Weekly Business News from Myanmar

Joint ventures with foreign counterparts, the four local life insurers will provide life insurance products in Myanmar
Four domestic life insurers will cooperate with their foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA). Citizen Business Insurance (CB Insurance), First National Insurance, Grand Guardian Insurance and Capital Life Insurance will form joint ventures with foreign insurers, said U Thaung Han, managing director of CB Insurance and CB Insurance will be forming its joint venture with Thai Life Insurance, which is based in Thailand, to offer life insurance products in Myanmar,” U Thaung Han said. The development comes after the Ministry of Planning and Finance (MOPF) earlier this year allowed foreign insurers to operate in the Myanmar insurance market. Local insurance providers have been encouraged to cooperate with the foreigners to become more competitive in providing their services.
Myanmar Investment Commission (MIC) approved the project in port and container yard on build and transfer basic from Singapore with over 1,100 job opportunities
The Myanmar Investment Commission approved a project in port and container yard on build, operate and transfer basic from Singapore which is expected to create 1.100 job opportunities. The amount of US$ 290.124 million has been approved for above projects which can create 1,176 job opportunities for citizens.
Due to the high demands from foreign countries, Myanmar will export Moringa oleifera, or drumstick trees to Japan for the first time from June onward
Myanmar will export Moringa oleifera, or drumstick trees, to Japan for the first time from June onwards, said U Myint Ko, chair of Myanmar Drumstick and Moringa Producer and Exporters Association. Japan, China, Malaysia and Singapore have offered to purchase the drumsticks from Myanmar but Myanmar can produce only limited quantities of the tree, he said. The pods from the moringa tree resemble drumsticks. “We received offers to purchase the drumsticks. We cannot produce well to meet demand. There are only just over 200 acres of cultivated drumstick trees across the nation,” he said. Moringa oleifera is a fast-growing, drought-resistant tree, native to tropical and subtropical regions of South Asia.[3] It is widely cultivated for its young seed pods and leaves used as vegetables and for traditional herbal medicine. It is also used for water purification.
Kayah State has the potential investment opportunities for extension development in the hotels and tourism sector
Kayah State has the potential for extensive development in the hotels and tourism sector because of the beautiful and green forests, spectacular mountain views, gorgeous rivers, and abundant waterfalls. Kayah State, also known as Kandayawady and the land of silver mountain, is home to the Kayah, Kayan (Padaung), Yinbaw, Geko, Lahta (Zayein), Kayaw, Geba, Yantale, and the Kawyawmonu (Manumanaw) ethnic races who share the land with the Bamar, Kayin, Shan, PaO and Intha ethnic races. Kayah State has springs, waterfalls, natural caves, and picturesque scenery. It also has the Sinpyu Mountain, Hoya, Biya Region’s viewpoints from high altitude that offers a view of the mist and clouds enveloping the mountain edges. The lush forests surrounding the land is also a heritage bestowed by nature.
Eight foreign mining companies applied for permission to conduct large-scale mining exploration projects in Myanmar
Eight foreign mining companies have applied for permits to conduct large-scale mining exploration projects in Myanmar, U Ather Hlaing, director of the Department of Geological Survey and Mineral Exploration, told The Myanmar Times. The government has received a total of 1661 applications to operate at large and medium-scale mining blocks since the new Myanmar Mining Law was enforced last July. Mining activities had been suspended for two years prior to July 2018. Among these applications, eight involving permits to mine at 12 mining blocks across Myanmar are from foreign companies, the department said. South Earth Joint Venture has applied for two blocks to mine copper and tin in Mandalay and Shan State, respectively. Southern Nonferrous Metals has also applied for one block in Shan to mine tin and tungsten.
With the support of Yangon Regional Government, Directorate of Investment and Company Administration (DICA) will hold the second edition of Yangon Investment Forum in May 2019
The second edition of Yangon Investment Forum will be held from 10th to 11th of May with the support of the Yangon Region Government, Directorate of Investment and Company Administration, Myanmar Investment Development Association and partner institution, according to the press conference, Thursday. The forum will be held with two days event. It aims to inform the new investment opportunities, to clarify the rules and regulations, to report project bank, to link the networking with stakeholders and government institution and sharing knowledge as well. It will also focus on wide range of sectors mainly on garment factory, hotel and tourism, digital economy, real estate, industrial zone and manufacturing.
A consortium of Hong Kong, Taiwan and Myanmar companies will sign investment projects which is worth USD $ 500 million for Htantabin Industrial Zone during the Yangon Investment Forum 2019
A consortium of Hong Kong, Taiwan, and Myanmar companies will sign a US$500-million investment project at the Yangon Investment Forum 2019 on 10 May. The project is part of the 1,000-acre industrial zone in Htantabin Township. The Htantabin Industrial Zone will be implemented in two steps, and is expected to create about 150,000 jobs, said Yangon Region’s Minister for Kayin Ethnic Affairs, Naw Pan Thinzar Myo, at a press conference about the Yangon Investment Forum at the Co-operative Business Centre in Yangon. “We are holding discussions with other investors who are interested in doing business in other industrial zones,” said the minister. About 70 per cent of the investment in the country is concentrated in the Yangon Region, of which, Myanmar nationals account for 25 per cent. Forty-nine domestic investors and 163 foreign investors have entered the region so far in the 2018-2019 Financial Year. China tops the list of foreign investors, followed by Hong Kong and the Republic of Korea.
Three young people who are graduated from Singapore have founded MyanLeran, an innovative class search platform to address information scarcity in Myanmar’s private education market
Driven by the burning desire to tackle disorganised information of Myanmar’s fragmented private education market, three young people who graduated from Singapore have created MyanLearn, an innovative class search platform which aims to make learning accessible and convenient. In an interview, ThihaNyunt, chief executive of MyanLearn, said the firm aims to achieve 100,000 registered users by the end of this year, and to grow two or three times next year. Last year, he founded the firm together with other two co-founders -- chief technology officer AungMyintThein and chief operating officer HninEiEiKhaing. “With our current user numbers and healthy growth every month, we are confident that we can achieve it,” he said.
Germany based chemical company; Evonik is looking to invest chemical industry in Myanmar
Evonik, a Germany-based chemical company, is watching closely the chemical industry of Myanmar as it is considering making a presence in Myanmar, according to Evonik (SEA) Pte. Ltd in Singapore. Evonik is a business group with a presence in over 100 countries around the world, and has more than 36,000 employees. In fiscal year 2018, the enterprise managed to sell €15 billion worth products and an operating profit (adjusted EBITDA) of €2.6 billion, said Mr. Peter Meinshausen, Regional President of Evonik Asia Pacific South. “Now we are doing the market research and the market analyze in Myanmar before we use spend a lot of money. We are trying to get the framework firstly, so we can’t say the details,” he added, “we have once discussed with Myanmar Investment Commission”.
With the loans from World Bank, a combined cycle gas turbine power plant with the capacity of 118.9 MW opened in Mon State
A combined cycle gas turbine power plant with the capacity of 118.9 megawatts (MW) opened in Myanmar’s Mon state on Friday. With loans from the World Bank, the power plant project was implemented by the tender-winning China Energy Engineering Corporation (CEEC). Myanmar State Counselor Aung San Suu Kyi thanked the respective individuals for supporting government's implementation for the country's development which is a key to peace and stability in the country. The government has been carrying out the implementations for infrastructure development, especially transportation and power supplies and it is believed that active cooperation and efforts by everyone could support the country's development, the state counselor said.