Ministry of Electricity and Energy to invite expressions of interest in respect to the development of Myanmar’s first liquefied natural gas terminal

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Tung PagodaMyanmar’s Ministry of Electricity and Energy is expected to invite expressions of interest from international energy companies in respect to the development of Myanmar’s first liquefied natural gas (LNG) terminal by the end of April 2017. Read more…

The Central Bank of Myanmar to consider permitting foreign banks to provide trading accounts

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silhouette of fishermen with yellow and orange sunThe Central Bank of Myanmar (CBM) is considering permitting foreign banks to provide trading account facilities to Myanmar trading companies if local banks are unable to meet the financing requirements of local importers and exporters. To date thirteen international banks have been issued licences by the CBM to open branches in Myanmar. Read more…

ADB guarantees United Amara Bank’s payment obligations to Italy’s Banca Popolare di Sondrio

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Sunset at U-Bein bridge, Myanmar.The Asian Development Bank (ADB) has issued its first guarantee through its Trade Finance Programme (TFP) to a foreign bank in respect to Myanmar trading activities. The guarantee has been issued in favour of the Italian bank Banca Popolare di Sondrio and covers the payment obligations of Myanmar’s United Amara Bank (UAB) who is providing credit facilities on behalf of a Myanmar customer. Read more…

Singapore’s XMH Holdings enters into a joint-venture with Myanmar Marco Polo Co.

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Rice fields on terraced of Mu Cang Chai, YenBai, Vietnam. Rice fSingapore-listed XMH Holdings Limited (XMH), a diesel engine, propulsion and power generating solution provider in the marine and industrial sectors has announced that it intends to enter into a joint venture agreement with Myanmar Marco Polo Co Ltd (MMP) pursuant to which XMH and MMP will establish a Myanmar joint venture company (JV Co.) to manufacture, assemble and sell generators and related products in Myanmar, as well as provide after-sales and maintenance services. Read more…

Technology and financial services provider Diebold Nixdorf establishes Yangon office

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FishermanDual New York and Frankfurt-listed technology and financial services company Diebold Nixdorf Inc. (Diebold Nixdorf) has established a Myanmar subsidiary through which it intends to provide technology and financial services to local retailers and banks. Diebold Nixdorf already provides ATM and software support to local banks including the Central Bank of Myanmar, United Amara Bank Limited, Yoma Bank Limited, and Tun Commercial Bank Limited among others, who together account for approximately 70% of Myanmar’s commercial banking sector. Diebold Nixdorf has further entered into a partnership with CB Bank Limited to expand its ATM network throughout Myanmar. Read more…

The Hong Kong Trade Development Council discusses the ‘One Belt One Road’ initiative with Myanmar businesses and government officials

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A delegation from The Hong Kong Trade Development Council (HKTDC) has met with businesses, investors and government departments in Myanmar. On 21 February officials from the HKTDC met officials from the Directorate of Investment and Company Administration to discuss Hong Kong-Myanmar trade, as well as potential opportunities for the Myanmar economy arising out of China’s ‘One Belt One Road’ initiative (“OBOR”). According to the head of the HKTDC delegation, Mr. Peter Wong, OBOR represents a significant opportunity for Myanmar. Read more…

Ministry of Commerce and Central Bank of Myanmar cooperating to crack down on unreported export earnings

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Before sunrise over temples of Bagan in MyanmarMyanmar’s Ministry of Commerce (Ministry) and the Central Bank of Myanmar (CBM) are cooperating to crack down on unreported export earnings. The Government has adopted a multi-pronged strategy to try to counter the volatile U.S dollar-kyat exchange rate, which has prompted widespread complaint from Myanmar’s business community. Read more…