Myanmar to Grant Licences for More Types of Insurance ‘Soon’ as Industry Liberalises

Myanmar finance authorities have submitted a pro­posal to the government on seeking permission to grant operation of all types of insurance servic­es to the private sector. Licenses for all 40 types of insurance plus addi­tional farmers’ insurance and overseas employment life insurance are expect­ed to be granted by the government soon, said U Kyaw Win, […]

‘Invest in Steel and Cement’ – Government Calls on Entrepreneurs to Prop Up Hungry Construction Sector

Minister for Plan­ning and Fi­nance U Kyaw Win has called on local entrepreneurs to invest in the cement and steel industry in efforts to meet the demand of the coun­try’s booming construc­tion sector. The government has plans to create industrial zones specially for cement and steel factories, said U Kyaw Win adding, that the investment […]

Myanmar heads for liberalizing all types of insurance services

Myanmar finance authorities have submitted a proposal to the government on seeking permission to grant operation of all types of insurance services to the private sector. Running of all 40 types of insurance plus additional farmers insurance and overseas employment life insurance are expected to be granted by the government soon, said U Kyaw Win, […]

Finance Ministry Plans to Expand Online Cargo Clearance System

Plans are underway to expand the My­anmar Automatic Cargo Clearance System, a computerised network aimed at speeding up trade at ports and bor­ders, a minister has said. The expansion will start in 2018 and cover trade posts at Myanmar’s land borders, said U Kyaw Win, the Minister of Plan­ning Finance. It follows the success of […]

Time to Fix the Economy With Action, Not Words

Economists and business owners, while acknowledging and applauding the measures put into achieving peace and stability, say the National League for Democracy-led government has largely ignored the economy during its first year in power. Some experts and entrepreneurs told The Myanmar Times that the government needs to focus on ways and means of stimulating economic growth and […]

President’s Reserve Fund to Ensure Yangon Power Supply

The President’s Reserve Fund will be used to ensure there is sufficient electricity supply in Yangon in the coming summer, Chief Minister U Phyo Min Thein said. He announced this after a meeting among some Union ministers and entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office on April […]

Government to Give Investors Equal Rights at New Industrial Zones, Satellite Townships

The government has plans to build new in­dustrial zones and satel­lite townships across the country, U Kyaw Win, the minister for planning and finance, told an invest­ment conference. Under the plans, foreign and local investors in old industrial zones will also have equal investment rights in new projects, added U Kyaw Win. “The existing industrial […]

Local Gold Price Reaches Record High

​​ RANGOON — The price of gold in Burma skyrocketed to a record high of 902,500 kyats (US$656) per tical—a traditional Burmese measurement of weight equal to 16.33 grams (just over half an ounce)—on Monday, gold traders said. “It’s the highest price ever on the gold markets in Burma,” U Kyaw Win, owner of U […]

New Investment Law Rules to be Announced in March

​​ RANGOON — Burma’s Directorate of Investment and Company Administration (DICA) will announce new regulations for the national investment law in early March, in time for the start of the 2016-2017 fiscal year, according do a senior DICA official. The current Foreign Investment Law and Citizen Investment Law—known together as the Myanmar Investment Law—were enacted […]

Gold industry hopes to see central market in 2017

Gold industry figures are hoping this will be the year when plans for a central gold market finally come to fruition, although fundamental decisions about the project have yet to be made. U Kyaw Win, general secretary of Myanmar Gold Entrepreneurs Association, said he hopes to see a Yangon-based central gold market established in 2017. […]