Myanmar’s Logging Ban Feeds shadow Economy of Illegal Trade

For the duration of the ban, which runs into April 2017, any demand for wood is expected to be met through stockpiled wood controlled by the government’s logging entity Myanmar Timber Enterprise (MTE). The ban is seen as a way to not only protect Myanmar’s forests but to save lives. In 2012 the UN ranked […]

Suu Kyi’s state counsellor bill passes vote despite military protest

Myanmar’s military lawmakers made clear their opposition to a bill to create a powerful new presidential advisory role for Aung San Suu Kyi on Tuesday by refusing to take part in a lower house of parliament vote on it. YANGON: Myanmar’s military lawmakers made clear their opposition to a bill to create a powerful new […]

To Court or Clamp Down? The NLD and Burma’s Cronies

RANGOON — With the National League for Democracy (NLD) set to take power on April 1, political and economic observers will be closely watching for change, including whether the rampant cronyism that dogged the country for decades under successive military-backed administrations, will continue unchecked. While it is no secret that Burma’s top brass has long […]

Jade Trade: Official Export Earnings Down for 2015

RANGOON — Revenue derived from Burma’s official jade exports declined in the first nine months of the 2015-16 fiscal year, as the lucrative industry continues to draw fire over safety, ethical and environmental concerns. According to figures from the Ministry of Commerce, US$567 million in revenue was derived from jade exports from April to December […]

Myanmar Parliament Elects Suu Kyi Ally as Upper House Chairman

Myanmar’s new popularly elected upper house of parliament voted Wednesday in its opening session for an ally of Aung San Suu Kyi to serve as its chairman, bringing the legislature closer to naming a new president. Suu Kyi’s National League for Democracy party, which gained a dominant majority in both houses in November polls, chose […]

Myanmar’s Suu Kyi lauds choice of ethnic and army-backed parliamentary speakers

Myanmar’s Aung San Suu Kyi pushed the message of national reconciliation on Wednesday, lauding the choice of representatives from ethnic minorities and the army-backed party as parliamentary speakers in a chamber dominated by her allies. NAYPYITAW: Myanmar’s Aung San Suu Kyi pushed the message of national reconciliation on Wednesday, lauding the choice of representatives from […]

Korea Eximbank Finances US$183 Million Myanmar Construction Project

The Export-Import Bank of Korea (Korea Eximbank) announced on Nov. 17 that it will extend US$183 million (214.57 billion won) in Economic Development Cooperation Fund (ECDF) loans to the “Korea-Myanmar Friendship Bridge Project and Myanma Railways Modernization Project” led by the Myanmar government. The EDCF is a bilateral official development assistance (ODA) loan program, which […]

Central Bank Eases Forex Access for Importers of Some Commodities

RANGOON — The Central Bank of Myanmar will allow the unrestricted sale of foreign currencies at official rates to importers of edible oil, fuel and cement, rolling back a policy that had limited withdrawals in an apparent bid to ward off supply shortages and a rise in the commodities’ prices. The state-run Global New Light […]

Mobile inspection teams to monitor commercial hubs

To tackle illegal trade, mobile inspection teams will keep a close watch on commercial hubs like Mandalay International Airport, Ayeyawady River, Mandalay’s Gaw Wein Jetty and border gates in Myawady, according to the Central Committee for Fighting Contraband. Since the formation of the committee in December 2012, there has been a drop in revenue lost […]

Foreign trade to increase to US$35 billion this year

Myanmar aims to raise its foreign trade volume by US$10 billion during the current 2014-15 fiscal year, according to the Ministry of Commerce. Myanmar’s foreign trade volume gone has from US$15 billion to US$25 billion in three years. “We intend to increase it to US$35 billion this fiscal year,” said Minister of Commerce Win Myint. […]