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The seven companies expressed their expression of interest (EOI) in Mandalay Palace restoration
MANDALAY—Seven companies have submitted expressions of interest (EOI) to develop Mandalay Palace, the last royal palace of the last Burmese monarchy, as a historical park, according to the Mandalay regional government. EOIs were invited for submission beginning June 17 and the regional government received seven EOI applications through the first week of July. The deadline for submitting an EOI application is July 22, Mandalay Regional Planning and Finance Minister U Myat Thu told The Irrawaddy. EOIs are also welcome in the development of Inwa, or Ava, the ancient royal capital of successive Burmese kingdoms from the 14th to 19th centuries, as an archaeological park as well. Inwa is in Tada-U Township, Mandalay Region. -
Japanese corporation Fuji conducted a feasibility study on implementing production of electricity and fertilizer from the waste in Monywa
The Japanese corporation Fujita is conducting a feasibility study on implementing production of electricity and fertilizer from waste in Monywa, according to Kyaw Myo Win, chairman of Monywa Township Municipal Committee. The Osaka based Zaibatsu will provide 40 percent through its Myanmar branch while the remaining 60 percent will be provided by the regional government. "The project is in its initial stage. They are just conducting feasibility study. From waste disposal, they will produce fertilizer and then electricity," said Kyaw Myo Win, chairman of Monywa Township Municipal Committee. -
Shwebo Rice Trading Center is planning to change its corporate status to public to be on par with other trading centers in Myanmar which will help elevate the center’s presence in the international market and make easier to conduct export activities
After opening its fifth outlet in Sagaing Region, Shwebo Rice Trading Center is planning to change its corporate status to public to be on par with other trading centers in Myanmar, U Phyo Thura, vice president of the company, told The Myanmar Times on July 10. This will help elevate the center’s presence in the international market and make it easier to conduct export activities, he said. Public companies are required to obtain permission from both the Directorate of Investment and Company Administration and the Securities Exchange Commission of Myanmar before they are officially allowed to sell their shares over the counter. Unlike a private company, which has a shareholder limitation of not more than 50, there is no shareholder limit for public companies. -
The report of Myanmar Extractive Industries Transparency Initiative (MEITI) published last Thursday
The contribution of the forestry sector to GDP is 0.2% of total Myanmar GDP with over 698 billion kyats in 2014-2015 fiscal year, according to the report of Myanmar Extractive Industries Transparency Initiative (MEITI), published on Thursday. In 2015-2016 fiscal year, over 714 billion kyats have been contributed to the country GDP by the forestry sector. The annual production during 2014-2015 fiscal year was over 44,000 Hoppus tons of teak and over 620,000 Hoppus tons of hardwood. In 2015-2016 fiscal year, more than 60,000 Hoppus tons of teak and over 610,000 Hoppus tons of hardwood were produced. The reports stated that Sagaing Region has the highest harvested quantities with 47% of total teak harvest and 66% of total hardwood harvest in Myanmar and Shan State is the 2nd highest with 27% of teak and 6% of hardwood harvested. -
Denmark’s Responsible Business Fund (RBF) will provide its fourth loan, Ks 5 million for the development of Small and Medium Enterprises (SMEs) in Myanmar
Denmark’s Responsible Business Fund (RBF) will provide its fourth loan, of kr5 million ($755,925 USD, or K1.13 billion), for the development of small- to medium-sized enterprises (SMEs) in Myanmar. The RBF, which is part of the Danish Development Assistance to Myanmar, started in September 2017 with the specific goal of rendering assistance to SMEs in this country. Local SMEs that would like assistance can apply for a grant from the fund between July 1 and July 22 of this year. SMEs working in fields such as wastewater treatment projects in Yangon, energy efficiency projects in other states and regions, water use efficiency and recycling, occupational safety and health (OSH), food safety, managerial and supervisory skills, or practical and technical skills may apply for grants. -
Myanmar Government authorities are expected to receive more interested investors in insurance; banking and electricity industries to continue improving in the coming year
While the oil and gas industry has the seen the most interest from investors, banking and financial services, telecommunications and the manufacturing industries are expected to be the focus in the years ahead as the country’s economy grows. Data from the Directorate of Investment and Company Administration (DICA) shows that since 2016, the manufacturing industries and telecommunications have seen the most interest from foreign investors. DICA data showed that the manufacturing industries have seen between US$1 billion and US$2 billion in investments per year while telecommunications have received US$2 billion per year in the last three years. U Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations, is expecting investor interest in the services, manufacturing industries and telecommunications to continue improving in the coming year. -
Myanmar launched the environmental and social impact assessment (ESIA) and preliminary geological survey on Kyauk Phyu Deep-Sea Port (KPDSP) project in Kyauk Phyu
Myanmar has launched the environmental and social impact assessment (ESIA) and preliminary geological survey of Kyauk Phyu Deep-Sea Port (KPDSP) project in Kyauk Phyu, western Rakhine state, Xinhua reported. Authorized by Kyauk Phyu Deep Sea Port Special Economic Zone Management Committee (KPSEZMC), CITIC Consortium will conduct the start-up works on behalf of the project's Joint Venture incorporated in the future. -
Myanmar Investment Commission (MIC) approved five projects which will create over 530 jobs opportunities
The Myanmar Investment Commission (MIC) meeting (11 / 2019) was convened at the meeting room of the MIC on the morning of 10th July 2019 in Yangon. U Thaung Tun, Chairman of the MIC, and (9) members attended the meeting. The meeting approved five projects in the manufacturing, construction, and other services sectors. The amount of USD 93.2 million and Kyat 7,836.066 million have been approved for those projects, which will create 535 job opportunities for Myanmar citizens. -
Myanmar’s tourism expected to boost after the ancient capital Bagan inscribed on the world heritage site
Myanmar’s efforts to attract more Western tourists could soon be realised after its ancient capital Bagan was recently inscribed as a World Heritage Site, according to officials and delegates at the 43rd session of the United Nations Educational, Scientific and Cultural Organisation (Unesco)’s World Heritage Committee meeting, which is taking place in Baku of Azerbaijan. Lying on a bend of the Ayeyarwady River in the central plains of Myanmar, Bagan is home to nearly 3,600 ancient monuments, featuring an exceptional range of Buddhist art and architecture. The site’s eight components include numerous temples, stupas, monasteries and places of pilgrimage, as well as archaeological remains, frescoes and sculptures. The property bears spectacular testimony to the peak of Bagan civilisation from the 11th to 13th centuries, according to Unesco. -
Regional Government hasn’t made any decision on Malaysian proposal for “Sittwe New City” project in capital of Rakhine State
No decision has been made on a proposal by Gold Coast KTMG Development, a company with Malaysian owners, to develop a new city near Sittwe, capital of Rakhine State, says a senior minister in the state government. “We have not decided on it and there have been no detailed discussions other than the presentation of the proposal. The company needs to submit details to the Myanmar Investment Commission as this is a large project,” U Kyaw Aye Thein, the state government’s Minister of Finance, Revenue, Planning and Economy, said. Gold Coast KTMG representatives met with Rakhine State government officials in June to present the proposal on the so-called “Sittwe New City” project, to be developed on 7,000 acres of land with an estimated cost of US$38 billion.
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