New MIC chair promises to stay investor-friendly, says Myanmar “open for business”

During a meeting with four chambers of commerce in Yangon on June 22, U Thaung Tun, the new chair of the Myanmar Investment Commission (MIC), reinforced intentions to “turn Myanmar into a major regional trade and investment destination.” The new chair, who officially replaced U Kyaw Win as head of the MIC on June 16, […]

Government announces new MIC appointments, U Thaung Tun as new chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC). According to notification (61/2018), U Thaung Tun, union minster of Ministry of the Office of the Union Government, formerly a member of the MIC, will now be the commission’s chair. Meanwhile, Dr Than Myint, Union Minister of Commerce, […]

Yangon gears up to lure more investment into business hub

AS INVESTORS await Myanmar’s new moves to open up the economy, the regional government of Yangon plans to unveil its investment strategies at the first Yangon Investment Forum (YIF2018) next week, according to a regional minister. Planning and Finance Minister Myint Taung said at a press conference on Wednesday that Yangon region Chief Minister Phyo […]

Colliers Property Report – Yangon Office Q3 2017

Upward Trending Demand amid Stabilised Rents Demand for office space has improved over each of the last five quarters as rents have stabilised at competitive levels. As of Q3 2017, the average occupancy rate reached more than 70%, a level last seen in 2015. Looking forward, economic reforms such as the new Myanmar Investment Law […]

Questions Raised About $300 Million Downtown Development Project

YANGON — Land clearing and demolition for a project worth more than US$300 million on the former site of a Defense Services Museum, near Shwedagon Pagoda, has prompted a lawmaker to inquire about the initiative in the upcoming parliamentary session. U Kyaw Zay Ya, a Yangon regional lawmaker representing Dagon Township—where the site is located—told […]

Japanese joint-venture plans Yangon hotel

Hotel Okura Co Ltd said it would develop the luxury Okura Prestige Hotel with Ayeyar Hinthar Holdings Co Ltd in Yangon by 2020, with five more hotels due in the next five years. The company expects to sign a contract with Yangon Technical and Trading Co Ltd, a subsidiary of Ayeyar Hinthar, in August, working […]

Mandalay likely to hit US$600 million FDI target for 2017-18

The Mandalay region is set to achieve its US$600 million foreign direct investment (FDI) target for 2017-18. FDI in April-June has already exceeded US$582 million, which is around 90 per cent of the target, data released by the Mandalay Region Investment Committee showed. Under the new Myanmar Investment Law enacted in Oct 2016, Region and […]

New mega-complex project approved near Yangon’s Shwedagon Pagoda

A Japan-led consortium has officially obtained permission to build a large-scale mixed-development project at the intersection of Shwedagon Pagoda Road and U Wisara Road in Yangon. Development of the US$332.5 million project will begin this year on the former site of the military museum across 16,000 sq m of land. It will comprise a high-grade […]

FDI could exceed MIC’s target in 2017-18, but still lower than previous years’

Between April 1 and July 11 of the current fiscal year, FDI into the country hit US$2.7 billion, almost half the MIC’s target. Meanwhile, a total of US$127 million in fresh funds was pumped into the Thilawa Speical Economic Zone, while US$221 million was injected into existing projects. That’s US$3.1 billion in total for the […]

Foreign investors remain upbeat about Myanmar

YANGON – Foreign investors remain upbeat about Myanmar’s economy despite concerns over its pace of reform, said the head of a Singapore think tank, Associate Professor Simon Tay on Wednesday (June 28) at forum in Yangon. According to a preliminary survey result of foreign businesses conducted by the Singapore Institute of International Affairs, some 67 […]