Government expects growth of 6.8pc in 2017-18

Despite the slowdown in economic growth, the growth rate for Myanmar is expected to reach 6.8 percent for the fiscal year 2017-18, U Htin Kyaw, the country’s president, said during the national planning commission’s meeting on Tuesday, according to the president’s office. This is because the weather in the time of harvest was favourable as […]

Garment Industry Must Raise Value Proposition to Stay Sustainable

2017 was a strong year for the garment export sector. During the seven months between April and November, some $1.5 billion worth of garment products were shipped out of Myanmar, bound for warehouses owned by the likes of Uniqlo and Primark in Japan and Europe, according to the Ministry of Commerce (MOC). The pace of […]

Finance Minister Admits Economy is Underperforming

NAYPYITAW — Planning and Finance Minister U Kyaw Win has admitted that Myanmar’s economy has not improved as well as expected, six months after he compared the country’s economy to a jet plane about to take off. “There are suggestions that the country’s economy has not picked up as we expected. Considering the current situation, we […]

Government “ready” to offer loans to SMEs

The country’s biggest business and industry advocacy group has called on the government to change its policy on loans to better cater for the needs of small businesses.The government needs to change its loan policy, decrease interest rate, increase loan period and support the acquisition of technical know-how for SMEs, U Wai Phyo, Union of […]

Japanese investor interest in Myanmar still high despite lower FDI

The Japanese remain interested in expanding their presence in Myanmar despite lower investments in recent years compared to before and a refugee crisis unfolding in northern Rakhine. At the 13th Joint meeting of the Myanmar-Japan CCI Business Cooperation Committees in Yangon on October 23, the new Investment Law, development of small and medium enterprises (SMEs) […]

Central Bank of Myanmar approves loans without collateral

Local banks are now permitted to extend loans without the need for collaterals, U Set Aung, Deputy Minister at the Ministry of Planning and Finance, told The Myanmar Times at the 5th Asia SME Conference in Naypyitaw on October 14. “The Central Bank of Myanmar (CBM) has allowed local banks to provide loans without movable […]

Moscow steps up business with Nay Pyi Taw

At a Russia-Myanmar Intergovernmental Commission on Trade and Economic Cooperation (RMIC) meeting in Moscow last month, Russian commission chair Minister Maksim Oreshkin and Minister for the Ministry of Planning and Finance, U Kyaw Win, signed an agreement to set up a Russia trade representative office in Yangon. The trade representative office should be launched by […]

Gemstone Sales Center Slated for Yangon

The Union govern­ment has created a working commit­tee to plan and estabish a gemstone sales center in Yangon, U Kyaw Win, Chairman of Myanmar Gold Entrepreneur Asso­ciation, said. The committee was jointly organized by of­ficials from the Ministry of Natural Resources and Environmental Conser­vation, members of the Myanmar Gem and Jew­elry Entrepreneurs Asso­ciation, and the […]

Poverty Decreases, But Rural Areas Slower to Develop: Report

YANGON — The number of people in Myanmar living in poverty has decreased from 32 percent of the population in 2004 to 19 percent in 2015, according to a recent report. The World Bank and the Ministry of Planning and Finance analyzed data on living conditions from surveys conducted in Myanmar in 2004-5, 2009-10, and […]

Government Steps in to Limit Re-Exports of Sugar

The Union Govern­ment is stepping in to control sugar re-export and call for invest­ment to help the industry get on its feet, according to U Kyaw Win, Union Minister of Planning and Finance. The Union Minister emphasized the need to stamp out re-export in favor of stronger national production and the pro­motion of value-added industries […]