Telecom sector attracts most foreign investment in Myanmar in 2016

Telecom sector topped the foreign investment line-up of Myanmar with 47.07 percent of the total investment flowing into the country in the fiscal year 2016-2017, according to the statistics of Myanmar Investment Commission (MIC) Tuesday. The telecom sector was followed by industrial sector with 25.5 percent and the rest went to power, hotel and construction […]

Foreign investment slumps by nearly US$ 650 million

Foreign direct investment (FDI) as of the end of November in the current fiscal year slumped by nearly US$650million when compared to the similar period last year, according to statistics released recently by the Directorate of Investment and Company Administration (DICA). In the same period, FDI of US$3,943.184million entered Myanmar in the 2015-2016 fiscal year, […]

MIC Working to Avoid Line Ministry Approval for Investments

The Myanmar Investment Commission (MIC) is working on guidelines that would allow foreign investors to avoid the time-consuming process of asking government ministries for permission under the new Myanmar Investment Law. Receiving a green light from line ministries is already a “big barrier” for investors in Myanmar, whereas dealing directly with MIC takes much less […]

Foreign Investment Falls More Than 50pc Compared to Last Year

Foreign investment into Myanmar has fallen by more than 50% to $1.4 billion in the six months to the end of September, according to the Myanmar Investment Commission, which nonetheless remains optimistic about the rest of this fiscal year. In the first half of the 2015-2016 fiscal year overseas investors pledged $3 billion, but that […]

Business lobby calls for U.S. to drop sanctions on Myanmar

WASHINGTON — The U.S. business lobby says it is high time to drop the remaining U.S. sanctions on Myanmar, but human rights activists and U.S. lawmakers say not so fast. Former political prisoner Aung San Suu Kyi is now running the government after winning elections. Still, the military continues to wield considerable power. That poses […]

Foreign investment expected to reach US$8 billion this fiscal year

  FOREIGN investment in Myanmar is expected to reach US$8 billion in the 2016-2017 fiscal year, said U ThanAungKyaw, the deputy director-general of the Directorate of Investment and Company Administration (DICA). Foreign investment reached $9.5 billion last fiscal year, according to figures from DICA. The oil and natural gas sector stood first in attracting foreign […]

Yangon chief minister vows corruption fight

The new chief minister for Yangon region U Phyo Min Thein has promised that his government will clean up corruption over its five-year term. U Phyo Min Thein, a National League for Democracy MP for Hlegu, was nominated yesterday by President-elect U Htin Kyaw and approved by the Yangon Region Hluttaw without objection. Speaking to […]

Thein Sein: the quiet junta insider who opened Myanmar to the world

When he became Myanmar’s leader five years ago Thein Sein was dismissed as a junta stooge – but as he prepares to hand power to Aung San Suu Kyi’s government, the taciturn ex-general can also claim credit for steering a peaceful political transition that has stunned the world. President Thein Sein, who spent almost half […]

MIC approves 31 investments in January

The Myanmar Investment Commission approved 31 new local and foreign projects in January, mostly in the real estate and garments sectors, according to figures published by the Directorate of Investment and Company Administration. Of these, 15 were foreign, adding to the 138 international investments approved by the MIC since the start of this fiscal year. […]

Myanmar president hails ‘triumph’ of democratic transition

President Thein Sein hailed the “triumph” of Myanmar’s transition of power Thursday, addressing a military-dominated parliament for the final time before a handover to Aung San Suu Kyi’s pro-democracy movement. The Southeast Asian nation, choked for decades under junta rule, is on the cusp of a remarkable political transition after Suu Kyi’s National League for […]