Draft Companies Law designed to remove obstacles for foreign investment

A new Myanmar Companies Law currently being drafted by legislators will remove cumbersome restrictions and make foreign investment easier, said Dr Myat Nyana Soe, the secretary of Amyotha Hluttaw Bill Committee. “The draft law was approved by Amyotha Hluttaw and the amendments made by Aymotha Hluttaw and Bill Committee are already submitted to Pyithu Hluttaw. […]

Traders seek to recoup losses on K5 billion in seized rice

About 50 rice traders from Mandalay Region and Katha, Banmauk, Htigyaing and Kawlin townships in Sagaing Region said their partner’s detention for the past two months has hurt their business. Their meeting at the Banmauk rice traders association office on Wednesday was attended by National League for Democracy MPs from Banmauk. U Aung Thein, who […]

CBM Restrictions on Foreign Banks to be lifted ‘Soon’- Deputy Governor

The governor of the the Central Bank of Myanmar (CBM) has said restrictions that stop foreign banks offer­ing retail services in My­anmar will be lifted ‘soon’. Deputy Governor U Set Aung told a July 10 Pyithu Hluttaw meeting that it’s time foreign banks were allowed to open branches across the nation and pro­vide their retail […]

Myanmar Companies Act sent to parliament

The Myanmar Companies Act – a pivotal piece of legislation that will reform how companies are regulated and allow foreign investors onto the Yangon Stock Exchange – was submitted to the Pyithu Hluttaw at the start this month, according to Directorate of Investment and Company Administration Director General U Aung Naing Oo. The new act […]

Tea Touted as Solution to Budgetary Woes

​​ As the government has found itself without enough cash to complete development projects scheduled in the current fiscal year, one cabinet member has aired an unusual proposal for financing the shortfall: tea money. Speaking in parliament yesterday, the minister for agriculture, livestock and irrigation said that if the public truly wants all its roads […]

MDY Urban & Housing Development to sell 500 affordable

Mandalay Department of Urban and Housing Development Director-General U Aung Kyaw Lin announced that they will sell over 500 affordable, color-codedapartments within the Mya Yee Nanda housing complex starting on 10 November in Chanmyathazi Township, Mandalay. “The affordable apartments fall into four categories. The green colour is for government servants, blue for retired government civil […]

Government will not open forests to logging companies: MTE

Myanmar Timber Enterprise will carry out logging by itself and will not allow private companies to fell and take trees from Myanmar forests, Union Minister U Ohn Win told the Pyithu Hluttaw yesterday. Works are underway to halt the extraction of teak and other hardwood and reduce the annual allowable cut (AAC), said the Union […]

Jade entrepreneurs to request Union government to halt jade mining and export

Jade entrepreneurs have united to submit a signed proposal to the Union Government to suspend jade mining and jade exports with the aim of creating a domestic jade market and promoting the market, said U Than Win from Pwint Kaung jade trading. Over 20,000 jade businessmen from Mandalay, Sagiang and Pharkant signed the proposal and […]

Botahtaung jetty project terminated over environmental impact

THE construction of a multi-purpose jetty on Botahtaung Pagoda road in Yangon will be terminated due to its negative impacts on the environment, Transportation and Communications Union Minister U Thant Sin Maung said yesterday at the Pyithu Hluttaw. The parliament was unanimous in accepting the proposal calling for an end to the project, with representatives […]

Parliament backs Parkway Hospital suspension

THE Pyithu Hluttaw approved a proposal to suspend the lease of a 4.3-acre plot owned by the Ministry of Health near Yangon General Hospital, which was originally slated to house a private Parkway Hospital, at a parliamentary session yesterday. Lawmakers called for the suspension of the lease of land for the private hospital during their […]