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Economy outlook positive pending reform acceleration, says World Bank

After a period of volatility during the six-month transition period between April and September 2018, growth in Myanmar has stabilised and the economy is expected to expand at a rate of 6.5 percent in the current 2018-19 fiscal year, according to the World Bank’s June 2019 Myanmar Economic Monitor. Supported by higher productivity in the […]

Interest in retail, wholesale sector continues unabated

Two years after the Myanmar Investment Commission’s announcement, the Ministry of Commerce (MOC) has permitted nine wholly foreign retail and wholesale providers to operate in the country. These include investors from Japan, Thailand, US, Singapore, and the Netherlands. The nine non-Myanmar companies are able to secure a green light from the authorities since the government […]

Japanese companies, DKSH enter Myanmar wholesale market

Three Japanese companies and a Swiss trading house have become the first foreign entities authorised to do retail and/ or wholesale business in Myanmar. Toyota Group’s trading arm Toyota Tsusho, pharmaceutical firm Otsuka and diaper manufacturer Mycare Unicharm are authorised to operate wholesale business as a 100% foreign-owned business, according to an announcement from the […]

Germany’s METRO AG starts operations in Myanmar

Germany’s wholesale company Metro AG, kicked-off its operations in Myanmar over the weekend. The company will serve its customers in the fast-growing hospitality and tourism sectors from its modern warehouse in Yangon through its state-of-the-art digital ordering and delivery services. “The food wholesale industry in Myanmar offers big potential for Metro and we believe our […]

Aik Htun: Driver turned Tycoon

For the owner of a business of any size, integrity is key. This is the principle that has brought U Aik Htun, one of the richest businessmen in Myanmar, through ups and downs. “The biggest secret of success is honesty and integrity,” said U Aik Htun, chair of conglomerate Shwe Taung Group, speaking in fluent […]

Foreign banks allowed to set foreign currency loan interest rate

The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]

Corporate Japan urges Myanmar to address business concerns

The most senior Japanese business leader in Myanmar urged the government to recognise how liberalisation, efficient bureaucracy and reliable power supply allowed Thilawa Special Economic Zone (SEZ) to attract considerable investments. He also warned that current restrictions placed on foreign firms in the retail and wholesale sector are already “the maximum” but commended the ministry’s […]

Operators unfazed as Myanmar slows

YOUNG entrepreneurs in Myanmar remain upbeat on the country’s economic outlook despite weakening of the kyat, high inflation and delay to reform. “It is not good if you look at the exchange rate. The kyat is retreating against the US dollar and Thai baht, We are in a unstable period,” May Mon Thu, managing director […]

Myanmar Rice firms wary of Ministry plans to open up market

“We can’t compete with foreign companies,” said Myanmar Rice Federation’s central executive committee member U Soe Win. “This is not the right time to give them permission to enter the wholesale market. We are just starting to do business openly. Why let them in at this moment?” His comments follow reports that the ministry’s directorate […]