Business / Trade


The insular military junta that ruled until 2011 tightly restricted communications. Internet access was sluggish and expensive. Mobile SIM cards cost north of $1,000, limiting their use to a tiny slice of the population.
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The economic modernisation of Myanmar continues at a rapid clip. In the critical sectors of telecommunications and banking, a combination of government and private sector efforts have set the foundation for the country’s next stage of growth. Nevertheless, significant challenges lie ahead.
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There must have been a sigh of relief as Ooredoo, a Qatar-based telecoms company, finally started offering SIM cards to the people of Myanmar, who previously had to pay hundreds of dollars for somewhat dysfunctional service. Telenor, another foreign telecoms license winner, has meanwhile vowed to provide network coverage for 90 per cent of Myanmar’s population within five years. Myanmar has never had it so good.
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Japan’s top three banks are racing to open branches in Myanmar as investments in the country by Japanese companies are increasing on the back of its booming economy.
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Prominent entrepreneur U Tay Za may not sell his controlling stake in Asia Green Development Bank (AGD) to investors including U Ne Win’s grandson after all, he said on August 12.
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Back in the early 1980s, whenever fellow students told me that they lived in Yangon’s Golden Valley, I knew at once that they were from elite families. In those days, we called this high-end neighborhood “Bogyoke Ywa,” or “Generals’ Village,” because it was home to many high-ranking members of Myanmar’s military ruling class.
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All gas to be realised from the promising M-3 block, also known as the Aung Sinkha gas field will be supply domestic Myanmar usage, an official from the Ministry of Energy on August 10.
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Rangoon Division’s Internal Revenue Department plans to conduct an annual evaluation of real estate prices as part of its new property sales tax system, a department official said on Tuesday.
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Officials from India and Myanmar discussed supplying electricity to Burma’s Sagaing region on August 4th in Tamu, a town on the Burmese side of the Indo-Burmese border.
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The U.S. says Secretary of State John Kerry did not break any rules when he stayed in a glitzy hotel owned by a tycoon blacklisted because of ties to Myanmar’s former military regime.
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The United States Treasury Department granted a special one year licence beginning in late July for certain US companies to trade with Myanma Timber Enterprise and other members of the timber industry currently under sanction by the United States.
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A Chinese firm that signed deals with Myanmar’s former military rulers to build hydro dams said it could renegotiate the terms, which would see some projects supplying 90 percent of power to China, in order to allow more power for domestic consumption.
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The U.S. Government supports efforts to set a high standard for responsible business conduct in Burma and believes that this will have long-lasting positive impacts for both U.S. business and the Burmese people. Through the U.S. Responsible Investment Reporting Requirements, U.S. companies making significant investments in Burma must be fully transparent about payments made to the government and about how they respect human rights in their business operations. U.S. Companies have committed a total of approximately $612 million in foreign investment in Burma since July 2012.
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Burmese tycoon Tay Za will donate US$1 million to help establish a journalism foundation in the county’s fledgling media market.
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Telenor will mark the launch of its service next month by putting 10 million SIM cards on the market, a company spokesperson told Mizzima on August 5.
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Tourist arrivals to Myanmar in first half of 2014 increased more than 40% compared with the same period last year, officials said Thursday.
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Two-decade long monopoly of the Myanmar Post and Telecommunications (MPT) in Myanmar’s telecoms sector has come to an end when Ooredoo Myanmar launched selling its mobile SIM cards at the end of July.
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South Korean lender Hana Bank said Monday it has established a microfinance institution in Myanmar, joining in the global competition to tap into the impoverished country that has launched dramatic reforms to open up its economy.
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Vikram Kumar, the Resident Representative for the International Finance Corporation (IFC) in Burma, spoke to DVB Interview International’s Alex Bookbinder about IFC investments in Yoma Bank and Shangri-La hotels.
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Myanmar became the 45th country to be granted candidate status with the global Extractive Industries Transparency Initiative in early July.
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