign Investment

​​ RANGOON — Burma’s light manufacturing sector will lead the way in foreign direct investment in 2017 although investor concerns over the country’s infrastructure persist, according to the local business community. Foreign investors visiting in the last year had questions over energy supply, transport and land issues and heavy industry manufacturers are hesitant to invest, […]

Aung San Suu Kyi Woos Tycoons in Naypyidaw Meet-Up

NAYPYIDAW — State Counselor Daw Aung San Suu Kyi reassured some of Burma’s most prominent tycoons that their place in Burma’s economy and society was secure, so long as they backed government policy, left themselves open to scrutiny, and “worked for others.” She stressed that her intention was not to dwell on the past, expressing […]

Myanmar Automobile Development Public Co., Ltd to register at YSX

Myanmar Automobile Development Public Company Limited will soon register at the Yangon Stock Exchange (YSX) in hopes of becoming a publicly listed company, it is learnt from the company’s second annual general meeting held at UMFCCI on 24th September. Public companies are allowed to sell and trade shares of stock. There are currently three companies […]

Korean Investment in Burma Likely to Increase

RANGOON — After a delegation from the well-known South Korean Daewoo Group of Companies met with Burma’s outgoing president on Tuesday, there is speculation that the country plans to increase investment in Burma. During the meeting between Thein Sein and Daewoo CEO Young-Sang Kim, the topics of discussion included investment in Burma’s hotels, energy, mining […]

World Bank Forecasts Drop in Burma’s Economic Growth

RANGOON — A World Bank report released Monday estimated that Burma’s economic growth for the 2015-16 fiscal year would slow, due in part to recent flooding and a slowdown in new investment. According to the Bank’s latest “East Asia and Pacific Economic Update,” Burma’s economy grew at 8.5 percent in real terms for the 2014-15 […]

Myanmar mulls left-hand drive car law

YANGON (AFP) – Myanmar plans to make left-hand drive cars compulsory, state media reported Sunday, causing concern in a country where the vast majority of vehicles remain right-hand drive despite cars driving on the right. The law is an attempt to correct one of the more unusual legacies of decades of junta rule. More than […]