Weekly Business News from Myanmar

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  Myanmar signs MoUs with Japan for developing the livestock and fisheries sector and rural development projects in Chin State and Kachin State

  Myanmar and Japan have signed three memoranda of understanding on the provision of Japanese financial assistance on Wednesday the Global New Light of Myanmar reported on 17 September.
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  Investors in the cancelled Dagon City 1 will be given alternative sites instead: Director General of Myanmar Investment Commission (MIC)

  Director General of Myanmar Investment Commission (MIC) U AungNaingOo said that investors in the cancelled Dagon City 1 Project will be given alternative sites instead. “The announcement by the President also said that the investors shall be given alternative sites. Consequently these investors were told to look for other areas as an alternative. There is no time limit but this issue should be resolved by this year’s end,” U AungNaingOo said.
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  Myanmar's export volume was USD 4.6 billion in this fiscal year as of 4 September, down by around USD 200 million compared to last year

  Export volumes have fallen this year compared to the same period last year, but the government will still hit its target in kyat terms due to weakness in the local currency. This fiscal year until September 4, exports were worth US$4.6 billion – down by around $200 million compared to last year, while total trade volume is $11.7 billion according to figures from the Ministry of Commerce.
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  Myanmar Government and the Asian Development Bank (ADB) sign a framework agreement that will allow ADB to expand its Trade Finance Program (TFP) into Myanmar

  The Government of Myanmar and the Asian Development Bank (ADB) signed a framework agreement that will allow ADB to expand its Trade Finance Program (TFP) into Myanmar according an ADB statement on 9 September.
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  An official agreement for the construction of second Thai-Myanmar bridge signed

  Transport Minister ArkhomTermpittayapaisith signed an official agreement on Thursday for the construction of a second Thai-Myanmar bridge across the Moei River from Mae Sot district of Tak province.
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  Survey for NgweSaung beach area development project has been completed and a plan will be proposed to parliament

  “Planning is in progress after data collection and the estimated period of the project would be 20 years. After the planning is completed it will be made known to the people and all the businesses. Achieving an agreement between businesses and the government will be the first priority,” said one of the directors from the Ministry of Hotel and Tourism.
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  Hundreds of workers in Yangon were sacked and some factories stop providing free transport and overtime payments as the consequence of introduction of a national minimum wage

  The introduction of a national minimum wage on 28 August has resulted in hundreds of workers losing their jobs in the commercial capital of Yangon, claims the Federation of Trade Unions Myanmar (FTUM) the Global New Light of Myanmar reported on 7 September.
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  Kyah State tourism plan solidifies

  The Committee for Development for Tourism in Kayah State has finished a detailed plan to improve tourism in Myanmar’s eastern state. “The survey started in February and lasted for six months. In the survey, we reviewed the training courses for tourism service, communication and transport from all aspects. There is also some information on how to connect the local products for tourists and cultural heritage in the survey,” U AungSoe, president of the Committee for Development of Tourism in Kayah State, told Myanmar Business Today.
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  Myanmar has received USD 2.6 billion of foreign direct investment in the first four months of this fiscal year

  The amount of foreign investment in the first four months of this fiscal year 2015-16 stands at $2.6 billion, according to the Myanmar Investment Commission (MIC). The amount of investment is more than three times the $0.7 billion invested in the same period of the 2014-15 fiscal year.
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  Five companies have been chosen to import buses for the BRT lite system

  Five companies have been chosen to import buses for the BRT lite system, according to U MaungAung, chair of the BRT lite committee. Authorities hope the BRT lite plan will bring order out of the near-chaos of Yangon’s multiple privately owned buses in competition with each other. Plans call for a November launch for system.