Myanmar remains worst place in ASEAN for doing business, World Bank ranking shows

Myanmar has failed to improve its ease of doing business ranking for the third consecutive year, with the latest figures from the World Bank showing that the country remains the worst place in ASEAN to conduct business. The newly-released 2019 Doing Business rankings by the World Bank showed that Myanmar ranks 171th out of 190 […]

Myanmar Fails to Advance in World Bank’s Ease of Doing Business List

YANGON—Myanmar showed no improvement in its overall ranking in the World Bank’s latest ease of doing business index, retaining the No. 171 spot it held last year—and remaining the least favorable ASEAN member country in which to conduct business. Illustrating the ambitious nature of the government’s goal of reaching the top 100 by 2020, Myanmar […]

More foreign investments now likely in pearl farming industry

The Myanmar Pearl Law has been amended for the second time to allow foreign direct investments (FDI) in the sector, U Min Oo, managing director of the Myanmar Pearl Enterprise, told The Myanmar Times. According to U Min Oo, the pearl production sector is now among the extraction sectors that will be open up to […]

Myanmar targets FDI from East Asia in long-term investment plan

Myanmar is gunning for more foreign direct investments (FDI) from East Asia in the next 20 years under its new Myanmar Investment Promotion Plan (MIPP), U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA) told The Myanmar Times at a book launch in Yangon on Thursday. Besides strengthening […]

Myanmar To Auction Off 31 New Oil And Gas Blocks

On August 30 the Ministry of Electricity and Energy (MoEE) announced it would be opening fresh rounds of bidding for oil and gas blocks in the first half of next year, and there are plans to launch a tender for at least one onshore block before the end of 2018. If all goes according to […]

Myanmar to hold investment fairs to spur development

Myanmar is making preparations to hold a business forum in Mandalay, the country’s second largest city in the north, on Nov. 9, aiming to promote trade and investment for the development of Mandalay region, according to the Directorate of Investment and Company Administration (DICA) Monday. Such a forum is partly aimed at driving development more […]

World Bank cuts Myanmar’s growth forecast to 6.2%

The World Bank has revised downwards its forecast for Myanmar’s economic growth by 0.5 percentage points to 6.2 percent in the fiscal year 2018-19. The World Bank East Asia and Pacific economic update released this month downgraded Myanmar’s GDP growth projections from the previous forecast, saying seasonal floods, rising cost, inflationary pressures and the Rakhine […]

‘Window is closing’: business leaders vent frustrations over govt’s economic performance

Business leaders in Myanmar have cast serious doubts on the government’s management of the economy for the last 2.5 years, with one domestic investor warning that “the window is closing” on reforms and a leader of an Asian business group criticising Nay Pyi Taw as working “in silos” and having “no urgency to get things […]

Five sectors driving Myanmar’s economic growth in 2018-19

Myanmar’s economy has taken a beating in recent quarters, with a rising number of companies reporting tougher business conditions and a slowdown in market demand. One of the main reasons is the rising foreign exchange rate. Despite a slew of measures taken by the Central Bank, which included pumping millions of dollars from its reserves […]

Businesses call for lower taxes amid slowing economy

Myanmar businesses are urging the government to lower the country’s tax rates to alleviate pressure from the rising dollar exchange rate and slowdown in demand in recent months. According to the quarterly Business Sentiment Survey by the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI) released last month, Myanmar’s high taxation rates are […]