2017 EITI Report Aims for Full Membership

Myanmar submitted its first Extractive Industries Transparency Initiative (EITI) report at the beginning of January which included reports on the oil and gas, jade, gems and mineral sectors. Hydropower sector will be included in the 2017 EITI Report, according to Myanmar EITI. Myanmar currently stands as a ‘candidate country’ within International EITI and Myanmar’s inclusion […]

Asia World sells jade, mining, toll road businesses

Asia World Company, one of Myanmar’s largest conglomerates, has restructured its business, dropping its toll road, coal-plant, petrol station and mining interests, according to a company spokesperson. The aim is to “streamline operations and improve sustainability,” said the company in a statement. Asia World is owned by US-blacklisted businessman U Htun Myint Naing, who goes […]

Chinese Jade Miners in Overdrive Ahead of New Myanmar Government

Using heavy earth-excavators and explosives, miners have been tearing into Myanmar’s northern hills in recent months, in a rush to excavate more jade from the world’s richest deposits of the gemstone before a new government takes office next year. Acres of forest have been felled, leaving behind craters, barren cliffs and a web of dirt […]

Australia’s business know how could boost Myanmar

AUSTRALIA’S expertise in agriculture, mining and education is seen playing a key role in Myanmar once Aung San Suu Kyi’s National League Democracy (NLD) takes power next year. MACQUARIE University academic Sean Turnell, an informal advisor to the NLD leadership, says agricultural reform will be a key priority once the government takes power early next […]

CB Bank chair to open industrial zone

The chair of one of Myanmar’s largest banks is turning his hand to a new sector, with a plan to open Taungoo township’s first industrial zone, which he hopes will entice hundreds of thousands of migrant workers back to the area. Chair of Co-operative Bank U Khin Maung Aye also chairs the Kaung Myanmar Aung […]

Business leaders see brighter future in NLD win

Industry insiders say they expect the NLD’s victory will lead to the easing of remaining sanctions, along with a spike in foreign investment and economic aid. RANGOON — Business leaders have welcomed the National League for Democracy’s (NLD) thumping victory in the Sunday election, saying the opposition is well poised to drive economic growth when […]

Economic forum predicts more foreign investment in 2015-16

The energy sector will help fuel foreign investment in Myanmar during the 2015-16 fiscal year. That was the main message to come out of the Myanmar Global Investment Forum held in Nay Pyi Taw 15-16 September attended by over 800 local business people and foreign experts. For the last three years, Myanmar’s political and business […]

Ministry of Mines threatens gold debtors with penalty

The companies have signed mining contracts with the state which provide for in-kind payments of gold, he said. The gold – a total of 200 viss, which equates to 20,000 ticals or 10,540 troy ounces – is owed from contracts starting in the 2007-08 financial year. Yesterday, internationally gold was at US$1119 a troy ounce, […]

Ministry of Mining Narrows Selection for Tin Refinery

Of the 12 companies vying to form a joint venture with No.2 Mining Enterprise, the field has been narrowed to seven, according to an official from the state-run enterprise. Seven local and foreign companies have been preliminarily selected to jointly operate the tin smelting and refining plant, which is owned by the Ministry of Mining, […]

IRD to Tax Gem and Jewellery Traders

Commercial and income tax would be collected from Myanmar gems and jewellery entrepreneurs under the newly-enacted Union Tax Law 2015, a top government official said. U Min Htut, director general of Internal Revenue Department (IRD), said, “Gem companies did not need to pay income tax last year. Under the new 2015 tax law, income tax […]