Myanmar Business Network

Myanmar launches commercial products, IT, electronics exhibition in Yangon

2012-02-10T06:05:00.000-08:00

Myanmar launched an exhibition on commercial products, IT and electronics here on Thursday with an aim to create direct deal between customers and buyers and improve people's socio-economic life through ICT. Organized by Logic Myanmar Co.,Ltd, the four-day exhibition with 140 booths features electronic equipment, housing and construction materials, computer related accessories, personal goods

Myanmar to hold trade exhibition, car expo 2012 in Yangon

2012-02-10T03:05:00.000-08:00

Myanmar will hold the Trade Exhibition and Car Expo 2012 at the National Theater in Yangon next month in order to create direct deals between customers and manufacturers, according to the exhibition organizer Friday.The four-day trade exhibition attached with the car expo, organized by the Paing Aung Business Group, is scheduled to take place from March 29 to April 1.The expo will feature car

Japan gov't, firms hope to build on long-nurtured ties with Myanmar

2012-02-10T02:50:00.000-08:00

Japanese government and business officials have flocked to Myanmar in recent months with a keen interest in the untapped investment opportunities in the country, which is embarking on democratic and economic reforms after decades of seclusion. Japanese entities that have been nurturing ties with Myanmar are encouraged that the time has finally come for various cooperative projects to resume

Telenor of Norway eyes investment after FM visit

2012-02-09T05:47:00.000-08:00

Norwegian mobile operator Telenor is considering investing in the telecommunications sector, less than two weeks after Norway lifted some of its sanctions against Myanmar. Mr Sigve Brekke, a member of Telenor’s Executive Management Committee, accompanied Norwegian Foreign Minister Jonas Gahr Store on his two-day visit to Myanmar and also took part in the roundtable discussion with U Soe Thein,

Singapore Seeks First Mover Status in Myanmar After Reforms

2012-02-09T02:19:00.000-08:00

Singapore’s government is sponsoring a business delegation to Myanmar next week in an effort to take advantage of opportunities as the former military dictatorship seeks to end its global economic isolation. International Enterprise Singapore, a government agency, will lead a visit by 115 delegates from 74 Singapore-based companies from Feb. 12 to Feb. 18, it said in a statement today. The

Singapore delegates explore business opportunities in Myanmar

2012-02-09T01:57:00.000-08:00

A delegation of 115 from 74 Singapore-based companies will visit Myanmar's business capital, Yangon, and the political capital of Nya Pi Taw from Feb 12 to 18. Led by the International Enterprise (IE) Singapore and the Singapore Business Federation (SBF), the delegates come from many sectors, including construction, education, finance, infrastructure and logistics. The group will call on

Myanmar's foreign trade expected to grow over 30% in FY 2011-12

2012-02-08T22:57:00.000-08:00

Myanmar's foreign trade is expected to grow more than 30 percent to reach 16.1 billion U.S. dollars in the fiscal year 2011-12 from 12 billion dollars in the previous year thanks to trade policy change, according to local media on Wednesday. The trade volume attained 14 billion dollars in the first ten months (April-January) of 2011-12, the Myanmar Times quoted the Ministry of Commerce as

Myanmar raises bank saving interest rate

2012-02-08T22:48:00.000-08:00

Myanmar's state and private banks have raised the interest rate of saving to 10 percent from 8 percent aimed at attracting more savers, local media Myanmar Times reported Wednesday.The move followed the lowering of bank loan interest rate in January with private banks from 12 percent to 10 percent which was aimed at encouraging private entrepreneurs to carry out business undertakings.Myanmar's

Investors see opportunities opening in Myanmar

2012-02-07T21:46:00.000-08:00

Domestic enterprises should increase their business dealings with Myanmar as the country becomes more open to foreign investors, experts said. Tran Phuoc Anh, a Viet Nam trade counsellor in Myanmar, said that the time it takes to receive an investment licence from the Government has recently been reduced from six months to only two weeks. Anh said the Myanmar Government would not set a maximum

Australia Standard White (ASW) wheat now available for export to Myanmar

2012-02-07T20:34:00.000-08:00

According to the Australian Gov. Department of Foreign Affairs and Trade, over the fiscal year 2010-11, Australia exported over A$53 million value of wheat to Myanmar. With relation to the constantly increasing demand for Australian wheat in the country, we Myanmar Business Network and our associated Australian wheat producers are able to offer our Myanmar counterparts the most competitive

Myanmar to privatize 4 state enterprises

2012-02-07T19:16:00.000-08:00

The Myanmar government is making arrangements to privatize four state enterprises under the Ministry of Transport involving the domestic airline, domestic water transport, port handling and shipyard, local media reported Sunday. The transformation of these state enterprises to public enterprises will start in the next fiscal year of 2012-13 (April- March), the Internal Water Transport

PTTEP nears deal on new Myanmar exploration

2012-02-07T19:06:00.000-08:00

PTT Exploration and Production Plc (PTTEP) expects to sign an agreement with Myanmar this month to explore for oil and gas in the PSC-G and EP2 onshore petroleum blocks. "Myanmar is our core market for exploration and production in Southeast Asia," said chief executive Anon Sirisaengtaksin. The unit of PTT Plc, Thailand's largest energy conglomerate, was last month awarded licences for the

Myanmar to hold Miss Myanmar 2012 competition in Yangon

2012-02-06T22:50:00.000-08:00

Myanmar will hold Miss Myanmar 2012 competition in Yangon aimed at promoting tourism industry in the country and enhancing the interest of citizens in the tourism sector, according to an event organizer of the competition told Xinhua Monday. Under the supervision of Myanmar Travel Board (MTB), the competition, organized by the Myanmar Tourism Services (MTS) Co, will be held the contest on the

Thai cement company eyeing Myanmar

2012-02-06T10:10:00.000-08:00

In another sign of Thailand companies moving into neighboring Burma, Siam City Cement Plc (SCCC) is looking at building a cement plant in Myanmar. Managing director Philippe Arto said the company already has contacts and is studying potential investment locations throughout the country, according to an article in the Bangkok Post published on Thursday."For SCCC, we see the real potential and are

Airlines starting to look at Myanmar

2012-02-06T10:08:00.000-08:00

With the expected ramp up in tourism in Myanmar in the coming year, some airlines are wondering how long it will be before they can schedule more flights to benefit from an influx of business people and tourists, in spite of woefully weak infrastructure. Emerging democratic reforms are leading to renewed interests in the country after decades of isolation, economic sanctions and a formerly

Real estate value increasing in Yangon

2012-02-06T10:03:00.000-08:00

Prices continue to rise in selected Yangon suburbs with speculators snapping up property in anticipation of international civic and business groups moving into Myanmar. “Land prices have tripled or even quadrupled over the past six months,” Tin Moe, a freelance business journalist who has lived in East Dagon for the past eight years, told The Diplomat website. The locals are selling up and

Myanmar relaxes foreign currency exchange controls

2012-02-06T08:22:00.000-08:00

Myanmar’s government last week relaxed rules on legitimate money exchangers, allowing them to swap up to US$10,000 into kyat without documentation for citizens. Under the previous rules, Myanmar nationals with identity cards could only buy or sell a maximum of $2000 daily at official foreign exchange outlets. Those seeking to exchange more than $2000 needed to provide evidence of how they had

Myanmar opening up to tourists

2012-02-06T03:17:00.000-08:00

Myanmar looks poised to become the newest hot spot for travellers to Southeast Asia, after decades of isolation.But amid optimism at the recent changes in the country, there are concerns that existing infrastructure may prove inadequate.Jetting around the country in a private six-seater plane may sound a bit strange, but it is now for one's taking.This luxury 3-night-4-day tour through Myanmar

MNCs enter Myanmar's door

2012-02-04T19:18:00.001-08:00

In the single street of Yangon’s crowded Bothun San neighbourhood, attention is focused on the daily afternoon lottery. Hugely popular among the near-destitute labourers and their families, and played between neighbours on the flattened earth, it offers the prospect of a square meal rather than immediate life-changing wealth. Stakes are small but wins are big, enough to feed a family for a

Bill Gates goes to Myanmar.......

2012-02-03T02:47:00.000-08:00

A delegation of American business leaders, including Microsoft Corp. chairman Bill Gates, will visit Myanmar soon, Myanmar industry officials said on Wednesday, another sign of strengthening U.S. ties with the long-isolated state despite sanctions. Source: Reuters

Myanmar to cooperate with U.S. universities to develop education

2012-02-02T19:26:00.000-08:00

Myanmar Ministry of Education will cooperate with The Johns Hopkins University in the United States aimed at developing the education sector of the country, according to official media Friday. A meeting in Nay Pyi Taw on Thursday between a delegation of U. S., led by Ron Daniel, President of The Johns Hopkins University, and Myanmar Deputy Minister for Education U Ba Shwe focused on cooperation

Energy ministry reaps $25m windfall after block auction

2012-02-01T23:05:00.000-08:00

THE Ministry of Energy will receive signing bonuses totalling about US$25 million from the winners of the latest onshore oil and gas block auctions, an oil and gas official familiar with the process said last week. The signing bonus must be paid when each company submits its working commitment for the blocks and range between $2.5 and $3 million each, he added. “Fifteen companies submitted 31

Toyota bids to buy 300,000 tonnes of Myanmar rice

2012-02-01T23:02:00.000-08:00

JAPAN automotive giant Toyota Motors has made an offer to the Myanmar Rice Industry Association (MRIA) to buy and import 300,000 tonnes of rice, an official said on January 21. Toyota made the offer to buy the rice through Kitsana Kyun Thar, a specialist rice company based in Danuphyu township, Ayeyarwady Region, said Ko Aung Myint Thein, one of the company’s managers. “It is a great chance

India, Myanmar to expand trade links. PM may offer $500m line of credit to Yangon

2012-02-01T22:53:00.000-08:00

India and Myanmar will sign an umbrella agreement to widen their bilateral investment and trade relations during the proposed visit of prime minister Manmohan Singh in May this year.As part of new trade and investment package, India will offer $500 million line of credit for which finance minister Pranab Mukherjee and external affairs minister SM Krishna have given a ‘go ahead’. Apart from

Myanmar to introduce e-visa system next month

2012-02-01T22:39:00.000-08:00

Myanmar Ministry of Hotels and Tourism will introduce online electronic e-visa system in February on pilot run aimed at facilitating the foreign travelers who want to visit Myanmar and promoting the number of tourists arrival in the country, local media reported Tuesday. The ministry has started to install internet lines at the Information Departments of the Ministry of Home Affairs and the