Author: cmadmin

The Myanmar Government-owned New Yangon Development Co. Limited (“NYDC”) and the HKEX-listed China Communications Construction Company (“CCCC”) are in advanced negotiations in respect to the New Yangon City Development Project (“Project”). NYDC and CCCC are currently in the process of preparing pre-project documentation (“PPD”). The Project will cover an area twice the size of Singapore. Phase 1 of the Project’s development is expected to cost approximately US$1.5 billion (Kyats 2.83 trillion) and will include the development of five township villages, two bridges giving access to the new city, …

The Central Bank of Myanmar (“CBM”) has approved the establishment of the Mineral Development Bank (“MDB”) to provide banking services to small and medium size enterprises (“SMEs”) in the gems and mineral sector. Speaking at the opening ceremony U Ohn Win, Minister for Natural Resources and Environmental Conservation said “The MDB was established to provide loans for developing technologies in the extraction of gems and minerals and production of finished products”.

Pursuant to Central Bank of Myanmar (“CBM”) Notification No. 6/2018, foreign banks in Myanmar will be permitted to provide commercial services, putting them on a more equal footing with the countries local banks. According to CBM Vice-Governor.

Myanmar Highlights November 2018 Download PDF | Download word version The Myanmar Government is...

Myanmar’s mining industry is expected to grow in 2019 following an increase in both foreign and domestic investment in the sector. According to U Than Soe, deputy permanent secretary of the Ministry of Natural Resources and Environmental Conservation (“MONREC”), it is anticipated additional permits for small-scale mining will be issued over the next twelve months. The Government has granted new approvals to local and foreign investments pursuant to the new Myanmar Mining Rule (“Mining Rules”) introduced in February 2018.