Myanmar Business Network

Obama Says Myanmar’s Democratic Progress Fuels Economy

2013-05-21T13:43:00.001+06:30

President Barack Obama told Myanmar President Thein Sein that building democracy and ending human rights abuses will bring greater prosperity to the Southeast Asian nation. Thein Sein’s White House visit yesterday was the first by a leader from the country formerly known as Burma in 47 years and comes amid warming relations and U.S. support for its budding democratic institutions after decades

Ericsson poised for rapid telecom expansion

2013-05-21T12:36:00.001+06:30

With the winning applicants for two new telecom licenses set to be announced next month and a second lottery of 350,000 SIM cards at K1500 apiece being held this month, the country’s weak telecom infrastructure is straining. Mobile network supplier Ericsson, however, says it is well-prepared for a rapid expansion in Myanmar and has been studying the market and seeking customers since

The “Italia-Myanmar Business Council” established today in Torino

2013-05-21T11:58:00.002+06:30

PRESS RELEASE The “Italia-Myanmar Business Council” established today in Torino The “Italia – Myanmar Business Council” (I.MY.B.C.) was established today, on 20th May 2013, through a deed signed by notary public Valeria Insabella. The I.MY.B.C. is a non-profit association aiming to promote the political, economic and cultural cooperation between Italy and the Union of Myanmar, by fostering the

Invitation: Presentation of Improved Cooking Stoves (ICS) Project in Myanmar - 23 May 2013

2013-05-20T13:49:00.001+06:30

Core CarbonX Sols Pvt Ltd is developing a project to replace the traditional three stone/mud stoves with the introduction of Improved Cooking Stoves (ICS) in the Republic of the Union of Myanmar under the Clean Development Mechanism (CDM) (https://cdm.unfccc.int/ ). The project will reduce the use of non-renewable biomass thus reducing deforestation associated with firewood use. By reducing

STOCKS NEWS SINGAPORE-WE Holdings jumps on Myanmar business plan

2013-05-20T12:27:00.001+06:30

Shares in WE Holdings Ltd jumped as much as 11 percent after the electronics manufacturer and distributor unveiled plans to invest in a Myanmar-based cement plant. WE Holdings plans to buy a 20 percent stake for $20 million in Dragon Cement, a unit of the Ruby Dragon controlled by Myanmar tycoon Nay Win Tun, with the option of purchasing another 20 percent in three months after the completion of

Press release: Invitation to International Monetary Fund (IMF) seminar on the global economic outlook and Myanmar’s growth prospect

2013-05-20T12:00:00.005+06:30

Date: Wednesday, May 22, 2013 Time: 3:00-4:00 pm (Please arrive a little early for registration.) Venue : UMFCCI No. 29, Min Ye Kyawswa Road, Lanmadaw Township, Yangon Speaker: Mr. Matt Davies, Deputy Division Chief, Asia and Pacific Department, IMF Mr. Matt Davies is the IMF’s mission chief for Myanmar and a deputy division chief in

Bashneft, Nobel Oil advance to second bidding round for Myanmar onshore sections

2013-05-19T23:55:00.002+06:30

Russia's Bashneft (RTS: BANE) and independent oil and gas holding Nobel Oil have qualified for the second bidding round in Myanmar's tender on 18 onshore hydrocarbon sections, Myanmar's Energy Ministry reported in April. Fifty-seven other companies were cleared for the second bidding round, from Austria, Azerbaijan, Brunei, UK, Vietnam, Indonesia, India, Italy, Canada, China, Korea, Luxembourg,

Myanmar Investment Commission approves 33 companies in first quarter

2013-05-19T23:26:00.003+06:30

Myanmar Investment Commission (MIC) has granted licenses to 33 companies within the first four months the year, whose total investment amounts to US$815 million, report says. The list includes 15 garment factories and other companies from the energy related industry, car manufacturing, information technology, and food and beverages, according to MIC. Garment factories has received Generalized

Credit Information Bureau to be formed

2013-05-19T23:24:00.001+06:30

Myanmar will form a Credit Information Bureau to check on the background of borrowers for financial loans, senior adviser San Thein of the Small and Medium Enterprise Development Bank said. "The bureau will be formed with the assistance of Singapore and it is to eliminate the difficulties in financing for SME's owners," he told the ASEAN Economic Community Workshop in Mawlamyaing on May 18. San

Myanmar opening to U.S. influence — and business

2013-05-19T23:18:00.003+06:30

T-shirts bearing images of U.S. President Barack Obama and Aung San Suu Kyi, Myanmar’s prodemocracy leader, hang side by side in the shops just off busy Kabar Aye Pagoda Road in Yangon. It’s a reminder of the history made in November when Obama became the first sitting U.S. leader to set foot in Myanmar, the country formerly known as Burma. A return trip to this former pariah state doesn’t

“Work for more than 100 years to buy a house”

2013-05-19T20:54:00.000+06:30

For investors who witnessed the skyrocketing of the housing market in Hong Kong, they are excused for being jealous of the return on Myanmar’s real estate industry. Local cash, money from China and speculation from Japan, Taiwan, Malaysia and Singapore are the causes behind the inflation of Myanmar’s real estate industry. The price in Yangon, Myanmar’s old capital, is impossible to catch up with

Myanmar introduces one more border trade point with Thailand

2013-05-19T20:46:00.001+06:30

Myanmar has opened one more border trade point in Taninthayi Region's Dawei district in a bid to promote bilateral trade with Thailand, according to an official report Wednesday. The Htikhi is one of the four border trade points with Thailand set up in Taninthayi region. There are altogether six border trade points along Myanmar-Thai border now. Besides Thailand, Myanmar also has four border

Myanmar’s low-cost SIM card reaches US$ 550

2013-05-18T22:01:00.004+06:30

Myanmar’s low-cost SIM card price has reached 500,000 kyats [about $555] apiece in Mandalay’s resale market as the card’s numbers are assumed “beautiful”, although it’s officially priced at 1500 kyats [about $2] apiece to sell, according to sources. The cards which got the higher prices have numbers that are assumed as “beautiful”, something like having the serial numbers like “123456 …”, and

Import license requirements dropped for about 600 goods

2013-05-18T21:27:00.001+06:30

Trade liberalization in Myanmar saw license requirements dropped for another batch of import commodities that covers about 600 imported goods, according to the Ministry of Commerce. Earlier, the commerce ministry relaxed license requirements for 166 import commodities including electronic goods, processed foods and furniture. As the authorities added more than 400 goods on the list, traders are

French firm to invest in Myanmar’s tourism industry

2013-05-18T21:08:00.003+06:30

French-based Croisi Europe Company will invest in tourism industry in Myanmar, according to Directorate of Investment and Companies Administration-DICA under the Ministry of National Planning and Economic Department. The company is now operating the tourism industry around the world. Mr. Patrick Schmitter, the Chairman of Croisi Europe Company, met with the officials from DICA in Nay Pyi Taw

US proposes $75.4-m aid for Myanmar

2013-05-18T17:17:00.002+06:30

To encourage the Myanmar Government to continue with its reforms, the US has proposed $75.4-million aid for fiscal 2014 to the South East Asian country, a substantial increase of $28.8 million from 2012. However, some US lawmakers have expressed concerns over such a decision by the Obama administration arguing that this increase in US aid to Myanmar is premature given the plight of the Rohingya

Korean firm, military-owned conglomerate joins partnership for garment business

2013-05-17T16:03:00.001+06:30

Korean firm Inno Company and the military-owned Union of Myanmar Economic Holding Ltd (UMEHL) have formed a joint venture to run a garment factory in Mingalardon township, Yangon, according to the Ministry of National Planning and Economic Development. The joint venture named Myanmar Inno International Ltd will operate the garment factory with cutting, making and packing system in Pyinmabin

MFM eyes Myanmar for flour milling business

2013-05-17T09:29:00.000+06:30

Malayan Flour Mills Bhd (MFM) is looking at Myanmar as a potential market for its flour milling business as there are currently very few flour milling companies there, said its chairman Tan Sri Arshad Ayub. "We are eyeing an increase of up to 5% in our milling business this year. After our successful joint venture in Indonesia, we are looking at Myanmar as another potential destination," he told

Myanmar looks to revive abandoned 'Death Railway'

2013-05-15T19:44:00.003+06:30

An elegant cemetery in strife-torn southeast Myanmar has long stood as a lonely testament to the fate of thousands of prisoners of war who died building Japan's "Death Railway". As the fast-changing nation now opens to the world, a reformist regime is considering rebuilding a stretch of the notorious World War II track to attract tourists and help develop border areas, where memories of the line

Malaysian Department Store opens in Yangon

2013-05-14T09:12:00.001+06:30

Malaysia retail chains Parkson has opened its department store in Yangon last week. It is a joint venture between Parkson Retail Asia, Yoma Strategic Holdings and First Myanmar Investment. Parkson holds the 70 % of shares and 20 % goes to Yoman and 10 to FMI. The department store runs four floors of FMI center in downtown Yangon. The chain store expects to raise its sales to 20% to 30% in a year

Starbucks sees Myanmar entry in couple of years

2013-05-13T23:41:00.002+06:30

Starbucks CEO Howard Schultz said Monday the coffee chain’s first stores in India and Vietnam have been received positively and it might soon be time to give Myanmar a shot too. “Within the next couple of years, I’d say,” said Schultz of plans to enter Myanmar. His visit to Bangkok this week coincides with the coffee giant’s 15 year anniversary of opening in Thailand. Starbucks opened its

Heineken To Sign Joint Venture Agreement in Myanmar

2013-05-13T23:30:00.000+06:30

Dutch brewer Heineken NV (HEIA.AE) said Monday it has signed a joint venture agreement with privately-owned Alliance Brewery Company Ltd to brew and sell Heineken beers in Myanmar. Heineken, through its subsidiary Asia Pacific Breweries Limited, will have a controlling 57% stake in the new joint venture company, called APB Alliance Brewery Company Limited, and be responsible for overall

Myanmar ready to sweeten terms for foreign brewers

2013-05-13T23:28:00.001+06:30

The Myanmar government is prepared to relax limits on foreign ownership of breweries on a case-by-case basis, as it seeks to improve the appeal of the country to foreign investors, says a senior beer industry executive. The Myanmar Investment Commission (MIC) offered four licences in January for international breweries to operate domestically. Under the Foreign Investment Law, which the MIC

Puma Energy picked to construct Thilawa jetty

2013-05-13T11:01:00.000+06:30

Myanma Port Authority made Puma Energy (Myanmar) Ltd in its shortlist for construction of Thilawa jetty and oil tanks, according to the officials. Myanmar authorities have earlier divided the port construction area in Thilawa Special Economic Zone into 37 land plots, each of which are 200 metres wide on the river front and 750 metres long inward the land. Upon the government’s approval, Puma

19 Sri Lankan car importers team up to operate vehicle business in Myanmar

2013-05-13T00:18:00.000+06:30

Taking advantage of Myanmar’s aged car fleet at present as well as tax concessions given for vehicle importers, 19 Sri Lankan car sale companies have teamed up to operate a vehicle business in this Southeast Asian market, vehicle importers said. Indika Sampath Merenchige, President of the Vehicle Importers Association of Lanka, told the Business Times that these Sri Lankan vehicle importers