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Kyaukphyu power deal expected ‘within weeks’: Supreme Group

The consortium developing a 135-megawatt power project at Kyaukphyu in Rakhine State expects final approval of a power purchase agreement within weeks, a spokesperson says. Myanmar’s Supreme Group and Chinese state-owned firm Sinohydro are jointly developing the US$180 million project, which will use gas from the Shwe field and generate power for distribution in Rakhine […]

Myanmar’s fuel market: from fanfare to standstill

IN JULY 2017, Frontier reported on the longstanding frustration among drivers in Myanmar at the poor quality of fuel sold at local stations. Just a few months earlier, the Myanmar Investment Commission had abolished a requirement that foreign investors in the sector partner with the Ministry of Energy and Electricity. The larger local players were […]

Allowing foreign insurance companies into local market

People save part of their income to deal with the inevitable consequences of old age, sickness and death for themselves as well as for their near and dear one. However mishaps like sickness and deaths occurs not only when a person gets old. It can happen anytime anywhere. Due to illnesses, accidents, carelessness of self […]

Singapore surpasses China as Myanmar’s biggest investor

Singapore has overtaken China as the country’s main source of foreign investment in 2019, according to data from the Ministry of Investment and Foreign Economic Relations. At a meeting on streamlining investment in Nay Pyi Taw last week, U Aung Naing Oo, the ministry’s permanent secretary, said, “The top investor in Myanmar through December 2018 […]

Myanmar economy to rebound

Despite Myanmar’s economic growth having declined to 6.2 per cent last year from 6.8 per cent in 2017 , the nation remains resilient and is expected to return to growth of 6.5 per cent this year and 6.6 per cent next year, according to WB economists. Andrew Mason, World Bank’s acting chief economist for East […]

Lawyer: US man had Myanmar’s permission to grow cannabis

YANGON, Myanmar (AP) — The arrest of an American man in Myanmar for growing 20 acres of cannabis plants is unjust because authorities were aware that his company was doing scientific research and police were confusing hemp with recreational marijuana, his lawyer said Friday. Attorney Thein Than Oo said that John Fredric Todoroki and the […]

ADB Forecasts Myanmar’s Economy to Resume Growth This Year

YANGON — The Asian Development Bank (ADB) expects Myanmar’s economy to resume growth this year and continue to expand in the next thanks to more foreign investment and a positive response to the government’s economic and policy reforms. The Asian Development Outlook 2019 forecasts Myanmar’s economy to grow by 6.6 percent in 2019 and by […]

Gov’t takes steps to decentralize tourism sector

To step up efforts for tourism development in Myanmar, the Union Government will form three committees that will steer the decentralization of tourism services in accordance with the new tourism law, said Vice President U Henry Van Thio. He made the remarks in his capacity as the Chairman of the National Tourism Development Central Committee […]

Creation of new ministry part of Myanmar’s plan to incentivise FDI

In an attempt to reverse a recent decline in foreign investment, Myanmar has set up a new ministry tasked with attracting and facilitating fresh inflows, though concerns over the re-imposition of import tariffs by the EU could cool investor appetite. On November 19 the government established the Ministry of Investment and Foreign Economic Relations, a […]

Chin State seeks 10 year tax exemptions

The Chin State Chamber of Commerce and Industry (CCCI) is asking the government for approval to raise the tax-exempt period granted to investors in the state to be raised Ceu Hlei Lian, the chair of the Chin State Chamber of Commerce and Industry submitted the request to the Private Sector Development Committee headed by Vice […]