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More Indian investments expected with better connectivity, bilateral ties

With a target of becoming a US$5 trillion economy within the next six years, India could overtake the UK to become the world’s fifth biggest economy this year and even surpass Japan to be the third largest in 2025, IHS Markit noted in a report this month. As the only ASEAN member state to share […]

Start-up sees future farmers using hydroponics, smart tech

Ko Htet Aung Hlaing, founder of local start-up HydroPlant, wants to revolutionise farming in Myanmar. “HydroPlant is expanding its two business arms. The first one is disseminating hydroponic technology and selling the required equipment. We build greenhouses. The second is selling smart precision systems,” he said. The smart precision systems offer information that farmers need […]

Myanmar hikes electricity rates to fund grid investments

YANGON — Myanmar will raise electricity prices for the first time in five years, with rates as much as tripling for households and nearly doubling for businesses. The government’s just-announced tariff increases take effect this coming Monday and will bring relief to money-losing utilities that have sold power for far below generating costs. With urbanites […]

YRIC permits 11 foreign, domestic projects; to create over 5,600 jobs

The Yangon Region Investment Committee gave the green light to eight foreign and three domestic projects with an estimated capital of US$15.8 million and K6.2 billion, respectively, at a meeting held yesterday. The projects are expected to create 5,630 jobs, according to a press release issued by the YRIC. Since its establishment, the YRIC has […]

Magwe on track to see more investments this year

Magwe Region received K1.5 billion (US$966,000) in investments between last October and April this year, says Regional Minister for Planning and Development U Zaw Min. The investments, all from local businesses, created 134 local jobs between October 2018 and April 2019. In the 2017-2018 fiscal year, the region received six domestic investments totalling K1.57 billion […]

FDI needed for undeveloped regions but no plans for tax incentives

Although more foreign direct investments (FDI) are needed for the undeveloped Regions and States, there are no plans to revise current tax relief scheme as yet, said U Thant Sin Maung, acting director general of the Directorate of Investment and Company Administration (DICA). U Thant Sin Maung was responding to requests for tax incentives from […]

Trade laws protecting local producers now being drafted: MOC

The Ministry of Commerce (MOC) is drafting new trade laws to safeguard local producers while promoting exports of domestically-produced goods, Minister of Commerce U Than Myint said. Due to the lack of investments and technology, Myanmar producers face stiff competition from their regional peers, who are able to manufacture at faster speeds and lower costs […]

More investments needed for expansion in food-processing industry

The Myanmar processed food industry needs more investment support in order to develop further, U Aye Win, chair of the Myanmar Food Processors and Exporters Association, told The Myanmar Times. Currently, Myanmar processes basic raw commodities such as rice, beans, maize and other agricultural products. Excess products are exported. However, the country also imports value-added […]

Myanmar should develop domestic production to grow local economy: Czech Republic

Myanmar should enhance domestic production and develop its local markets, says Martin Tlapa, Deputy Minister for Foreign Affairs of the Czech Republic, during a talk entitled “Economic Transition: The Czech Experience and its Relevance for Myanmar” last week. In sharing appropriate approaches with Myanmar, Mr Tlapa said Myanmar should enhance the production of domestic products […]

Asia World Sees Myanmar’s New Concrete Road as Catalyst and Confidence Booster for Investments Into Rakhine

The Asia World Foundation said today that a new, all-weather 54-kilometer concrete road will serve as a major confidence booster and catalyst for direct investments in Rakhine State which today kicked off a three-day investment fair that was inaugurated by Myanmar’s State Counsellor Daw Aung San Suu Kyi. The Foundation of the Asia World Group, […]