Myanmar was one of East Asia’s fast growing advanced economies in the early 20th century. But decades of isolation took its toll and Myanmar was left out of the region’s remarkable transformation as Japan, Korea, China and fellow ASEAN countries became a global engine of growth, lifting millions of people out of poverty.
In 1960 Myanmar’s real per capita income was much closer to its neighbors: Indonesia’s income was 40 percent higher and Thailand’s was 80 percent higher. Today...
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 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...
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 received 731 million U.S. dollars' contracted foreign investment in a single month of August, bringing the total to over 43 billion dollars as of the end of the month since 1988, local media reported Sunday.
The investment, which came from six countries and regions, was mostly injected in the manufacturing, making it the largest foreign-invested sector in 2013.
As of the end of August, official figures showed that China had put in 14.189 billion dollars, followed by the Hong Kong...
Kachin can become one of the key states to help Myanmar accelerate its economic growth. Kachin's chief minister said the state has fallen behind because of the civil war, but all that could change soon.
From its close proximity to economic giants like China to its abundant natural resources, Kachin, located in Myanmar's upper north, is well-placed to help lead the country in its development.
But plagued with civil unrest, the state with a population of 1.6 million has instead fallen...
[15th Asia Cementrade Summit, on the 24-25 Sep, 2013 in Yangon, is honored to host Government Officials from Ministry of Industry, Myanmar Investment Commission, Ministry of Mines, Ministry of Transport and cement industry players, in an information-packed event, presenting valuable updates on the upcoming cement market opportunities in Asia. His Excellency U Maung Myint, Union Minister of Industry, Ministry of Industry, Myanmar has been invited to deliver the keynote address.
Asia is the...
Myanmar has worked out a 75-year plan to develop its Dawei Special Economic Zone (SEZ) in southern Tanintharyi region, seeking strategic partnership with Japan in additional to Thailand and inviting international tenders and developers for the implementation of the SEZ project.
The plan, in five phases of different duration, will be implemented on land covering 44,850 acres (18,164 hectares) in total, according to U Aye Myint, chairman of the Central Working Committee for Implementation of...
Incheon International Airport Corp. leads a group picked as the preferred bidder on Myanmar’s new $1.1 billion air hub, the latest in a series of global deals as the Southeast Asian nation opens itself after decades of isolation.
Incheon is in talks with Myanmar’s Department of Civil Aviation on details, aiming to sign a contract this year, open the facility in 2018 and operate it for 50 years, South Korea ’s Transport Ministry said today in a statement. Hanthawaddy International...
The match-making business for prospective traders and investors in Thailand and Myanmar is booming, prompting Krungthep Turakij newspaper and G Business Link to work together to promote a new era of bilateral business ties.
Vichai Kemtongkum, director of G Business Link, which has been doing business in Myanmar for nearly 20 years, said: "Myanmar has just opened up to the rest of world after several decades of isolation, so there are tremendous opportunities for business, industry and...
BANGKOK: Thailand's Siam Cement Pcl plans to build a 12.4 billion baht ($388 million) fully integrated cement plant in Myanmar as part of its drive to tap strong demand for construction materials in Southeast Asia.
The facility would be Siam Cement's first in Myanmar and will have annual capacity of 1.8 million tonnes, the company said in a statement. The plant is expected to start production by mid-2016.
Siam Cement, Southeast Asia's second largest cement maker, is also building...
Contracted foreign investment in Myanmar from 32 countries and regions hit 42.95 billion U.S. dollars as of the end of July 2013 since 1988, according to the latest official figures.
Country-wise speaking, China led with 14.188 billion U.S. dollars, accounting for 33.04 percent of the total.
China was followed by Thailand (9.979 billion dollars), China' s Hong Kong Special Administrative Region (6.404 billion dollars), the United Kingdom (3.045 billion dollars), South Korea (3.018...
India-based Ramco is planning to set up a cement factory in Myanmar. “Our company has been jointly working with Agro Coro International Pte Ltd to import cements from Ramco for six months. We are now in discussions with respective officials to establish the factory,” a source told local press.
Interest in Myamnar’s cement industry has been increasing as the country opens up to the world after 50 years of military rule into a newly-born democracy.
Currently there are 14 cement plants...
Local investment in Myanmar has risen 110 billion Kyats (US$114 million) to 3 trillion Kyats (US$3.2 billion) in July, according to the Ministry of Commerce.
Over 101 billion Kyats - 91 percent of the investments made by local businesses last month - was added to the manufacturing sector. Total local investments in manufacturing reached 801 billion Kyats ($827 million) by the end of July.
Local businessmen invested in new rice factories, sugar plants and manufacturing various...
A project to restore three examples of Mandalay’s 19th century royal heritage has led to a surprising discovery, as workers unearthed evidence of an unexpected additional building while digging a toilet on one of the construction sites.
The wooden pillars discovered by accident are believed to be from a rest hall for Buddhist monks who were sitting examinations, U Win Myint Hlaing said, and are located near the Thudhamma Assembly Hall, just outside the walls of Mandalay’s palace. Their...
Myanmar is planning to conduct a nationwide housing survey to address the issue of housing shortages, especially in the Yangon area where over a million residents still live in low-quality houses, according to sources from the Ministry of Construction.
At present, the population in Yangon has increased more than ever and Yangonites are facing skyrocketing real estate prices. One out of six million inhabitants of Yangon are living in low-quality houses, said the ministry.
“At the...
Myanmar plans to give the green light to three of six hydroelectric projects to begin construction on the Thanlwin River within three months, a high-ranking official at the Ministry of Electric Power said on August 16.
“We plan to build six hydropower projects on the Thanlwin River,” said the official who asked not to be named. “Feasibility studies on three of the projects have already been completed, but we need to have more detailed discussions before we are ready to sign memorandums...
In the first quarter of 2013 Myanmar has received a total of US$810 million in foreign investment from 11 countries, according to Dr Khin San Yi, Deputy Minister for National Planning and Economic Development.
Investors from the United Kingdom, Canada, Australia, Thailand, Vietnam, Korea, Brunei, Malaysia, Singapore, China and India made a range of investments in Myanmar between April 1 and July 31, 2013.
The majority of investments were made in the manufacturing and tourism sectors....
Japanese investments are expected increase significantly in Myanmar’s manufacturing, transport and information technology sectors, according to the Directorate of Investment and Company Administration (DICA).
An official from DICA said there is an influx of Japanese businessmen visiting their office for information to open branch offices and to make investments in Myanmar.
Among them include machinery-manufacturer Kubota Corp, industrial and engineering corporation Hitachi Zozen,...
Is there a pivotal link between the United States’ concerns over China’s assertiveness in the South China Sea and inroads into the Indian Ocean and bids from the US to expand Yangon’s airport and improve the roads between Myanmar’s main commercial city and Mandalay?
The rapid rapport developing between Washington and Naypyitaw coincides with US efforts to reassert influence in the Asia-Pacific region as China’s belligerent territorial claims on most of the South China Sea create...
GWEN IFILL: Next, we take you to the Asian nation of Myanmar, also known as Burma, where some farmers are paying a heavy price for the country's emerging economy.
Special correspondent Kira Kay reports.
KIRA KAY: The first drops of the rainy season have fallen on Mya Hlaing's rice paddies, and it is time to plow and sow. The rice will be ready for harvest in November. Mya Hlaing's land and the village that abuts it were settled by his forefathers while Myanmar was still a British...
The name Myanmar is derived from the local name Myanma Naingngandaw, which is a name used by the governent which is currently in power there. While the real meaning of the name is not clear, it is interesting to note... ... More
