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Real Estate Sector to Pick up on Back of Foreign Demand

Demand in the Myanmar real estate market is expected to pick up in 2018 now that the rules to the new Condominium Law have been released. Under the new rules, property investments by foreigners are expected to spike, said U Aung Naing Oo, secretary of the Myanmar Investment Commission. The rules, which were released in […]

Some Businesses Fret Over Myanmar Wage Proposal

Many business organisations in Myanmar have lodged objections against improving daily wages as approved by the National Committee for Designating Minimum Wage earฌlier this month. The committee has decided to set the minimum wage at 4,800 kyat, a 33 per cent increase from the current rate of 3,600 kyat. All businesses with 10 or more […]

Rakhine violence not expected to affect economy or FDI

Concerns that the ongoing violence in Rakhine State could result in capital outflows and economic sanctions are rising in the investor and business community. At the 2017 Myanmar Global Investment Forum in Nay Pyi Taw on September 12, U Aung Naing Oo, secretary of the Myanmar Investment Commission, said he is not expecting any negative […]

US Firms Lobby for Removal of Myanmar Trade Restrictions

YANGON — American businesses based in Myanmar are urging their government to remove sections 311 and 312 of the USA Patriot Act which prohibit US banks from trading in Myanmar. The American Chamber of Commerce in Myanmar (AMCHAM) led 13 financial service companies to meet with government officials from Yangon and Naypyitaw as well as […]

New Industrial Zones Planned

Five industrial zones are in the process of being selected, according to Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC). “State and regional governments were asked to suggest appropriate areas for industrial zones and have provided lists. We need to further assess them. We’re now in the process of choosing the sites,” he said. […]

Telecoms Sector Leads Investment List

​​ Until December this financial year, the telecoms sector is attracting the most investment, according to Aung Naing Oo, secretary of the Myanmar Investment Commission. “This year, telecoms tops the investment list, followed by manufacturing. But the MIC is still receiving proposals for this financial year,” he added. More than US$1.62 billion had been invested in telecoms, while manufacturing received more than US$880 million and the energy sector received more than US$600 million. Until the second week of January, the MIC granted permits to 106 foreign investments worth more than US$4.4 billion, under the Foreign Investment Law. Investment has exceeded US$5.78 billion, according to the […]

Foreign Investment Falls More Than 50pc Compared to Last Year

Foreign investment into Myanmar has fallen by more than 50% to $1.4 billion in the six months to the end of September, according to the Myanmar Investment Commission, which nonetheless remains optimistic about the rest of this fiscal year. In the first half of the 2015-2016 fiscal year overseas investors pledged $3 billion, but that […]

Hlaing Tharyar industrial zone to be upgraded in pilot project

Yangon Region government is to call on private industry to fund an upgrade of Hlaing Tharyar industrial zone to serve as a pilot project for the nation. Hlaing Tharyar, the country’s biggest industrial zone, suffers a litany of problems, including inadequate electricity, poor roads and ageing infrastructure. U Khin Maung Oo, general secretary of Hlaing Tharyar […]