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Private investors expressed their interest in Myanmar’s digital economy, which is expected to have the highest increase in smart phones in the region in the next few years
Investor interest in Southeast Asia’s digital and technology start-ups has been on the rise of late, with private equity firm Belt Road Capital Management (BRCM) injecting A$2.25 million in Digital Classifieds Group (DCG), an online classifieds business, on Thursday. Although based in Australia, DCG has launched online portals in countries such as Cambodia, where it owns the real estate portal www.realestate.com.kh as well as leading general classifieds websites in Laos, www.yula.la. In a statement, DCG CEO Mathew Care said the company’s major investments in its technology and core human resources had seen increased investor interest in recent funding rounds. “We are presently reviewing a range of expansion opportunities, particularly in Southeast Asia, where we have seen a tremendous surge in internet penetration and rapid urbanisation,” Mr Care said, adding that the initial approach from BRCM was unsolicited. -
Despite the slow pace of economic reforms and a drop in investors’ confidence, the Myanmar economy is expected to gain momentum in the near and medium term
The economy of Myanmar is set to continue gaining momentum in the near and medium term while the slow pace of economic reforms has led to a drop of investor confidence, according to the Oxford Business Group. This growth is anticipated to take place despite concerns over the slow pace of economic reforms and the Rakhine crisis. The International Monetary Fund (IMF) released a forecast in November that the country’s economy is expected to grow by 6.7 percent in this current fiscal year, which lasts until March. The figure is considerably above the 5.9pc growth secured in the preceding fiscal year, and well above the IMF’s prediction of 5.1pc expansion across Southeast Asia in 2017. -
To promote the role of the private sector and foreign investment, Myanma Foreign Trade Bank (MFTB) expands financial services
The Myanma Foreign Trade Bank (NFTB) provides international banking services for the State as well as for the private sector, co-operatives and, joint ventures in Myanmar. Besides international banking services, the MFTB offers additional monetary services for Myanmar currency banking sectors. The MFTB conducts domestic and external trade, promoting the role of the private sector and promoting foreign investments. -
Myanmar authorities explore sustainable tourism and development plan to create new tourism routes and attractions with its abundant natural resources
Myanmar's Second Vice President U Henry Van Thio recently called for exploring sustainable tourism development plan, stressing the need to create new tourism routes and attractions and to combine innovation with its abundant natural resources to create more choice for tourists. U Henry Van Thio, who is also Chairman of the Central Committee for the Development of the Natural Tourism Industry, urged for laying down systematic plan for developing the tourism sector. "Despite the abundance of natural scenery and tourist attractions, the number of visitors to Myanmar still remained below expectation," he said. While promoting Myanmar to the world as a place of interest, he emphasized the need to provide convenient and safe services and safe food to visitors. He highlighted the points including the availability of visa-on-arrival, direct international flights and visa-free entry to nationals of targeted countries. -
Ministry of Electricity and Energy (MOEE) pledged to provide an additional 3,600 megawatts of electricity within the next four years
The Ministry of Electricity and Energy (MOEE) has pledged to provide an additional 3,600 megawatts of electricity within the next four years, Deputy Minister Dr. Tun Naing said in Parliament Monday. The announcement comes after an MOEE study revealed that electricity consumption in Myanmar is expected to reach 5,774MW by 2021-22 from 3,189MW in 2017-18. Between 2010 and 2017, demand for electricity rose by 16 percent on average per year, the study also showed. To achieve that target, power from some 500 new transmission lines and substations across the country will be tapped. These include power generated by several projects targeted to be completed in 2018-19, such as the 4 MW Yarzagyo hydro power plant, 40 MW Minbu solar power plant, 118.9 MW Thaton gas power plant, 106 MW Thaketa gas power plant and 225 MW Myingyan gas power plant. -
Government plans to become an agriculture-based industrial nation by providing loans worth 700 billion kyat for SMEs in agriculture, as well as construction and other sectors
Myanmar must become an agriculture-based industrial nation, said Union Minister For Planning and Finance Kyaw Win. The union minister made the comment at a recent meeting held in Nay Pyi Taw, the official capital of Myanmar. The meeting focused on financial businesses and technology management for development of small and medium enterprises (SMEs) that are important for the speedy economic development of the country. Kyaw Win said that local SMEs are currently weak in competency compared to rivals in neighbouring countries and are being encouraged by the government to export rather than import. -
In collaboration with International Finance Corporation (IFC), Myanmar regulators are benchmarking the corporate governance practices of Myanmar firms against international standards to promote improvements
IFC, a member of the World Bank Group, is working with Myanmar regulators to benchmark the corporate governance practices of Myanmar companies against international standards to help them improve performance, according to a statement. Numerous studies show that stronger governance helps companies operate more efficiently and manage risks better. In cooperation with the Securities and Exchange Commission of Myanmar (SECM), the Yangon Stock Exchange (YSX), and the Directorate of Investment and Company Administration (DICA), IFC is hosting a two-day workshop that began on the 16 January in Yangon for dozens of Myanmar companies to learn about the importance of corporate governance and best practices. At the workshop, IFC experts lead participants in evaluating the corporate governance practices of listed Myanmar companies as examples. The assessment is based on the Association of Southeast Asian Nations (ASEAN) Corporate Governance Scorecard – the regional benchmark of best practices; company performance is rated on various areas such as equitable treatment of shareholders, responsibilities of the board, and disclosure and transparency. -
To promote the garment sector and increase exports of the highest quality to the international market, the government and Myanmar Garment Entrepreneurs' Association set a 10 year strategy
Myanmar exported US$1.86 billion (2.51 trillion kyat) worth of products from garment factories operating under the “cut-make-pack” (CMP) system as of the first week of January in fiscal year 2017-2018, according to the Ministry of Commerce. The number represents a more than $568 million increase over exports for the same period last fiscal year, said Assistant Secretary Khin Maung Lwin of the ministry. The ministry has made garment exports their top priority and is working with the Myanmar Garment Entrepreneurs’ Association to set a 10-year strategy to promote the sector and increase exports of the highest quality garment products to the international market, said Aung Htoo, deputy minister for commerce. For over 20 years, Myanmar’s garment industry has been based on the CMP system. Efforts to shift more toward the higher value-added “free-on-board” (FOB) approach have not met with much success. -
Tanintharyi region authorities and locals are eager to welcome investment in electricity and any bid to boost access to electricity
PEOPLE’S thirst for electricity would create a lot of opportunities for investors to do business in Myanmar’s Tanintharyi region bordering Kanchanaburi Province. KyawKyaw Win, a small-scale food manufacturer living in Dawei, the capital of the region, said locals were eager to welcome any bid to boost access to electricity by the authorities as long as it could not harm the environment and their livelihoods. “A large number of SMEs [small and medium enterprises] here are struggling to survive because the rate of electricity tariff is much higher than that of other states and regions in Myanmar,” he said. To him, residents have to pay between 200 to 1,000 kyats per unit of electricity, depending on the area they live in, which is much higher than 35 kyats per unit in Yangon and many other regions. -
Despite higher economic growth projections by the government, trading on the Yangon Stock Exchange (YSX) has dipped
The Myanmar Stock Price Index hit an all-time low at the close of trading last week, closing the second week of the year at 450.14, down by almost 5 percent during the week. Over the period, only shares of Myanmar Thilawa SEZ Holdings (MTSH) were significantly traded. The company released its results for the six months to September 30, 2017 on December 29, reporting a 36 percent year-on-year rise in revenues amounting to K8.1 billion. Despite higher revenue, earnings were down 43pc year-on-year, to K6.2 billion, due to a lower share of profits from MTSH’s other investments. Investors are looking at more growth potential ahead, though. In its report, MTSH said new streams of revenue would come from the development of Phase 1, Zone B of the SEZ this year. Management said it is confident of achieving stronger growth from the sales of industrial plots across the 100 hectare area in the coming quarters. Trading on the Yangon Stock Exchange (YSX) dipped despite higher economic growth projections by the government, announced during the week. GDP growth in Myanmar is expected to hit 6.8pc for the 2017-18 fiscal year, President U Htin Kyaw said last Tuesday.
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