Myanmar Life: Myanmar Economic

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First Stock Exchange to be Established in Myanmar

Xinhuanet: Myanmar will establish a first ever stock exchange in Yangon in joint venture with two Japanese firms, according to the Ministry of Finance on Wednesday.

Under an agreement signed in Nay Pyi Taw on Tuesday, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up with Myanmar Economic Bank (MEB) sharing 51 percent, Japan's Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent.

Unknown December 23, 2014

Myanmar: Has the ‘Frontier’ Economy’s Time Finally Arrived?

Leveraging their longtime presence and hefty government backing, Japanese businesses eager to hedge their risks in China and find new offshore production bases and markets are rushing into Myanmar, setting up factories and taking on mentoring roles across a wide range of industries, from stock trading to rice growing. This latest economic “frontier,” is all about the country’s potential — consultancy McKinsey estimates Myanmar’s current GDP at only 0.2% of Asia’s total, about the same size as those of New Delhi or Johannesburg.

Unknown July 22, 2014

Slow Connectivity at the India-Myanmar Border

“It won’t take more than three hours, the road is very good, better than our airport runway,” was how the hotel manager in Kalaymyo reacted when I told him that I was planning to drive to the India-Myanmar border. Locals enjoy the highway’s smooth surface, noticeably different than most of the other roads in the area, but it is lightly traveled. The India-Myanmar Friendship Road has underwhelmed expectations since it was conceived by the Indian government in 1993. This is mostly due to the fact the Burmese government failed to upgrade the 71 single-lane bridges along the highway, as promised in the original agreement.

Unknown July 22, 2014

Ayeyarwady Bank Announces US 1 Billion in Deposits

The Ayeyarwady Bank has recorded public deposits amounting to Ks 1 trillion (US$1 billion) since its founding in 2010, according to bank statements.

The bank began business three years ago with the opening of its headquarters in Nay Pyi Taw on August 11, 2010.

Unknown July 09, 2014

World Economic Forum Myanmar - June 2013

As the first time ever, 22nd World Economic Forum will take place in Nay Pyi Taw, Myanmar next week. During the forum, it is expected that more than 900 candidates from 55 countries will be joining. As from the report;

The meeting from June 5-7 will bring together government officials, business leaders, civil society representatives and academics, to discuss the challenges and opportunities facing Myanmar and East Asia...

Sushant Palakurthi Rao, senior director and head of Asia at the World Economic Forum, said the event would help ensure that development in Myanmar translates into “inclusive growth”, as the country continues on a path of "bold economic and political reforms.

Unknown May 31, 2013

Myanmar GDP 2013

According to to the International Monetary Fund (IMF), Myanmar's economy could grow by 6.75% this fiscal year, led by natural gas sales and investment as the country moves to modernise its financial system. "The authorities' ambitious reform programme is bearing fruit, with macroeconomic stability and high investor interest," Matt Davies, the IMFs mission chief for Myanmar, said in a statement after a 15-day visit to the country.

Unknown May 22, 2013

EU lifted Myanmar political and economic sanctions

Myanmar has hailed a European Union decision lifting political and economic sanctions against the former pariah state, pledging to continue its reforms and march toward democracy. Senior Myanmar diplomat Aung Lynn told reporters on the sidelines of an Association of Southeast Asian Nations conference in Brunei's capital Tuesday that the international community can expect more reforms, especially in the socio-economic sectors.

Unknown April 24, 2013

Myanmar Has Approached PTT to Help

Myanmar has approached PTT Thailand Power giant to help upgrade an old oil refinery, which has a capacity of 50,000-70,000 barrels per day. Meanwhile, Thailand's Neighbouring Countries Economic Development Cooperation Agency (Neda) will consider granting a soft loan of Bt1 billion to Myanmar's government as part of its request for assistance in installing power-transmission lines between Ye and Dawei to ensure national electricity security.

Unknown April 03, 2013

2012 Myanmar Rice Export Breaks Record

Myanmar rice has been exported over 1.2 million metric tonnes within ten months of this fiscal year 2012-13. The ministry hopes to export another 300,000 metric tonnes before the closing of this fiscal. Myanmar measures April 1 to March 31 as the country fiscal year. Myanmar rice exporting has been down after 1956. Before that year, Myanmar exported average over one million metric tonnes annually.

Unknown February 14, 2013

Suzuki to Resume Production in Myanmar

Japanese automaker Suzuki Motor Corp said today it will resume production in Myanmar, the latest in a push by Asia's second-biggest economy to tap the once-isolated state. Small-vehicle producer Suzuki, which has seen huge success in India with its Maruti Suzuki unit, said it will invest about USD 7.0 million to restart its wholly-owned Suzuki (Myanmar) Motor in the commercial capital Yangon. Production will start from May at the factory, which was operated as a joint venture with Myanmar's government between 1998 and 2010, a Suzuki spokesman said.

Unknown February 06, 2013

Foreign banks could enter Myanmar with majority-owned

Foreign banks could enter Myanmar with majority-owned joint ventures with local banks as early as April after President Thein Sein launched a phased cabinet reshuffle to support what he calls his “third wave” of reforms.

Unknown February 06, 2013

UMFCCI Partner with Singapore's Sphere Conferences

Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) agrees to be partner with Singapore's Sphere Conferences and the signing of a cooperation agreement on January 11. UMFCCI vice president Dr Maung Maung Lay said,

Myanmar is transforming into a modem country, and we seek foreign participation in these industrial sectors. We are happy to partner with Sphere Conferences for the upcoming conferences, which will profile the country’s key sectors such as urban planning, banking and logistics.

Unknown January 17, 2013

The Remarkable Changes in Myanmar

Read the remarkable changes in Myanmar since the junta ceded power to an elected government. What are the obstacles to a transition to an economically successful democracy?on.ft.com/TIYsWc

Unknown December 05, 2012

Myanmar To Focus SME in Its first Economic Reform

Myanmar To Focus SME in Its first Economic Reform - Industry Minister Soe Thane, who also heads the Myanmar Investment Commission, is one of the draft law’s biggest critics.

“This $5 million requirement is very discouraging for SMEs [small to medium enterprises], and SMEs are the only investors interested in Myanmar now,” he said.

Sean Turnell, economics professor at Australia’s Macquarie University and a Myanmar specialist said, 'I have watched foreign investment law become less and less liberal, less and less open, with each draft.'

Unknown August 31, 2012

Shell and BG Coming to Myanmar

Myanmar could offer over 10 offshore and around 10 onshore blocks as one of the world's poorest countries seeks to raise much needed revenue, Than Htay said an interview.

"Since the sanctions have been eased by the US, the UK, the western powers, the giant companies are interested; they come to my ministry daily to discuss how they could participate," he said. "Shell is inquiring, BG from the UK is also coming to discuss ... There are many giant firms coming."

Unknown August 30, 2012

Hair Business is Popular for Myanmar Women

Hair Business is Popular for Myanmar Women - Khin May Phyo, 18, fought back tears as she bickered with the barber over the length of her haircut.

“If you want to make 20,000 kyat (23 dollars), then it has to be cut here,” said Kay Aye Mon, chopping the girl’s waist-length hair at the base of her neck with her palm. “But if you only want 18,000 kyat, we will cut it here,” the barber said, chopping 4 centimeters lower. “Can’t I get 20,000 kyat and keep it a bit longer?” Khin May Phyo asked while trying to maintain her composure. She ended up settling for 18,000 kyat.

Unknown August 29, 2012

Japanese Industrial Zone in Myanmar

Myanmar's government has agreed a deal with a Japanese consortium to develop jointly a special economic zone on the edge of the commercial capital, Yangon, as part of moves to expand industry and bring in much-needed investment.

Mitsubishi Corp, Marubeni Corp and Sumitomo Corp will team up for a 49 percent share in the 2,400-hectare (5,900-acre) estate in Thilawa, close to a deep-sea port, with the government set to invite private domestic firms to get involved, an industry official said.

Unknown August 28, 2012

Giant Companies Push US To Ease Sanction on Myanmar Completely

Giant Companies Push US To Ease Sanction Completely on Myanmar - PepsiCo Inc. (PEP) and Coca-Cola Co. (KO) have said they are planning to re-enter Myanmar, also known as Burma, to reach a largely untapped market of 60 million consumers. General Electric Co. (GE) signed $2 million worth of deals last month to provide advanced medical equipment to two private hospitals, becoming the first American company to invest in Myanmar since the partial lifting of sanctions.

For conservative "as long as there’s one political prisoner in Myanmar, western companies shouldn’t go there.' but for Liberal, If we don’t help them make progress, this movement toward democracy won’t continue.

Unknown August 24, 2012

Local Financial Institutions First Then Foreign Banks

Local Financial Institutions First Then Foreign Banks - Many of the world’s biggest banks are eager to move into Myanmar now that the once-secretive nation is opening up its economy to the Western world.

But Maung Maung Win, the deputy governor of Myanmar’s central bank, says it’s likely to be a while before Myanmar begins letting foreign banks to set up operations there, other than the small representative offices many now have in Yangon. The chances are “very, very low” foreign banks will be let in more extensively this year, he said in an interview in Yangon this week, in part because authorities are concerned about the impact on local financial institutions.

Unknown August 24, 2012

Myanmar Gets International Attention in Business World

Myanmar Gets International Attention in Business World - The global behemoths are wasting little time getting into Myanmar, Southeast Asia’s second largest nation. Visa (V) said this week, for example, it was beginning to train local banks to use electronic payments. PepsiCo (PEP) earlier this month reached a deal to distribute its beverages through a local partner, following Coca-Cola which decided to re-enter Myanmar, formerly known as Burma, in June.

Mark Mobius, Templeton executive chairman and veteran emerging markets investor, told CNN that as Myanmar privatizes companies, there will be lots of opportunities as they move to profitability.

Unknown August 22, 2012

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