Business

No foreign investment allowed in mining sector by NLD government

Secretary of Myanmar Investment Commission, Aung Naing Oo, said that the MIC did not allow foreign investment in mining sector and the mining sector is not included in the list of sectors for which foreign investment will be encouraged. 

Muse sees decrease of more than US$320 million in border trade volume

There has been a decrease of US$320 million in the Muse border trade volume, the largest border trade camp bordering China compared to the same period last year.

The statistics of the Ministry of Commerce showed that Muse received $4.56 billion in border trade volume from April 3 to March 1 in  the 2016-2017 fiscal year; yet border trade volume reached $4.9 billion in  the 2015-2016 fiscal year indicating a decrease of $325.8 million this year.

US$230 million foreign investment flows into Myanmar in February

Myanmar received nearly US$ 230 million of foreign investment in February of the 2016-2017 fiscal year, a source of Directorate of Investment and Company Administration said.

Foreign investment volume reached US$69.54 billion as of January. At the end of February, it arrived at US$69.77 billion. Myanmar received US$230 million of foreign investment in February alone.

Five content providers to be announced at the end of this month

Five content providers in a shortlist of ten companies will be announced at the end of this month, said Dr Pe Myint, from the Ministry of Information.

The minister made his remarks when he explained the ministry’s work progress and future tasks to MPs at the dinning hall after the regular session of the Amyotha Hluttaw (Upper House) on March 14.

US$4 bn Myanmar trade deficit higher than expected

With the end of this fiscal year (2016-2017) days away, Myanmar foreign trade value has reached over US$25 billion with a trade deficit of more than US$4 billion, which is higher than expected, according to official figures.

From April 1, 2016, to March 3 this year, external trade amounted to $25.2 billion, exceeding $636 million compared to the same period last year. Of the total trade value, export value totalled $10.2 billion and import value $15 billion, causing a trade deficit of $4.8 billion.

KBZ Bank wants to sell some stakes to foreign investors to increase capital

KBZ Bank wants to sell some of its stakes to foreign investors to increase its capital if the law and rules and regulations of the central bank are changed, said executive director Nang Kham Noung in an interview with Bloomberg.

“In any emerging market, capital is important. For us, we are open to foreign partnership. However that is subject to the central bank and the regulation,” she said.

Offshore gas deposits five years from commercial production

Gas deposits discovered at the M3, A6 and AD7 offshore blocks will be extracted on a commercial scale within next five years, the Ministry of Electric Power and Energy said,

These offshore blocks were discovered in recent years, with feasibility studies now being conducted. Depending on these studies, the gas will be developed on a commercial basis within the five-year timeline.

Zone-B of Thilawa SEZ to affect 44 households

The government needs to confiscate land for the implementation of the first phase (100-hectare) included in the Zone-B of the Thilawa Special Economic Zone project, and it will affect 44 households, according to the resettlement plan. 

About 87 per cent of land plots in the Thilawa SEZ project area are the ones seized by the government in 1997 under the Land Confiscation Law or State-owned land like pastures. The project area (2-1) is included in the area that has yet to be confiscated. 

Clothing exports increase by $1bn

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Laukkai clashes hit border trade

Trade is being conducted at the Chin Shwe Haw border with China, but bilateral business has declined due to fighting