Central Bank of Myanmar issues notification permitting foreign banks to provide wholesale banking services to Myanmar businesses

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Pursuant to Central Bank of Myanmar (“CBM”) Notification No. 6/2018, foreign banks in Myanmar will be permitted to provide commercial services, putting them on a more equal footing with the countries local banks. According to CBM Vice-Governor. U Soe Thein, a further implementing notification will soon be issued to deal with technical issues and to set out the exact scope of the banking services foreign banks will be permitted to provide. Read more…

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Myanmar Government drafting strategy to encourage savings

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The Myanmar Government is drafting a National Savings Mobilisation Strategy to encourage the public to save more. According to the Deputy Minister of Planning and Finance U Maung Maung Win “despite rising volume of savings at local banks, more is needed to support continued economic growth and for Myanmar to reach parity with its regional neighbours”.  Read more…

Growth in Myanmar mining industry expected on the back of increased investment

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Myanmar’s mining industry is expected to grow in 2019 following an increase in both foreign and domestic investment in the sector. According to U Than Soe, deputy permanent secretary of the Ministry of Natural Resources and Environmental Conservation (“MONREC”), it is anticipated additional permits for small-scale mining will be issued over the next twelve months. Read more…

Myanmar Investment Commission launches Myanmar Investment Promotion Plan

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On 8 October, the Myanmar Investment Commission (“MIC”) launched its Myanmar Investment Promotion Plan (“MIPP”) for the period up until 2036. The plan outlines five strategies to actively promote investments in the local economy, including new policies and regulations, institutional development, infrastructure development and leveraging on local business systems, industries and human resources. Read more…

Local ride-hailing firm Get Ride officially launches in Myanmar

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‘Get Ride’, a local ride-hailing platform majority owned by the founder of Myanmar’s BOD Tech Ventures, has officially launched its operations in Mandalay. The bike, tuk-tuk and taxi-hailing platform is part of ‘Get’ (“GET”) an omni-channel digital commerce platform established in 2017 by early-stage tech investor Mike Than Tun Win and Nyein Chan Soe Win.  Read more…

UMFCCI ‘business sentiment survey’ identifies key challenges for Myanmar’s businesses

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A business sentiment survey conducted by the Union of Myanmar Federation of Chambers of Commerce and Industry (“UMFCCI”) has identified the principle challenges facing local businesses. Nearly 1,500 businesses from the services, manufacturing and trade sectors contributed to the survey. The survey found that despite economic growth over the past three years overall business sentiment has decreased by 5%. The survey identified 10 key causes for the decline in business sentiment. Read more…

Myanmar’s Ministry of Commerce negotiating the resumption of development works at Dawei SEZ and Kyaukphyu SEZ

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Myanmar’s Ministry of Commerce has announced it is working towards the resumption of development works at the Dawei Special Economic Zone (“Dawei SEZ”) and Kyaukphyu Special Economic Zone (“Kyaukphyu SEZ”) SEZ. The development of the US$8 billion Dawei SEZ, which has been suspended since 2013 following the Italian-Thai Development Company (“ITD”) withdrawal from a development agreement signed in 2008 due to financial constraints. Read more…

Myanma Awba Group opens new agrochemical production facility in Yangon

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On 19 August 2018, the Myanma Awba Group (“Myanma Awba”), Myanmar’s largest manufacturer and distributor of agricultural technology, commenced operations at its new agrochemical production facility in Yangon. Read more…

Myanmar Metals announces milestones for Bawdwin mine

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ASX-listed junior Myanmar Metals Limited (“Myanmar Metals”) has unveiled an accelerated path to redevelop for the Bawdwin polymetallic mine, in Myanmar. Myanmar Metal, has announced that it has, together with its joint venture (“JV”) partners Win Myint Mo Industries Limited (“WMM”) and EAP Global Mining Company, defined a number of clear project milestones for the next 12 months.  Read more…