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Project bank to facilitate infrastructure development established

A Project Bank of Public Investment Programs to facilitate major project proposals from the States and Regions has been established under the Myanmar Sustainable Development Plan (MSDP), Minister of Planning and Finance U Soe Win said during the 2018 Commerce Fair held in Yangon on December 1. “Currently, Myanmar still lacks basic infrastructure. If this […]

Illegal trade takes a heavy toll on country’s economy

Smuggling and illegal trade continue to be a major problems for the country’s economy, says the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). According to the Business Sentiment Survey issued by UMFCCI in May, illegal trade stands at sixth among the top 10 issues hampering the country’s economy. The survey was […]

Govt racks up larger debt, but more is local

The NLD government has accumulated debt totaling K6.7 trillion during the duration it has been in power, according to documents supporting the 2018-19 Budget. That’s more than half the K11.7 in debt racked up by U Thein Sein’s former administration during its entire five-year term. However, while U Thein Sein’s Union Solidarity and Development Party […]

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 trim Kyaukphyu cost but drops Annan’s strategic review suggestion

Nay Pyi Taw’s plan to reduce the cost of Kyaukpyu Special Economic Zone, including the proposed deep-sea port, will help cap its external debt load and avoid repeating Sri Lanka’s Hambantota’s precedent, according to London-headquartered research firm BMI Research. At the same time, a government committee has dropped any mentioning of commissioning a Strategic Environmental […]

Myanmar shouldn’t write off China without understanding her neighbour

An old Chinese proverb goes like this: “Three men make a tiger.” It means that if an unfounded premise is repeated many times, the premise will be accepted as the truth. Once this “tiger” is invented, it would be extremely difficult to dispel it from people’s minds, especially when we are living in a post-truth […]

Domestic businesses are failing, UMFCCI survey reveals

Domestic businesses are struggling to grow and many are on a downward trend, according to the latest survey conducted by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The UMFCCI’s survey supports the findings of two previous studies conducted in the last six months by Roland Berger and the European Chamber […]

MIC Suspends New Investments in Timber Businesses

Permission for to start new timber-based businesses will be temporarily suspended in Myanmar, the Myanmar Investment Commission (MIC) said in a November 16 statement, which was made public by the Directorate of Investment and Companies Administration (DICA) this week. To preserve the country’s forests and limit illegal logging activities, the MIC will temporarily stop issuing […]

Foreigner fees to rise at Mandalay Hill

A submission has been issued to Mandalay Region government to increase entrance fees to Mandalay Hill for foreigners, said Mandalay Hill trustee board chair U Thein Tun. The matter had already been submitted to the government last month, the trustee board said, on October 9. “Right now, since we did not receive any reply from […]

Sea-Water Dikes Essential For Agriculture in Coastal Areas on Rakhine State

Rakhine State Irrigation and Water Resources Management Department is planning to start maintenance work on Chanpyintar Sea-water Dike at the border of Myanmar and Bangladesh as soon as security in Rakhine State improves. “We will start maintenance tasks on Chanpyintar Sea-water Dike as soon as possible as we have been permitted to do so by […]