Myanmar Highlights

Apex Bank Limited to provide uncollateralized loans to SMEs

Posted by on Dec 10, 2018 in Highlights | Comments Off on Apex Bank Limited to provide uncollateralized loans to SMEs

Apex Bank Limited to provide uncollateralized loans to SMEs

Myanmar’s Apex Bank Limited (“MAB”) has announced it will provide uncollateralized loans to Myanmar’s small and medium sized businesses (“SMEs”). The lending programme is being implemented in cooperation with German state-owned development bank KfW (formerly KfW Bankengruppe). Loan amounts will be based solely on companies’ income and expenditure and have an interest rate of 8.5%.

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China Communications Construction Company and New Yangon Development Company in talks to develop New Yangon City project

Posted by on Nov 29, 2018 in Highlights | Comments Off on China Communications Construction Company and New Yangon Development Company in talks to develop New Yangon City project

China Communications Construction Company and New Yangon Development Company in talks to develop New Yangon City project

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, …

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Mineral Development Bank to provide loans to gem and mineral SMEs

Posted by on Nov 20, 2018 in Highlights | Comments Off on Mineral Development Bank to provide loans to gem and mineral SMEs

Mineral Development Bank to provide loans to gem and mineral SMEs

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”.

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Central Bank of Myanmar issues notification permitting foreign banks to provide wholesale banking services to Myanmar businesses

Posted by on Nov 14, 2018 in Highlights | Comments Off on Central Bank of Myanmar issues notification permitting foreign banks to provide wholesale banking services to Myanmar businesses

Central Bank of Myanmar issues notification permitting foreign banks to provide wholesale banking services to Myanmar businesses

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.

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Myanmar Government drafting strategy to encourage savings

Posted by on Nov 6, 2018 in Highlights | Comments Off on Myanmar Government drafting strategy to encourage savings

Myanmar Government drafting strategy to encourage savings

Myanmar Highlights November 2018 Download PDF | Download word version The Myanmar Government is drafting a National Savings Mobilisation Strategy to encourage the public to save more. According to the Deputy Minister of Planning and Finance U Maung Maung Win “despite rising volume of savings at local banks, more is needed to support continued economic growth and for Myanmar to reach parity with its regional neighbours”. U Maung Maung Win was speaking at the World Savings Day forum held in collaboration with the Yangon University of Economics,...

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Growth in Myanmar mining industry expected on the back of increased investment

Posted by on Oct 30, 2018 in Highlights | Comments Off on Growth in Myanmar mining industry expected on the back of increased investment

Growth in Myanmar mining industry expected on the back of increased investment

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.

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Myanmar Government targets FDI from East Asia in long-term investment plan

Posted by on Oct 19, 2018 in Highlights | Comments Off on Myanmar Government targets FDI from East Asia in long-term investment plan

Myanmar Government targets FDI from East Asia in long-term investment plan

The Myanmar Government is aiming to attract increased foreign direct investments (“FDI”) from East Asia over the next 20 years under its new Myanmar Investment Promotion Plan (“MIPP”). According to U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (“DICA”), under the MIPP Myanmar will work on strengthening trade ties with its ASEAN neighbours, Myanmar and also target FDI from East Asia, including South Korea, Japan and Greater China. The shift in focus towards investment from the east follows lowering expectations of major FDI inflows from the west, as international pressure mounts for action to be taken to ease the crisis in Rakhine.

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Myanmar Investment Commission launches Myanmar Investment Promotion Plan

Posted by on Oct 10, 2018 in Highlights | Comments Off on Myanmar Investment Commission launches Myanmar Investment Promotion Plan

Myanmar Investment Commission launches Myanmar Investment Promotion Plan

On 8 October, the Myanmar Investment Commission (“MIC”) launched its Myanmar Investment Promotion Plan (“MIPP”) for the period up until 2036. The plan outlines five strategies to actively promote investments in the local economy, including new policies and regulations, institutional development, infrastructure development and leveraging on local business systems, industries and human resources.

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Local ride-hailing firm Get Ride officially launches in Myanmar

Posted by on Sep 26, 2018 in Highlights | Comments Off on Local ride-hailing firm Get Ride officially launches in Myanmar

Local ride-hailing firm Get Ride officially launches in Myanmar

Myanmar Highlights September 2018 Download PDF | Download word version ‘Get Ride’, a local ride-hailing platform majority owned by the founder of Myanmar’s BOD Tech Ventures, has officially launched its operations in Mandalay. The bike, tuk-tuk and taxi-hailing platform is part of ‘Get’ (“GET”) an omni-channel digital commerce platform established in 2017 by early-stage tech investor Mike Than Tun Win and Nyein Chan Soe Win. GET seeks to emulate Go-Jek, the Indonesian tech company that started as a motorcycle-hailing platform and has since...

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UMFCCI ‘business sentiment survey’ identifies key challenges for Myanmar’s businesses

Posted by on Sep 20, 2018 in Highlights | Comments Off on UMFCCI ‘business sentiment survey’ identifies key challenges for Myanmar’s businesses

UMFCCI ‘business sentiment survey’ identifies key challenges for Myanmar’s businesses

A business sentiment survey conducted by the Union of Myanmar Federation of Chambers of Commerce and Industry (“UMFCCI”) has identified the principle challenges facing local businesses. Nearly 1,500 businesses from the services, manufacturing and trade sectors contributed to the survey. The survey found that despite economic growth over the past three years overall business sentiment has decreased by 5%. The survey identified 10 key causes for the decline in business sentiment.

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