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Myanmar earns about US$3.5 B from natural gas export

Myanmar earned about US$3.5 billion from natural gas export within 11 months in this fiscal year and earned over US$430 million more in the same period in the last fiscal year, said an official from the Ministry of Commerce. Myanmar is producing 3.32 million barrels of crude oil and 623 trillion cubic feet of natural […]

UK shifts trade policy on Myanmar to open markets further

Britain is signalling a shift in its trade policy on Myanmar to focus on opening up specific sectors where UK companies already have a foothold, including education, financial and professional services, infrastructure and energy. In an interview with The Myanmar Times, Warren Pain, director of international trade at the British embassy, set out how the […]

South Korean car maker opens first assembly plant in Myanmar

As the government is pushing for car companies to assemble their vehicles in Myanmar, more international companies are setting up assembly plants in the country. Among the latest is South Korea’s Hyundai. The company launched its plant and its first semi-knocked-down (SKD) model on February 8. The local arm of Hyundai, Shwe Daehan Motorcar Assembly […]

On Myanmar border, a city thrives

Opening-up has played a key role in the economic development of Tengchong, Yunnan province, both in the past and today, local authorities say. “It is not hard to see that all the economically active periods in Tengchong’s history were those when we had close contacts and deep exchanges with South and Southeast Asia, and the […]

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 […]

ANZ’s Yangon branch wins approval

ANZ has received final regulatory approval from Myanmar’s central bank for the opening of a branch in Yangon . The decision clears the way for ANZ to open its office in Myanmar’s largest city on October 2. The new office will service multinational and joint venture companies with a presence in Myanmar, as well as […]

Retailers to charge commercial tax

Shops and supermarkets will begin charging a 5 percent consumer tax from the start of next fiscal year, officials said. The International Revenue Department (IRD) is preparing the ICT systems, ahead of the launch next April 1. Director U Tun Than from the ICT branch of the Yangon Region Revenue Department, said he has asked […]

15 foreign insurers operating through proxies

Although international insurance companies are not allowed to trade in the union, 15 representative offices of foreign firms are operating, according to Myanmar Insurance Business Supervisory Board. A spokesperson from Manulife Financial said: “The Ministry of Finance decides if a business can operate. Currently, as Myanmar is not familiar with insurance, discussions and public talks […]

First PSCs for offshore coming soon

The first of the long-delayed offshore production sharing contracts could be signed as early as next week, according to government officials. Discussions over the contracts, which are necessary before exploration and production can begin, have been ongoing since March. In March the government awarded 20 international companies preliminary rights to explore and produce at the […]

US-accredited MBA program launches

Myanmar Metropolitan College in Yangon’s Lanmadaw township has launched the country’s first US-accredited Master’s of Business Administration (MBA) program, the school announced. The MBA program draws materials from the University of the Potomac in Washington DC in the United States, as well as Switzerland’s University of Business and International Studies (UBIS), according to Daw Myin […]