Government reforms have bettered Myanmar’s economic prospects, and the country’s banks are demonstrating impressive growth
Despite the country’s macroeconomic performance having long trailed its neighbouring Southeast Asian nations’, Myanmar now offers a range of auspicious opportunities for investors and businesses alike. Myanmar is now “set to become one of the next rising stars in Asia,” says Moo Sun, COO of Ayeyarwady Bank.
Since the inauguration of President Thein Sein in...
The Asian Development Bank (ADB) on Wednesday remained bullish on Myanmar's economic prospects as it believes the country will achieve 6.8 per cent growth in fiscal 2014 compared to 5.5 per cent last year.
NAYPYIDAW, Myanmar: The Asian Development Bank (ADB) on Wednesday remained bullish on Myanmar's economic prospects as it believes the country will achieve 6.8 per cent growth in fiscal 2014 compared to 5.5 per cent last year.
The boost will be fuelled by strong export earnings from...
Myanmar is running behind schedule for starting a stock exchange by 2015 after delays in getting the legal framework in place, said an executive at Japan Exchange Group Inc. (8697), which is assisting on the project.
“We’re pressed for time,” Koichiro Miyahara, senior executive officer at Japan Exchange, said in an interview in Tokyo on Aug. 27. He said the late approval of a capital markets bill has delayed the project, and it’s up to the Myanmar government as to how fast it can set...
Myanmar is growing fast, but at least one sector isn't growing as fast as the government wants. The nation’s leaders are striving to export 3 million tons of rice during the 12 months ending March 2014, which would mark a 43 percent increase over the previous period, a target that industry experts and government officials say is impossible to achieve.
In the first half of the 20th century, under British rule, Myanmar was the world’s top rice exporter. But after the military junta took...
Ho Chi Minh City-based C.T Group has submitted the plans to develop Vietnam – Myanmar Industrial Zone (IZ) in a recent meeting with H.E. Nyan Tun - Vice President of Myanmar, according to a local newspaper.
The IZ will accommodate many Vietnamese manufacturers, since it will offer them “the opportunities to expand the commodity market into Myanmar by directly relocating production facilities to this industrial zone,” the Naypyidaw-based New Light of Myanmar newspaper reported.
The...
The second Myanmar Real Estate Summit (MRES), to be held in Yangon from September 30 to October 1, will hone in on pivotal issues, critical for investing in that country's real-estate development and property sector.
The sector is booming as investors respond positively to the country's economic and political reforms. Burgeoning demand and new opportunities are attracting investments from around the world.
The extent of this can be judged by the fact that Yangon enjoys the highest property...
Myanmar’s rapid re-engagement with the international community is attracting an increasing number of expatriates and contributing to an incredible demand for residential property. Yet as new arrivals to the country quickly discover, the same factors that make Myanmar an exciting country full of potential and opportunity also lend to challenging living conditions. - See more at: http://www.property-report.com/dealing-with-the-difficulties-of-living-in-myanmar-31571#sthash.oLvVFXUe.dpuf
The...
It turns out that Myanmar may need China after all.
Reformers had hoped that the transition from a military regime to democracy would bring in new foreign investment to help Myanmar wean itself from support from its massive neighbor to the north , which was its main patron during decades of international isolation. But it hasn’t quite turned out that way.
In fact, plummeting Chinese investment in the wake of Myanmar’s pivot to the West—along with protests over profit sharing and...
Myanmar and Japan will cooperate on a wide range of health issues mainly including combating tuberculosis (TB), HIV/AIDS and malaria, official media reported Friday.
The agreemets were reached during a meeting between Myanmar President U Thein Sein and visiting parliament member of Japanese House of Representatives and Chairman of Japan-Myanmar Parliamentarian Friendship League Ichiro Aisawa at the Presidential Palace in Nay Pyi Taw on Thursday.
In addition to discussions on further...
Back in February, Mario Singh, Director of Training and Education at FXPRIMUS, expressed his opinions on the Southeast Asian market. One country he focused on was Myanmar. At the time, Singh stated that, “The hot story for Southeast Asia now, is undoubtedly Myanmar. The country has attracted considerable attention since its government decided to pursue economic reforms, and sanctions have begun to ease on the country. Foreign investors, not just companies, but also countries, are eager to...
During the period of strict economic sanctions and export bans that Western countries levied against Myanmar through the 1990s and 2000s, the military government had little choice but to turn to China. China, with its deep pockets and a strategic focus on the periphery, was more than happy to invest in the isolated state, increasing Myanmar’s dependence and furthering Beijing’s own military and economic interests by tapping into the poorer state’s promising energy reserves and vying for...
Myanmar Investment Commission (MIC) has given its approval to several foreign businesses to invest in the country’s garment manufacturing sector in recent months.
This month two companies, one from the UK and another from Hong Kong, have been given permission to bring in hundred-percent foreign investment for setting up their own business of cutting, making and packing (CMP) apparel in the country, according to Eleven Myanmar.
Last month, MIC had granted permission to China-based SDI...
Around 20,000 jobs have been created in Burma during the current fiscal year thanks to the increase in foreign direct investment (FDI), according to government data.
In the first five months of the 2013-14 fiscal year (April to August inclusive), FDI topped US$1.8 billion, mostly focused in the garment manufacturing sector.
Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration (DICA), said the majority of investments came from East Asian countries...
Myanmar's contracted foreign investment hit 43.682 billion U.S. dollars in 600 projects as of August this year, local media reported Thursday.
Coming from 32 countries and regions, the investment mainly covers four sectors of electric power, oil and gas, mining and manufacturing.
Without specifying the investment amount, the report said China stood as the largest foreign investor, followed by Thailand, China 's Hong Kong Special Administrative Region, South Korea, Britain, Singapore,...
Myanmar is a strange, two-sided coin. On the one hand, the country’s recent inflow of foreign investment and the government’s economic reforms seem to promise great growth for the impoverished Southeast Asian nation; on the other hand, genocides, protests, religious clashes and sectarian violence continue to afflict the country. While it will without a doubt be challenging to invest in Myanmar, responsible foreign investment has the potential to alleviate some of the non-economic troubles...
Myanmar agreed on Tuesday to grant the U.N. nuclear watchdog wider inspection powers in the previously army-ruled Asian state, a move expected to help ease any lingering concern about its nuclear ambitions.
Myanmar's foreign minister, Wunna Maung Lwin, signed the so-called Additional Protocol in a brief ceremony with Director General Yukiya Amano of the International Atomic Energy Agency on the sidelines of the IAEA's annual member state meeting.
Once ratified by Myanmar, it will allow...
Yangon event to showcase unique market opportunity as Myanmar looks to achieve 80% telecoms penetration within three years.
The Allworld Exhibitions Alliance, whose Asian event experience includes CommunicAsia show in Singapore, is to stage the first ever major telecoms event in Myanmar providing a showcase for one the world’s largest undeveloped markets to play host to the international telecoms industry.
Myanmar, formerly known as Burma, has a population of more than 60 million people...
RANGOON — Two years ago, Freddy Lynn was spending most of his time at a public access center in downtown Myitkyina in Kachin State. There he was introduced to a world that he did not learn in his university or hear about in his community that had been slowed down by more than six decades of armed conflict.
It was a discovery often interrupted by frequent power outages and news of violent clashes between ethnic groups and the military across Burma. Yet Freddy Lynn knew he should keep at it,...
RANGOON—Burma’s government on Thursday denied reports that it holds up to US$11 billion worth of foreign reserves in several bank accounts in Singapore.
The figure was first mentioned by an independent financial researcher, who said that World Bank and Asian Development Bank (ADB) officials had provided him with estimates of Buma’s overseas reserves.
It is believed that the billions of dollars were stashed in Singapore by Burma’s former military junta, which for many years earned...
RANGOON — Five years ago, Nay Phone Latt’s daily routine consisted of killing time by reading, doing yoga, and writing letters, short stories, and poems in his cell. But on a recent overcast morning in Rangoon, the blogger hardly had time to answer a phone call as he rushed about, before taking a bus to Burma’s capital Naypyidaw in order to help change the law that sent him to prison.
“I only have 20 minutes,” he said with an apologetic smile to a visitor at his office, located in...
Myanmar is very rich in natural resources like petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, some marble, limestone, precious stones, natural gas and hydropower.
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