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Mandalay to build textile industry park

A textile industry park will be established in Mandalay city, U Zaw Myint Maung, chief minister of Mandalay Region, said on Tuesday. He said the government will work with the Japan International Cooperation Agency (JICA) to set up the industrial hub. “Some businesspeople have proposed to establish a textile industry park that can employ about […]

DICA chief promoted as investment ministry’s top civil servant

The government has appointed U Aung Naing Oo as permanent secretary of the recently-created Ministry of Investment and Foreign Economic Relations, the official gazette announced. As the top civil servant leading the ministry, he will support and advise the cabinet minister, career diplomat U Thaung Tun, on how to drum up foreign investments and build […]

Tour operators barely surviving due to “incredibly shaky” demand

Small tour operators are on the verge of collapse as market demand in the tourism sector took a hit among Western visitors, as bookings for the impending peak season are “incredibly shaky”, according to a local company. In addition, hopes on wooing Asian investors were dashed by the now-abandoned “$1,000 in cash per tourist” entry […]

New retail directive well-received, but raises unanswered questions

Myanmar has taken pains to liberalise its economy and draw foreign investors to become more competitive. Over the past two years, it has rolled out major new legislation including the Condominium Law, Investment Law and Companies Law. This year, it released two new directives opening up the education and retail sectors to full foreign ownership, […]

CEO Conference 2018 on the economy held in Yangon

The CEO Conference 2018 on the economy was held in Yangon at the Novotel Yangon Max on May 11. The CEO Conference 2018 was a forum of senior Myanmar government officials, eminent persons in their fields, top CEOs and business people. The CEO Conference 2018 was attended by Deputy Minister of Planning and Finance Ministry […]

Mandalay approves investments exceeding K1.4 billion

The Mandalay Region Investment Committee has approved over K1.4 billion in investments since the Myanmar Investment Law was approved in October 2016, U Thike Htoon, assistant director at the Directorate of Investment and Company Administration (DICA), said on Monday. The investments were approved for the first time after the Myanmar Investment Commission (MIC) established Region […]

Stock Trading Down, But Investors Remain Interested

The Myanmar Stock Price Index tumbled 23 points, or around 4.7 percent last week, closing Friday at 463.70, after officials from the Directorate of Investment and Company Administration (DICA) said the new Myanmar Companies Law would take at least another 8 months to implement. The new law, which replaces the existing 1914 Myanmar Companies Act, […]

Businesses demand quicker reforms, policy clarity in 2018

After a somewhat “disappointing” 2017 for the private sector, during which key economic legislation failed to take shape as expected, leading businessmen and chambers of commerce have urged Nay Pyi Taw to be more decisive and efficient in implementing reform in 2018. Moving forward, the business community wants to see stronger leadership and direction from […]

Hotel and Tourism Sector Attracts 115 Local Investments: DICA

A total of 115 local investments worth over US$686 million (934 billion kyat) were made in the hotel and tourism sector as of the end of November this year, according to the Directorate of Investment and Companies Administration (DICA). Local investors have made 774 investments worth nearly $2.5 billion in the production sector, 46 investments […]

Delay in Companies Law Negative, but not Surprising

Implementation of the long-awaited Companies Law will be postponed until August 2018, Reuters reported Monday, citing top officials from Myanmar’s Directorate of Investment and Company Administration (DICA). Myanmar will delay implementing a new law that would have allowed foreign companies to take up to a 35 percent stake in local companies, bringing about badly needed reforms for […]