Business

Illegal trading will never be tolerated: minister

Minister for planning and finance Kyaw Win says everyone from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) should deal with illegal trading in a lawful and proper manner.

He met business leaders on January 13 in Yangon and said: “The process to crackdown on illegal trading has now started. The Parliament also discussed it. Everyone should cooperate. To do so, look at all markets and shops across Myanmar. You can see many illegal products on sale.

Most exports from MIC-registered firms

Around 58 per cent of exports between 2011 and 2016 were from businesses running under the official permission of the Myanmar Investment Commission (MIC), said commission secretary Aung Naing Oo.

Exports earned more than US$7 billion in the 2011-12 financial year, US$6 billion in 2012-13, US$8 billion in 2013-14, US$7 billion in 2014-15 and US$6 billion in 2015-16, according to the Directorate of Investment and Company Administration.

Train HQ to become hotel

The Peninsula Yangon Limited Company has been permitted by the Myanmar Investment Commission (MIC) to convert the former colonial-era Myanmar Railway Headquarters in central Yangon into a hotel.

The company says it will invest more than US$574 million, which all comes from overseas.

Finance and bank officials keen to limit trade deficit

Top economic officials have met with the Central Bank to discuss ways to limit imports in a bid to reduce the country’s trade deficit.
Officials from the Ministry of Planning and Finance, the Ministry of Economy, Trade and Industry attended the meeting. 
The departments discussed ways to promote exports, limit imports, and to increase earnings of foreign currency through the service sector, including tourism and travel. 

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