Business

Bean exports raise US$770m

Myanmar has earned US$770 million from exports of 800,000 tonnes of beans and pulses so far this financial year, according to the Ministry of Commerce. 

A ministry official said: “This year sees an increase in the export of beans and pulses, including chickpeas, despite a decline in exports of all other goods.”

Five firms get investment green light

Myanmar Investment Commission has granted permits to five domestic and foreign companies this month. 

They are a frozen vegetable producer, an agricultural producers, a fishmonger, a manufacturer of industrial displays and fertiliser producer. 

Dawei protests against project

Residents of Dawei District, Taninthayi Region, staged a protest against the Dawei Development Public Co (DDPC) for occupying a vast area of vacant land for hotel and development projects.

A 300-strong column marched from the Maungmakan Middle School to the DDPC’s compound. The protest started at 8am and lasted 75 minutes.

Total invests US$800 million in LCB Ruby Project to maintain Yadana natural gas project beyond 2020

The LCB Ruby Project, located beside the Yadana natural gas project site, aims to produce natural gas when the Yadana project expires. The France-based Total Co is implementing three new gas projects, with as much gas from these projects as possible to be sold to Thailand, said Mr Xavier Preel, the general manager of Total E&P Myanmar Co Ltd, which operates the Yadana natural gas project.

Two islands in Taninthayi Region rented to hotel companies

YANGON—A total of 530 acres on Kyun Phi La and Nga Khin Nyo Gyi islands have been rented from the government for hotel construction. This constitutes two of the 25 hotel projects pending approval in the archipelagoes of Taninthayi Ragion.
The remaining 23 hotel projects are sending reports to the necessary departments and to the Myanmar Investment Commission, which are now scrutinising the projects.

Production-sharing contract for Yadana gas project to expire in 2020

The production-sharing contract for the Yadana natural gas project will expire in 2020, according to Mr Xavier Preel, the general manager of Total E&P Myanmar Co Ltd.
The Yadana gas project has been operated by PTTEP, UNOCOL, Total and the Myanmar Oil and Gas Enterprise for 20 years.

Construction paused on 42 Bagan hotels

Bagan—Construction on 42 new hotel projects was requested to stop temporarily in 2014 order to prevent damage to ancient buildings. Bagan is a candidate for being designated a UNESCO World Heritage Site.
“There have been hotels in Bagan since before 1998. Some hotels, motels and inns were built before [historical preservation] laws were passed. Some restaurants were built after the laws were passed. We estimate there are about 120 of them,” said San Win, the former director general of the Department of Archaeology, National Museum and Library.

Thilawa SEZ to create 200,000 jobs

Thilawa Special Economic Zone

Second economic zone planned for 2016

A second central economic zone project (the Mindhamma project) will be implemented in Yangon in 2016, according to Yangon City Development Committee. 

Experts pointed out that the central economic zone should be separated from the city due to the population density and traffic jams in Yangon. 

No stock exchange public offering until March

 

Myanmar today launched its first stock exchange with six public companies, including Myanmar Agribusiness Public Corporation, First Myanmar Investment and Thilawa Special Economic Zone.