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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 […]

Mandalay Region expects per capita GDP to rise

Mandalay Region’s per capita GDP, which has been steadily rising in recent years, is expected to continue doing so with a combined K841.6 billion in investment flows entering the region in the current fiscal year through June. Myanmar changed its fiscal year from April 1 to October 1 starting from the current fiscal year, which […]

China proposes exclusive industrial zone with Myanmar: UMFCCI

CHINESE businessmen have proposed setting up a Myanmar-China exclusive industrial zone in Myanmar, according to U Zaw Min Win, the President of The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry. “Chinese businessmen are running factories in Hlinethaya Township. They came to us to discuss establishing a Myanmar-China exclusive industrial […]

Foreign rentals crucial to property market during rainy months

Renting to foreigners is one of the few pockets of support for the local property market, which is undergoing a multiyear slowdown that began in 2015. Real estate agents noted that given the slowdown in residential property sales in recent years, any support to the market can be noticeable, especially during the rainy months of […]

Government allows six JVs among local and foreign insurers

The Ministry of Finance and Planning (MOFP) announced the successful applicants for life and non-life insurers to be operated under joint ventures between locals and foreigners on July 31. For non-life insurance, the MOFP has allowed AYA Myanmar General Insurance Company and Sompo Japan Nipponkoa Insurance, Grand Guardian General Insurance Company and Tokio Marine, Nichido […]

As West retreats, China surges in Myanmar

Myanmar’s ethnic turmoil and political uncertainties are keeping Western investors and tourists away, as the Rohingya refugee crisis has once again made the country a pariah byword for grave human rights abuses. At the same time, China has emerged as the largest investor in Myanmar’s commercial center Yangon, accounting for 65 of 113 approved foreign […]

Local insurance providers see growth potential in industry

The government is expecting a total of 29 foreign and local life and non-life insurance companies to operate in Myanmar. So far, four foreign life insurance companies have applied to form joint ventures with local partners while five non-life foreign insurance companies may also form similar partnerships, Daw Sandar Oo, the Chair of Myanmar Insurance […]

Foreign insurers bring disruption in untapped Myanmar market

Myanmar’s insurance market will soon face a sea change led by technologies and expertise brought in by foreign companies. A total of 14 foreign insurers will enter the Southeast Asian country’s market by the end of this year through either wholly owned subsidiaries or joint venture companies with local peers, the Nikkei Asian Review has […]

Myanmar’s Yangon International Airport attracts over 1.14 mln tourists in 2018

Myanmar’s Yangon International Airport attracted over 1.14 million tourists in the whole 2018. According to the report on the Yangon Region Government’s third year tenure on Wednesday, the authorities permitted 11 hotels to operate in Yangon region and granted 299 travel agencies, issuing 145 tour guide licenses and 162 transport licenses last year. Myanmar received […]

Foreign education providers seek opportunities in Myanmar

The private education industry in the country continues to evoke interest from foreign education providers, with several having invested here in the past year ever since the government loosened regulations for the setting up of such educational institutions. Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) officials recently met with private education […]