China to hold 70% stake in Myanmar’s planned strategic seaport

Myanmar will hold a 30 percent stake in its strategic deep-water seaport project led by cash-rich China, giving Beijing a 70 percent interest, under their final agreement reached during recent talks between the two countries, according to a visiting senior Myanmar official. That is an improvement for the emerging Southeast Asian economy from the initially […]

Myanmar launches investment promotion plan amid toughening conditions

The Myanmar Investment Commission (MIC) on October 8 launched its Myanmar Investment Promotion Plan (MIPP) for the time frame between 2016-17 and 2035-36. The plan outlines five strategies to actively promote investments in the local economy, including new policies and regulations, institutional development, infrastructure development and leveraging on local business systems, industries and human resources. […]

Myanmar, Japan-involved consortium to build high structure in Yangon

YANGON, Oct. 7 (Xinhua) — Myanmar Pharmaceutical Industrial Enterprise (MPIE) and a consortium of two local Myanmar companies and a Japanese company on Saturday signed an agreement to build a high-rise structure on the land owned by MPIE in Tamway, Yangon, the official Global New Light of Myanmar reported Sunday. The consortium, named NSKRE Residence […]

Logistics zone, transport jetty to be built under public-private partnership

The Yangon Regional Gvernment is going to develop the Ngwe Pin Lel Integrated Logistics Zone and Inland Water Transport Jetty under a public-private-partnership (PPP) agreement, U Myint Thaung, the regional minister of planning and finance for Yangon Regional Government, said. The matter came up when regional representative Daw Sandar Min questioned U Myint Thaung about […]

State Counselor Encourages Japanese Investment in Myanmar

Myanmar’s State Counselor Daw Aung San Suu Kyi has invited Japanese investors to seek investment opportunities in Myanmar as she believes that Japan has a deep understanding of the country’s struggle in the Rakhine crisis and peace process. On Monday, in her keynote speech at the Myanmar Investment Conference in Tokyo, Daw Aung San Suu […]

Government seeking solution to tackle fuel price hike: Spokesperson

The government is working to deal with rising fuel oil prices as it increased transportation costs and has an impact on commodity prices, said Zaw Htay, Spokesperson of Myanmar President’s Office, at a press conference held in the President House in Nay Pyi Taw on October 5. “Transportation costs have increased by 10 per cent […]

Myanmar Shipyards builds 528 new vessels, repairs 1,598 ships

Myanmar Shipyards under the Ministry of Transport said that 528 new ships were built and 1,598 ships were repaired up until August this year. Myanmar Shipyards was formed in 1970 as a state-owned enterprise and it has carried out construction and repairing processes of vessels as commercially since the beginning of 1976. “We built 528 […]

Midterm report card: Myanmar’s economy is not working

In another 2.5 years’ time, many voters will be asking what the first NLD-led administration has delivered. The current numbers are hardly encouraging. Between April and August this year, approved FDI totalled US$1.4 billion, less than half of the US$3 billion forecast by the government for the April-September six-month period between the two fiscal years. […]

Five sectors driving Myanmar’s economic growth in 2018-19

Myanmar’s economy has taken a beating in recent quarters, with a rising number of companies reporting tougher business conditions and a slowdown in market demand. One of the main reasons is the rising foreign exchange rate. Despite a slew of measures taken by the Central Bank, which included pumping millions of dollars from its reserves […]

New city project by Chinese firm raises hackles in Kayin

The Kayin State Border Guard Force and Jilin Yatai Group of China launched the Shwe Kokko new city project in Myawady township in the first week of August over the objections of local residents. The residents are worried that the project’s gambling houses and entertainment establishments could have a corrupting influence on young people, and […]