Business / Trade


A total of 3,200 civil servants have faced legal action during the past 10 years for involvement in illegal logging, the director-general of the Forest Department in Nay Pyi Taw, U Zaw Win, said on April 22.
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Kanbawza Bank Ltd, the largest private bank in Myanmar, has paid Ks 22 billion (US $ 22 million) in advance tax for the fiscal year 2014-15, according to its chairperson Aung Ko Win.
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The website of the Yangon Online Store resembles an early, very pared-down Amazon or eBay site.  The familiar categories of merchandise for sale include  books, electronics, computers, sports equipment, health & beauty, clothing,  automotive, and Apple products.
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The Department of Civil Aviation (DCA) said it will issue a tender in the last quarter of this year inviting local and foreign companies to upgrade 39 underdeveloped domestic airports in Burma.
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Myanmar’s trade deficit has seen a new record high at US$ 2.65 billion because of stronger imports in the recent fiscal year 2013-14, according to the Ministry of Commerce.
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As Burma’s economy steadily grows, a higher percentage of Rangoon’s population are finding themselves with more cash to spend.
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Mandalay Region leads other cities and tourist destinations in Myanmar with 302 new hotels approved, according to data from Ministry of Hotels and Tourism.
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Sule Pagoda Road in downtown Rangoon is famous for its role in Burma’s turbulent recent history. With its golden pagoda rising at one end, it has always served as a popular gathering point for street protests.
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Yangon is a city abuzz with economic activity, as the world rediscovers one of the region’s most promising frontier markets after decades of isolation. With this, however, comes a growing housing crisis, as the city seeks to accommodate its rapidly expanding labor force.
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On the industrial outskirts of Yangon, a rusted chimney exhales wisps of white smoke as a three-decade-old gas-fired power station chunters on.
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The US will open its first commercial service office in Myanmar to help US companies invest in the southeast Asian nation, marking another step towards reviving US economic ties with the country.
The move follows the restoration of diplomatic relations and the lifting of most economic sanctions, said Penny Pritzker, US commerce secretary, as she touted the need for stronger trade relations with Asia in a speech delivered ahead of Barack Obama’s visit to the region next week.
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Chinese companies assisted Myanmar in completing the Myanmar national power system studies and designed the country’s power development planning reform. The project has been untaken as a form of grant assistance to Myanmar. Related reports were submitted to the Ministry of Electricity in Naypyidaw in the evening of April 9th.
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Burma’s Economic Revival Leaves China Struggling to Compete – William BootChina’s investment in Burma “plummeted” in 2013 to only US$20 million or 5 percent of the value invested in 2012, Chinese media reported.
And last year’s figure was a mere 1 percent of the value of Chinese investment in Burma in the peak year of 2010, said China Radio International. (more…)

Along western Burma’s coastline thousands of people make their living from fishing.
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Although financiers in Burma have been trying since 2012 to form the country’s first credit bureau, concerns about how much foreign involvement in the process should be allowed have delayed their efforts, bankers said this week.
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Families forced off their land by the Thilawa Special Economic Zone project in Rangoon Division are again urging the Japan International Cooperation Agency (JICA) to address their grievances, the fifth time in about six months that the relocated villagers have attempted to engage the Japanese governmental agency.
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Trade across Burma’s land borders grew by more than a fifth last year, with goods being traded to and from China making up the majority of the trade, an official said.
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Summary: China’s total investment in Myanmar in 2013 was about $20 million, 5% of the volume in 2012 and less than 1% from the peak year of 2010.The rules of the game in Myanmar have changed. In 2011, Myanmar’s civilian government came to power. China’s plummeting investment coincides with the announcement of the 2012 foreign investment law.
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Despite losing out in competitive bidding, ONGC Videsh Ltd (OVL), the overseas arm of state explorer Oil and Natural Gas Corp, may still get a stake in a deep-sea block in Myanmar.
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Protesting Burmese migrant workers in Mae Sot, Thailand, returned to work on Friday at the Yuan Jiao Garment factory after successful negotiations produced a resolution to the labor dispute there on Thursday.
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