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Japan – Myanmar Aung San Vocational Training Institute (JMASVTI) was opened in Singu Ward, Insein Township
YANGON- The opening ceremony of the Japan-Myanmar Aung San Vocational Training Institute (JMASVTI) was held in conjunction with the stake-driving ceremony at the institute in Singu Ward, Insein Township, Yangon, yesterday morning. The JMASVTI project is funded by the Japanese government and is being built on the grounds of the former technical high school (Aung San) and equipped with necessary apparatuses. The Japan International Cooperation Agency (JICA) had signed an agreement with Myanmar in December 2018 to establish JMASVTI. Present on the occasion were Upper House’s Deputy Speaker Aye Tha Aung, Education Minister Dr Myo Thein Gyi, Yangon Region Chief Minister Phyo Min Thein and his cabinet members, Regional Parliament Speaker Tin Maung Tun, the Japanese Ambassador, appointed officials from JICA and JMASVTI. -
Wave Money triples its annual remittance and sees better growth and potential in the mobile financial services (MFS) growth in Myanmar
Wave Money is seeing better growth and potential in the mobile financial services (MFS) space. The mobile financial services (MFS) company reported annual remittance value of K6.4 trillion for its financial year ended December 31, 2019, which is more than triple the amount remitted in the same period last year. The spike came on the back of a doubling in the number of unique customers to 17 million during the period, making it the largest MFS provider in Myanmar, the firm said. Wave Money’s agent network covers 89 percent of Myanmar. At the end of 2019, there were more than 56,000 agents across 294 out of the 330 townships nationwide. In 2019, Wave Money paid out a total of K55 billion (US$37 million) in agent commissions, which is more than double the amount it paid out the year before. -
Myanmar government added five more countries to visa-on- arrival list which effective 1 January 2020
Myanmar has eased visa regulations to draw more tourists to the country this year according to Union Minister for Hotels and Tourism U Ohn Maung, TTR Weekly reported. In a statement at the weekend, distributed by the Myanmar Tourism Federation, he noted that effective 1 January the government had introduced visa-on-arrival (VoA) for an additional five countries. -
More transparency and responsible business practices will be needed for Chinese investments deals in Myanmar
With Chinese investments in Myanmar expected to rise, more should be done to ensure transparent and responsible business practices between Chinese companies and the Myanmar government, industry watchers said. Chinese investments historically dominated Myanmar’s foreign direct investment landscape. Some projects are government-to-government initiatives while others were won through tenders. Observers say Myanmar should diversify its partners in strategic sectors such as electricity for more sustainable development. Apart from financial matters, Myanmar’s government should take into account security issues,” said Daw Khin Khin Kyaw of the Institute for Strategy and Policy. She said that tenders should be conducted more transparently and not pushed through in a hurry. -
Financial authorities made a meeting with small and medium-sized enterprises in Kayin State to discuss granting loans to enterprises
Financial authorities held a meeting with small- and medium-sized enterprises in Kayin State yesterday to discuss granting loans to enterprises. Some 150 businesspersons from Kayin State attended the meeting with the committee on providing financial assistance for private sector development, which was led by Deputy Minister for Planning, Finance and Industry U Maung Maung Win. The local businesspersons requested that authorities relax rules for obtaining SME loans, extend the loan period and coordination from the governmental departments for granting land ownership documents, and decrease interest rates. -
Both local and foreign firms are seeking the assistance from Myanmar Competition Commission to dispute settlement over unfair competition
Both local and foreign-owned companies are entitled to seek Myanmar Competition Commission’s help in settling a dispute over unfair competition, U Than Maung, vice president of the commission, said December 27. Formed in 2018 following the enactment of Myanmar Competition Law, the commission has to date settled four disputes out of the 10 put before it. The bylaw for Myanmar Competition Law, approved in 2017, prohibits unfair competition conduct in order to foster a strong competitive market. “The law will treat all companies equal, whether the ownership is local or foreign,” said U Than Muang. “A foreigner is also entitled to seek protection of this law for any damage caused by unfair practices in the market, as ours is a free market. We create a fair and equal playground for both local and foreign players.” -
Chinese President will visit Myanmar aiming to move ahead the development of the Kyaukphyu Special Economic Zone (SEZ) in Rakhine State
Myanmar and China are expected to ink a deal on the US$1.3 billion Kyaukphyu port project during President Xi Jinping’s visit this month. The Chinese embassy in Yangon announced today that President Xi will travel to Myanmar on January 17, marking his first visit to the Southeast Asian country in 19 years and the first as China’s leader. This year marks the 70th anniversary since the People’s Republic of China and Myanmar established formal diplomatic recognition. Xi’s visit is seen as an attempt to further cement bilateral relations and pushing ahead the China-Myanmar Economic Corridor scheme as well as other projects under the Belt and Road Initiative. -
Myanmar earned over USD 2.49 million from export of finished industrial goods in the first three months of 2019 – 2020 fiscal year
Myanmar earned over 2.49 billion U.S. dollars from export of finished industrial goods in the first three months of present fiscal year (FY) 2019-2020 which started in October, Xinhua reported. As of Dec. 27 of this FY, the export of finished industrial goods or manufacturing goods export topped the list among other export products. -
The development of initial industrial estate in Dawei SEZ, Tanintharyi Region makes under progress
In a January 9 statement, the Dawei SEZ Management Committee said changes have been made to the contractual arrangements with Italian-Thai Development Company Ltd (ITD) for the development of initial industrial estate in Tanintharyi Region. According to contract amendment, ITD and other investors must compensate and resettle villagers affected by industrial zone project. It must also adhere to international standards on the environment. -
Thailand-based Kasikorn Bank (K Bank) conferred an investment proposal to Ayeyawaddy Farmers Development Bank in Myanmar
Thailand-based Kasikorn Bank (K Bank) conferred an investment proposal to Ayeyawady Farmers Development Bank (A Bank) at Zabuthiri Hall of the Central Bank of Myanmar yesterday morning. Present at the ceremony were CBM Governor U Kyaw Kyaw Maung, deputy governors and directors-general, Thai Ambassador Mrs Suphatra Srimaitreephithak, Assistant Governor Mrs Nawaron Dejusuvan from Thailand’s Central Bank, and officials from A Bank and K Bank.
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