Business

Korean insurance firm opens office

South Korean-based Dongbu Insurance has opened an office in Yangon with the opening ceremony taking place at the Sule Shangri-La Hotel.

“Myanmar will be a big insurance market with prospects for sustainability and market expansion. Our company will offer non-life insurance services,” said Kim Jeong Nam, president of Dongbu Insurance Co Ltd. 

It is 16th international insurance office to open in the country. 

Myanmar earns less from timber export

Myanmar earned US$94 million from timber product exports in fiscal year 2014-15, down significantly from the previous year, the Ministry of Commerce says.

The fiscal year's earnings were $854 million less than that of fiscal year 2013-14, which was the last year for raw log exports. The country officially ended raw log exports on March 31, 2014 at the conclusion of the fiscal year, and has only allowed finished timber products since.

The rise of the US dollar now over Ks 1,100

The US dollar continues it rise as it now costs about Ks 1,100 to buy a dollar with a selling rate of about Ks 1,105, according to the latest currency exchange information.

On 28th of April, an American dollar went for about Ks 1,090 and the following day, it was Ks 1,093. The exchange rate set by the Central Bank was Ks 1,070, a leap from the Ks 1,027 rate in March.

Hotels planned for untouched archipelago

The Myanmar Investment Commission (MIC) has given the green light for hotel projects in Kyunphila, Ngaman and Boywe islands in Myeik Archipelago, Tanintharyi Region, according to the Myeik Division of the Hotels and Tourism Ministry.

“The land measurement tasks are already taking place. The Myanmar company will operate in partnership with a foreign counterpart,” said an official from the Myeik Division.

Hotel investment reaches US$2.7bn

Foreign investment in the hotel sector has reached US$2.7 billion, Htay Aung, minister for hotels and tourism, said at a cooperation signing ceremony between Hoang Anh Gia Lai Myanmar and the Spain-based Melia Hotels International.

“There are 47 hotels receiving foreign investment,” he said.

Hotel investment is largely coming from Singapore, Vietnam, Thailand, Hong Kong, Japan, Malaysia, the UK, Luxemburg and the UAE. There are other joint-venture operations with domestic businesses.

Germany pledges SME aid

The German Agency for International Cooperation (GIZ) will support the development of small- and medium-sized enterprises along with three Myanmar banks – the Small and Medium-sized Industrial Development (SMIDB), Kanbawza and Yoma, Parliament’s Banks and Monetary Development Committee has announced. 

Vietnam's Hoang Anh Gia Lai signs agreement with Spanish company for Yangon hotel

Vietnam-based Hoang Anh Gia Lai and Spanish Melia Hotels International have signed an agreement to jointly operate a five-star hotel that will soon open in Yangon.

A signing ceremony was held at Yangon’s Sedona Hotel, attended by Htay Aung the Union Minister for Hotels and Tourism.

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC Insurance Business Supervision Committee (IBSC) will be the only granted foreign insurance company which meets their standardizations to work in Thilawa Kyaukpyu and Dawei special economic zones, according to its committee.
 
The committee said they will announce the profile of companies who are eligible to make business in SEZs during May.
 

Unlicensed vehicle market plummets in Myawady

Sales of unlicensed vehicles have dropped due to the increase in legally imported cars via the Thai–Myanmar Friendship Bridge and stricter monitoring of unauthorized vehicles in rural areas, car dealerships in Myawaddy are reporting.

"The Road Transportation Administration is stricter on higher grade cars so there is almost no market for that," said one car dealer who did not provide his name.

Is rent still rising?

According to real estate market forecasts since September 2014, rental rates for luxury apartments are steadily declining, while rates for basic apartments have remained ore stable.