Business / Trade


Burma’s newly reformed investment commission will this month start scrutinizing some US$2.3 billion in proposed foreign investment projects that have been held up since April, a senior official said on Friday.

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With the government’s biannual gem emporium looming at the end of this month, prices for Burmese jade have continued to slide against weakening demand.

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China’s refusal to deliver on pledged aid for the construction of a tunnel across Myanmar’s Irrawaddy River has left the Irrawaddy Division’s irrigation department millions of dollars in debt and hundreds of thousands of people at risk of flooding in what could be yet another case of Beijing’s troubling record on infrastructure in Southeast Asia, an official told The Irrawaddy.

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Another civil society group has joined the mounting campaign against dams planned along the Thanlwin River, also known as the Salween, ahead of an upcoming energy meeting between Thailand and Myanmar.

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Myanmar’s new government has been grappling with its first economic management crisis, as a weeks-long traffic jam of cargo ships at the country’s biggest port threatens to scare potential investors away and choke off nascent economic growth.

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Who profits from the oil, gas and mining industries? And how do citizens benefit from resource extraction? Myanmar has made significant progress toward addressing these questions since joining the Extractive Industries Transparency Initiative (EITI), a global effort to make information from the natural resource sector publicly available. The initiative is anchored in the belief that more complete information can promote accountable management of countries’ natural resources.

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A new investigation commission will be formed to look into the Myanmar Gems Traders Association’s financial scandal, involving allegations of more than US$100 million that went missing from their bank account, according to the organization’s chairman.

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The Myanmar Agribusiness Public Corporation (MAPCO) is expected to join the Yangon Stock Exchange (YSX) in August, the firm’s vice chairman told The Irrawaddy.

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The Myanmar and US private sectors repeated their calls for |the complete lifting of all the sanctions against Myanmar as well as the reinstatement of the Generalised System of Preferences (GSP), saying only those moves would help Myanmar reach its full economic potential.

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About 500 local residents protesting against rock quarrying near Oke Tar Dar Village in Paung Township, Mon State by the Long Life Aggregate Mining Company Limited marched to the company’s offices on 5 June.

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The Myanmar Investment Commission (MIC) was reshuffled on Tuesday to include 11 new members, the President’s Office announced on Wednesday.

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A tribunal tasked with investigating allegations of a US$100 million gems heist that implicated senior members of the former administration has come to a conclusion, but will not be sharing its findings with the public.

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The Muse Central Economic Zone of Myanmar, which is located near its border with China in eastern Myanmar, will be completed in the fiscal year 2017-18, official media reported Wednesday.

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Myanmar’s largest operator MPT has launched Free Basics and Facebook Flex to give subscribers free access to basic information and resources on the the internet.

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A subsidiary of Mitsubishi UFJ Financial Group will open a representative office in Myanmar as early as July in a first for a foreign leasing business, possibly paving the way for broader use of equipment and cars from Japanese manufacturers.

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DHL Express, the world’s leading international express services provider, has launched the largest express facility in Myanmar, set to support the nation’s fast-growing economy which is forecast to rise by 8.5% in 2016, the company said in a statement.

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Legal action will be taken against three companies after they were found to be mining gold excessively and illegally in the Zin forest Reserve in Kantbalu Township, Shwebo District, according to lawmakers and local people.

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The Chinese-backed mega-project has come up for reconsideration by the new government and is a pivotal test of relations between the two countries.

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On Saturday, some 40 residents of the Kachin State capital Myitkyina staged a brief protest in front of the Palm Spring Resort. They were demanding a permanent halt to the Chinese-funded Myitsone dam and hydropower project in Kachin State.

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Around 50 residents in Myitkyina Township, Kachin State, staged a protest against Chinese Ambassador Hong Liang over attempts to negotiate the controversial Myitsone dam project, state media reported on 5 June.

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