Thilawa investment reaches $143m

Foreign investment in Thilawa Special Economic Zone has reached US$143.5 million this fiscal year, according to Aung Naing Oo, director general of the Directorate of Investment and Company Administration. 

From April to mid-October, the Myanmar Investment Commission has approved 52 deals worth US$623 million. Foreign investment until September was almost US$1.3 billion. 

Mon State tour companies expect influx of travellers

More tourists will be attracted to Mon State by the opening of new tourist destinations, according to representatives of local tour agencies.

“Kabyarwa Beach is open for travellers in Ye Township. Koyinlay Kaungmutaw Pagoda and Ngathine Lake will also attract visitors. We have a lot of clients interested in Mon State,” said Zaw Zaw from the Zaw Tour Agency.

Trade volume at YSX tops Ks 63 billion

The volume of share trades at the Yangon Stock Exchange in its first seven months of operation has exceeded Ks 63 billion, according to the YSX.

However, this trade volume is declining. The volume of trades in March exceeded Ks 24 billion. In April, trades of First Myanmar Investment Company shares alone topped Ks 5 billion.

Night market to open on Strand Road

A new night market on Strand Road will open to vendors from across downtown Yangon, according to the Yangon City Development Committee (YCDC).

The night market will be located in parking lots on Strand Road. YCDC will provide water to the vendors. The plan to open the night market was announced to the media by Yangon mayor Maung Maung Soe on September 10.

The NLD has been collecting data on street vendors since it took control of the government earlier this year. In Kyauktada, Pabedan, Latha and Lanmadaw townships, lists of vendors were collected on September 22.

Investors get tax breaks under new law

All investors will get tax exemptions described in the new Myanmar Investment Law, the authorities have announced.
“Regional governments will get more authority. It aims to reduce the role of the MIC [Myanmar Investment Commission]. Investors will not enjoy incentives shortly after getting the MIC permit. They will have to reapply to the MIC for their tax exemptions,” said Marlar Myo Nyunt, director of the Directorate of Investment and Company Administration.

Myanmar must mitigate risks despite favourable growth: World Bank

ALTHOUGH Myanmar’s economic growth remains strong, it needs to address emerging challenges to macroeconomic stability, say World Bank economists.
Sudhir Shetty, the Bank's chief economist for East Asia and the Pacific, said yesterday at a video press conference on the launch of the new "East Asia and Pacific Economic Update", a report on the region's economies which is published twice yearly, that Myanmar needs to take inflation very seriously and to have an appropriate fiscal policy in place.

Thailand becomes second largest investor in Thilawa SEZ

SOME 79 companies from 17 countries, including 12 from Thailand, have signed agreements to set up facilities in Thilawa, Myanmar’s first special economic zone.

Yanai Takashi, president and chief executive of Myanmar-Japan Thilawa Development Ltd (MJTD), said those were the figures of Thursday.

Japan topped the investors' list with 39 firms, followed by Thailand (12 firms). Among them, 13 firms have been granted commencement certificates by Thilawa SEZ Management Committee and they have already started commercial operations.

Largest Indian bank enters Myanmar

STATE Bank of India opened its first branch in Myanmar on Monday after getting its licence approved by the Central Bank of Myanmar earlier this year.

The opening increased SBI's global presence to 37 countries with 198 branches and offices. The Myanmar branch is the 54th overseas branch of India's largest bank.

Arundhati Bhattacharya, chairman of SBI, said the branch has revived SBI's relationship with Myanmar, as its link with Myanmar dates back to 1861, when the former Bank of Bengal operated its branch in Rangoon.

MPT to remain as state-owned enterprise

Although Myanma Post and Telecommunications (MPT) will be reorganised as a corporation, it will continue to exist as a state-owned enterprise, an MPT official said.

He said the transformation process for MPT into a corporation has been planned for a long time.

“It is too early to describe the procedure in detail. We don’t know exactly when it will be. Some regulations will be relaxed after it becomes a corporation. It will be handled by the Ministry [of Transport and Telecommunications],” he said.