Business

GGI launches short term endowment life insurance

GGI Insurance launched a short term endowment life insurance, the first of its kind in Myanmar, at Pan Pacific Hotel in Yangon on August 3.

These aged between 10 and 60 may have such a kind of insurance with an amount of K1 million to K50 million. The period of insurance can be five, seven or ten years, and a premium can be paid ever month, every three months, every six months or every year.

Myanmar allows up to 80% of foreign investment in agriculture sector

Foreign businesses have been allowed to invest up to 80 percent in Myanmar's agriculture sector instead of 49 percent, according to Myanmar Investment Commission (MIC).

Textile, food processing “key” to Myanmar-Taipei trade

SEEKING to build on the rapid growth in trade between Taipei and Myanmar, industry bodies from the two sides have signed two memoranda of understanding at the recent Taiwan-Myanmar Industrial Collaboration Summit.

MyoThet, vice president of the Union of Myanmar Federation of Commerce and Industry (UMFCCI), said the agreements would help boost bilateral economic ties, reflecting Taiwan’s pledge to support Myanmar with capacity building and technical assistance in core sectors including textile and food processing. 

Time to fix key issues for industrial revamp, banking expert warns

MYANMAR’S potential to become a regional investment hub would be realised only if the government manages to address major challenges businesses are facing in the nation, a banking expert has warned.

Than Lwin, a senior consultant at KBZ Bank Ltd and former deputy governor of the Central Bank of Myanmar (CBM) stressed the importance of addressing four key challenges – religious conflicts in Rakhine State, revenue mobilisation, lack of investor-friendly laws and the undeveloped banking industry.

Govt urged to urgently curb forex volatility

Following the daily fluctuation of Myanmar's exchange rate over the past three months, economists and business people have urged the government to urgently address the problem of violatility.

Economist Maung Aung said the Central Bank of Myanmar (CBM) must come up with effective measures to rein in the forex market, in order to create a conducive environment for businesses, particularly those involved in foreign trade. 

Flexible Pass set to revolutionise Myanmar’s fitness business

WITH health and fitness centres popping up in big cities across Myanmar, a technology startup is bent on bringing all gyms under its innovative platform that offers users on the go access to all facilities in the network, said Sully Bholat a.k.a. Htet Aung Latt, the founder and chief executive of Flexible Pass.

“Now we cover nearly 70 different locations in Yangon, and have plans to expand to Mandalay over the next few months,” Sully said in an exclusive interview. “We will try to reach everywhere in Myanmar over time.”

Agriculture Ministry to loan $40.5 from ADB, 30m euro from Italy

Union Minister for Agriculture, Livestock and Irrigation Dr Aung Thu has submitted a proposal to Union Parliament seeking loans of US$40.5 million from Asian Development Bank and 30 million euro

Myanmar plan to export cattle to China

The Myanmar government is planning to export one million counts of cattle to meet rising demand in the Chinese market according to Yan Naing Tun, Director General of the Trade Department under Ministry of Commerce (MOC), said on July 30.
“For the export of cattle, we have set a market in Muse and another one in Sit Saung Pana. Depending on their proposal, we are carrying on with the export,” said Director General Yan Naing Tun.

DICA clarifies rumours about 14 garment factory closures

Out of 14 factories rumoured to have been closed down, only seven were running under the permission of Myanmar Investment Commission (MIC) while two of the

MIC allows nine additional FDI

 

Myanmar Investment Commission allowed nine additional foreign investments worth around US$ 120 million, according to a press conference on July 30.

Nine FDI granted by the MIC are curtailed to five in the industry sector, one in livestock and fishery sector, one in housing sector and one other sector.