Tax Cut Planned For Low-Cost Housing Purchases

​​ The government is planning to drastically reduce the taxes it levies when people purchase state-commissioned low-cost housing, which developers say puts many units out of reach for ordinary buyers. Union Planning and Finance Minister U Kyaw Win, in a speech to developers and business leaders last week, said that the only taxes levied on […]

Mytel to Target Rural Areas and Compete on Price

​​ Myanmar’s fourth and final telecoms firm – operating under the brand name Mytel – will make use of the AAE-1 submarine cable, infrastructure belonging to state-owned MECtel and try to beat its rivals on services charges, its external relations officer said at press conference last weekend. Mytel is made up of Vietnam defence ministry […]

Myanmar’s fourth telco gets licence at last

At long last Myanmar’s fourth telecoms operator has its licence, but the brand name under which it will operate remains under wraps and the firm will only begin providing services in 2018, according to its external relations officer. The Ministry of Transport and Communication formally awarded the firm – Myanmar National Tele & Communications (MNTC) […]

MAPCO courts investment for agri-industry park

​​ Myanmar Agribusiness Public Corporation (MAPCO) is building the first of several planned agricultural industrial parks in Ayeyarwady Region aimed at attracting foreign and local investment into agriculture and agri-business. U Ye Min Aung, MAPCO’s managing director said the Myaungmya township-based project is small-scale but innovative. Basic infrastructure including roads, a jetty and an electricity […]

Myanmar Awaits Indian Response on Bean Deal

​​ The fate of a nearly million-tonne bean deal remains uncertain as the Myanmar government awaits a response from India to its proposal to sell the beans at the current market price. The Indian government said it wanted to pay a much lower price. The deal concerns the India government’s offer to buy 900,000 tonnes […]

JICA Updates 2040 Plan for Yangon Development

​​ The Japan International Cooperation Agency (JICA) has handed over an updated version of its 2040 master plan for Yangon’s development to the region government, which is waiting until it has received a bevy of other plans from other agencies before deciding which recommendations to adopt. Yasushi Tanaka, the director general for JICA’s Southeast Asia […]

Insurance to Lead Finance Sector Expansion

​​ Myanmar’s financial sector welcomed new faces this year – international banks opened their first branches, the stock exchange welcomed its first firms and there are joint-ventures on the horizon for the insurance sector in 2017. Taiwanese firm E.SUN Commercial Bank, South Korea’s Shinhan Bank, Bank for Investment and Development of Vietnam and State Bank […]

Construction and Real Estate Sectors Pin 2017 Hopes on New Legislation

​​ The construction sector will be glad to see the back of 2016 – a year in which a political transition, a high-rise review and a volatile currency conspired to leave many developers battered and bitter. But there were also signs of a fragile recovery in the real estate market, and new laws set to […]

Central Bank Exchange Rate Reforms to Start From January Next Year

​​ After years of complaints that its US dollar reference rate fails to reflect market reality, the Central Bank has announced a shift in how it determines the figure. In an effort to narrow the gap between the bank’s rate and that of the wider market, the regulator has announced it will start basing its […]

Fourth Telco Hoping to Get Licence for Christmas

​​ The director of one of 11 local firms that will form part of Myanmar’s long-awaited fourth telecom operator says the consortium will receive its telecoms licence next week. A year has passed since the government announced a tender for a fourth operator, which Vietnam defence ministry owned-firm Viettel won through dint of being the […]