Business

Gold and jewellery trade centres to open in three cities

 

Gold and jewellery trade centres will be opened in Yangon, Mandalay and Nay Pyi Taw soon, said Planning and Finance Minister Kyaw Win on August 28.

“We have already negotiated with various businessmen to open gold and jewellery trade centres, which will be open all year long. It will facilitate business for whatever they sell and buy, foreign or local,” he said.

Tax hike on auto imports ‘not right solution’: merchants

Myanmar merchants on the Myawady border with Thailand complain that a pending increase in tax on imported vehicles is negatively impacting ordinary people.

The border point has seen a rise in vehicle imports this month after the government declared it would increase vehicle import taxes from 3 to 10 per cent starting on October 1.

Private banks hike lending to SMEs

SMALL and medium enterprises in Myanmar will soon get greater access to finance as private banks plan to extend more credit to boost the economy, according to speakers at the Amcham Financial Services Forum held last week.

Zaw Lin Aung, managing director of KBZ Bank, the largest private bank in Myanmar with the largest retail network, said the bank had changed its lending policy to help the growth of SMEs across the nation.

GoP Tour aims 50pc monthly growth

RISING NUMBERS of people travelling across Myanmar would brighten the future of tourism start-ups, said Nyunt Win Aung, co-founder and chief executive officer of GoP Tour.

He said in an exclusive interview that his firm now has more than 15,000 visitors on their website and nearly 30,000 visitors on their Facebook page every month, and expects the figure to be doubled by the end of this year.

AYA Bank partners with mFino to offer new products

AYA BANK, one of the top three private banks in Myanmar, recently signed a pact with mFino, a global fintech solution provider, to deliver new products and advanced payments for the market, said Myint Zaw, the bank’s managing director.

He said the partnership would lead the bank to introducing mobile fintech products by the end of this year. He seemed proud to play a role in Myanmar’s bid to ensure financial inclusion.

Myanmar’s adopts 10-point response to India's restrictions on bean imports

Myanmar has formulated a 10-point plan to address the aftermath of India's restrictions on bean imports, according to the Ministry of Commerce.

The points include the formation of a coordination committee for bean exports with officials from relevant ministries; private associations and growers negotiating with India to export Myanmar's bean and peas; negotiations for a bilateral agreement; and rendering assistance to ensure that the local market regains stability through cooperation between the government, private associations and growers.

Govt, exporters cooperate on bean crisis

 

The government and traders will cooperate to buy farmers' bean stocks to stabilise the market if negotiations with the Indian government fail to resolve the issue, according to the Federation of Chambers of Commerce and Industry (UMFCCI) yesterday. 

Merchants and farmers face difficulties as India banned bean imports this month. 

Grab to inject $ 100 m into expansion in Myanmar

A Grab Taxi

Grab, one of the leading ride-hailing providers in Southeast Asia, announced on Friday it would invest US$100 million over the next three years to expand its business operations in Myanmar.

Anthony Tan, Grab’s co-founder and CEO, said the firm would build a team of up to 200 local talents to expand to other major cities and roll out other products including GrabPay.

“This is already one of our fastest-growing markets, and we are very excited to deepen our commitment into Myanmar,” he said.

Bangladesh labour shortage blocks rice trade

 

Phu Trong’s visit to boost Myanmar-VN economic ties

 

By  KHINE KYAW

MYANMAR ELEVEN

ASIA NEWS NETWORK 

YANGON