Myanmar set to graduate from least developed country status by 2025

ALTHOUGH Myanmar’s economic growth is slower than expected in the first year of the Aung San Suu Kyi-led government’s tenure, the nation is on the right track to graduate from the list of least developed countries by 2025, said Thomas Kring, economic adviser to United Nations Development Programme Myanmar.

Kring spoke at the launch of “The Least Developed Countries Report 2016: The Path to Graduation and Beyond – Making the Most of the Process”, which was conducted by the United Nations Conference on Trade and Development.

Roadmap set up for establishment of an all-inclusive monetary sector

The Ministry of Planning and Finance says it will set up a roadmap for the establishment of an all-inclusive monetary sector, according to announcement No.153/2016.

The leading committee for the implementation of a roadmap for the establishment of all-inclusive monetary sector will be chaired by Maung Maung Win, the Deputy Minister for Planning and Finance. 

Ministry creates more than 34,000 new jobs in November

The Ministry of Labour, Immigration and Population said it created more than 34,000 jobs in November. 

The total number of jobs created by the Ministry is 34,043 jobs—19,240 local jobs and 14,803 oversea jobs. Local employment opportunities cover private and government jobs. Most of overseas jobs are from Malaysia, Singapore, South Korea, Thailand, Japan, UAE and Qatar.

Myanmar receives US$24.56 million worth of foreign investment in December

Six foreign investments, amounting to $24.56 million  - all from Asean and East Asian countries - have been officially permitted in December, according to the Directorate of Investment and Company Administration (DICA).

Speaking at a press conference on 19th December, the DICA said the investments are in industrial businesses and will create about 4,200 jobs in the country.

China, South Korea, Cambodia, Hong Kong and Taiwan have made the investments in garment and paper manufacturing sectors during the past month.

German chemical plant due for Yangon

The BASF Group from Germany says it is planning to build a chemical plant in Yangon next year.

BASF's first plant in the country is due to produce chemical products used in construction.

The group first introduced a services centre in September 2015. BASF has distributed chemical products used in construction and mining through domestic distributors for 10 years.

It is operating in more than 50 countries and it sold around US$2.5 billion worth of chemical products in 2015.