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The 2nd meeting on the Investment Promotion Committee (IPC) was held in Nay Pyi Taw to discuss policies and procedures on investments in Myanmar
The Investment Promotion Committee (IPC) held its 2nd meeting in Nay Pyi Taw, Thursday. The meeting aimed to discuss policies and procedures on investments, measures on basic infrastructure development, systems relating to the businesses, measures on development of local businesses and human resources development for boosting the country’s investment sector. Union Minister for Investment and Foreign Economic Relations and Chairman of the Myanmar Investment Commission (MIC) U Thaung Tun gave an opening remark at the meeting. At the evening the Union Minister highlighted on drafting polices and systems relating to the investment based on Myanmar Sustainable Development Plan (MSDP) and Myanmar Investment Promotion Plan (MIPP) for the country development. The investment promotion plans are being drafted in Regions and States based on their strength and challenges. The Union Minister added that based on the plans, boosting productivity of the State will be carried out and the small scale enterprises need to prioritize on manufacturing of sufficient products that are requirement for the State and exporting the products. -
Hong Kong based companies invested USD $ 276.98 million in Myanmar in October the first month of current fiscal year
Three Hong Kong-based companies pumped in US$276.98 million into Myanmar in October, the first month of the current financial year, according to the Directorate of Investment and Company Administration (DICA), state media reported. Hong Kong topped the list of investors in October and was followed by China, which invested an estimated $8.66 million in four projects. Foreign direct investment (FDI) of $292.128 flowed into Myanmar in October. -
Local startup, HydroPlant will provide technological solutions to optimise agriculture yields in Shan State
AEG Agriculture, which grows maize and HydroPlant, a local startup which provides technological solutions to the agriculture industry, signed a memorandum of understanding (MoU) to cooperate during the Shan State Investment Fair on Tuesday. Using its smart precision systems, HydroPlant will provide vital information on the weather, soil conditions and other necessary details vital for cultivation to AEG Agriculture. The smart precision systems offer information that farmers need via a smartphone, including an automatic control system. For example, a machine measures the required temperature and humidity of a crop, which can be monitored via a smartphone. This agreement to use technology in agriculture is the first of its kind in Shan State, said U Htet Aung Hlaing, CEO of HydroPlant. -
"Scaling your business: Grow-Connect-Leverage Business Success" conference urged Myanmar businesses to scale up, re skill workforce to succeed the global marketplace
Businesses need to develop a scaling-up strategy and reskill their workforce in order to succeed in today’s global marketplace, according to speakers at a recent conference titled “Scaling Your Business: Grow-Connect-Leverage Business Success”. Organized by Bangkok-based executive, leadership and innovation education center SEAC (Southeast Asia Center), the November 15 event at the Melia Yangon Hotel was attended by more than 400 local business leaders from top companies across various industries. “Businesses in Myanmar are facing a myriad of challenges. Even when many businesses have been growing, they have also reached the stage where growth may not be enough,” said SEAC’s Chief Capability Officer and Managing Director Arinya Talerngsri and Chief Learning Architect James R. Engel during the opening ceremony. -
ASEAN Insurance Council meeting was held in Nay Pyi Taw to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region
45th ASEAN Insurance Council (AIC) Meeting is being held in Nay Pyi Taw on Tuesday. The meeting was organized by the Financial Regulatory Department under the Ministry of Planning and Finance. The meeting aims to help discern a valuable platform for ASEAN insurance regulators, to exchange views on key developments and to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region. Managing Director, Myanma Insurance, Dr. Sandar Oo said “The meeting discusses the matters relating to insurance sector from respective countries. It mainly includes transnational motor insurance and conducting capacity building training by ASEAN Insurance Education Committee (AIEC). We will implement for it by laying down ASEAN Insurance Education Road Map. We will also discussed about re-insurance process which need collective implementation by the respective countries. We will also find ways to relieve damages caused by natural disasters through insurance process.” -
Myanmar and France discussed economic cooperation in several sectors such as electricity, energy, oil and gas, water resources and environment management
Myanmar discussed with French cooperation in the sectors of electricity, energy, oil and gas, water resources and environmental management, according to the Ministry of Investment and Foreign Economic Relations. The discussion was made during a meeting between a Myanmar delegation led by Union Minister Thaung Tun and French businesspersons held in Paris on November 18 and 19. The minister invited French companies as Myanmar welcomes responsible investment, expressing the country's cooperation with France in the sectors of electricity, energy, oil and gas, water resources and environmental management. The discussion also included investment opportunities and prioritized sectors in Myanmar. -
Shan State Government invited more local and foreign investors for agricultural sector rather than other sectors
Myanmar Investment Commission (MIC) Chair U Thaung Tun is urging get more local and foreign investments be made in the agricultural sector of Shan State. U Thaung Tun said this at the Shan State Investment Fair in Taunggyi, Shan State on November 26. During the event MIC and the Shan State government invited foreign investors to consider the state’s agricultural sector rather than other sectors. “I want to invite investors mainly for Shan State’s agricultural sector. Shan is a state that has good potential for agricultural businesses. We hope to create more sustainable agricultural businesses in the state. Our country is also seeking equal development of agricultural, livestock and industrial sectors,” said U Thaung Tun. -
The Central Bank of Myanmar (CBM) attempted to shrink the volume of illegal money transfer between Myanmar and its neighboring countries
In an attempt to shrink the volume of illegal money transfers between Myanmar and its neighbours, the Central Bank of Myanmar (CBM) last week announced the availability of official remittance licences. The move, which commenced on November 15, is aimed at facilitating the legal movement of money by traders and migrant workers based overseas into Myanmar and encourage official remittance businesses to emerge, the CBM said. But banking experts questions its effectiveness in checking widespread illegal Hundi operations, which tap a vast network of traders stationed across borders to bring the money into the country. For the first six months of the year, a total of 556,148 Myanmar migrant workers remitted US$526.7 million to their families in Myanmar, according to the Department of Labour. -
Ministry of Agriculture, Livestock and Irrigation signed Record of Discussion (ROD) for project for SAEM in Nay Pyi Taw
The Record of Discussion signing ceremony for “The Project for Strengthening Agricultural Extension in Myanmar (SAEM)” was held between Department of Agriculture and Korea International Cooperation Agency-KOICA at the head office of the DOA, Ministry of Agriculture, Livestock and Irrigation on 19 November. During the ceremony, Dr. Ye Tint Tun, Director-General, Department of Agriculture and Ms. Lee Youn Soo (Chief Representative, KOICA Myanmar office) delivered the general information on the said Project and they continued with the singing of ROD between each other. -
Chinese government is planning to build vital trade and logistics links with Myanmar along the Ayeyarwady River for economic corridor
China is planning to build vital trade and logistics links with Myanmar along the Ayeyarwady River as part of the China-Myanmar Economic Corridor (CMEC) to bypass poor road infrastructure. Proposed by China in November 2017 as part of its global Belt and Road Initiative, the CMEC is expected to connect China’s Yunnan Province with Mandalay in central Myanmar before branching southeast to Yangon and southwest to Rakhine. The Chinese have commenced feasibility studies on a road and river route linking Kunming to Mandalay and Yangon via the Ayeyarwady, said President of China Kunming South Asia & Southeast Asia International Logistics Research Institute Liu Jinxin during a forum in Yangon this month.
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