ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  According to the experts, Myanmar will take at least five more years for society to make electronic payments, i.e. to go cashless, across the country

  According to the experts, Myanmar will take at least five more years for society to make electronic payments, i.e. to go cashless, across the country
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  Myanmar tourism authorities are working to open a new tourist information counter in Magway Region to provide travel relevant information in Myanmar to travelers

  TOURISM authorities are now working to open a new tourist information counter, where travellers can acquire information about destinations they want to visit, within the precincts of Myathalun Pagoda, one of the well-known tourist attractions in Magway Region, the region’s Directorate of Hotels and Tourism reported. U Myint Sein, head of the department, said that there is a directive to open tourist information counters in each region and state. Currently, information counters are opened only in Yangon, Mandalay, Bagan and Inlay areas, where a lot of foreign visitors can be found. The regional directorate submitted a proposal to respective authorities to request a place to open a new information counter in Magway Region, and is now planning to submit a budget request for the project.
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  One Stop Centres will be opened in Kawthaung and Ranaung to give training and awareness courses to Myanmar workers before they go to work in Thailand's fishery industry

  For sending Myanmar workers to work at the fishery industry of Thailand, two One Stop Centers will be opened in Kawthaung and Ranaung according to Ministry of Labour, Immigration and Population on September 5. Thailand Minister for Labour visited Myanmar during August and invited more than 60,000 Myanmar workers to work at the fishery industry in Thailand legally. According to that invitation, before working at the fishery industry in Thailand, training and aware courses will be given. Therefore two One Stop Centers will be opened in Kawthaung in Myanmar and Ranaung in Thailand.
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  Buyers have the upper hand in beleaguered condo market in Myanmar and are looking beyond location and price

  The Myanmar condominium market has developed considerably on the back of changing demand trends in recent years. These days, buyers are looking beyond location and price. They’re now taking size, nearby amenities and resale value into account when purchasing a new condo. The evolving trends could jumpstart growth in the ailing condo market and mark a turn in the residential property cycle. Before 2010, properties were categorised as condominiums if they were between 2,000 sq m and 2,500 sq m in size and had a minimum of three bedrooms. Demand has changed since then, and new condo developments now come equipped with additional sports and recreational facilities as well as security. More recently, condos are being included as part of mixed development projects. One example is the Golden City project in Yankin township comprising condos and office units as well as an upcoming shopping mall and hotel which will be complete next year. By incorporating condominium units as part of the project, its developer, Golden Land Real Estate Development Company, is able to secure better residential demand from foreign tenants occupying the office blocks who want to live close to their workplace. These include CITIC and potentially, the Bank of China.
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  European Chamber of Commerce in Myanmar is conducting its third annual business confidence survey with the aim to improve the business climate in Myanmar for international investors

  The Yangon-headquartered European Chamber of Commerce in Myanmar is conducting its third annual business confidence survey and kindly asks for the contribution of European companies active in the country. The feedback will be of crucial support in EuroCham’s efforts to improve the business climate in Myanmar for international investors. The survey is a highly important tool to obtain valuable market data and has been endorsed by the European Commission. The survey aims to monitor economic developments and create a more transparent business environment in Myanmar. By creating factual data, EuroCham Myanmar endeavours to advocate the desires of European companies towards the governing entities. The conclusions of the report will be publicly shared to all European businesses in the country and EuroCham ensures complete confidentiality to all survey respondents.
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  Myanmar had “total underestimated” the impact of the Rakhine crisis on the economy and Foreign Direct Investment (FDI)

  SINGAPORE—A Myanmar foreign investment official said on Wednesday he “totally underestimated” the economic damage of the Rohingya crisis, adding that the outcry over the jailing of two Reuters reporters would also have some impact on his country’s reputation. Asked at an investor forum in Singapore what impact the crisis had on Myanmar’s economy and investment, the director general of the Directorate of Investment and Company Administration (DICA), which promotes private sector development and investment, said previously the government had been able to control outbreaks of communal tension. But the crisis in Rakhine State was different. “I totally underestimated,” the official, U Aung Naing Oo, told the forum, referring to the impact of an eruption of violence in 2016, which snowballed in 2017. “But after two years … now you can see that FDI in Myanmar is heading down, it is declining,” he said, referring to foreign direct investment, though adding that he was confident the government could stabilize the situation.
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  Yoma Bank, one of the largest private bank in Myanmar plans to tap digital banking in Myanmar in order to make banking accessible and easier for everyone to enjoy digital banking

  YOMA BANK, one of the largest private banks in Myanmar, plans to focus on providing digital products to millions of people in Myanmar , according to Hal Bosher, the bank’s chief executive officer. Bosher said in an exclusive interview that digital products would allow the bank to serve the country better, making banking accessible and easier for everyone. “Many Myanmar people do not enjoy banking, so our goal is to make them enjoy. As we believe convenience is important, the best way to provide quality services that are convenient for everyone is digital banking,” he said. “We are looking at ways to provide digital credit. If you are going to bank through your mobile phone, it is very easy to borrow money. We are going to provide digital credit to allow our customers access to short-term credit facilities.”
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  Business groups in Myanmar are furious about the introduction of jail term in the Labour Dispute Settlement Law, which is expected to deter foreign investment

  Business groups are furious about a move to introduce jail terms for violations of a labour dispute settlement law, but lawmakers and trade unions say it is the only way to ensure compliance. BUSINESS LEADERS and the International Labour Organization have criticised proposed changes to a labour law that could see employers and workers jailed for even minor violations, such as failing to attend arbitration hearings. Lawmakers and labour groups have said the changes to the Settlement of Labour Disputes Law are necessary because the weak penalties in the law encourage employers to ignore labour council rulings. Businesses, however, have warned that the changes could deter foreign investment. The amendment bill proposes prison terms of up to six months for employers and a month for employees, as well as raising the minimum fine for some offences to K10 million. The current minimum penalty for violations ranges from K500,000 to K1 million depending on the nature of the offence.
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  Japan International Cooperation Agency (JICA) plans to offer two-step loan of 11.5 billion yen for 2018- 2019 fiscal year in order to help Myanmar SME sector development in states and regions

  Japan International Cooperation Agency (JICA) will plan to offer two-step loan of 11.5 billion yen (about Ks151.6 billion) for next fiscal year 2018-2019, state media has reported. At the 9th day meeting of the seven regular the session of Second Pyidaungsu Hluttaw held on 22 February, 14.9 billion yen was approved for JICA SME two-step loan phase-2. The loan agreement was signed on 29 March. To implement this phase-2, Myanmar Citizens Bank, Kanbawza, Myanma Economic Bank, Myanmar Cooperative Bank, Ayeyawady Bank, Myanmar First Private Bank and United Amara Bank were selected as Participating Financial Institutions (PFIs), according to a working committee for loan access held on 2 August at the Ministry of Planning and Finance.
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  Anti-Illicit Trade Forum was held in Nay Pyi Taw to resolve illicit trade in Myanmar, which has a negative impact on the economy, environment and society, and leads to loss of tax revenue

  The Anti-Illicit Trade Forum was held at the M Gallery Hotel in Nay Pyi Taw yesterday morning. Speaking at the opening ceremony of the forum, Anti-Corruption Commission Chairman U Aung Kyi called on participants of the forum for seeking ways for solving illicit trading in Myanmar. The forum was also attended by officials from Euro Cham Myanmar, local business persons, officials from international organizations and anti-illicit trade field experts. Executive Director from Euro Cham Myanmar, Mr. Filip Lauwerysen briefed about impacts of the illicit trade across the world and introduced facts to be taken into account by a government when it lays down policies on fighting the illicit trade. Next, Anti-Corruption Commission Chairman U Aung Kyi said massive potential tax revenue loss is caused by illicit trade which negatively impacts the economy, natural environment and society and the illicit trade cannot be easily controlled under law as it is operated by illegal groups.