Business

Licences to be issued at SEZs

Licences to invest in Myanmar special economic zones will soon be issued at One-Stop Service Centres within the zones.

According to the special economic zone by-law, this provision is being introduced for the convenience of investors.

One-Stop Services Centres in SEZs will provide services such as company registration, visa application, labour registration and import and export services in a single location.

Construction bank to offer long-term loans

An official from the Construction and Housing Development Bank Ltd (CHDB) said the bank is considering giving long-term loans in addition to medium-term loans currently lent at 12 per cent interest rate with a one per cent service charge.

“We gave a developer in Mandalay a four-year loan and the Shwelinpan housing project in Yangon an eight-year loan. We plan to lend 20-year loans,” he said.

The loan amount is based on an evaluation of borrowers' creditworthiness.

SEC scrutinises underwriter capital

The Securities and Exchange Commission (SEC) has begun investigating capital amounts made by underwriter companies to determine whether their money is clean or not.

“Underwriting licences will be granted to applicants at the end of this month. There are a total of 18 criteria for an applicant. Now, we are investigating a Ks 15 billion capital amount. Later, we will give licences to other applicants, such as brokers and dealers,” said SEC chairman Dr Maung Maung Thein.

SME registration fee to remain at Ks 1 million

The government must collect Ks 10 billion (about US$10 million) from the revenue of company registration and other [fees] this fiscal year, said Aung Naing Oo, the Director General of Directorate of Investment and Company Administration (DICA).

The company registration fee is Ks 1 million (about $1,000), and the extension fee is Ks 500,000 (about $500). Although many have complained that the fee is high, DICA will not reduce it this year.

Telenor mobile network opens in Dawei, Taninthayi Region

The Telenor mobile network has been made available for use in Dawei, Taninthayi Region, but not in Chin State or Rakhine State, according to the Telenor Myanmar Company.

Right now, the Telenor mobile network, which has over ten million users, can be used in 12 out of the 14 regions and states in Myanmar.

The Telenor mobile network is available in Mandalay, Yangon, Sagaing, Bago, Ayeyawady, Magway, Kayin, Mon, Kachin, Shan, Kayah, Taninthayi and Nay Pyi Taw. The company is preparing to expand to Chin State and Rakhine State at a later date.

Property sector weighed down by loans

Most domestic construction contractors rely on bank loans, with many struggling to pay the interest during the economic slowdown, says a developer.

Singapore investment dwarfs China

Singapore has topped the foreign investors list, with a total investment of US$1.6 billion after overtaking China, according to the Directorate of Investment and Company Administration (DICA).

Foreign investment has reached US$2.65 billion this financial year. In recent years, western countries, including the USA, have invested in the country through Singapore.

No submissions for dam project but survey: MIC

Myanmar Investment Commission (MIC) has reported that there were still no official submissions for the Mongtong Hydropower Project even though environmental and social impact assessments were underway.
 
“There have been no official submissions so far. That project is neither within the list of projects approved by the MIC nor within the list of projects under processing by the MIC,” said a Directorate of Investment and Companies Administration source.
 

SMEs pivotal: ADB

Small- and medium-sized enterprises play a pivotal role in economic growth, according to the Asia Development Bank’s finance monitor report.

The report says cottage handicrafts make up 78 per cent of the SME sector, followed by the service sector with 20.8 per cent, as of March.

The country’s economy has been growing with expansion in the construction, manufacturing and service sectors.

SMEs account for an estimated 96 per cent of all enterprises and 62 per cent of the labour force.

 

Approx. three million tourists by the end of August 2015; 30 percent more than last year

From January to end of August 2015, about three million tourists entered Myanmar, according to the the Ministry of Hotels and Tourism.

The volume is 30 percent more that of the same period of last year.

The expected tourist volume for 2015 by the government and tour business – five million tourists will be coming this open season, said Htay Aung, Union Minister of Hotels and Tourism.