MADB to help fuel growth across entire agriculture supply chain

Attempts will be made to lower interest rates at the Myanmar Agricultural Development Bank (MADB) so that it is able to support the entire agriculture supply chain, according to U Kyaw Win, Union Minister for Planning and Finance. He said that in the 50 years during which MADB has provided loans to farmers, the sector […]

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 […]

Thaketa gas power plant inaugurated in Myanmar

A China- Myanmar joint venture Thaketa gas-fired combined cycle power plant was inaugurated in Yangon on Saturday. U Kyaw Win, union minister for the Ministry for Planning and Finance and chairman of the Myanmar Investment Commission, said that the project symbolizes an important step forward toward close cooperation between the two countries. He expressed his […]

Developers Urge Government to Temporarily Reduce Tax to 5 percent

During a meeting with the Yangon Regional government held at MCC on February 17, construction developers urged the government to temporarily reduce the commercial tax from 30 percent to 5 percent for a period of two years. The Myanmar Licensed Contractors Association welcomed the income tax reduction in the Union Tax bill 2018, and supported […]

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 […]