Weekly Business News from Myanmar

• 

  Federation of Trade Unions of Myanmar (FTUM) calls for a raise in the minimum wage in Yangon to 5,000 Kyat per day

  U Khin Muang Aye, central executive committee member of Myanmar Garment Manufacturers Association (MGMA), told Myanmar Business Today that raising the minimum wage to K5,000 per day would “kill the garment industry overnight.”
• 

  USD 25 billion trade is expected this fiscal year

  Trade should top US$25 billion before the current fiscal year ends March 31 with most of that completed by the end of this month, the Ministry of Commerce reports.
• 

  ASEAN's famous glacier, Hkakabo Razi in Putao, has high potential for nature-based tourism and adventure travel

  Asean's famous glacier, Hkakabo Razi, has high potential for nature-based tourism and adventure travel, according to Myanmar’s Ministry of Hotels and Tourism.
• 

  Most foreign investment in Myanmar goes into natural resources sector

  Zay Yar Aung, chairperson of the Myanmar Investment Commission (MIC) told a parliament session yesterday that foreign companies have invested at least US$39 billion in 522 businesses to date, most of which has gone into the natural resource sector.
• 

  Over 4.5 million tourists are expected to visit Myanmar this year

  Over 4.5 million foreign tourists are expected to visit Myanmar in 2015, claimed the union minister for hotels and tourism.
• 

  Myanmar Thilawa Special Economic Zone Holdings Public Ltd will not sell additional shares for part A of the zone

  Myanmar Thilawa Special Economic Zone Holdings Public Ltd will not sell additional shares for part A of the zone, Managing Director Thein Han said.
• 

  Shell Myanmar Energy to spend USD 1.2 billion on offshore oil and gas exploration

  Shell Myanmar Energy is poised to spend US$1.2 billion on offshore oil and gas exploration and provide $61 million as a signature bonus to state-run Myanmar Oil and Gas Enterprise (MOGE) , the Energy Ministry has announced.
• 

  Myanmar Timber Enterprise has opened a tender for more than 3100 tonnes of hardwood logs, set for a February 20 to 23 sale

  The government banned exports of raw timber in 2014 in a bid to cut down on deforestation while aiding local saw mills with capturing more of the value chain.
• 

  Trade Website Eyes Linking Local Businesses with Overseas

  The Department of Trade Promotion is set to launch a website to share information and market data, according to Daw Thidar Win Htay, assistant general manager of the department.
• 

  The Asia Development Bank (ADB) and Myanmar have signed USD 80 million loan agreement to rehabilitate a major road to support economic development in Ayeyawaddy Delta

  The Asian Development Bank (ADB) and Myanmar signed an $80 million loan agreement to rehabilitate a major road to support economic development in the agriculturally rich but underdeveloped Ayeyarwaddy Delta.