Myanmar will strive to implement RCEP trade deal, says State Counsellor

The Regional Comprehensive Economic Partnership (RCEP) agreement will bring investments into Myanmar and create jobs but is expected to heighten competition for small enterprises, business people say. The RCEP, the world’s largest free trade agreement, was signed by Myanmar and 14 other Asia-Pacific countries on Sunday. It covers the 10 member states of the Association […]

China forecast to be top Myanmar investor this fiscal year: UMFCCI

With the bulk of Chinese capital invested in the infrastructure sector, China is likely to be the top foreign investor in Myanmar in fiscal 2020-21, according to the Union of Myanmar Federation of Chamber of Commerce and Industries (UMFCCI). “Investments are also likely to come from China as the country has already started to recover […]

Yangon factory workers given three days to withdraw salary

Factory workers in Yangon will be given three days during the stay-home period to leave their homes to withdraw their salaries. Cut-Make-Pack (CMP) workers will be able to withdraw their wages for September starting Thursday [October 8], according to the Confederation of Trade Unions Myanmar (CTUM). “The Union of Myanmar Federation of Chambers of Commerce […]

More than 100,000 apply for QR code to travel in Yangon

More than 100,000 have applied for the QR pass code in Yangon, which allows the holder to travel from one township to another amid a region-wide stayhome order. The QR code is issued only for businesses and there are more than hundreds of thousands of applicants to date, said U Aye Win, general secretary of […]

UMFCCI proposes delay in tax regulation changes to ease business conditions

A proposal to delay changes to the 2020 Union Tax Bill has been submitted to the government on behalf of local businesses, said U Aye Win, General Secretary of the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI). The changes include repealing a tax amnesty for Myanmar citizens with unassessed sources of income. […]

Myanmar central bank reinstates banking hours after complaints emerge

The Central Bank of Myanmar (CBM) has reinstated banking hours to 9.30am-3pm starting May 12, after businesses and the public urged it to reconsider the current hours in the country. The CBM on April 28 instructed local banks to open from 10am to 2pm for the duration of COVID-19 to prevent the spread of the […]

Companies to receive COVID-19 loans, but discrepancies hamper number of approvals

The government has approved COVID-19 loans for 88 businesses at an interest rate of 1 percent, according to the Union of Myanmar Chamber of Commerce and Industry (UMFCCI). But the UMFCCI received more than 1600 applications for the loan on the April 9 deadline. According to U Naung Naung Han, chair of the Myanmar Tourism […]

Govt, private sector to supply food to the lower-income group

The government says that it will work to ensure that food supplies are accessible to all levels of society during the Thingyan holidays even as the country tackles the COVID-19 outbreak in the country. This was announced by the National-Level Central Committee on Prevention, Control and Treatment of COVID-19 in a statement released on April […]

SMEs start feeling effects of virus outbreak

Some small and medium-sized enterprises (SME) have started suffering from the effects of coronavirus outbreak, business owners say. “It has already affected the country’s economy very much. Especially, hotels. As they have lost customers, they have no money to pay for their employees’ salaries. Restaurants and shops are facing difficulties also. Many SME businesses are […]

Myanmar’s new barcode expected to help exporters

Myanmar launched the GS1 Myanmar barcode, an internationally recognised standard that is expected to facilitate exports, at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) last Saturday. The GS1 barcode system helps businesses find out information about the product quickly and accurately, reduce damage, and control distribution. It is also helps […]