Myanmar urged to tap alternative energy

ALTHOUGH hydropower accounted for 62 per cent of Myanmar’s power production last year, the nation should focus on improving the use of renewable energy to meet its target of 100 per cent electrification by 2030, the Myanmar Green Energy Summit 2017 has been told.

Dawn Del Rio, deputy country director of United Nations Development Programme Myanmar, said the nation was also striving to attain the United Nations sustainable development goal to substantially increase the share of renewable energy in the global energy mix by 2030.

More firms to be listed on Yangon stock exchange

PEOPLE’S interest in trading on the Yangon stock exchange does not seem to be growing 18 months after its launch but more companies are nevertheless keen to be listed, say officials.

Crop insurance system expected to launch this fiscal year


A coordination meeting on the introduction of insurance services for farmers and fishers was held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on August 19.

Jade exports earnings plummet since last year


In the first four months of this fiscal year, jade export earnings reached US$24.8 million, down $85 million since the same period last year, according to an official from the commerce ministry.

“In the same period last year, export earnings from jade amounted to $109.8 million,” the official said. “Revenues generated at the emporium held in early August are not included in export earnings.”

Korean complex due to open on military-owned land

The Lotte hotel, resort and serviced apartments project in Yangon is due to be officially launched on September 1 on military-owned land.

The six-acre project on Pyay Road, Hlaing Township, is next to Inya Lake. It includes two buildings, one for the hotel and the other for serviced apartments. The hotel has 15 storeys and 346 rooms while the 29-storey building next door has 315 apartments with one- to four-bedrooms.

Gas exports raise $1b since August

Myanmar earned US$1.07

Chate Sat targets substantial growth in one year


IN LESS than one year since its September 2016 launch, Chate Sat, Myanmar’s first ever freelancing platform where users can find or offer freelance work, has gathered more than 5,000 freelancers and 900 employers on its network.

Honey Mya Win, co-founder and chief executive officer of Chate Sat, said on Sunday that the start-up recently received six-figure funding from three venture capital firms – Singapore’s Vulpes Investment Management Ltd, Theta Capital, and a local investor. 

KBZ to ride Asean growth wave


KBZ, MYANMAR’S first bank to have expanded internationally with presence in Singapore, Thailand and Malaysia, is aiming high to grow further in tandem with the growth of Asean, said Nang Lang Kham, the bank’s deputy chief executive officer.

She said in an interview that the growth of Asean has been quite fascinating thanks to the Asean Economic Community and the removal of tariffs that now ensures trade and investments in the region are more attractive.

Aust’s investment poised to rise after Chambers’ merger


Australian investors’ interest in Myanmar is forecast to rise, thanks to the recent merger of the country’s two chambers of commerce in Yangon.

Jodi Weedon, CEO of the new AustCham Myanmar, said the new organisation would be formed following a memorandum of understanding signed on August 14.

She said the merger would enable one unified chamber of commerce in the country to better support Australian businesses seeking representation in Myanmar.

Hilton to open in Mandalay


The Eden Group has bought the Mandalay Sedona Hotel owned by Keppel Land based in Singapore and it will be reopened as the Hilton Mandalay.

Eden, one of the Myanmar’s largest conglomerates, bought the hotel for US$41 million and will entrust Hilton to manage it.