Author: cmadmin

The International Monetary Fund (IMF) has recently published its Regional Economic Outlook – Asia and Pacific: Shifting Risks, New Foundations for Growth.
The report is broadly optimistic and states that the global economy is showing signs of improvement and that growth in Asia is set to pick up gradually in the course of 2013, to about 5¾ percent, on strengthening external demand and continued robust domestic demand.

On 23 April 2012 the Council of the European Union (Council) issued its conclusions on Burma/Myanmar from its 3159th Foreign Affairs Council Meeting which took place in Luxembourg.

The Letpadaung Taung Investigation Commission (Commission) has issued its complete and final report (Report) into the Letpadaung Taung copper mining project (Project). The Letpadaung deposit is one of four significant mineralized deposits located in west central Myanmar; approximately 5 kilometres west of the town of Monywa situated 110 kilometres west of Mandalay and 832 kilometres north of Yangon.

On 11 April the Ministry of Energy (MOE) of the Government of the Republic of the Union of Myanmar (Government) issued an Invitation for bids to conduct petroleum operations in the Myanmar offshore areas (2013) (Offshore Bidding Invitation) in relation to both shallow and deep water blocks. The issuance of the Offshore Bidding Invitation follows on from the recently closed onshore bidding process (Onshore Bidding Invitation) following which 59 companies were shortlisted for a second round evaluation and data disclosure. The closing date for submissions is 14 June 2013. Of the 11 shallow water blocks, 3 are located in the Rakhine offshore area, 2 in the Moattama offshore area and 5 in the Tanintharyi offshore area. Of the 19 deep water blocks, 12 are located in the Rakhine offshore area, 3 in the Moattama offshore area and 4 in the Tanintharyi offshore area.

On 31 January, 2013 the Ministry of National Planning and Economic Development of Myanmar released new detailed regulations to augment the 2012 Myanmar Foreign Investment Law (FIL). The regulations are comprised of two separate notifications, Notification 1/2013 and Notification 11/2013 (together the Investment Rules).