World Bank Pledges Ongoing Development Support for Burma

RANGOON — The World Bank’s vice president for East Asia and the Pacific pledged to continue development support for Burma, according to a statement released on Monday following a meeting in Naypyidaw with Aung San Suu Kyi. In the statement, Axel van Trotsenburg reaffirmed the World Bank’s strong partnership with Burma as it endeavors to […]

All work and no play: Myanmar’s children prop up economy

Twelve-year-old Myat Noe dashes between tables taking orders and sweeping up cigarette butts, working for around a dollar a day in Myanmar, which has one of the worst records for child labour in the world. There are millions like Myat Noe — child workers are widely accepted in the former junta-ruled nation — who prop […]

Parliament rejects 200% tax increase on tobacco and alcohol

NAY PYI TAW—The Union Parliament on Monday (March 10) rejected a private member’s bill that proposed a 200 percent tax increase on tobacco products and alcoholic beverages. Members of parliament voted instead to maintain the current “vice tax” rates. Myanmar currently imposes a 100-percent tax on cigarettes and a 50-percent tax on other tobacco products […]

Investment Commission Could Have Wings Clipped

The Myanmar Investment Commission (MIC), the body that vets would-be foreign investors into Burma, could have its discretionary powers curbed as part of a review of investment policy being undertaken by the Burma government and the Organization for Economic Co-operation and Development (OECD). Dr Khin San Yee, Burma’s Deputy Minister of National Planning and Economic […]

Presidential office reforms new investment commission

The Presidential office of Myanmar has reformed a new Myanmar Investment Commission by issuing notification number 42/2013 on May 3. An 11-member commission was reformed with Win Shein as chairman, Dr. Kan Zaw as secretary, Thuya Thaung Lwin as joint secretary and Win Tun, Zayar Aung, Dr. Tun Shin, Dr. Aung Tun Thet, Nyunt Tin, […]

President makes MIC Chairman accountable for not following rules set by Parliament

Myanmar Investment Commission’s Chairman Soe Thein who is also the union minister for the Presidential Office of Myanmar has effectively been replaced with the union minister Win Shein of the Finance and Revenue Ministry, sources say. The change of chairmanship has been made because of criticism over the recent work of the commission. So far […]