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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 […]

State Counselor’s Tourism Plan Promising but Hard to Implement

While giving State Counselor Daw Aung San Suu Kyi high marks for her strategies to reform the tourism sector, tour operators point out that conditions on the ground make her suggestions hard to implement. Speaking at a National Tourism Industry Development Central Committee meeting in Naypyitaw on Friday, Daw Aung San Suu Kyi put forward […]

Investment Agency Says Business Donations to Government Officials Violate Graft Code

YANGON — The Directorate of Investment and Company Administration (DICA) announced on Friday that companies and body corporates are not allowed to donate money either directly or indirectly to ministries or regional government departments, citing the Myanmar Companies Law 2017, to prevent corruption between government bodies and private companies. U Aung Naing Oo, director general […]

New Chair of Kyaukphyu SEZ Wary of Chinese Loans

YANGON — Myanmar will endeavor to take on no loans from China to complete the Kyaukphyu Special Economic Zone (SEZ) but would offer the developer no sovereign guarantees to mitigate risk if it does, said the project’s new chairman, seeking to allay fears of a debt trap. Sean Turnell, an economic adviser to State Counselor […]

Myanmar to upgrade 3 local airports to receive Chinese tourists

Some local airports will be upgraded to international-standard airports as a part of a slew of projects under China’s Belt and Road (B&R) initiative, according to U Kyaw Win, Union Minister for Planning and Finance. Backed by rising incomes, some 13 million Chinese are travelling abroad yearly but less than half a million came to […]

Draft Municipal Law for Yangon Draws Fire from Lawmakers, Urban Planners

YANGON — Members of the Yangon Region Parliament condemned a new draft law for proposing to allow the Yangon City Development Committee (YCDC), the municipality’s governing body, to run business enterprises with tax revenue from the city’s 5 million-plus residents. The new draft of the Yangon City Development Committee Law was prepared at the request […]

Stakeholders Call for Economy to be Top Priority

YANGON — U Myint, the former chief economic advisor to the previous administration, urged State Counselor Daw Aung San Suu Kyi to set economic development as a top priority together with peace building. During his keynote address to the second Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Convention in Yangon on […]

Parliamentary Committee to Examine 24 State-Owned Factories

NAYPYITAW — The Lower House Investment and Industrial Development Committee will consider the termination or privatization of 24 loss-making state-owned factories—including the Myingyan Steel Factory which has received significant state investment. Committee member U Aung Kyaw Kyaw Oo said: “A total of 24 factories are making a loss, most were suspended when parliament discussed the […]

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 […]