Trade with US reaches US$550 million

Trade between Myanmar and the US reached US$550 million in the 2014-15 fiscal year, said the Ministry of Commerce.

"Trade between Myanmar and the US increased to reach US$550 million. Goods imported from the US hit US$500 million and our exports gained US$50 million," said director Win Myint from the ministry.

The ministry explained that Myanmar imported consumer products worth US$428 million and investment-related equipment worth US$50 million and raw materials worth US$21 million.

World Bank unveils US$1.6bn loan

The World Bank’s International Development Association has declared that it will contribute US$1.6 billion as a long-term, interest-free loan to Myanmar as part of its Country Partnership Framework.

New wine import regulations announced

The Ministry of Commerce hasannounced new regulations requiring imported wines to contain between 7 and 20 percent alcohol and to only be imported by land or sea.

Govt raises rent on Yangon Zoological Garden

The Department of Forestry has raised rental fees to be paid by the Htoo Groups of Companies for the Yangon Zoological Garden from Ks 70 million to Ks 77 million per year in response to criticism over the low initial rate.

Muse trade booms

Exports from April 2014 to March 31 this year through the Muse border exceeded US$3.6 billion, up more than US$1 billion from the previous year, according to Consumer Affairs Department under the Commerce Ministry.

Last year’s exports were US$2.2 billion, mainly from agricultural produce.

A total of 99 warehouses, 59 for exports and 40 for imports, have been built at Muse 105th-mile trade camp.  

Insurance firms told to brace for foreign competition

Private insurance companies need to be ready for international competition as the domestic market prepares to open up to foreign firms, according to the Myanmar Insurance Business Supervisory Board.

The government has allowed 15 foreign insurance companies, including firms from Japan, the US and Europe, to open branch offices.

Singapore firm cancels investment

China to crackdown illegal border trade

Myanmar vulnerable to illegal stock brokers

Economists have raised concerns over several brokerage firms in Myanmar that operate illegally.

ADB: Myanmar's financial shortfall remains large

To achieve 8 per cent GDP growth per year, Myanmar's infrastructure sector needs US$5 billion to $7 billion per year, said Winfried Wicklein, the Asian Development Bank's country director for Myanmar.

She spoke at a forum on ADB's 5-year strategy (2017-2021) for Myanmar held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

He added that the ADB has lent about $500 million to Myanmar every year since 2013.