Business

Myanmar’s foreign trade volume tops US$26 billion

Myanmar’s foreign trade volume has reached US$26billion, a figure that is larger than that of the same period of last year, the Ministry of Commerce reported.

Myanmar’s foreign trade volume was US$26.4billion in total from April to March 2016-2017 fiscal years, which is S$547.6million higher, compared to the same period of the last year.

Transport and communication sectors reach US$3billion in foreign investment

The transport and communication sectors have reacher more than US$3billion in foreign investment, accounting for 46 percent of total foreign investment, a source at the Directorate of Investment and Company Administration said.

Until the first week of March in this year, US$3.1billion flowed from 14 foreign investments into the transport and communication sector. Myanmar has received more than US$6.8billion until March this year - and is US$800million above the target set for this year.

Shwe Taung and AYA Bank sign mortgage loan agreement

Shwe Taung Development Company Limited and AYA Bank signed an agreement on mortgage loan service in order to sell affordable apartments to people through a 15-year housing loan plan.

The mortgage loan service is the first longest housing loan plan in the real estate market in Myanmar. The initial payment is 40 percent of total cost - as soon as this amount has been paid, the affordable apartment can be used.

Grab Singapore enters Myanmar

The leading ride-hailing app in Southeast Asia, Grab, started to test its services in Yangon on March 21, becoming the first international company of its kind to enter Myanmar.

Affordable electricity benefits industrialists while rural dwellers pay high prices: Deputy minister

Business owners have enjoyed profits from affordable electricity while rural residents have to rely on expensive private power supplies, said Dr Htun Naing, deputy minister for electricity and energy, who has called for funding for another generator.

He said: “We acquire electricity from private hydropower stations for around Ks68 (US$0.05) per unit and from gas-fuelled power plants for Ks158. Then we sell electricity back to citizens at Ks35 a unit and to industrialists at Ks75. So the government’s electricity distribution is facing a loss.”

Myanmar receives $7 bn foreign investment in FY2016-17

MYANMAR will have received nearly US$7 billion in foreign direct investment (FDI) when its current fiscal year ends on March 31, surpassing its target of $6 billion, said Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC) and director-general of the Directorate of Investment and Company Administration.

Streaming service iflix aims high in Myanmar

GIVEN that iflix has received more than 11,000 subscriptions within one week after its launch in Myanmar, the Kuala Lumpur-based streaming service provider is confident that it will be successful in the market as a pioneer, said Adeana Greenlee, iflix’s country manger for Myanmar.

Greenlee said in an exclusive interview that Myanmar’s leap in the telecommunications sector would fuel the firm’s growth in the nation.

Myanmar to privatize state-owned factories and workshops

The privatization of state-owned factories and workshops - except those which are strategically important - will occur over the next three to six months, according to the Planning and Finance Minister Kyaw Win.

Investors to get more protection under new law

An amendment to the Myanmar Companies Law is under way, and is currently in the hands of the Bill Committee, and will be discussion at the coming parliament, said Aung Naing Oo, secretary of Myanmar Investment Commission.

Number of business licenses soaring

Yangon Mayor Maung Maung Soe said the number of business licenses issued by Yangon City Development Committee has reached over 43,000, at the Yangon region parliament yesterday.