Quarterly Business Magazine

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IMF warns of Myanmar economy slowdown

On the 1st of July, the International Monetary Fund (IMF) has warned that the Myanmar economy faces the danger of a slowdown. The appreciation of the dollar coupled with the fall in natural gas prices meant that Myanmar's budget and external transactions positions are weaker than ever before. High...

Minimum wage provisionally set at 3,600 Kyats per day

The minimum wage has been provisionally set at 450 Kyats per hour and 3,600 Kyats per day after more than two years of processing. The rate will be across the board, applying to all industries and geographical areas, said the National Committee on the 29th of June, with the exception of small...

South Korean Garment Manufacturers Association President speaks out on the Minimum Wage

Mr Won Ho Seo, President of the South Korean Garment Manufacturers' Association has stated that the proposed hike in the minimum wage to Kyat 3,000 to 4,000 per day could mean factory closures in Myanmar. He said it was unfeasible and would lead to mass closures. Should the Myanmar government go...

Offshore Logistics Stations to be Built

The Ministry of Energy has stated that offshore logistics stations will be built within this year to support oil and gas exploration efforts in Myanmar waters. Expression of Interest was sought in May and 52 companies, both domestic and international, have submitted their EOI's. U HtayAung, the PR...

Kyaukphyu SEZ stalled by Developer selection process

The Kyaukphyu SEZ management subcommittee has stated that the SEZ has not been developed yet due to the delays in the tender process for the major Developer. It was slated to begin the development in March of this year. The originally set date of selection, at the end of the year 2014, was...

License Fees Announced for Travel Companies with Outbound Trips

Yangon – The Ministry of Hotels & Tourism of Myanmar has set the license fees for travel companies with outbound trips: 400,000 kyats for citizens owned companies and US$ 2,500 for foreign owned companies. The ministry started allowing outbound trips at the beginning of February and announced...

Pokka to Be Manufactured in Myanmar

Yangon – Pokka, a famous Japanese beverage company, will invest kyat 3 billion in producing and distributing its beverages in Myanmar. The company will build a factory and is preparing to distribute its globally popular products in the domestic market, according to U Min Banyar San, director of...

Government Monetary Institutions in Myanmar and Singapore Signed MoU

Yangon - The Central Bank of Myanmar and the Monetary Authority of Singapore have signed a memorandum of understanding for cooperation in banking supervision and capacity building. The agreement was reached after a bilateral meeting with the Emeritus Senior Minister Goh Chok Tong. “The training...

Singaporean Investment Tops the Hotel Industry in Myanmar

Yangon - According to the Ministry of Hotels and Tourism, by the end of 2014, Singapore has invested over US$ 1.5 billion in a total of 20 projects in the hotel industry in Myanmar, more than any other country. The data from the Ministry of Hotels and Tourism also show that, in 2013, Singapore...

Korea to Provide Loans for Construction of Yangon-Dala Bridge

Yangon – The Myanmar government has reached an agreement with the Korean government to obtain loans for the construction of the Dala Bridge, which will connect Yangon and Dala. According to a Korean newspaper Daily Economy, the Korean government has agreed to provide a US$ 138 million loan to...

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