Business

Over $2bn in foreign investment entered Myanmar since April

 

Foreign businesses have invested more than US$2 billion in Myanmar between the beginning of April and mid-June this fiscal year, according to the Directorate of Investment and Companies Administration (DICA).

The Myanmar Investment Commission (MIC) said it approved 22 foreign investments worth $713 million and created 8,387 local jobs during that period.

Foreign firms allowed trade agricultural products, constructional materials

Myanmar has allowed foreign companies to engage in both wholesale and retail trading of fertilizer, pesticide, seeds, hospital equipment and construction materials, according to Notification 36/2017, issued by the Ministry of Commerce.

Foreign firms are allowed to do so in line with prescribed health and safety codes and international trade procedures so that the country can use better-quality equipment and materials to improve the infrastructure in the agriculture and health sectors.

Provisions to benefit Kachin people sought for inclusion in gems bill

Provisions that will benefit all Kachin people must be inserted into the gems bill, says Dr M. Kon La, chairperson of the Kachin National Congress Party.

The joint bill committee of the union’s parliament is to meet with Kachin people to discuss the gems bill. Kachin political parties have been invited to the meeting, as have representatives from the main gems association, businesspersons and Kachin political parties.

Move for uniform standards in construction industry awaits enactment of law

Benchmarks for the construction industry across the country will become valid only after a law governing the construction management supervisory board is enacted, said Kyaw Lin, Deputy Minister for Construction.

Upper House MP Win Myint Chit had asked in parliament whether the Construction Ministry plans to construct to quality buildings in the future.

In reply, Kyaw Lin said: “The bill on the construction management supervisory board has been under draft. Upon completion, construction benchmarks will be the same across the country.

Helium balloon project begins service despite objections

The helium balloon project of Myanmar Voyages International Tourism Company is now in service, despite objections.

YCDC receives proposals for alley gardens

The Yangon City Development Committee (YCDC) says private firms are showing interest in making public spaces in alleyways.

Than Myint Aung, a member of the YCDC, said: “Individuals and companies showed interest in making public spaces in alleyways. For example, the United Paints Group told us via artist Myint Maung Kyaw that they would help decorate the alleys.”

Residents can get help from the YCDC and the regional government if they want so set up these public alley spaces, she added.

China freezes 1,000 bank accounts

Transactions in Muse are becoming difficult

Thilawa FDI to hit US$1.7bn

Foreign investors are set to channel more than US$

Myawaddy imports 10x exports

Between 

MIC invites companies to submit proposals to build dry ports, bonded warehouses

Myanmar Investment Commission has invited companies to submit proposals to build dry ports and bonded warehouses on the other bank of the Yangon River, Planning and Finance Minister Kyaw Win has said
Kyaw Win said this while speaking at a seminar held at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Thursday.
The minister said: “The government has had a plan to build bonded warehouses and dry ports on the other bank of the Yangon Region.