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Kachin to focus on three sectors to boost economy

Kachin State officials will set a policy to prioritise three sectors for sustainable economic development in the state, business officials have revealed to The Myanmar Times. U Hkyet Hting Nan, chair of the Kachin Entrepreneurs Association (KEA) said agriculture and livestock, hotels and eco-tourism, and natural resources and finished products will be the focus of […]

KBZPay to expand cashless service offering

KBZPay is expecting its users to rise by 42 percent to 5 million by the end of the year and for that number to expand sixfold to 30 million by 2028 with options to go cashless in various areas of the economy to come onstream, said U Soe Ko Ko, head of agent banking at […]

Myanmar needs to address structural transformation of the economy: WB

Key takeaways from the latest (Oct 2019) World Bank ‘Asia Pacific Economic Update – Weathering Growing Risks’ pertain to using policy spaces available for the countries in order to boost and sustain growth; to continue trade openness, including through deeper regional integration (within ASEAN and R-CEP and other bilateral arrangements) and enact structural reforms to […]

Myanmar looks to legalize its informal economy

Myanmar aims to mobilize funds hidden in its vast informal economy through a tax amnesty, a controversial bid to galvanize new investment and business activity in the nation’s stalling economy. The “reduced tax rates for undeclared income” scheme, part of the recently approved Union Tax Law, entered into force this month, slashing prevailing 15-30% tax […]

Myanmar Among World Bank’s Top 20 for Business Ease Improvements

YANGON – As the Myanmar government makes efforts to complete its ambitious goal to reach the top 100 of the World Bank’s ease-of-doing-business index 2020, the country was listed among the top 20 most-improved countries. A World Bank report listed Myanmar in the top-20 improvers in Doing Business 2020, alongside China, Bangladesh and India. It […]

Us businesses eye expanded Myanmar investment

As Myanmar’s government is making efforts to revive the economy through foreign investment, US companies say they are keen to expand their involvement, according to a leading trade body. The US-Asean Business Council in Yangon met on Monday and included representatives of 12 US companies and the Union of Myanmar Federation of Chambers of Commerce […]

Economy to improve as Myanmar opens up to foreign investment

Myanmar’s economy is forecast to expand to 6.4 percent in the current fiscal year and pick up to 6.8 percent in the next, according to a report on the economy in Southeast Asia released by the Institute of Chartered Accountants in England and Wales (ICAEW) on Tuesday. The report said that the forecast for Myanmar’s […]

YCDC official says unutilised industrial land could be appropriated

No businesses have been set up on some 40 percent of the land designated as industrial zones in Yangon and action will be taken to rectify the matter, say city officials Yangon City Development Committee Associate Secretary U Than said that unused land would be appropriated in a press conference on Monday. “While some 60pc […]

Institutional investors in Myanmar set up association

Leading private equity firms launched the Myanmar Private Equity & Venture Capital Association this month to give institutional investors a collective voice when engaging with the Myanmar authorities. “This launch marks a milestone in the development of the Myanmar economy since the country started opening up in 2012. The investment community has reached critical mass,” […]

Taking a Quantum Leap to Revamp Myanmar’s Economy

YANGON—Since last year, Myanmar officials responsible for drumming up foreign investment have been shuttling between Naypyitaw and Asian countries to pitch the government’s latest legal, procedural, and institutional reforms to potential investors as part of efforts to revitalize the country’s economy. State Counselor Daw Aung San Suu Kyi often highlights foreign direct investment (FDI) as […]