Yangon Braced for Hot-Season Power Cuts

​​ Nilar Kyaw, Yangon Region’s minister of electricity, industry, roads and communications, says the city is expected to suffer regular blackouts during the hot season.  Some townships in Yangon are reporting regular power outages. “In Thingangyun Township, there was a power outage last night. It lasted about one hour,” said a resident.   Kyaw Win, union minister […]

MIC Offers Land for Construction and Fish Farms

​​ Construction developers and fish breeders can submit their proposals to the Myanmar Investment Commission (MIC) to hire government-owned land, according to Kyaw Win, minister for planning and finance. The MIC would serve as a focal point for entrepreneurs and coordinate the availability of land with region and state governments after receiving proposals, said Kyaw […]

Myanmar’s Suu Kyi in pitch to Foreign Investors After Obama Lifts Sanctions

NAYPYITAW Myanmar leader Aung San Suu Kyi on Saturday made a pitch to foreign investors, promising a clearer legal framework and opportunities in untapped economic sectors, two weeks after U.S. President Barack Obama lifted most sanctions on the country. Since taking power in April, Suu Kyi has been criticized for delays in forming a commission […]

Commission Approves 13 Foreign Investment Proposals During New Govt Term

RANGOON — The newly re-formed Myanmar Investment Commission (MIC) approved 13 foreign investment proposals and nine local investments over the last two months, a figure significantly lower than the same period in 2015, Aung Naing Oo, secretary of the MIC, told The Irrawaddy. Since the MIC was re-staffed in early June under the chairmanship of Kyaw Win, […]

Myanmar govt to take control of investment body

YANGON – The Myanmar Investment Commission is set to lose its independence and be moved under the control of the Ministry of Planning and Finance. MIC secretary Aung Naing Oo said: “The MIC is a separate and independent entity. However, the Indonesia Investment Coordinating Board [BKPM] reports directly to the president. Board of Investment of […]

Securities and Exchange Commission Chairman Steps Down

RANGOON — In a surprise move, the chairman of the Securities and Exchange Commission submitted a letter of resignation on Thursday to step down from his current post. Also Burma’s former deputy Finance minister, Maung Maung Thein has played an integral part in the Ministry of Finance for the past three years amid a series […]

Shwe Thanlwin awarded banking licence

Shwe Thanlwin, one of the “privileged” companies with a diverse range of businesses in Myanmar, received a banking licence recently. The Central Bank of Myanmar issued the licence under the name “Shwe Rural and Urban Development Bank Ltd”. The new bank’s head office will be located at No. 420, Botahtaung Township in Yangon Region, according […]

Banking – another business step of Shwe Than Lwin

The business empire under Shwe Than Lwin has proposed to open a financial institution, Shwe Rural and Urban Development Bank. In the application for commercial and investment banking license, Shwe Than Lwin said the initial investment capital would be Ks 10 billion, partly financed by the profit earnings from the sale Sky Net TV signal […]

Small-Scale Gold Miners Publicly Called Out for Govt Debt

Yangon — A public notice accusing dozens of mining companies of failing to pay a required portion of the gold they produce to government coffers has shed light on what critics say is a burdensome requirement that is taxing Burma’s gold miners out of business. The Ministry of Mines published the notice in state-run newspapers […]

Clashes occurred in Rakhine State cause decline in tourism industry

The communal violence that broke out in Rakhine State last year has taken its toll on the tourism industry as operators and businesses complained about their losses. “We can say that all of the tourism industry was affected because of the riots that erupted last year. Businesses relating to the use of motor boats prepared […]