Myanmar’s electricity goals depend on ODA

With 5.5 percent annual growth of gross domestic product, Myanmar was one of the fastest growing countries in ASEAN during 2011-2015. The growth of Myanmar’s economy is heavily influenced by the government’s focus on promoting special economic zones among investors.Subject to the implementation of this focus, infrastructure development in energy is vitally important to make […]

Myanmar seeks Malaysian FDI in energy, plantations

MYANMAR is seeking more foreign direct investment (FDI) inflows from Malaysia to help develop its key economic sectors. Malaysian conglomerates have been called to capitalise on the country’s increasing demand for electricity and vast areas of untapped land by bidding for energy projects and expanding oil palm cultivation capacities in Myanmar. Former Deputy Finance Minister […]

Why Myanmar’s government needs to do more to maintain economic growth

Myanmar’s economy is growing. In particular, the manufacturing and retail sectors are booming. However, the government must address significant challenges to maximise Myanmar’s growth potential. The manufacturing industry grew dramatically The government set bold industralisation targets. It wanted to promote manufacturing exports and lessen the country’s reliance on oil and gas. Industry, including manufacturing, contributed […]

Myanmar’s business confidence plummets as policy uncertainty bites: survey

YANGON (Reuters) – Business confidence among entrepreneurs in Myanmar dropped “drastically” this year due to unclear economic policy, a survey shows on Tuesday, amid growing frustration over leader Aung San Suu Kyi’s management of the fledgling economy. Suu Kyi has identified economic reform as a key goal to complete Myanmar’s democratic transition after decades of […]

Myanmar focused on improvement of literacy rate

The government has been building a 21st century education system that will propel Myanmar to the rank of the upper-middle-income nations by 2030. Myanmar kicked off the International Literacy Day 2017 by holding a ceremony at the Ministry of Education in Nay Pyi Taw on September 8, with the objectives of aiming to improve literacy […]

Mastercard to keep high growth rate in Myanmar

Ravinder Aurora, executive director for global public policy and community relations at Mastercard, said at a press conference yesterday that the company enjoyed double digit growth in terms of the number of card users and transaction value by using the cards every year. “Currently, I believe there are roughly about 2 million cards within the […]

Myanmar’s tourism industry faces challenges

Myanmar’s tourism industry has experienced a significant decline compared to previous years. To understand the causes for this development the Global New Light of Myanmar interviewed U Thet Lwin Toe, chairman of Myanmar Tourism Entrepreneurs Association. Q: May I know current situation of tourism industry? The country’s tourism sector rose in 2012 like a tsunami. […]

Yangon Government Submits Economic Plan to Parliament

​​ An economic plan for 2017-2018, which aims to increase Gross Domestic Product by 8.5% was submitted to the Yangon Region Government by the Minister of Planning and Finance, Myint Thaung. The minister explained that the draft of the plan was designed to match the budget of the Yangon Region. It was drafted together by […]

Myanmar: Opening up business to the world

MY FIRST visit to Myanmar was in 1985 – it was at a time when the country was still struggling to find its footing from years of internal strife and international disdain. There is really no need to describe a country in this situation, where its political and economic struggles are visible in the streets […]

Infrastructure, skilled workforce are keys to Burmese economic growth

Despite an influx of foreign investment and large resource base, Myanmar’s exponential growth in gross domestic product (GDP) could be held back by inadequate basic infrastructure and a lack of skilled workers, says a Yangon-based business and market entry adviser. Jean-Pierre Verbiest, an economic and finance expert at West Indochina, said Myanmar, officially known as […]