Weekly Business News from Myanmar

Myanmar Economic Bank granted loans to rubber processing plants in Mon State in order to produce higher quality rubber
Myanmar Economic Bank has granted loans to rubber processing plants in Mon State, in line with the recommendation from the Mon State Government, according to Rubber Entrepreneur Association. The bank has formed a committee for loans in order to provide financial services to rubber processing plants so that they can produce higher quality rubber. “Loans are granted depending on the plants. Around 30 enterprises have applied for loans, and ten of them have received loans. The rest will get loans if they meet the requirements,’’ said Ko Chan Aye Aung, Joint Secretary of the association.
Tourism authorities plan to add Kyaukka village to the list of tourist destinations in the Myeik archipelago
Tourism authorities are working on a plan to add Kyaukka Village to the list of tourist destinations in the Myeik archipelago, according to the Myeik Tourism Entrepreneurs’ Association. Located in Palaw Township of Myeik District in Taninthayi Region, Kyaukka Village is situated on an island in the shape of a crab’s pincers. The village has over 1,000 households and a population of 4,470 people. The villagers have built houses on stilts over the water, and rely mainly on fishing. Tourism authorities are making arrangements to develop the village into a tourist spot, as it has great potential to attract both local and international visitors, the association said. Currently, operators are offering two main tour packages in the Myeik archipelago, which include trips to the Donnyaunmine Village and Samat island.
E-commerce in Myanmar expected to develop fast in next five years as legislation on the back of growth potential
E-commerce in Myanmar is expected to develop fast over the next five years, when legislation governing the industry is targeted to come into force. “Despite being left behind, Myanmar has mostly leapfrogged the era of shopping malls and other modern trade platforms into the digital age. In Myanmar, the modern retail trade will expand according to GDP but e-commerce will grow exponentially,” said Daw Win Win Tint, chair of the Myanmar Retailers Association. Things could develop even faster if the forthcoming legislation is aligned with the ASEAN e-commerce agreement signed in Singapore on November 12. The agreement, finalised after nine rounds of negotiations which started last June, aims to facilitate cross-border e-commerce transactions and foster greater regional growth, said Chan Chun Sing, Singapore Minister of Trade and Industry.
Daw Aung San Suu Kyi sought to drum up foreign investors to interest in Myanmar
State Counsellor Daw Aung San Suu Kyi in Singapore yesterday sought to drum up investor interest in Myanmar, couching the country’s economy as “Southeast Asia’s final frontier market with innumerable investment opportunities.” Daw Aung San Suu Kyi was delivering her keynote speech at the 2018 ASEAN Business and Investment Summit in the city state, where ministers from 16 Asia-Pacific countries, including Japan, China and India, also began talks to reach an agreement on key parts of the Regional Comprehensive Economic Partnership (RCEP) free-trade pact before the year end. Daw Aung San Suu Kyi invited businesses across ASEAN to invest responsibly in Myanmar’s priority sectors, including agriculture and its related services.
Japan- Thailand Joint Venture negotiation with Myanmar government is still ongoing for the establishment of a liquefied natural gas (LNG) plant capable of generating 399 megawatts near Yangon River in southern Dala Township
YANGON, Oct. 30 -- A Japan-Thailand joint venture is negotiating with the Myanmar government over establishing a liquified natural gas (LNG) plant capable of generating 388 megawatts, the official Global New Light of Myanmar reported Tuesday. Under the project worth of 350 million U.S. dollars, the joint venture TTCL Public Company Ltd will build a combined cycle power plant in the compound of Yangon's Ahlone Power Plant and an LNG terminal near Yangon River in southern Dala township, an official of the TTCL said.
National Capacity Building Workshop on Women Entrepreneurs in Myanmar took place in Yangon to enhance understanding of the challenges faced by women entrepreneurs and possible solutions
“Strengthening Women’s Entrepreneurship in ASEAN” National Capacity Building workshop was held on Monday at Department of DME Development, Ministry of Industry in Yangon. The Ministry of Industry in partnership with the Organization for Economic Co-operation and Development (OECD) and United Nations Industrial Development Organization (UNIDO) organized the national workshop on Women Entrepreneur in Myanmar. Director General, Ministry Of Industry, Aye Aye Win said “Within the country, if we look into the working age ranged 16 to 64, women’s participation in the market is over 40%. However, the percentage which got into international market is only around 10-15%. There are too many smart women in the country; off course there is other who wants to stay simple quite life like public servant. 97%of women out there are doing small business like sewing, making handicrafts and so on. For them to become the strong women, we make this workshop.”
Asia Green Development Bank (AGD) became the first bank in Myanmar to accept smart payment card transactions, or EMV-based Union Pay card transactions in its ATMs across the country
ASIA Green Development Bank has become the first bank in Myanmar to accept EMV-based Union Pay card transactions in its ATMs across the country. In an exclusive interview, the bank said that this is a core part of the bank’s wide-ranging efforts to go cashless and ride on the wave of digitalisation seen elsewhere in the world. In turn, this will provide a safer and more secure financial infrastructure for customers. The bank now accepts EMV-based UnionPay chip card transactions in all its ATMs, becoming the first bank in Myanmar to offer the service. AGD Bank, UnionPay International, Diebold Nixdorf and its local partners, ACE Data Systems, and Myanmar Golden Rock are working together to deliver this new arrangement.
KM Terminal & Logistics Ltd (KM) and Resource Group (RG) opened Myanmar’s first two separate dry port projects in Ywar Thar Gyi, Yangon for business
KM Terminal & Logistics Ltd (KM) and Resource Group (RG) officially opened two separate dry port projects in Ywar Thar Gyi, Yangon yesterday. A dry port is an inland intermodal terminal directly connected by road or rail. Freight trains will run from Ywar Thargyi to a second dry port in Myit Nge, Mandalay, which KM will also own and operate. The company said it invested over US$50 million (K78 billion) in both ports. KM is joint venture company that is 70 percent owned by Kerry Logistics and 30pc owned by Mother Logistics, its local partner.
Kachin Government authorities allotted 15 small-scale mining blocks across Kachin State except for Putao District and Tanaing Region
Small-scale mining blocks have been allotted across Kachin State except for Putao District and Tanaing region, according to sources from the state government. A government committee for allotting mining blocks recently held a meeting and decided to allot gold mining blocks in the four districts of the state except Putao District and Tanaing region where survey has not been carried out.
Union Minister for Natural Resources and Environmental Conservation inspected Yadana offshore gas field in the Andaman Sea
Union Minister for Natural Resources and Environmental Conservation U Ohn Win, and Union Minister for Electric and Energy U Win Khaing, inspected the Yadana Off Shore gas field in the Andaman Sea yesterday, and called for operating the gas field without damaging the environment. Also, the two union ministers heard a report about distribution of gas and environmental conservation by officials of the offshore gas field project, as well as from the Managing Director of the Myanma Oil and Gas Enterprise U Myo Myint Oo. Located in the M5 and M6 blocks in the Andaman sea, the Yadana gas field is some 60km offshore from the nearest landfall in Myanmar.