Business

Eden to build world-class hotel

Eden Group’s Eden Hotels & Resort Co Ltd plans to construct a world-class hotel through build-operate-transfer system.

The proposal was submitted to Myanmar Investment Commission and granted a permit on January 16 under the Citizenship Investment Law.

The company has been permitted to build the hotel at Ring No 201, Kun Chan Ring, Zee Phyu Kone Village Tract, Thandwe, Rakhine State.

CSOs condemn govt over bid to join global body

The government had not given its full participation to civil society organisations (CSOs) working to gain Myanmar’s membership of the Extractive Industries Transparency Initiative (EITI) and it had failed to keep promises given, according to the Myanmar Alliance for Transparency and Accountability.

Minister urges SMEs to register

Small- and medium-sized enterprises (SMEs) must be registered to get benefits like loan disbursement, said Maung Myint, the union minister for industry.

There are more than 46,000 registered SMEs across the country. That number is estimated to reach 50,000 soon despite the closure of some unsuccessful SMEs, he added.

More Chinese caught stealing timber in Myanmar

More Chinese citizens have been arrested for illegal logging and 4,529 logs were seized in Waimaw, Kachin State, according to officials from the state’s Forestry Department.

"We made more arrests. Another eight Chinese nationals were arrested along with a seizure of 4,529 logs which were due to be smuggled. We also seized 11 logging vehicles," said an official from the department.

WTO members interested in Myanmar's economy

Member countries of the World Trade Organisation (WTO) have shown keen interest in learning more about making investments and business opportunities in Myanmar as the country plans to build special economic zones, according to general council of WTO.

Kachin to prosecute alleged Chinese log thieves

The Kachin State government has taken legal action against more than 100 alleged Chinese log thieves, in accord with the 1947 Public Properties Protection Act.

The men, who were detained in Kachin State, could face long prison sentences for breaching immigration, forestry and drug laws, according to the Ministry of Forestry. 

Myitkyina forestry department is measuring timber from Winemaw, according to the regional government. 

Myanmar urged to develop hydropower

Myanmar has enormous hydropower potential of up to 100,000 megawatts and the World Bank Group (WBG) and the International Hydropower Association (IHA) are helping Myanmar develop a more sustainable hydropower sector, according to the WBG’s report.

Myanmar has enormous hydropower potential of up to 100,000 megawatts, around 30 times the currently installed capacity of 3,500 megawatts if realised, the report revealed.

3 firms get permits to operate hotel businesses

The Myanmar Investment Commission (MIC) has granted permits to three local companies to operate hotel businesses in Nay Pyi Taw, Kayin and Rakhine regions.

The three local companies are Max (Myanmar) Hotel Co Ltd to operate hotel servicing business in Nay Pyi Taw, Snow Diamond Co Ltd in Hpa-an Township, Kayin State, and Eden Hotels and Resort Co Ltd in Thandwe Towship, Rakhine State.

The permits were granted during the MIC meeting held on January 16 and the three companies will operate as local investment firms.

Illegal trade suppresses official trade volume, says commerce minister

Commerce minister Win Myint said the huge volume of illegal trade in Myanmar is responsible for the country’s low trade figures compared to China and Thailand.

The minister spoke at the SME Development and Socio-Economic Life Improvement Meeting on January 20.

Myanmar designates five-year transition period of stock market

Yangon – The Securities and Exchange Commission of Myanmar has already designated a five-year transition for Stock Exchange Certificates Market (SECM).

“It [period] may be increased or reduced. Under the transition period, SECM will be under the Finance Ministry. The expected transition period could be five years. But the period may be increased or reduced. At the moment, the process seems quite successful.