Weekly Business News from Myanmar

The Taninthayi Region Government and the central government have drawn projects for the development of the Taninthayi coastal area and Japan is keen to invest (Ministry of Commerce)
The Taninthayi Region government and the central government have drawn projects for the development of the Taninthayi coastal area, and Japan plans in the region, according to Ministry of Commerce Dr Than Myint. Together with the Dawei Special Economic Zone, Japan will make a survey for investment in the Taninthayi coast development project. A Japanese team is in Yangon to study the agriculture, fishery, tourism, industrial and transport sectors and, it will be discuss in detail at the Union-level parliament on coming weeks according to the Union Minister Dr Than Myint. “For the emergence of Dawei Special Economic Zone and Taninthayi coast development, we are discussing with Thailand and Japan. A Japanese entourage is here to make surveys, and they’ve met with regional minister. Based on the palm oil, fishery and tourism industries of the area, they’ll make development based on these sectors. Local business owners can participate in the project,” said Dr Than Myint.
The Ministry of Hotels and Tourism will set up committees to promote tourism in Chin and Rakhine States in a bid to lure the increasing number of visitors to Myanmar away from the more well-trodden tourist hotspots
The Ministry of Ho¬tels and Tourism will set up com¬mittees to promote tour¬ism in Chin and Rakhine states in a bid to lure the increasing number of visitors to Myanmar away from the more well-trod¬den tourist hotspots. While Mandalay Re¬gion’s Bagan and Shan State’s Inle Lake are on the itinerary of most foreign visitors to the country, lesser known Tanintharyi, Chin and Rakhine boast archipelagos, ancient cul¬tural sites and untouched natural beauty. “We have already formed a tourism com¬mittee for Tanintharyi Region but Rakhine and Chin States are planning to organize these commit¬tees so we can promote tourism in these emerging destinations,” said Daw Khin Than Win, Deputy Director General of Min¬istry of Hotels and Tour¬ism.
Siam Commercial Bank (SCB) has broadened its support to banking professionals in Myanmar although the bank is yet to get a foreign bank license in the country
ALTHOUGH Siam Commercial Bank is yet to get a foreign-bank licence in Myanmar, it has broadened its support to banking professionals in that country, according to Kamalkant Agarwal, head of international banking at SCB. “Regarding the licence, we remain hopeful and will definitely keep trying … It is up to the central bank. On our side, we are very keen and whenever there is a new round, we will definitely apply for it,” he said in a recent interview. Kamalkant believes more reforms and relaxed regulations will be seen in Myanmar as local banks grow over time thanks to their growing investments in hiring skilled staff as well as bids to employ highly advanced technology.
Opening up the banking sector should be a top priority for the government if it wants to address the challenges faced by the nascent tech industry (expert)
Opening up the banking sector should be a top priority for the govern¬ment if it wants to address the challenges facing the nascent tech industry, the founder of Myanmar’s most well-known start-up innovation lab has said. While most industries in Myanmar face the same problems that the tech in¬dustry is grappling with, firms focussed on IT are often at the sharpest end of these challenges, said David Madden, founder and CEO of Phandeeyar.
A total of 43 foreign investment businesses were given permits to operate this fiscal year as of the third week of May 2017, with investments of over 800 million USD
A total of 43 foreign investment businesses were given permits to operate from 1st April to third week of May in the current Fiscal Year 2017-2018, with investments of over US$800million. With foreign direct investment (FDI) increasing, over US$920million of FDI has flowed into the country so far this year. Investments of US$19.5million were allowed in the Thilawa Special Economic Zone. Twenty Myanmar Citizen enterprises with investments of US$242.849million were permitted as of the end of April this FY. As of 30th April this FY, the oil and gas sector ranked
The Myanmar Investment Commission (MIC) has green-lighted a 50 million USD proposal to build an offshore oil and gas supply in Ayeyarwaddy Region
The Myanmar In¬vestment Com¬mission (MIC) has green-lighted a $50 mil¬lion proposal to build an offshore oil and gas sup¬ply base in Ayeyarwaddy Division. The facility at Nga Yoke Kaung Bay would provide berths for construction and supply vessels, ware¬houses, cranes and lift¬ing equipment, helicopter rescue facilities and oil spill equipment and will play a crucial role in de¬veloping existing offshore oil and gas fields, such as near-by Block A-6, as well as in the exploration of fu¬ture fields. As part of the joint ven¬ture investment Myint & Associates Offshore Sup¬ply Base (M&AOSB), a subsidiary of energy ser¬vices sector company My¬int & Associates will con¬struct the facility, while MPRL E&P will handle upstream gas exploration and production.
As Myanmar and its cities are developing the transport infrastructure, experts have advocated the adoption of the public-private partnership (PPP) model to speed up the development
AS Myanmar and its cities are developing the transport infrastructure, experts have advocated the adoption of the public-private partnership (PPP) model to speed up the development, according to a transport conference last week. International law firm Baker McKenzie, in collaboration with the British Chamber of Commerce Myanmar, hosted the conference “Myanmar: Moving Ahead Perspectives on Developing Transportation Infrastructure” in Yangon on May 26 in order to discuss the opportunities and challenges in developing the country’s transport sector.
Kasikorn Bank is stepping up its support of small and medium-seized enterprises in Myanmar which make up more than 90% of all businesses in the country
KASIKORNBANK is stepping up its support of small and medium-sized enterprises in Myanmar where they make up more than 90 per cent of all businesses in the country. KBank, which styles itself as a champion of small business, has been helping entrepreneurs in Myanmar over the past three years, with short training sessions focused on issues including knowledge transfer and raising awareness of business opportunities. Pattanapong Tansomboon, first senior vice president of K Bank, said in an interview that the bank was broadening its commitment to the sector.
Myanmar National Export Strategy was designed to fuel the country’s sustainable development through rice export promotion
Rice is one of the major sectors prioritised by the Myanmar National Export Strategy. The Strategy was designed to fuel the country’s sustainable development through export promotion and was first launched in March 2015 under the previous administration. At one time, the country was the top rice exporter internationally until the Second World War. Subsequently, for a long period of time, with the exception of 1997 and 2001, the country was unable to export more than one million tonnes per year. From 1997 to 2001, the government entities under the Ministry of Commerce directly bought paddy from farmers and were responsible for processing rice, selling to the military and civil organisations and also exporting to other countries.
The Myanmar Investment Commission (MIC) expects foreign direct investment (FDI) to exceed 6 billion USD this fiscal year: FDI reached 6.649 billion USD last fiscal year
The body responsi¬ble for handing out investment licenses to international compa¬nies says it expects for¬eign inflows to exceed $6 billion this fiscal year. The Myanmar Invest¬ment Commission’s (MIC) new target, which applies to the period from April 1st this year until the end of March 2018, is modest compared to the more than $9 billion ap¬proved in 2015/16. But FDI fell significantly in the last fiscal year to $6.6 billion, partly be¬cause the MIC took sev-eral weeks to reform after the National League for Democracy took power last April.