The Bank of Tokyo Mitsubishi UFJ (BTMU) will assist the banking services of Cooperative Bank (CB Bank, Myanmar), Phay Myint, CB Bank’s managing director said on December 27.
A memorandum of understanding was signed by Bank of Tokyo Mitsubishi UFJ and CB Bank at Sedona Hotel, Yangon, on December 27.
CB Bank was established in 1992, with 25 local branches, and head office located in Yangon.
“This is the first MoU between the two banks. They will help us in banking service, e-banking service, foreign exchange service, trade service, commercial learning and technical. Technicians and experts will come to support us,” Phay Mint said.
BTMU is the largest bank in Japan, after the merger of the Bank of Tokyo-Mitsubishi and UFJ Bank in 2006. It opened its first representative office in Myanmar in 1954.
Most Japanese businesses coming to invest in Myanmar are stakeholders in BTMU, which will persuade its partner organisations to invest in Myanmar and open a bank account for trading in CB Bank, according to him.
BTMU assists in the Official Development Assistance of the Japanese government to Myanmar as bank representative.
The Central Bank of Myanmar recently permitted 17 foreign bank representative offices. Among them were DBS Bank, BTMU and Mizuho Corporate Bank, the Japan-based banks.
Source: Eleven Media News
Sunday, December 30, 2012
Century Plyboard to set up unit in Myanmar
Century Plyboards (India) Ltd (CPIL) will commission its 25,000 sq metres a day plywood unit in March in Myanmar capital Yangon.
“We are setting up the unit on 11 acres in an industrial estate on a 30-year renewable lease. Work on putting up the units is currently on,” Sajjan Bhajanka, Managing Director, told Business Line here on Saturday.
Subsidiary floated
The company has floated a Myanmar-incorporated wholly owned subsidiary - Century Plyboards Myanmar Ltd - for the export-oriented project, which is among a few from India.
The company will fund the Rs 30-crore project by its internal resources. CPIL has also secured raw material (1.8 cubic metre stumps) availability through a quota system as well as auctions.
“Our plan is to bring veneers or plywoods to India,” he said. This project is important for the company as it would replace its import of timber from Myanmar.
“Currently, we import around 35,000 Hopus tonnes of timber from the country. But this source would dry out in 2014 because of a pre-announced timber export ban by the Myanmar Government,” he explained.
In 2011-12, total imports from Myanmar to India, mostly forest and agriculture product, were worth $1,046 million. At present, six Indian companies have made investments in Myanmar and 70 others are looking to invest in the country.
Kandla project
Century Plyboards, he said, hoped to achieve the financial closure for the proposed Greenfield project at Kandla in Gujarat next month. This project would also have a capacity of producing 25,000 sq metres of plywood a day and will cost Rs 50 crore. “Two thirds of the project cost will be financed by bank borrowings,” he added. CPIL has bought 20 acres for the project.
Source: The Hindu Business Line
“We are setting up the unit on 11 acres in an industrial estate on a 30-year renewable lease. Work on putting up the units is currently on,” Sajjan Bhajanka, Managing Director, told Business Line here on Saturday.
Subsidiary floated
The company has floated a Myanmar-incorporated wholly owned subsidiary - Century Plyboards Myanmar Ltd - for the export-oriented project, which is among a few from India.
The company will fund the Rs 30-crore project by its internal resources. CPIL has also secured raw material (1.8 cubic metre stumps) availability through a quota system as well as auctions.
“Our plan is to bring veneers or plywoods to India,” he said. This project is important for the company as it would replace its import of timber from Myanmar.
“Currently, we import around 35,000 Hopus tonnes of timber from the country. But this source would dry out in 2014 because of a pre-announced timber export ban by the Myanmar Government,” he explained.
In 2011-12, total imports from Myanmar to India, mostly forest and agriculture product, were worth $1,046 million. At present, six Indian companies have made investments in Myanmar and 70 others are looking to invest in the country.
Kandla project
Century Plyboards, he said, hoped to achieve the financial closure for the proposed Greenfield project at Kandla in Gujarat next month. This project would also have a capacity of producing 25,000 sq metres of plywood a day and will cost Rs 50 crore. “Two thirds of the project cost will be financed by bank borrowings,” he added. CPIL has bought 20 acres for the project.
Source: The Hindu Business Line
Korean Bank eye expansion into Myanmar
Korean banks are pushing to make inroads into the Myanmarese market in a bid to find their new sources of income amid a saturated local market, officials said Monday.
Korea's No. 3 lender Shinhan Bank is seeking to open an office in Myanmar as early as next year, targeting to set up a unit if rules banning operations of foreign banks are eased, according to officials.
The state-run Industrial Bank of Korea said it plans to apply for permission to open an office there within this year. Currently, the Myanmarese financial authorities only allow foreign banks to create offices.
Shinhan's main rivals Woori Bank and Hana Bank have already begun to tap the Myanmarese market by setting up offices in October.
Woori Bank said it opened an office in the city of Yangon in late October with an aim to enlarge it into a branch or a wholly-owned unit in early 2014. Hana Bank also set up an office last month and has clinched a tentative deal to boost its strategic alliance with Myanmar's lender Ayeyarwady Bank.
The local banks' move came as doors for foreign investments are likely to open further in Myanmar, as the United States and the European Union are easing economic sanctions on the country.
Ending years of military dictatorship, the Southeast Asian country is carrying out democratic and economic reforms following an election in 2011.
South Korean banks' push also stemmed from their falling profits in a saturated local market. Combined earnings by 18 Korean banks amounted to 7.5 trillion won (US$6.9 billion) in the first nine months of this year, down 39 percent from a year earlier, according to the financial watchdog.
Their fourth-quarter earnings may be weaker, as the central bank's rate cuts and the economic slowdown are highly likely to squeeze their profit margin, analysts say.
Source: The Korea Times
Korea's No. 3 lender Shinhan Bank is seeking to open an office in Myanmar as early as next year, targeting to set up a unit if rules banning operations of foreign banks are eased, according to officials.
The state-run Industrial Bank of Korea said it plans to apply for permission to open an office there within this year. Currently, the Myanmarese financial authorities only allow foreign banks to create offices.
Shinhan's main rivals Woori Bank and Hana Bank have already begun to tap the Myanmarese market by setting up offices in October.
Woori Bank said it opened an office in the city of Yangon in late October with an aim to enlarge it into a branch or a wholly-owned unit in early 2014. Hana Bank also set up an office last month and has clinched a tentative deal to boost its strategic alliance with Myanmar's lender Ayeyarwady Bank.
The local banks' move came as doors for foreign investments are likely to open further in Myanmar, as the United States and the European Union are easing economic sanctions on the country.
Ending years of military dictatorship, the Southeast Asian country is carrying out democratic and economic reforms following an election in 2011.
South Korean banks' push also stemmed from their falling profits in a saturated local market. Combined earnings by 18 Korean banks amounted to 7.5 trillion won (US$6.9 billion) in the first nine months of this year, down 39 percent from a year earlier, according to the financial watchdog.
Their fourth-quarter earnings may be weaker, as the central bank's rate cuts and the economic slowdown are highly likely to squeeze their profit margin, analysts say.
Source: The Korea Times
Friday, December 28, 2012
Discussion of Directorate of Investment and Company Administration (7)
Discussion with Mr. Pradeep Gunawardana, Chairman/ Managing Director of State Trading General Corporation from Sri Lanka
Mr. Pradeep Gunawardana, Chairman/ Managing Director of State Trading General Corporation from Sri Lanka and delegates paid a call at Directorate of Investment and Company Administration, office Building No. (32), at (14:00) on 17th December 2012.
At the meeting, they cordially discussed about foreign investment opportunites in manufacturing sector especially on CMP basic, agriculture sector and logistic sector in Myanmar.
News 1
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Discussion with Mr. Yuzo Sakamaki, Corporate Adviser of BMC International from Japan
Mr. Yuzo Sakamaki, Corporate Adviser of BMC International from Japan and delegates paid a call at Directorate of Investment and Company Administration, office Building No. (32), at (14:00) on 17th December 2012.
At the meeting, they cordially discussed about investment opportunities in IT services especially for the system using fiscal machine in Myanmar.
News 2
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Discussion with Mr. Tu, SMTET Eco- Technologies Co.,Ltd. from People Republic of China
Discussion with Mr. Tu, SMTET Eco- Technologies Co., Ltd. from People Republic of China and delegation paid a call at office Building (32), Directorate of Investment and Company Administration on 17th December 2012 at (10:00)am .
At the meeting, they cordially discussed about the matters related with new Foreign Investment Law, the opportunities to invest and also discussed about Special Economic Zones in Myanmar.
News 3
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Sources DICA
Signing Ceremony of Memorandum on Cooperation for the Development of Thilawa Special Economic Zone between Myanmar and Japan
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Signing Ceremony of Memorandum on Cooperation for the Development of Thilawa Special Economic Zone between Myanmar and Japan was held at Park Royal Hotel, Yangon 0n 21st December, 2012.
From the Myanmar Side, Chief Minister for Yangon Region U Myint Swe, Minister for Forestry, Construction and Energy for Yangon Region U Kyaw Soe, Minister for Planning and Economic for Yangon Region U Than Myint, Minister for Electricity and Industry for Yangon Region U Nyan Tun, Miniser for Transportation for Yangon Region U Aung Khin, Deputy Minister for National Planning and Economic Development, Chairman of the Management Committee of the Thilawa Special Economic Zone H.E U Set Aung attended on this occasion.
From the Japan Side, Deputy Minister for Foreign Affairs of Japan H.E. Mr. Koji TSURUOKA, Vice-Minister for International Affairs, Ministry of Economy, Trade and Industry (METI), Japan H.E Mr. Nobuhiko SASAKI and other officials were also presented on this occasion.
Deputy Minister for National Planning and Economic Development, Chairman of the Management Committee of the Thilawa Special Economic Zone H.E U Set Aung and Deputy Minister for Foreign Affairs of Japan H.E. Mr. Koji TSURUOKA and Vice Minister for International Affairs, Ministry of Economy, Trade and Industry (METI), Japan H.E Mr. Nobuhiko SASAKI signed above MOC and exchanged notes.
Sources DICA |
Ministry of Information announce
Today, Ministry of Information announce that they will allow to publish private owned daily newspaper. If someone want to do such types of business, he shall apply the Ministry of Information. Private Owned Daily Newspaper will be allowed from April 1, 2013. And it is only for the citizens. Sole proprietor or group of person shall allow such business.
Sources Ministry of Information
Sources Ministry of Information
IT firms looks for opening in Myanmar
Leading information technology (IT) companies are expanding into Myanmar to prepare for Asean's free trade area, with Thailand envisaged as a springboard for expansion and technical support.
"The Thai operation is set to play a significant role for sales and joint marketing with international computer makers expanding to Myanmar next year," said Accharas Ouysinprasert, managing director of Intel Microelectronics (Thailand), the world's largest processor maker.
Intel has appointed KMD Co in Myanmar as its authorised distributor for microchips, motherboards and solid-state drives.
"Myanmar is the fastest-growing country in the region for IT spending as it is opening its economy to the outside world for the first time in decades," said Mr Accharas.
Myanmar is also deregulating its telecom sector, he added.
Mr Accharas said the increase of foreign direct investment in the region is likely to drive IT spending.
Boonyaphat Choobunjerd, head for Indochina operations at Acer Computer (Thailand), said the company plans to spend US$10 million to open offices in Cambodia, Laos and Myanmar to capitalise on increased spending on computers when the Asean Economic Community is launched in 2016.
Myanmar is the first focus due to its attractive foreign investment incentives and large population of 48 million.
Anothai Wettayakorn, managing director of Dell Corporation (Thailand) and general manager for Indochina, said Dell last month opened an office in Myanmar after expanding into Cambodia and Laos.
Supan Mongkolsuthee, chairman of Synnex (Thailand), the SET-listed IT product distributor, said the company will set up a joint venture with a Myanmar firm in the first quarter of 2013.
Narong Intanate, group chief executive of ECS Holdings, a leading IT distributor in Asia, said the company is exploring opportunities in Myanmar. Its subsidiary, The Value Systems, last year also set up its first office in Nong Khai province to support its business in Laos.
Source: Bangkok Post
"The Thai operation is set to play a significant role for sales and joint marketing with international computer makers expanding to Myanmar next year," said Accharas Ouysinprasert, managing director of Intel Microelectronics (Thailand), the world's largest processor maker.
Intel has appointed KMD Co in Myanmar as its authorised distributor for microchips, motherboards and solid-state drives.
"Myanmar is the fastest-growing country in the region for IT spending as it is opening its economy to the outside world for the first time in decades," said Mr Accharas.
Myanmar is also deregulating its telecom sector, he added.
Mr Accharas said the increase of foreign direct investment in the region is likely to drive IT spending.
Boonyaphat Choobunjerd, head for Indochina operations at Acer Computer (Thailand), said the company plans to spend US$10 million to open offices in Cambodia, Laos and Myanmar to capitalise on increased spending on computers when the Asean Economic Community is launched in 2016.
Myanmar is the first focus due to its attractive foreign investment incentives and large population of 48 million.
Anothai Wettayakorn, managing director of Dell Corporation (Thailand) and general manager for Indochina, said Dell last month opened an office in Myanmar after expanding into Cambodia and Laos.
Supan Mongkolsuthee, chairman of Synnex (Thailand), the SET-listed IT product distributor, said the company will set up a joint venture with a Myanmar firm in the first quarter of 2013.
Narong Intanate, group chief executive of ECS Holdings, a leading IT distributor in Asia, said the company is exploring opportunities in Myanmar. Its subsidiary, The Value Systems, last year also set up its first office in Nong Khai province to support its business in Laos.
Source: Bangkok Post
Myanmar Bank join VISA ATM Network
Yangon - Visa today announced that Visa cards will now be accepted at nearly 90 ATMs operated by Co-operative Bank and Kanbawza Bank across Myanmar.
Nearly 90 ATMs operated by Co-operative Bank andKanbawza Bank in Myanmar will begin accepting Visa cards.
This represents significant progress for Myanmar's electronic payments infrastructure as it provides the country with a platform to participate in the global financial system. By joining the Visa network, the banks agree to adopt Visa's global security standards for electronic payment.
Starting today, Visa cardholders will be able to access cash across major tourist regions in the country. Co-operative Bank and Kanbawza Bank's combined Visa ATM network covers major cities, towns and tourist sites in Myanmar including Mandalay, Bago, and Taunggyi. In Yangon, Visa cards will be accepted at ATMs located in the Yangon International Airport, Bogyoke Market, Inle Lake Hotel, City Mart Marketplace, Junction Square, Trader's Hotel, and Park Royal Hotel.
"We are proud to work with local banking partners to welcome Myanmar into Visa's international network of 1.96 million ATMs worldwide. This is an important step for Myanmar's electronic payment infrastructure. As the country's financial system continues to develop, ATMs are a way to grow the reach of financial services, and support the economic and tourism growth of the country. The acceptance of Visa cards at local ATMs in Myanmar will ensure that visitors have a convenient and safe way to access local currency," said Peter Maher, Visa Group Country Manager, Southeast Asia and Australasia.
Myanmar is hosting two major international events in 2013 - the World Economic Forum (WEF) on East Asia and the Southeast Asian Games.
"It becomes critical that easy and secure access to financial services becomes available. Through our growing ATM network, Visa cardholders will be able to get hold of local currency, which allow for increased spending to benefit local businesses," he added.
Visa partnered with Planet Payment to connect Myanmar bank's ATMs to VisaNet, and to manage the complexities of cross border ATM and POS processing. Philip Beck, chairman and CEO of Planet Payment, said that the company’s single proprietary processing platform enables the delivery of payment solutions that can be tailored quickly to meet the requirements of a particular market.
"Visa and Planet Payment share the vision that payments have the power to improve the way business is done and we are very excited to be working together to deliver innovative payment solutions to banks, merchants and consumers in developing economies around the world," he said.
This development comes just after Visa hosted the country's first ever Mobile and Electronic Payments Conference 2012 in the Naypyitaw. The conference was attended by 200 guests, including government officials, and addressed the economic benefits of electronic payments and potential for mobile payments in reaching out to the largely unbanked population of Myanmar.
Source: The Nation
Nearly 90 ATMs operated by Co-operative Bank andKanbawza Bank in Myanmar will begin accepting Visa cards.
This represents significant progress for Myanmar's electronic payments infrastructure as it provides the country with a platform to participate in the global financial system. By joining the Visa network, the banks agree to adopt Visa's global security standards for electronic payment.
Starting today, Visa cardholders will be able to access cash across major tourist regions in the country. Co-operative Bank and Kanbawza Bank's combined Visa ATM network covers major cities, towns and tourist sites in Myanmar including Mandalay, Bago, and Taunggyi. In Yangon, Visa cards will be accepted at ATMs located in the Yangon International Airport, Bogyoke Market, Inle Lake Hotel, City Mart Marketplace, Junction Square, Trader's Hotel, and Park Royal Hotel.
"We are proud to work with local banking partners to welcome Myanmar into Visa's international network of 1.96 million ATMs worldwide. This is an important step for Myanmar's electronic payment infrastructure. As the country's financial system continues to develop, ATMs are a way to grow the reach of financial services, and support the economic and tourism growth of the country. The acceptance of Visa cards at local ATMs in Myanmar will ensure that visitors have a convenient and safe way to access local currency," said Peter Maher, Visa Group Country Manager, Southeast Asia and Australasia.
Myanmar is hosting two major international events in 2013 - the World Economic Forum (WEF) on East Asia and the Southeast Asian Games.
"It becomes critical that easy and secure access to financial services becomes available. Through our growing ATM network, Visa cardholders will be able to get hold of local currency, which allow for increased spending to benefit local businesses," he added.
Visa partnered with Planet Payment to connect Myanmar bank's ATMs to VisaNet, and to manage the complexities of cross border ATM and POS processing. Philip Beck, chairman and CEO of Planet Payment, said that the company’s single proprietary processing platform enables the delivery of payment solutions that can be tailored quickly to meet the requirements of a particular market.
"Visa and Planet Payment share the vision that payments have the power to improve the way business is done and we are very excited to be working together to deliver innovative payment solutions to banks, merchants and consumers in developing economies around the world," he said.
This development comes just after Visa hosted the country's first ever Mobile and Electronic Payments Conference 2012 in the Naypyitaw. The conference was attended by 200 guests, including government officials, and addressed the economic benefits of electronic payments and potential for mobile payments in reaching out to the largely unbanked population of Myanmar.
Source: The Nation
Myanmar leaders vow to implement cooperation project with China
The Myanmar government attaches importance to the smooth implementation of the cooperation projects between Myanmar and China, Myanmar President U Thein Sein said Monday.
China and Myanmar always carry out friendly exchanges on the basis of the Five Principles of Peaceful Coexistence, Thein Sein told Zhang Guoqing, head of China North Industries Group Corporation (NORINCO Group) as they met at the presidential office.
Thein Sein said he reached consensus with the Chinese leadership to raise the "Paukphaw" (kinsfolk) friendship to a comprehensive strategic partnership during his visit to China in May 2010.
Myanmar Parliament Speaker U Shwe Mann also met Zhang on Monday. Shwe Mann said his country will responsibly implement the agreements between governments and between companies, including that between the NORINCO Group and the Myanmar side, stressing bilateral cooperation will not weaken despite some difficulties.
Source: Xinhua
China and Myanmar always carry out friendly exchanges on the basis of the Five Principles of Peaceful Coexistence, Thein Sein told Zhang Guoqing, head of China North Industries Group Corporation (NORINCO Group) as they met at the presidential office.
Thein Sein said he reached consensus with the Chinese leadership to raise the "Paukphaw" (kinsfolk) friendship to a comprehensive strategic partnership during his visit to China in May 2010.
Myanmar Parliament Speaker U Shwe Mann also met Zhang on Monday. Shwe Mann said his country will responsibly implement the agreements between governments and between companies, including that between the NORINCO Group and the Myanmar side, stressing bilateral cooperation will not weaken despite some difficulties.
Source: Xinhua
Japan to help build vast Myanmar Industry Zone
Myanmar and Japan agreed to start work next year on a huge industrial zone near Yangon, officials from the two countries said, as the impoverished nation hungrily eyes foreign investment.
The 2,400-hectare Thilawa project will include a port and industrial park and be up and running in 2015, according to the Ministry of Economy, Trade and Industry.
"It's not an easy task but we will make no mistakes. Both of our countries share a common goal to set up the joint venture in 2013 and to launch commercial operations in 2015," said METI Vice Minister Nobuhiko Sasaki after signing a memorandum of understanding in Yangon on Friday.
Former junta-ruled Myanmar craves investment to spur growth and boost its dilapidated infrastructure, while export-reliant Japan is hunting new opportunities in the resource-rich nation to offset sluggish domestic growth.
Tokyo has already written off massive debts owed by Myanmar and Japanese media last month said it would pledge a fresh $615 million in loans, a significant portion for the Thilawa project — although no final figures have been released.
Myanmar's deputy minister of national planning and economic development, Set Aung, said the zone would help his nation "leapfrog" its richer neighbors.
"There are enormous employment opportunities to be created," he said, adding Japan had pledged to inject money and share environmentally friendly technology to bring the project to fruition.
Source: Japan Times
The 2,400-hectare Thilawa project will include a port and industrial park and be up and running in 2015, according to the Ministry of Economy, Trade and Industry.
"It's not an easy task but we will make no mistakes. Both of our countries share a common goal to set up the joint venture in 2013 and to launch commercial operations in 2015," said METI Vice Minister Nobuhiko Sasaki after signing a memorandum of understanding in Yangon on Friday.
Former junta-ruled Myanmar craves investment to spur growth and boost its dilapidated infrastructure, while export-reliant Japan is hunting new opportunities in the resource-rich nation to offset sluggish domestic growth.
Tokyo has already written off massive debts owed by Myanmar and Japanese media last month said it would pledge a fresh $615 million in loans, a significant portion for the Thilawa project — although no final figures have been released.
Myanmar's deputy minister of national planning and economic development, Set Aung, said the zone would help his nation "leapfrog" its richer neighbors.
"There are enormous employment opportunities to be created," he said, adding Japan had pledged to inject money and share environmentally friendly technology to bring the project to fruition.
Source: Japan Times
Japan to help Myanmar install second radar system
The Japan International Cooperation Agency (JICA) will help Myanmar install the second radar system in early 2013 for upgrading weather forecast work, official media reported Wednesday.
The radar system will be installed in Yangon, Mandalay and Kyaukphyu, western Rakhine state.
The first Myanmar radar system had been established in Kyuaukphyu with the assistance of the World Meteorology Department and Japanese government.
According to Myanmar's Meteorology Department, the country experienced lesser storm this year. However, many parts of southern Myanmar were hit by flood, while the northern part was badly affected by drought the whole year, bringing about loss to paddy cultivation and livestock breeding works.
Earlier reports said that Myanmar would launch a small globe- observing satellite with the assistance of Marubeni Aerospace of Japan for Myanmar Meteorology and Hydrology Department which will use the satellite for broadcasting weather news through one of the satellite channels.
Source: Xinhua
The radar system will be installed in Yangon, Mandalay and Kyaukphyu, western Rakhine state.
The first Myanmar radar system had been established in Kyuaukphyu with the assistance of the World Meteorology Department and Japanese government.
According to Myanmar's Meteorology Department, the country experienced lesser storm this year. However, many parts of southern Myanmar were hit by flood, while the northern part was badly affected by drought the whole year, bringing about loss to paddy cultivation and livestock breeding works.
Earlier reports said that Myanmar would launch a small globe- observing satellite with the assistance of Marubeni Aerospace of Japan for Myanmar Meteorology and Hydrology Department which will use the satellite for broadcasting weather news through one of the satellite channels.
Source: Xinhua
Wednesday, December 26, 2012
KTB chart Myanmar expansion
The state-owned Krung Thai Bank is
looking to form a joint venture in Myanmar following the successful launch of
its representative office in the neighbouring country.
Foreign financial institutions doing business in Myanmar are required to expand in four stages: a representative office, a joint venture with a local financial institution, a subsidiary and a branch, KTB president Vorapak Tanyawong said after the representative office was opened in Yangon last week.
''The second step, however, takes more time. It depends on Myanmar's approval and the state of our operation there. But we should be able to see progress within the next five years,'' Mr Vorapak said.
He said the bank has provided financial support to large Thai companies investing in Myanmar as well as small and medium-sized enterprises, mostly in border trade and supply chain businesses.
These businesses have high potential to grow in line with Myanmar's economy.
The neighbouring country's gross domestic product (GDP) is projected to grow in double digits each year over the next few year compared with a stable growth rate of 4-5% of the Thai economy.
KTB forecasts Thailand's GDP growth in a range of 4.4% to 5.5% next year, while loan growth at large local banks will be 1.5 times the GDP growth rate.
Mr Vorapak said the bank will also focus on Myanmar companies, which are small and largely dominated by conglomerate businesses of some big families, such as the KPZ Group.
Agriculture is another key focus, as it is the largest contributor to Myanmar's GDP.
''Our advantage as a state-owned bank, financial expertise and familiarity with Asean culture will afford KTB smooth access to the business segment,'' said Mr Vorapak.
KTB, Thailand's second-largest bank, is 59.01% owned by government agencies. With a 55.07% stake, the central bank's Financial Institutions Development Fund is its major shareholder.
Mr Vorapak said KTB is also interested in Cambodia, Laos, Myanmar and Vietnam ahead of formation of the Asean Economic Community in 2016. It plans to open a branch in Ho Chi Minh City next year, completing its Indochinese network.
Source: Bangkok Post
Foreign financial institutions doing business in Myanmar are required to expand in four stages: a representative office, a joint venture with a local financial institution, a subsidiary and a branch, KTB president Vorapak Tanyawong said after the representative office was opened in Yangon last week.
''The second step, however, takes more time. It depends on Myanmar's approval and the state of our operation there. But we should be able to see progress within the next five years,'' Mr Vorapak said.
He said the bank has provided financial support to large Thai companies investing in Myanmar as well as small and medium-sized enterprises, mostly in border trade and supply chain businesses.
These businesses have high potential to grow in line with Myanmar's economy.
The neighbouring country's gross domestic product (GDP) is projected to grow in double digits each year over the next few year compared with a stable growth rate of 4-5% of the Thai economy.
KTB forecasts Thailand's GDP growth in a range of 4.4% to 5.5% next year, while loan growth at large local banks will be 1.5 times the GDP growth rate.
Mr Vorapak said the bank will also focus on Myanmar companies, which are small and largely dominated by conglomerate businesses of some big families, such as the KPZ Group.
Agriculture is another key focus, as it is the largest contributor to Myanmar's GDP.
''Our advantage as a state-owned bank, financial expertise and familiarity with Asean culture will afford KTB smooth access to the business segment,'' said Mr Vorapak.
KTB, Thailand's second-largest bank, is 59.01% owned by government agencies. With a 55.07% stake, the central bank's Financial Institutions Development Fund is its major shareholder.
Mr Vorapak said KTB is also interested in Cambodia, Laos, Myanmar and Vietnam ahead of formation of the Asean Economic Community in 2016. It plans to open a branch in Ho Chi Minh City next year, completing its Indochinese network.
Source: Bangkok Post
Myanmar, Japan sign MoU on Cooperation in Thilawa SEZ project
Myanmar and Japan on Friday signed a memorandum of understanding (MoU)in Yangon on cooperation in a special economic zone(SEZ), Thilawa in Yangon's Thilawa Port,at Park Royal hotel here.
The MoU on significant cooperation between Myanmar and Japan especially for the development of Thilawa project was signed by U Set Aung, Chairman of Thilawa SEZ Management Committee and Deputy Minister of National Planning and Economic Development of Myanmar and Nobuhiko Sasaski, Vice Minister of Ministry of Economic, Trade and Industry of Japan.
The signing was witnessed by Yangon Region Chief Minister U Myint Swe and Japanese ambassador to Myanmar Takashi Saito.
The SEZ project includes factories, high-tech industry, textile, labor intensive industry and manufacturing industry.
Japanese side committed to provide financial and technological resources and use advanced technology with least environmental impact.
Thilawa will be jointly developed by Myanmar with 51 per cent and Japan with 49 per cent, U Set Aung told Xinhua.
However, the permitted amount of the investment and the duration of the project and other details have not been revealed, he said.
The project will be implemented in 2013 and commercial operation will be launched by 2015.
Thilawa SEZ project covering an area of over 2,000 hectares lies between Thanlyin and Kyauktan townships in Yangon region, which is next to the Dawei Special Economic Zone project in southern Taninthayi region.
Myanmar's previous government promulgated the Special Economic Zone Law in January 2011, three months before the new government came into being in March the same year.
According to figures, Japan injected a total of 216.94 million U.S. dollars as of July 2012 since 1988, standing the 12th in Myanmar's foreign investors line-up.
In the first four months (April-July) of the fiscal year 2012- 13, bilateral trade between Myanmar and Japan amounted to 443.65 million dollars.
Of the total during the period, Japan's export to Myanmar took over 337.19 million U.S. dollars while Japan's import from Myanmar represented 106.46 million dollars.
Source: Xinhua
Biofuel Plant for Myanmar
The MAI-listed Universal Adsorbents & Chemicals Plc (UAC) plans to invest in a new 800-million-baht alternative biofuel energy project in Myanmar expected to start operating in 2014.
Chief executive Kitti Jivacate said the company will enter the project with a Myanmar partner that will own a 20% stake.
The biofuel plant will be located on Myanmar's Song island near Thailand's Ranong province. The project will use palm oil as its raw material.
The proposed local partner is one of the biggest business groups in Myanmar, and a contract will be signed next year.
The project will start by 2014, with the electricity output sold in both Myanmar and Thailand.
UAC previously announced its investment in two water-treatment projects in Myanmar through its UAC Hydro Tech Co subsidiary.
One is valued at 300 million baht and planned for Mandalay, while a 600-million-baht facility will be in Yangon. Both will be built next year and start receiving revenue in 2014, with 300-400 million baht annually expected.
UAC will also open a representative office in Myanmar to supply chemical and power plant equipment.
The company expects revenue growth of 20% next year thanks partly to revenue realised from its compressed biomethane gas project.
After 2013, annual revenue should double, half of it generated from alternative energy.
Mr Kitti said the operating net profit will also improve, as the company will receive tax privileges from two new power plants located in industrial zones in Sukhothai and Chiang Mai provinces.
UAC plans to double its paid-up capital to 500 million baht in the next three years to serve its major investment plan.
For the first nine months of this year, UAC achieved sales of 625 million baht, down by 5.34% year-on-year, for a net profit of 103 million, up by 31.6%.
UAC shares on Friday closed on the MAI at 7.65 baht, down 15 satang, in trade worth 14.6 million baht.
Source: Bangkok Post
Myanmar invites India to invest in Myanmar
Myanmar offers great opportunities
for Indian business community to invest in infrastructure and power projects,
visiting Myanmar President U. Thein Sein said here.
In a closed-door session, organised by Confederation of Indian Industry (CII) late Friday, President Sein invited Indian businesses to also explore options in agriculture.
"The India-Myanmar-Thailand trilateral highway project, which will be extended to Laos and Cambodia with the assistance of the Indian government, will truly enhance regional connectivity and trade," Sein said.
He urged the captains of Indian industry to invest in Myanmar's energy sector and pointed out the huge deposits of oil and gas in the south Asian country.
Reciprocating Sein's call, CII president Adi Godrej proposed a five-point agenda to strengthen India-Myanmar business relations.
"I propose enhancing connectivity in culture and commerce between the two countries; promoting integration and synergy in power and railway sectors; appropriate banking arrangements to foster trade and investment; enhancing bilateral engagement in trade protection, co-operation and collaboration in industries like tourism and software; and inviting managers from Myanmar to Indian industry's centres of excellence," Godrej said.
The Myanmar-India trade has been steadily increasing.
India stands as the fourth-largest trading partner with Myanmar with a trade volume of $1347.40 in 2011-12, according to CII.
In 2011-12, Myanmar's exports to India were $1,046 million, a 20 percent increase over the previous year.
In the same period, Indian exports to Myanmar stood at$324.5 million, an increase of 66.5 percent over the previous year.
Myanmar exports agriculture and forest products to India and imports metal ores and products, medicines, transport equipment, machines and machinery parts and electrical appliances.
Myanmar has introduced tax reforms and took initiatives to make its banking system more customer-friendly.
Among those present at the meeting included S. Ramadorai, advisor to Prime Minister on skill development and vice-chairman of Tata Consultancy Services; B. Muthuraman, vice-chairman of Tata Steel; Arun Nanda, director of Mahindra & Mahindra; Ravi Kant, vice-chairman of Tata Motors; and Ganesh Natarajan, chief executive officer of Zensar Technologies.
Source: IANS Live
In a closed-door session, organised by Confederation of Indian Industry (CII) late Friday, President Sein invited Indian businesses to also explore options in agriculture.
"The India-Myanmar-Thailand trilateral highway project, which will be extended to Laos and Cambodia with the assistance of the Indian government, will truly enhance regional connectivity and trade," Sein said.
He urged the captains of Indian industry to invest in Myanmar's energy sector and pointed out the huge deposits of oil and gas in the south Asian country.
Reciprocating Sein's call, CII president Adi Godrej proposed a five-point agenda to strengthen India-Myanmar business relations.
"I propose enhancing connectivity in culture and commerce between the two countries; promoting integration and synergy in power and railway sectors; appropriate banking arrangements to foster trade and investment; enhancing bilateral engagement in trade protection, co-operation and collaboration in industries like tourism and software; and inviting managers from Myanmar to Indian industry's centres of excellence," Godrej said.
The Myanmar-India trade has been steadily increasing.
India stands as the fourth-largest trading partner with Myanmar with a trade volume of $1347.40 in 2011-12, according to CII.
In 2011-12, Myanmar's exports to India were $1,046 million, a 20 percent increase over the previous year.
In the same period, Indian exports to Myanmar stood at$324.5 million, an increase of 66.5 percent over the previous year.
Myanmar exports agriculture and forest products to India and imports metal ores and products, medicines, transport equipment, machines and machinery parts and electrical appliances.
Myanmar has introduced tax reforms and took initiatives to make its banking system more customer-friendly.
Among those present at the meeting included S. Ramadorai, advisor to Prime Minister on skill development and vice-chairman of Tata Consultancy Services; B. Muthuraman, vice-chairman of Tata Steel; Arun Nanda, director of Mahindra & Mahindra; Ravi Kant, vice-chairman of Tata Motors; and Ganesh Natarajan, chief executive officer of Zensar Technologies.
Source: IANS Live
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