Authorities aim to strengthen investment facilitation in related ministries

lailian888 May 7, 2019 No Comments

The Ministry of Investment and Foreign Economic Relations will boost investment facilitation in related ministries. Photo: Thiri Lu/The Myanmar Times The Ministry of Investment and Foreign Economic Relations has pledged to strengthen investment facilitation in related ministries. Speaking at a training workshop in Nay Pyi Taw, U Aung Naing Oo, the ministry’s permanent secretary, stressed the importance of investment facilitation and the role of all investment-facing government agencies in the process. “Investment promotion and facilitation are two sides of the same coin. In particular, without facilitation, there will be no effective investment promotion,” he said. “The Myanmar Sustainable Development Plan highlights the importance of investment in enhancing socio-economic development, reducing poverty and creating employment. Facilitation, involving coordination, harmonisation and synchronisation, is critical to achieving our investment attraction plans and targets.” The one-day workshop, which focuses on investment promotion and facilitation, was organised by the Myanmar Investment Commission and Directorate of […]

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Myanmar Tourism Bank starts operating first branch

lailian888 May 7, 2019 No Comments

The first branch of Myanmar Tourism Bank, located in Yangon, has started operation. Photo: Nyan Zay Htet/The Myanmar Times The first branch of Myanmar Tourism Bank (MTB), located in Yangon, has started operation on Monday offering financial assistance to tourism companies. MTB is one of five sector-specific banks granted a banking license by the Central Bank of Myanmar (CBM) in 2017. It is founded by a public tourism company. Initiated during U Thein Sein’s government, K2 billion was raised to finance the MTB to help promote the tourism sector, but it failed to get the necessary approvals from relevant authorities. “As a tourism-related bank, we will focus on lending to this sector. But we also plan to offer financial support to other related sectors and businesses. We will support the inbound and outbound tour businesses,” U Saw Bo Bo, managing director of Myanmar Tourism Bank told The Myanmar Times. The bank […]

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National statistics policy to be finalised this year

lailian888 May 5, 2019 No Comments

KHIN SU WAI 03 MAY 2019 Containers at the Botahtaung jetty in Yangon. A statistics policy on trade and other sectors is expected to be launched this year. Aung Myin Ye Zaw/The Myanmar Times The implementation plan for a national statistics policy which gives priority to the private sector in areas such as local industrial production, trading, wholesale and retail will be finalised this year, says U San Myint, director general of Central Statistical Organisation. After the government approves the action plan, which is being drawn with assistance from the World Bank, 10 working groups will be formed to ensure it is properly implemented in the coming budget year, U San Myint said. The statistics will be updated once every five years until 2030. Statistics from the private sector that will be collected will cover areas such as production, local and foreign trade, wholesale and retail, and investments. The purpose of […]

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New Yangon port to be constructed as trade volumes rise

lailian888 May 5, 2019 No Comments

KANG WAN CHERNTHIHA KO KO 05 MAY 2019 Sunil Seth, CEO of Adani Myanmar, speaks to The Myanmar Times about the planned container terminal. Photo: Kang Wan Chern/The Myanmar Times Adani Yangon International Terminal is developing a container terminal in Ahlone township, which is by the Yangon River, in anticipation of higher trade volumes in the coming years. The company, which is registered in Myanmar and incorporated in Singapore, received approval from the Myanmar Investment Commission on April 26 to develop, operate and maintain the Ahlone International Port Terminal (2) (AIPT) under a 50-year Build, Operate and Transfer agreement with the government, according to the Directorate of Investment and Company Administration (DICA). AIPT (2) will be developed across 50 acres of land owned by Myanmar Economic Corporation, which is currently operating AIPT (1), according to DICA. Adani Myanmar will enjoy income tax incentives for the first three years of operations, […]

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Myanmar to export farmed fisheries to EU from May onwards

lailian888 April 27, 2019 No Comments

The Myanmar Times YU WAI 23 APR 2019 Myanmar will be able to export farmed marine products to the European Union (EU) starting from May 1, said U Thet Naing, deputy director of the Quality Control and Research Division of Fisheries Department.   Fishermen unload farmed fish at Kyi Min Daing market, Yangon. Photo: Phoe Wa/The Myanmar Times Up until recently, the EU had only permitted imports of fish caught in the wild. From next week onwards, this will expand to include seven farmed fish, two prawn and one crab species. These include the Rohu, Mrigal, Katla and Carfu fish species, river catfish, barbus fish, spotted prawn, white prawn and soft shell crab. “We have been trying to export farmed fisheries to the EU since 2014. It is a difficult process and only a few countries in Asia have permission to do so. Wild fish exports to the EU make […]

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A weakened Myanmar still needs to stand firm in Myitsone talks

lailian888 April 27, 2019 No Comments

 Myanmar Times THOMPSON CHAU 26 APR 2019 Daw Aung San Suu Kyi, in Beijing this week for the Belt and Road Forum, finds herself in a much weaker negotiating position than on her last visit to China in 2017. Daw Aung San Suu Kyi is in Beijing this week for the Belt and Road Forum. Photo: EPA With Myanmar’s diplomatic isolation, the stalled peace process and a lacklustre economy, Daw Suu has far fewer cards in her hands. Beijing is Myanmar’s key “defender” in the United Nations at a time when the government’s handling of the Rakhine crisis and the recent jailing of two Reuters journalists have eroded its standing in the international community. China currently also accounts for a quarter of all approved foreign investments in the country. In Beijing, the State Counsellor is expected to discuss the highly controversial Myitsone dam project with her Chinese counterparts. The US$3.6 […]

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Myanmar, Switzerland Seek Enhancement of Bilateral Cooperation

lailian888 April 27, 2019 No Comments

AUTHOR: XINHUA | 23 APR 2019 | VOL 7 ISSUE 16 Myanmar and Switzerland have sought promotion of bilateral relations and cooperation under the new Swiss Cooperation Strategy for Myanmar 2019-2023, according to the Myanmar Foreign Ministry Friday. A foreign office consultation, which was the third of its kind, took place in the capital of Nay Phi Taw Thursday on the move, co-chaired by Myanmar Minister of International Cooperation U Kyaw Tin and Ambassador Raphael Nageli, Head of the Asia-Pacific Division of the Political Directorate of the Federal Department of Foreign Affairs of Swiss Confederation. The consultation particularly focuses on the areas of agriculture, health, education, rural development, culture, tourism, trade and investment, technical and vocational training. The two sides also exchanged views on cooperation in the areas of mutual interest in regional and international fora including in the Association of Southeast Asian Nations. Myanmar Summary: Swiss Cooperation Strategy for […]

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Myanmar is an Attractive Market for IT Companies: Huawei Official

lailian888 April 27, 2019 No Comments

Myanmar is an attractive market for IT companies, and innovative technologies can play a role in helping Myanmar’s economic development, said Bob Zhu, Deputy General Manager of Huawei Myanmar. “Myanmar’s market is expanding gradually, but innovations and technologies can be the drive for economic development,” he added. “Huawei is preparing to bring in latest ICT technologies into Myanmar in order to provide advanced technologies to all stakeholders in the country,” Bob Zhu said. Huawei managed to sell over 1 million smartphones in Myanmar in 2018, marking a 36 percents increase in sales compared to 2017. In a move to enter the sphere of enterprise businesses, Huawei has teamed up with KBZ on a mobile money payment service named KBZ Pay by providing technological assistance. Huawei sold approximately $105 billion worth of smartphones in 2018, of which $8.64 billion was profit. This marks a 25 percents increase compared to the previous […]

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118.9 MW Power Plant Opens in Myanmar’s Southern State

lailian888 April 27, 2019 No Comments

A combined cycle gas turbine power plant with the capacity of 118.9 megawatts (MW) opened in Myanmar’s Mon state on Friday. With loans from the World Bank, the power plant project was implemented by the tender-winning China Energy Engineering Corporation (CEEC). Myanmar State Counselor Aung San Suu Kyi thanked the respective individuals for supporting government’s implementation for the country’s development which is a key to peace and stability in the country. The government has been carrying out the implementations for infrastructure development, especially transportation and power supplies and it is believed that active cooperation and efforts by everyone could support the country’s development, the state counsellor said. The power generated from the plant will be transferred to the national power grid through the 230 KV Sittaung-Thaton and 230 KV Thaton-Mawlamyine power stations. The newly opened power plant could provide electricity to over 1,500 nearby villages in the region, Union Minister […]

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TOP 10 HIGHEST PENTHOUSES IN THE WORLD

lailian888 February 28, 2019 No Comments

TOP 10 HIGHEST PENTHOUSES IN THE WORLD

TOP 10 HIGHEST PENTHOUSES IN THE WORLD Discover some of the most impressive and expensive luxury apartments 19 Nov 2017, words by Sophie McKinley in Design & Architecture Penthouses will always be popular among those, who want to have their splendour and luxury apartments at the bird’s flight high and feel themselves to be the Kings of the world, looking down on it. Here are top penthouses that, in our opinion, have the greatest placements, designed and furnished to excite the most fastidious clients.   10. 160 LEROY, MANHATTAN Number ten is not the highest, disposed of in the 15-storey building, but unique for sure, as it is claimed to become the most expensive downtown Manhattan’s apartment ever: the 160 Leroy’s north penthouse is 7,750 sq.ft 5-bedroom, 5-bathroom, 3 real Woodburn fireplaces with personal elevator. Moreover, there is 5,140 sq. ft terrace with an outdoor kitchen, where a magnificent skyline […]

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