Economy Interview Lead Story News
Now that the vote has lived up to its seismic billing, DVB sat down with Professor Maw Than, a former director of the Central Bank of Myanmar to discuss how next year’s NLD-led government will continue the project of Burmese economic rehabilitation.
Burmese authorities intend to rewrite the outdated 1997 National Food Law.
Burmese official defends a recent government decision to reintroduce the old censorship system for direct-to-video films.
The price of imported vehicles has rapidly declined as a result of the Burmese government’s “car slip” scheme, causing concern among dealers who are incurring major losses on import duties.
Arakan Business Lead Story News
Twelve companies from seven countries have submitted proposals for the development of a Special Economic Zone in Kyaukphyu, western Burma, according to the SEZ selection committee.
Out of the 25 foreign banks that applied to operate in Burma, the government will only allow about five to ten companies, which will be selected in September.
Environment Lead Story News Pegu Division
The regional government of Pegu Division pledged to assist local farmers whose paddy fields were damaged in recent flooding.
Sumitomo Mitsui Banking Corporation is currently conducting a survey to assess which SMEs will be eligible for government loans to help their businesses.
Business Lead Story News Politics
The grandson of late Burmese dictator Ne Win revealed that he plans to purchase the majority of shares of Asian Green Development Bank, which is owned by Tay Za.
Arakan Lead Story News Politics
Maj-Gen Maung Maung Ohn, nominated by the President’s Office as the next chief minister of Arakan State, has pledged to improve the living standards of the local population and restore stability to the region.
Satt Aung, the vice-president of the Central Bank of Myanmar, says that Burma will soon have mobile banking and electronic transactions for shopping, making payments and even paying for taxis.
The renewal of some US sanctions on Burma will not harm economic relations between the two countries, according to the Union of Myanmar [Burma] Federation of Chambers of Commerce and Industry (UMFCCI).
Business Development Lead Story News
The Burma National Building Code is set to combat the endemic corruption and safety issues holding back the construction industry.
Business Development Lead Story News SEZ
Japanese auto giants Suzuki and Toyota are among the bidders for parts and manufacturing facilities at the Thilawa Special Economic Zone near Rangoon, said Burma’s investment commission.
Raw timber export is estimated to rise by 33 percent this year, in the lead-up to a nationwide ban on the commodity, according to the Myanmar Timber Merchants Association.
Burma’s Directorate of Investment and Company Administration (DICA) plans to reform the country’s current investment laws to conform to regional norms, according to DICA director Aung Naing Oo.
Lead Story News Travel & Tourism
Anti-government protests in Bangkok have drastically reduced the number of people travelling between Burma and neighbouring Thailand, according to airline and tour service operators.
Business Environment Lead Story News
Burma’s Ministry of Environmental Conservation and Forestry announced six months ago that a ban on the export of raw timber will go into effect on 1 April 2014. The Myanmar Timber Merchants Association has requested that foreign timber merchants cooperate with the government to stop illegal exports.
Asia Metal Co Ltd has rejected accusations by the US government that it has been involved in arms deals with North Korea.
The European Union has pledged assistance of up to €90 million per year for rural development, education, governance and peace-building in Burma from 2014 to 2020.
The World Bank says that Burma’s economy is projected to grow at 6.8 percent in 2013/14, rising to 6.9 percent in the medium term. However, it raised concerns about the country’s inflation which hit 7.3 percent in August.
A ceremony was held on Wednesday in Rangoon’s Thanlyin township as lots were drawn by local residents to give them substitute plots of land to compensate for land acquired to build the Thilawa Special Economic Zone.
Travel agencies in Burma are facing losses as many foreign tourists have cancelled their planned visits to the country after a spate of bombings claimed two lives and injured an American woman.
According to a list of the top 500 taxpayers in Burma, Kanbawsa Bank – with over 2,000 employees – is the highest payer of income tax in Burma, while Myanmar Brewery Ltd pays the most commercial tax.
Land previously valued between 200,000 and 300,000 kyat (US$200-$300) per 80x100ft plot, has skyrocketed to over 100 million kyat – a breathtaking 500 times the price of just two or three years ago.
Investors met in Naypyidaw this week to discuss ways for Burma to harness its skyrocketing land prices, which analysts say are preventing foreign businesses from entering the market.
In the first five months of the 2013-14 fiscal year (April to August inclusive), FDI topped US$1.8 billion, mostly focused in the garment manufacturing sector.
Burma’s lending and savings rates are among the highest in the world, but now the Central Bank is weighing up the pros and cons of bringing them in line with international standards.
Adverse weather conditions and a decrease in Indian rice prices affects Burmese exports but annual shipments look to be significantly up on last year.
In first three months of fiscal year 2013-14, Burma’s foreign trade hit over US $7 billion, an increase of 15 percent on the same period last year.
