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Foreign partners poised to aid growth in Myanmar’s life insurance sector

YANGON—While joint-venture proposals from foreign insurance companies are being reviewed by the country’s insurance business regulatory board, some of Myanmar’s largest insurance companies are already building bridges to leverage foreign expertise for the growth of Myanmar’s nascent insurance industry. After two years of delays, Myanmar began allowing insurance companies to operate in the country’s life […]

Time to weigh business engagement in Myanmar

Myanmar’s political and economic development has become more fragile. International headlines are dominated by state-directed violence against the country’s Rohingya population and a bevy of other issues, including the jailing of journalists and armed conflict between the country’s military forces and insurgent ethnic-minority armies. Calls for fresh sanctions, curbs on military ties and travel visa […]

New Yangon City Phase-1 expected to cost over $ 1.5 bln

Infrastructure development of New Yangon City Phase-1 is expected to cost over US$ 1.5 billion, Yangon region Chief Minister Phyo Min Thein said at a press conference on the launch of New Yangon Development Co Ltd (NYDC) at Lotte Hotel in Yangon on March 31. Phyo Min Thein, Yangon region Chief Minister said: “The establishment […]

60 pc of investments in Thilawa SEZ target local market

There are 85 local and foreign investments in Thilawa Special Economic Zone Project, with most of them targetting the local market. Sixty per cent (51 businesses) of the total investments target the local market, 29 per cent (25 businesses) traget the export market, and nine per cent service the distribution sector, according to Thilawa SEZ […]

Nay Pyi Taw needs to ensure investors aren’t misled over Rakhine crisis

Interview with Felix Chung, honorary chair of the Hong Kong Myanmar Manufacturers’ Association THE responsibility lies squarely with Nay Pyi Taw to ensure that foreign investors are not misled over the Rakhine crisis, according to a manufacturer association. The Myanmar Times sat down with Felix Chung, honorary chair of the Hong Kong Myanmar Manufacturers’ Association […]

Hong Kong leader heads to Myanmar seeking to complement Belt and Road

HONG Kong’s Chief Executive Carrie Lam will visit Myanmar on September 14-17 in an effort to step up its game in ASEAN and is expected to promote Beijing’s Belt and Road Initiative. Mrs Lam will be speaking at the 14th World Chinese Entrepreneurs Convention (WCEC) on September 16, which is held by the Yangon-headquartered Myanmar […]

Myanmar oil and gas: Going against the flow

For the first time since 2004, both the price Brent Crude and US crude have fallen below $30 a barrel. Many oil and gas production centres are floundering amidst the current crisis, yet one South East Asian nation is experiencing record growth in its energy sector. Over the past 24 months, significant foreign direct investment […]

US rate hike puts spotlight on importers

The US Federal Reserve raised interest rates for the first time since 2006 yesterday – an event long-feared by developing economies. Myanmar is better protected from the potential fallout than many, although the country’s reliance on imports leaves it exposed to a strengthening dollar. The Federal Reserve increased the Federal Funds rate – the rate […]

Foreign investment into lagging agriculture and fisheries sectors urgently needed: exporters

The next government should urgently seek investment in the country’s lagging and underfunded agricultural and fisheries sector, to help halt and reverse the decline in exports, traders said. Of the US$38.18 billion received in foreign investment over the past five years, a bare $208 million has been ploughed into agriculture, according to the Directorate of […]

Yangon hotelier with the Midas touch

International hotel chains have descended on Myanmar but that has not deterred one local chain, Clover Hotels Group, from aiming to open 15 hotels in 10 years. “Most of our hotels will be opened in Yangon but we hope to open at least one hotel in each of the major tourist destinations,” managing director Nay […]