FMI terminates investment in Yeni Industrial Town Project

First Myanmar Investment Company (FMI) yesterday announced the termination of its agreement to invest in Asia Golden Glory Development Co, the company involved in developing the Yeni Industrial Town Project. In an announcement filed with the Yangon Stock Exchange, FMI said it had terminated a 2017 agreement for it to acquire a 30 percent stake […]

About 50 pc of tourist trips cancelled, suspended last year

At the instigation of some western media about Rakhine situations, about 50 per cent of tourist trips were cancelled and suspended last year, said Ohn Maung, Union Minister for Hotels and Tourism, at a coordination meeting on tourism development and the smooth operation of tourist entry, exit and visit, in Nay Pyi Taw on June […]

Starbucks to Open First Myanmar Location

Starbucks will open its first coffee shop in Myanmar at the Sule Square Mall in downtown Yangon. The Myanmar Investment Commission (MIC) officially endorsed the service provider Coffee Concepts Myanmar Limited (CCM) to be the sole operator for catering and sales of Starbucks food and beverages; sales of Starbucks brand products, and the operation of […]

SMEs need more funding, support system to expand further

Efforts to support small and medium enterprises (SMEs) over the past three years have so far not been sufficient to generate meaningful growth for the economy, experts said. While a higher volume of loans were dished out by state-owned and local banks, only a few SMEs have successfully expanded their operations in the past three […]

Thai investors buoyed by CLMV investment climate

Following the strong economic growth in Asean, especially in CLMV countries (Cambodia, Laos, Vietnam, and Myanmar), Thai investors have expanded their regional investment by focusing on alternative energy, food and agriculture processing, tourism, and service business. According to a report by the Bank of Thailand, as of September 30, 2017 Thai investors showed outstanding direct […]

Korea to Export Fresh Fruit to Myanmar

South Korea will ship about 37 tons of fresh fruit to Myanmar to assess its potential and build effective distribution channels in the local market, Seoul’s agriculture ministry said Thursday. Gyeongbuk Corporation, a South Korean food wholesaler and exporter, will ship 7 tons of apples and 8 tons of pears on Friday, and 17 tons […]

Myanmar to Upgrade Domestic Dairy Products

YANGON, Aug. 11 (Xinhua) — Myanmar is striving to promote domestic dairy industry by raising the standard of its products, official media reported Friday. At present, the country’s Livestock Breeding and Veterinary department is exerting efforts to establish standards for milk products to place them in the market after obtaining approval from Food and Drug […]

Lotte Hotel to open chain in Myanmar next month

Lotte Hotel & Resorts, the hotel arm of South Korean retail giant Lotte Group, said Tuesday it will open its eighth foreign hotel chain in Myanmar next month, as it attempts to tap deeper into overseas market. Lotte Hotel & Resorts said the new hotel in Yangon, the former capital city of the Southeast Asian […]

Yangon to Mandalay Railway Back on Track

The railway linking Yangon to Manda­lay has been slat­ed to receive a series of large-scale, overdue reno­vations. With a loan from the Japan International Co­operation Agency (JICA), the 385 mile stretch of rail will be revamped to meet international standards and halve transportation times. U Myo Win, General Manager of Myanma Rail­ways, told the Myanmar […]

FDA Crackdown on Formalin-Laced Food in Yangon

During a surprise check, officials from the Food and Drug Administration discovered several shops in Yangon selling food that contained illegal chemicals. According to the department, a variety of food from tofu, bean cakes, rice noodles contained formalin – a banned substance in food production. The surprise check was carried out on Wednesday night. About […]