Weekly Business News from Myanmar

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  No slowdown in foreign investment in Myanmar : Secretary General of Myanmar Investment Commission

  The figures go some way to proving it. The MIC has approved 127 projects this year, 10 more than in the same period last year. Total pledged FDI to end-October has dropped slightly to $3.7 billion from $4.1 billion, though 55 more projects are awaiting approval. “It’s not a slowdown,” he said. “I’m quite sure we will meet the target.”
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  Uncertainty regarding the national elections on November 8 has caused many business decisions to be put off later in the year: Vice Chairman of UMFCCI

  DrMyoThet, vice-chairman of UMFCCI said, “Everything depends on the results of the election. If the country goes forward and forms a new government peacefully, the country's economic situation will be good. Business leaders are hesitant to invest now, but can make informed decisions at that time. We can’t predict the country's situation even a few weeks into the future, as so many things depend on the results of the election.”
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  Thai businesses should take a more aggressive approach to penetrating Myanmar before other investors get too far ahead: Thai Ambassador to Myanmar

  Although Thailand and Myanmar are neighbours, Thai investment in the country remains small with fresh investment pouring in at slower pace compared with other countries.
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  Myanmar's largest event organizer Index Creative Village Plc to form a joint venture with two foreign partners to expand its lifestyle business in Myanmar next year

  Index Creative Village Plc, the country's largest event organiser, will form a joint venture with two foreign partners to expand its lifestyle business in Myanmar next year. The move aims at doubling revenue in Myanmar and lifting the group's lifestyle business contribution to 15% of the total in the next two to three years from the current 7%. "We're talking with two potential partners and if the deal is concluded, the three parties will inject 100 million baht into the new venture," said Kriengkrai Kanjanapokin, Index's co-CEO.
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  As rivalry in the banking sector heats up, several lenders in Myanmar are reporting falling profits

  As rivalry in the banking sector heats up, several lenders are reporting falling profits. In an attempt to lure customers over the past year, banks have fiercely competed in several areas including remittance fees and deposit rates. Public companies including Global Treasure Bank (formerly under the Ministry of Livestock, Fisheries and Rural Development) and Asia Green Development Bank say that margins are being squeezed.
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  Upper Belu Creek hydropower project in Shan State to resume with completion slated for 2018

  A hydropower project in Shan State which has been on hold for two years will resume with completion slated for 2018. New Power Oasis Development signed a build, operate, transfer contract in 2011 to develop the Upper Belu Creek Hydropower Project.
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  China Myanmar trade booming

  Myanmar-China Trade and Investment Cooperation Forum in Yangon on October 22. According to Yang Xiuping, secretary general of the Asean-China centre, operations worth US$12.2 billion have been completed out of the projected US$18.5 billion.
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  EU-Myanmar trade grows despite restrictions

  The Ministry of Commerce has reported that within six months of the 2015-16 fiscal year, around US$325 million worth of trade occurred between Myanmar and the European Union (EU). Up until September, imports from the EU reached US$185 million while exports to the EU were US$143 million.
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  Asia Green Development Bank is preparing to launch an Initial Public Offering (IPO), on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year

  Asia Green Development Bank is preparing to launch an initial public offering, or IPO, on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year. The bank’s net profit was K112.6 million for the 2014-15 fiscal year, far lower than K9.6 billion the previous year, officials said at the fifth annual meeting on October 24. Chair U Than Ye said that as competition in the industry had increased, banks had raised deposit rates and reduced remittance charges.
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  Live cattle top Myawaddy export list

  OF the nearly 40 billion baht (US$1.1 billion) worth of trade that passed through the Mae Sot and Myawaddy border posts last fiscal year, about 90 percent, or 36 billion baht worth, represents exports from Thailand to Myanmar, according to Thai statistics. The Thai fiscal year runs from October 1 to September 30.