Business

Scarcity of resources for securities industry

The stock exchange and private enterprises to operate in the securities industry are facing huge problem of human resource scarcity, said a minister.

“Since the stock exchange will be a major entity, it will require a large number of staff. As Myanmar has never experienced this before, there is no talents to use. This human resource problem is being the most important problem,” said Maung Maung Thein, the deputy minister of the Ministry of Finance who is leading for implementation of Yangon Stock Exchange.

Ongoing housing developments fall short of local demand

Housing projects currently in progress in Myanmar can barely fulfill people’s need for shelter, according to the Department of Human Settlement and Housing Development.

“Right now, public need differs from region to region. Few are working to fill these needs,” said Nay Min Htet, deputy director of the Department of Human Settlement and Housing Development at the recent Opportunities and Challenges for Developing Housing and Construction Business Seminar.

Telecom licence awardees announced

The Ministry of Communications and Information Technology has granted communication licences to three telecom companies, according to Than Tun Aung, director-general of the telecommunications directorate.

Those licence awardees are KDDI, E-Lite and Yatanarpon Teleport companies.

Presales market: contractor develops property with buyer’s money

Due to weakness in a systematic housing financial mechanism, Myanmar’s real estate market relies on the presales market in which buyers have to place a down payment for a unit before constructing or developing a property, say experts at a seminar for challenges and opportunities in housing and construction.

Outdated SMEs told to expect tough times

Small- and medium-sized enterprises (SMEs) are still using traditional methods and are not in a position to meet international standards, according to business observers.

Myanmar’s trade deficit at record high

Myanmar to suffer huge trade deficit of US$5 billion for fiscal year 2014-15 which ends on March 31, according to figures conducted from April 1, 2014 to March 3 by the Commerce Ministry.

The country earned about $10 billion in exports while $15 billion was spent on imports. This year’s trade deficit sets a new record breaking last fiscal year’s $2.65 billion trade deficit.

Western business not rushing to invest in Myanmar

Western investors appear reluctant to bid on open public tenders in Myanmar despite having expressed some interest, say analysts examining government foreign investment projects.

The government wants business giants from the West to bid on its projects to take advantage of their state-of-the-art technology and experience. Due to lack of Western involvement, the government has had to choose investors from among countries in the region.

Walk-in market, shop houses for Muse

MUSE -- Constructions of the walk-in market and shop houses are 80% complete at the Muse Central Economic Zone project being implemented along Shweli River at the Myanmar-China border in Muse Township, northern Shan State.

The project is jointly developed by the Regional Development Project of the Shan State Government Committee and New Star Light Company since the beginning of April 5, 2013. All the projects will be finished in 2017.

Stock exchange drawing closer to opening

The process of establishing the Yangon Stock Exchange (YSE) is almost 75 per cent complete with its launch expected in October, Deputy Minister of Finance and Revenue Maung Maung Thein said.

"We can say the process of establishing the Yangon Stock Exchange is 75 per cent complete," he said. "To say the least, the process is between 60 to 70 per cent complete."

Land speculation may dwarf economic growth, say UN experts

If the government cannot curb land speculation, the economic development of Myanmar will underperform, according to UN experts at the second table discussion over land use policy on Monday in Yangon.

Robert Oberndorf, a resource law specialist from the United States Agency for International Development (USAID) presented the collective opinions of various UN organisations.