Business

Property tax burden on foreign investors in industrial zones

 
Foreign investors who hire land plots in industrial zones have to pay property tax, said MP Kyaw Zeya, secretary of Yangon Region Finance, Planning and Economic committee.
 
Six government ministries are tasked with handling land management, and there are 10 kinds of land, including army-owned land.

MoU signed to build Kanyin Chaung economic zone

 

WB maintains optimism over Myanmar economy despite risks

Yangon-Despite the slowdown in the inflow of foreign direct investment and ongoing conflicts in Rakhine state, Myanmar’s economy is expected to recover this year, with the growth rate rising from 5.9 per cent in 2016 to 6.4 per cent, according to a recent edition of the World Bank’s Myanmar Economic Monitor.

Hans Anand Beck, World Bank’s lead economist for Myanmar, said that the rising consumption and the potential to welcome major foreign and domestic investments would drive Myanmar’s economy in the short and medium term.

Telcos vie for mobile financial services

YANGON-WHILE Myanmar is still a cash-dominated society, the nation’s three telecommunications operators are trying to change that as they vie for the lead in the country’s nascent mobile financial market.

Vikram Sinha, CEO of Ooredoo Myanmar, was happy with the success of M-Pitesan, a product that allows mobile users to enjoy instant money transfers and efficient payment options via their smartphones.

Myanmar approves over $4bn FDI in first half of current fiscal

YANGON -MYANMAR has approved US$4.35 billion (Bt145 billion) in foreign direct investment (FDI) in the first six months of fiscal year 2017-18 which started April 1, and hopes to receive much more in the second half, according to San Myint, deputy director general at the Directorate of Investment and Company Administration.

CSOs demand govt review of SEZs

As Myanmar pushes to attract more foreign direct investment through its three special economic zones, civil society organisations have reiterated their recommendation to review and monitor the progress of the SEZs.  

Charlie Thame, a researcher at Thammasat University’s faculty of political science, wrote a year long report entitled “SEZs and value extraction from the Mekong”.

He said at the report launch that the SEZs had been developed with limited transparency and locals had been displaced without proper consultation and adequate redress.

60 pc of investments in Thilawa SEZ target local market

 
There are 85 local and foreign investments in Thilawa Special Economic Zone Project, with most of them targetting the local market.
 Sixty per cent (51 businesses) of the total investments target the local market, 29 per cent (25 businesses) traget the export market, and nine per cent service the distribution sector, according to Thilawa SEZ management committee. 

MRF to form Rakhine agribusiness company

 
The Myanmar Rice Federation (MRF) is planning to form a company, Rakhine Agribusiness Public Co Ltd, to provide help for the development of the farming sector in Rakhine State, according to the announcement.
The MRF is implementing a three-year project to establish the agriculture business for Rakhine ethnic people, to create job opportunities and to create stability and development.

Myanmar to adopt crop insurance based on weather

Myanmar and Sompo Japan Insurance are planning to adopt a crop insurance system based on climatic conditions, Deputy Minister for Agriculture, Livestock and Irrigation Hla Kyaw told a parliamentary session of the Upper House.

The plan was revealed during the parliamentary session held in Nay Pyi Taw on October 17 after MP Kyaw Myint Oo for Mandalay Region Constituency-10 asked if the relevant committees and task forces would be implementing the provisions of the law for protection of farmers' rights and promotion of farmers' interest.

Young startup aims 40 per cent monthly growth

AS THE HIGH season for Myanmar tourism draws near, ezStay, an online booking platform for budget hotels and guesthouses, has set a target to grow 40 per cent on a monthly basis in its first year of business.