Business

Oway Ride set to grow further despite foreign rivalry

MYANMAR ELEVEN

ASIA NEWS NETWORK

YANGON

Myanmar, France chambers sign pact for stronger economic ties

Myanmar Eleven/Asia News Network

Yangon

Though investment by French firms in Myanmar has accounted for less than 1 per cent of the total foreign direct investment, the figures are likely to surge over the next few years as the Union of Myanmar Federation of Chamber of Commerce and Industry on Friday signed a memorandum of understanding (MOU) with CCI French Myanmar.

IFC calls for effective resource management in Myanmar

MYANMAR ELEVEN

Asia News Network

YANGON

Tealeaf businesses submit research to Shan State government

The Tealeaf Business Association submitted research to the Shan State government intended to create a better tealeaf market and explore the international market.  

The research was read by Kyaw Thiha, the executive of the industry association at the meeting of tealeaf businesses, Shan State government and Southern Shan State traders. 

Myanmar continues to welcome tourists through border gates

Many foreign tourists visited Myanmar in April through border gates, according to Hotel and Tourism Ministry. 

A British national entered into the country by motorbike with the assistances of Bright View Travels and Tours Co Ltd and the ministry through Tamu, Sagaing Region. He visited Tamu, Kalay, Bagan, Nay Pyi Taw, Kyaikhto and Myawady from April 17 to 20. 

Economic zones to be set up at deep sea ports

Establishing economic zones at deep sea ports, highway roads and landmarks along border areas are priorities to be carried out by respective Union ministries for 2017-2018 financial year, according to a recent economic policy decision.

Permission needed for foreign investment in mining sector

The government has made no obstacle for foreign investments in the mining sector in Myanmar, but permission is needed from the Ministry of Mining if one desires to do business in that sector according to Myanmar Investment Commission (MIC).

“We allow foreign investments in the mining sector, but we don’t give any subsidies in that sector. We give subsidies in manufacturing and production sectors rather than extracting natural resources,” said Aung Naing Oo, secretary of MIC.

Trafigura-backed oil firm opens US$92 mil. Myanmar terminal

YANGON, Myanmar -- An oil company backed by global commodities giant Trafigura has opened a US$92 million oil and gas terminal in Myanmar to cash in on growing energy demand from the fast-expanding economy.

The terminal is expected to increase energy imports after a disappointing decline in foreign investment under the new democratic government that took office in March last year.

Yangon Water Bus to have 20,000 passengers when operation starts

Yangon Water Bus will have about 20,000 passengers a day when it is launched, and in 2019 or 2020 the annual number could reach 24 million to 30 million, said Tint Tint Lwin, chairperson of Tin Tint Myanmar Co, which will implement the project.

"About 20,000 people are estimated to ride a water bus this year as there are three river routes. Next year, there could be about 12 million," said Tint Tint Lwin.

Fruit producers to get loans

The Myanmar Agricultural Development Bank considers giving out loans for fruit producers, said Kyaw Win, minister for planning and finance.

The bank is under the Ministry of Planning and Finance and gives out loans only for farmers.

The fruit production is declining save for watermelon and cucumber, according to Soe Than Min Din, chairman of the Fruit, Flower and Vegetable Producer and Exporter Association.

The decline is due to climate change, expensive production materials and insufficient capital.