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Myanmar official says ‘totally underestimated’ economic impact of Rohingya crisis

A Myanmar foreign investment official said on Wednesday he “totally underestimated” the economic damage of the Rohingya crisis, adding that the outcry over the jailing of two Reuters reporters would also have some impact on his country’s reputation. Asked at an investor forum in Singapore what impact the crisis had on Myanmar’s economy and investment, […]

National Security Adviser Named New Head of Govt Investment Body

MANDALAY — Government Office Minister and national security adviser U Thaung Tun has been appointed chairman of the Directorate of Investment and Company Administration (DICA). Wednesday’s announcement of the appointment by DICA followed last month’s resignation of Planning and Finance Minister U Kyaw Win, who also chaired the investment body and is under investigation for […]

Thai Exim Bank to open rep office in Yangon

The Export-Import Bank of Thailand will open a representative office in Yangon, Myanmar, in April to assist the start-up or expansion of Thai companies there. Bank president Pisit Serewiwattana said.the Exim Bank has been given a licence to open an office in the former capital city by the Central Bank of Myanmar. The next step […]

European investment in Myanmar rises

Investment from European countries in Myanmar has increased since last fiscal year, according to the Myanmar Investment Commission. Investment from European countries reached nearly US$6 billion between April and February this fiscal year, followed by the UK ($4.073 billion), the Netherlands ($989 million), France ($541 million), Luxembourg ($45 million), Switzerland ($14 million) and Norway ($11 […]

Government introduces new online statistics portal

Myanmar has taken another step toward open data with the debut of an online statistics portal. The Myanmar Information System (MMSIS), built by the Central Statistical Organisation (CSO) under the Ministry of National Planning and Economic Development with help from the Korea International Cooperation Agency (KOICA), aggregates information spanning subjects such as trade, investment, demographics […]

Three Companies Submit Myo Thit Bids

Three companies have submitted tender bids to construct the Yangon New City (Yangon Myo Thit) Project, according to Ministry of National Planning and Economic Development of the Yangon regional government. “Initially there were fifty companies which bought the tender application forms, but only three companies successfully submitted the application. The tender evaluation committee will handle […]

MIC plans to delegate investment powers

“We are considering delegating power to the state and regional governments, and allowing them to approve certain projects, though the details are not yet fixed,” he said. “We want to do this for two reasons – one is to delegate power from the MIC to the state and regional governments, and the second is that […]

Ministry halts online exchange

A Forthcoming commodities exchange has been suspended following a letter from the Ministry of Commerce stating it is not allowed to operate. Myanmar firm MICEx had aimed to bring a commodities exchange online in the next few months, but is now left waiting while it discusses the situation with government authorities. While company officials admit […]

Myanmar projects economic growth of 9.3 pct for 2015-16

(Reuters) – Myanmar is targeting economic growth of 9.3 percent in the fiscal year that started this month, driven by an unprecedented amount of foreign investment and rapid expansion in its nascent telecoms sector. The target was outlined in the country’s National Planning Act, approved by President Thein Sein on April 9 and seen by […]

Economists Scold Myanmar Firms’ Business Ethics

Businesses in Myanmar need to be more aware of international business ethics and regulation, said Dr Wah Wah Maung, deputy director general of Foreign Economic Relation Department under the Ministry of National Planning and Economic Development. She warned that Myanmar needs to improve the quality of its businesses to compete in the ASEAN Economic Community […]