Myanmar eases investment rules amid Bengali headwinds

YANGON — A new company law has come into effect in Myanmar to encourage investment by foreign companies in the Southeast Asian nation. The new law, which has drastically revised the old company law put into force in 1914 when the country was under British rule, permits companies whose ownership by foreigners does not exceed […]

Damco Increases its Footprint to Keep Pace With Growth in Myanmar

Damco has increased its warehousing capacity in Myanmar with a new 10,000sq metre facility in Yangon. And in Cambodia, the 3PL has moved to a larger head office, in Phnom Penh, having enjoyed double-digit growth there this year. Officially opened last week, the Damco Myanmar Logistics Center will primarily support the sourcing operations of fashion and […]

Tussle over Myanmar bank reform puts spotlight on debt pile

NAYPYITAW (Reuters) – Myanmar’s central bank has backed off from a demand that the country’s private banks clear most of their loan books by January, averting a cliff-edge scenario that some bankers warned could have destabilized the financial system. Myanmar’s central bank deputy governor, Soe Thein, told Reuters that three years – instead of the […]

Myanmar GDP Growth to Rebound Despite Rakhine Crisis

YANGON — Myanmar’s economy is set to recover despite a humanitarian crisis in Rakhine State, while the ruling National League for Democracy — two years after it won its historic election victory — finally prepares a comprehensive plan for economic development. Sean Turnell, special economic consultant to State Counselor Aung San Suu Kyi, told the Nikkei […]

Businesses urge overhaul of banks’ loan policy

Banking experts and senior officers from the International Council of Small Business (ICSB) said Myanmar must change its loan policy to make it easier for businesses to access debt for growth. In Myanmar, loans issued to businesses are approved based on collateral and are mostly extended over a short term. Compared to other countries, the […]

Myanmar moves to stave off credit crunch

NAPYITAW — Myanmar’s banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned. The Central Bank of Myanmar published its first set of modern […]

Strengthening Myanmar’s banking sector is key to economic growth

Central to Myanmar’s economic development is the reform of its finance sector and specifically its banking sector. Banks play a fundamental role in the transformation of market economies. Recently the government has enacted a series of laws intended to reform and strengthen its banking institutions to restore investors’ confidence and to make capital more accessible. […]

Myanmar Economy Needs ‘Predictable Policy,’ New Reform Leader Urges

NAYPYITAW — “Winston” Set Aung, Myanmar’s newly-appointed deputy minister for national planning and finance, has urged fellow government leaders to pursue further regulatory and policy reforms for the economic development of Myanmar during a panel session at the Myanmar Democratic Transition Forum. “It is required to establish predictable and stable policy with clear and simple […]

Suu Kyi Government Brings Back Myanmar’s ‘Mr. SEZ’

YANGON — Myanmar’s government has brought a key architect of the previous administration’s economic policy back into the fold, aiming to bolster confidence in the business community. President Htin Kyaw’s office on Monday announced the appointment of Set Aung, until recently the deputy governor of the central bank, as deputy minister for national planning and […]