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Myanmar investments: another corporate casualty of Myanmar’s ‘harsh realities’

London-listed Myanmar Investments International (MIL), the latest of several foreign investors to turn its back on Myanmar, has blamed its decision to wind up on the impact of the conflict in northern Rakhine, a “complex” political situation and what it calls the slow pace of reform. Although MIL was a relatively small player with a […]

Govt counting on Asian travellers to boost tourism

Myanmar’s tourism sector has borne the brunt of the Rakhine refugee crisis, with growth in tourist arrivals dropping to 1 percent in 2018 compared with 7.1pc in 2017, according to the World Bank. The number of western tourist arrivals fell the most, more than offsetting arrivals from Asia. The numbers reflect reports of booking and […]

World Bank cuts Myanmar’s growth forecast to 6.2%

The World Bank has revised downwards its forecast for Myanmar’s economic growth by 0.5 percentage points to 6.2 percent in the fiscal year 2018-19. The World Bank East Asia and Pacific economic update released this month downgraded Myanmar’s GDP growth projections from the previous forecast, saying seasonal floods, rising cost, inflationary pressures and the Rakhine […]

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 […]

Myanmar may lose EU trade privileges

The European Union warned Myanmar on Friday it could lose trade privileges over its “blatant violation of human rights”, as the international backlash over the Rohingya crisis grows. EU Trade Commissioner Cecilia Malmstrom said a fact-finding mission would arrive in Myanmar soon to assess whether the highly preferential tariff arrangement Myanmar enjoys, known as “everything […]

Don’t blame “economic malaise” on Rakhine, business groups warn, calling for less protectionism, gerontocracy

Two major business groups in Myanmar have warned against blaming all of the country’s economic woes on the northern Rakhine crisis, urging the government to tackle protectionism, involve the younger generation and provide clarity in the regulatory environment. The British Chamber of Commerce Myanmar (BritCham) said Rakhine is “far from being the sole or main […]

From boom to bust for Bagan hotels

The humanitarian crisis in northern Rakhine and jailing of two Reuters journalists have hit hospitality businesses in Bagan hard, industry players admitted. But the problem goes beyond these two factors, they said. The government’s lack of law enforcement and absence of infrastructure support have throttled hotels and tourism. On a recent visit, a herd of […]

Fitch Solutions downgrades Myanmar’s construction outlook on Rakhine and reform inertia

Consulting firm Fitch Solutions Macro Research downgraded the growth forecast for Myanmar’s construction industry, saying economic reforms which would boost infrastructure development had been knocked off course and the northern Rakhine crisis would weigh on the economy. Fitch Solutions Macro Research, a unit of London and New York-headquartered Fitch Group, on Friday cut the expectations […]

As the West isolates Myanmar, some investors dig in for the long term

YANGON/BANGKOK — A full generation has grown up since the State Law and Order Restoration Council (SLORC) of Senior Gen. Saw Maung seized power on Sept. 18, 1988, putting a bloody end to a nationwide pro-democracy uprising that lasted some six weeks. An estimated 3,000 people died in the crackdown, which re-established direct military rule […]

Myanmar urged to fix key issues for industrial revamp

MYANMAR’S potential to become a regional investment hub would be realised only if the government manages to address major challenges businesses are facing in the nation, a banking expert has warned. Than Lwin, a senior consultant at KBZ Bank Ltd and former deputy governor of the Central Bank of Myanmar (CBM) stressed the importance of […]