Myanmar Gets First Foreign Investments for Power Projects in Fiscal Year Transition

YANGON — Myanmar has received its first foreign investments in the power supply sector in the transitional six-month fiscal period, which started on April 1, according to the Directorate of Investment and Company Administration (DICA). A gas-fired power plant will be built in Mandalay Region’s Singaing Township as part of a joint venture between China’s […]

Pearl islands in Myanmar’s southern region to open for visitors

Some 15 islands in Myeik and Kawthoung, Myanmar’s southern coastal Tanintharyi region where pearl farms are located, will be open to visitors in October, the official Global New Light of Myanmar reported Sunday. The 15 islands accommodate a state-owned and 11 private pearl farms. Tourist vessels are not allowed to enter into the pearl farming […]

China Beating Japan in War for Economic Influence in Myanmar

While the Japanese foreign minister and State Counselor Daw Aung San Suu Kyi discussed Rakhine’s development in Naypyitaw last week, a Chinese Communist Party provincial secretary met the vice president to discuss increasing investment in agriculture, transport and technology cooperation. It is not the first time China and Japan have been seen directly competing on […]

Unable to break protectionist curse, FMI bites the dust

FMI Air became the third domestic airline to throw in the towel on July 20, after more than five years in operation. Amid the winding up of joint venture proposals and local firms, this is the latest alarm that businesses are running out of patience with the government’s rigid protectionism in the aviation industry. “Operating […]

Border trade increases by $196 million

Between 1 April and 25 May in this fiscal year, the value of border trade reached US$ 1.165 billion, recording an increase of $196 million compared to the same period in the last FY, state media reported quoting figures recently released by the Commerce Ministry. The total value of border trade, as of 25 May […]

Taninthayi region will have electricity from national grid: chief minister

National grid will be connected to Taninthayi region within two-year time and one unit of electricity will be ranged between Ks35 and 50, said the region chief minister Dr Le Le Maw on June 4. At the present, the locals are paying over Ks400 per unit of electricity and the electricity bill is likely to […]

Six properties in Myeik get greenlight to build hotels

The Myanmar Investment Commission has given permission to six properties in Myeik archipelago in Thanintharyi Region to construct hotels, U Nyo Aye, director of the Hotels and Tourism Department in Tanintharyi, told The Myanmar Times. Owners of the six properties, on Kyun Philar, Barlar, Phoe Ni, Wa Lal, 115 and Bo Nat Kyaw islands, will […]

Charcoal production in Myeik on the rise, spurred by higher domestic demand, illegal exports

The production and sale of charcoal in Myanmar has been on the rise in recent years and not just because of domestic demand. Based on an investigative trip to Myeik, Tanintharyi Region, recently, The Myanmar Times learned that a large, unrecorded volume of charcoal is being illegally exported to Thailand. In Yangon, demand for charcoal […]

Nationwide expansion to drive Wave Money’s growth

Though 80 per cent of the population remains unserved by Myanmar’s banking system, Wave Money aims to enjoy much higher growth over the next few years thanks to its continuous expansion of distribution network, said the firm’s top executive. Brad Jones, chief executive officer of Wave Money, said in an exclusive interview the firm has […]

Trade through Thai-Myanmar border gates increases

Trade through the Thai-Myanmar border gates from 1 April to 2 March of the current fiscal year (FY) was worth some US$1.33 billion, which is some $90 million more than the trade value achieved during the same period last FY, according to state media. Of the seven Thai-Myanmar border gates, Myawady gate is the major […]