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Prudential receives licence to operate in Myanmar

(L-R) Lilian Ng, chief executive, insurance, Prudential Corporation Asia, U Soe Win, Union Minister, Myanmar’s Ministry of Planning and Finance, and Tim Lau, chairman of the board, Prudential Myanmar Life Insurance Prudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar, the insurer has announced in […]

More has to be done to formalise business sector in Kachin: officials

There are only 19 large companies and just 1707 registered small and medium-sized businesses in Kachin State observing the stipulations of the Myanmar Investment Law 2016 , a government official said. Permanent Secretary of the Ministry of Investment and Foreign Economic Relations U Aung Naing Oo revealed this during Kachin Economic Forum held in Myitkyina, […]

As remittance market reaches saturation, mobile money keeps growing

If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year. By the end […]

Yangon Hotel Rates Remain a Bargain

YANGON, 8 November 2019: Yangon will close 2019 with at least 400 new rooms in the city’s highly competitive upper-scale hotel segment, according to the latest Colliers International Myanmar report. That pushes the room total from 5,300 in the four and five-star categories at the close of the second quarter of this year to 5,700 […]

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 […]

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 […]

Growth, living standards to rise as Mandalay aims to be second growth engine

Living standards in Mandalay Region are expected to rise this year with per capita GDP rising to K1.7 million compared to K1.5 million in the past, said regional chief minister U Zaw Myint Maung at the Mandalay International Trade Fair and Business Forum held on March 23. This will come on the back of rising […]

Long term economic improvement certain, strategy needed: U Win Aung

THE government has come under pressure for its handling of the Myanmar economy, with stakeholders lamenting the slowing pace of economic reform and investment flows. During the first half of 2018, approved foreign direct investments (FDI) totalled just $1.7 billion, compared to $4.1 billion during the same period in the previous fiscal year. Meanwhile, GDP […]

Govt counting on Asian travellers to boost tourism

Myanmar’s tourism sector has borne the brunt of the Rakhine refugee crisis, with growth in tourist arrivals dropping to 1 percent in 2018 compared with 7.1pc in 2017, according to the World Bank. The number of western tourist arrivals fell the most, more than offsetting arrivals from Asia. The numbers reflect reports of booking and […]

Govt deploys strategy to raise tax revenues

Myanmar will implement plans to raise tax revenues in the coming years. “Our target is collect over 15 percent in taxes to GDP,” said U Min Htut, director general of the Internal Revenue Department under the Ministry of Planning and Finance. The tax to GDP ratios of other ASEAN countries are all above 10pc, with […]