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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 […]

Myanmar businesses join hands for FDI

THE MYANMAR Investors Development Association (MIDA), an alliance of large-scale local enterprises, will help the government achieve its economic goals by actively engaging with local and foreign investors, according to its chairman Khin Maung Aye. ”For our country to grow further, we need to create thousands of jobs for our citizens. Job creation entirely depends […]

Telecom Sector Draws Foreign Investment

YANGON — The Telecommunications sector has become the top destination for foreign investment under the National League for Democracy (NLD) government, according to the Directorate of Investment and Company Administration (DICA). “Under the previous governments, most of the foreign investments went to the energy and electricity sectors. But foreign investment in the telecommunications sector has […]

MIC hopes to boost domestic investment

​​ Domestic sources invested over Ks12 trillion into production, transport, housing development, hotels and tourism and the construction sectors until the end of December, the Myanmar Investment Commission (MIC) said. Ks11 trillion was invested before March 2016 and more than Ks742 billion under the National League for Democracy government. The MIC had allowed 1,224 investments […]

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, […]

Who’s who: Myanmar’s new cabinet

Take a look inside the National League for Democracy’s new proposed government with insider profiles of the party’s 18 candidates for ministerial posts: Daw Aung San Suu Kyi (foreign affairs; president’s office; education; energy and electric power) The National League for Democracy leader needs little introduction. Has vowed to rule “above the president”, and with […]

MIC pledges more ministry cooperation after projects stopped

The Myanmar Investment Commission will strengthen inter-department collaboration in an effort to avoid situations like that which led to the cancelled projects near Shwedagon Pagoda, according to the commission’s secretary U Aung Naing Oo. The government announced on July 7 that five projects near Shwedagon would be cancelled, following a months-long protest led partly by […]

‘Phuket of Myanmar’ seeks MIC approval

The US$1.2 billion LuxDream Island project is branded “the next Phuket” and will feature a high-end marina, luxury hotels, a theme park and a casino. The plan may seem incongruous with the serenity of Myanmar’s Myeik Archipelago. But the island dream looks set to become reality, as Singaporean Zochwell Group prepares to sign a Build, […]

Yangon’s Vietnamese development lands Melia hotel

Spanish hotel chain Melia Hotels International signed a deal yesterday that will place a five-star Melia brand hotel at a prominent Vietnamese-owned development. The Melia Hotel Yangon will be part of the mixed-use Hoang Anh Gia Lai (HAGL) Myanmar Centre next to the Sedona Hotel near Inya Lake. HAGL Group chief executive Vo Thuong Son […]

FDI in Hotel and Tourism Hits $700 million

Foreign hotels and travel enterprises have invested more than $700 million in Myanmar’s tourism sector, Dr Tin Shwe, deputy minister for hotels and tourism said during the annual meeting of the Myanmar Tourism Marketing Association in Yangon. This is a direct response to the booming Myanmar tourism industry, which according to the deputy minister has […]