Investors from Singapore and Vietnam topped the list of foreign backers in the National League for Democracy’s year in government, according to statistics of foreign investment from the Directorate of Investment and Companies Administration (DICA).
Foreign investment totalled US$6.65 billion in the 2016-17 fiscal year.
The country exports rice mainly to China and various African countries, according to the Myanmar Rice Federation.
Ye Min Aung, general secretary of the federation, said: “Chinese and African markets are major. We also export to the Philippines, Indonesia and Sri Lanka. We can’t rely on one or two markets. But 50 per cent of the exported rice goes to China.”
THOUGH THE TAXI-HAILING service is still a relatively new concept in Myanmar, Grab, the leading ride-hailing firm in Southeast Asia, has revealed its ambitious target of attracting everyday taxi users in Yangon to book taxis through their app.
Yangon: The first phase of the new Danyinkone wholesale market will be opened in the second week of May, Thaung Tin, deputy head of the markets department under Yangon City Development Committee (YCDC), said on Monday.
The new market is set on an 80-acre space developed by a public company in cooperation with the YCDC. The YCDC has taken out a 70-year lease and the land will be returned after the contract is finished.
The Myanmar Investment Commission published the new list of restricted investment businesses on Monday, in line with sections 42 and 100 of the Law of Myanmar Investment Commission.
Restricted businesses include investments which can be run only by the state, investments which can’t be run by the foreign investors, investments which are allowed to be run jointly by locals and foreigners, and those which can be run only with the permission of the respective ministry.