Business

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.

Some factories consider lay-off after new minimum wage set

After the government set the basic wage at Ks 3,600 (US$3) per day, some factories have considered redundancy, reports say.

Myo Aung, the permanent secretary of labour ministry, said that the officials are in talks with the factory owners to know the reason behind the possible redundancy.

“We’re trying to know what makes the factory owners to consider so – whether they really find difficulty with the new minimum wage,” said Myo Aung.

SECM and DICA to screen YSX registration process

Deputy Finance Dr Minister Maung Maung Thein said that companies currently not qualified to be a part of the Yangon Stock Exchange (YSX) will have to go through both the Securities Exchange Commission of Myanmar (SECM) and Directorate of Investment and Company Administration (DICA) to be on the list.
 
Interested prospects will have to first submit a business plan to the SECM and then proceed with getting the license to be a public listed company from the DICA.

Report speaks of economic challenges ahead

The deputy Chairman Sat Aung of the Central Bank has wrote a report that sheds light into the thriving Account Transfer and Informal Hundi Transfer market due to unchecked manipulation of the foreign currency market.

The report, published by “The Commerce” Journal on owned by the Ministry of Commerce on 31 August, stated implications from heavy Capital Flows entering the local economy.

Construction communities predict government’s plan to reduce estate’s prices will not succeed

Construction communities predict government’s plan to reduce estate’s prices will not succeed as it gave the new Yangon project to an individual and therefore it will not be profitable.

Although Yangon regional government announced that they will scrutinize the tender process in front of the tender scrutinizing committee on August 18, they changed to the date to September 22 by the request of the applicants. The regional government said about 50 companies competed for the tender.

Gov’t approves minimum wage rate

The Union government has approved a proposal minimum wage of Ks 3,600 per day amid the widespread criticism by some employers and employees, according to the national committee for fixing the minimum wage on August 28.

YSX to open in December

Deputy Finance Minister Maung Maung Thein have reported that the Yangon Stock Exchange is ready to be opened in the first week of December.

Media personnel were invited to the future YSX building 29th of August as part of a news conference tour.

“Everything is in place for the stock exchange to open and get things running. Laws, regulations and listing criteria have all been endorsed,” said Maung Maung Thein.