Myanmar exported 1.01 million tons of rice and rice products in the first nine months of the fiscal year 2012-13, official daily New Light of Myanmar reported Saturday.
The record will be put on exceeding that of 1995-96 and 2001- 2002 fiscal years if the export of rice continues in remaining three months (Jan-March) of the fiscal year 2012-13, and it will be the largest volume of rice export in 46 years, according to Commerce Minister U Win Myint at the meeting to purchase reserve rice and rice market development in Nay Pyi Taw.
Rice will be purchased as quickly as possible for reserve stockpiling so as to prevent declining of price of rice, he said.
Meanwhile, the workshops and seminars at Myanmar rice mills and farming machinery shows will be held for sales of rice mills and machinery to the farmers at reasonable price.
Indonesia has proposed to buy 300,000 tons of rice from Myanmar in addition to the 200,000 tons, according to earlier report.
From 2001-2002 to 2005-06, Myanmar exported a substantial amount of rice to the Indonesian market. But after 2005-06, rice export to Indonesia was almost none.
According to statistics, in the nine months' period (April- December) of the fiscal year 2011-12, Myanmar exported only 2,125 tons of rice to Indonesia.
Source: Xinhua
Monday, January 7, 2013
Myanmar signs with MoU with private company on building natural gas, thermal power plant
The Myanmar electric power authorities have signed a memorandum of understanding with Myanmar private company — Union Resources and Engineering Co Ltd, to conduct feasibility study for establishment of natural gas and thermal power plant in Thakayta of Yangon over the last four days, official media reported Saturday.
Investment of the private sector has increased thanks to ongoing economic reforms of the government, said the New Light of Myanmar.
Minister for Electric Power U Khin Maung Soe called for private investment either local or foreign to cut annual expenditure of the government and to increase power supply to the public.
At present, there are two coal power plant projects under feasibility study with MoU signed for three gas engine power plant projects and one gas combined cycle factory project and MoA signed for two gas combined cycle factory projects to be implemented with investments of local and foreign private investors as joint ventures.
In October, Myanmar launched a 500-mw gas-fired combined cycle power plant project in Yangon’s Thakayta township in cooperation with five South Korean companies including Busan Korea Biotechnology Co, Korea Western Power Co, Hyundai Engineering and Construction Co, Hana Daetoo Securities Co and Hexa International Co.
Myanmar produced up to 9.71 billion kilowatt-hours of electricity in 2011-12 but the demand is still not met.
Due to the high demand, the government is striving to produce electricity from natural gas, diesel, coal fire, solar power, wind power, biogas and waste fuel in addition to hydropower.
Source: NZ Week
Investment of the private sector has increased thanks to ongoing economic reforms of the government, said the New Light of Myanmar.
Minister for Electric Power U Khin Maung Soe called for private investment either local or foreign to cut annual expenditure of the government and to increase power supply to the public.
At present, there are two coal power plant projects under feasibility study with MoU signed for three gas engine power plant projects and one gas combined cycle factory project and MoA signed for two gas combined cycle factory projects to be implemented with investments of local and foreign private investors as joint ventures.
In October, Myanmar launched a 500-mw gas-fired combined cycle power plant project in Yangon’s Thakayta township in cooperation with five South Korean companies including Busan Korea Biotechnology Co, Korea Western Power Co, Hyundai Engineering and Construction Co, Hana Daetoo Securities Co and Hexa International Co.
Myanmar produced up to 9.71 billion kilowatt-hours of electricity in 2011-12 but the demand is still not met.
Due to the high demand, the government is striving to produce electricity from natural gas, diesel, coal fire, solar power, wind power, biogas and waste fuel in addition to hydropower.
Source: NZ Week
Mahagistri Group eyes Myanmar Hotel
Mahagitsiri Group plans to invest in a five-star hotel in Myanmar but will focus on alternative energy, entertainment and technology in the Thai market.
The group is owned by Prayudh Mahagitsiri, an eminent investor who has pioneered many first-in-Thailand projects.
He also set up PM Group two years ago as a private fund to invest in high-potential businesses.
Mr Prayudh is chairman of PM Group, while his son Chalermchai is chief executive.
Mr Chalermchai declined to give details of PM Group's assets but said the company has invested in listed and non-listed firms and property projects.
These include The Nest Ploenchit, a high-end Bangkok condominium; Lakewood Country Club, a golf club in Samut Prakan; and the Mountain Creek Golf Resort and Residences in Khao Yai.
PM Group also plans to acquire a hotel in Yangon, upgrading the facility to five-star status.
It expects a deal to be concluded in early 2014 and the hotel to be operational by the end of that year.
"Myanmar has high potential for growth with its population of 48 million," said Mr Chalermchai.
"With more tourists and business travellers, hotel room rates rose sharply last year. The three-star hotel where I stayed early last year was US$80 a night but rose to $200 by year-end."
Mr Chalermchai said the family-owned fund will look for investments in high-growth businesses offering a good return on investment.
He is recognised as a young, aggressive private investor on the Stock Exchange of Thailand (SET).
His investments cover 19 companies, and he holds major stakes in Thoresen Thai Agencies (TTA), Thai Film Industries, Posco-Thainox, Golden Land Property Development and Susco.
"My strategy is long-term investments with companies that I can manage or will let me sit on the board. With minor shares, I just trade them or hold onto them for a short period," said Mr Chalermchai.
"I started investing at 15 when I was studying in the US. But I lost money so many times, the biggest loss coming in 2000 amid the dot-com crisis. I lost all my money.
"That was a big experience, but now I have to be more cautious. I want to tell young investors that you should take your profit and go. Don't hold stocks too long, as you never know what will happen tomorrow.
"I'm an investor who will take his profit and go, but my father taught me to be an operator and compromise. I prefer to be a builder. It means that when I invest, I have to improve the company's operation. When it grows and is bigger than the size I can manage myself, I need to find a partner.
"With TTA, I plan to build the company's profits and set its business direction clearly. It could take two or three years, but it has good potential."
Mr Chalermchai said this year's investment outlook will focus on the property sector.
Thailand will gain from being in the geographical centre of the Asean Economic Community, while the energy, entertainment and technology sectors should also do well.
"I believe the SET index will decline next year but not by too much, as the fundamentals are sound and many stocks are near fair value," said Mr Chalermchai.
Source: Bangkok Post
The group is owned by Prayudh Mahagitsiri, an eminent investor who has pioneered many first-in-Thailand projects.
He also set up PM Group two years ago as a private fund to invest in high-potential businesses.
Mr Prayudh is chairman of PM Group, while his son Chalermchai is chief executive.
Mr Chalermchai declined to give details of PM Group's assets but said the company has invested in listed and non-listed firms and property projects.
These include The Nest Ploenchit, a high-end Bangkok condominium; Lakewood Country Club, a golf club in Samut Prakan; and the Mountain Creek Golf Resort and Residences in Khao Yai.
PM Group also plans to acquire a hotel in Yangon, upgrading the facility to five-star status.
It expects a deal to be concluded in early 2014 and the hotel to be operational by the end of that year.
"Myanmar has high potential for growth with its population of 48 million," said Mr Chalermchai.
"With more tourists and business travellers, hotel room rates rose sharply last year. The three-star hotel where I stayed early last year was US$80 a night but rose to $200 by year-end."
Mr Chalermchai said the family-owned fund will look for investments in high-growth businesses offering a good return on investment.
He is recognised as a young, aggressive private investor on the Stock Exchange of Thailand (SET).
His investments cover 19 companies, and he holds major stakes in Thoresen Thai Agencies (TTA), Thai Film Industries, Posco-Thainox, Golden Land Property Development and Susco.
"My strategy is long-term investments with companies that I can manage or will let me sit on the board. With minor shares, I just trade them or hold onto them for a short period," said Mr Chalermchai.
"I started investing at 15 when I was studying in the US. But I lost money so many times, the biggest loss coming in 2000 amid the dot-com crisis. I lost all my money.
"That was a big experience, but now I have to be more cautious. I want to tell young investors that you should take your profit and go. Don't hold stocks too long, as you never know what will happen tomorrow.
"I'm an investor who will take his profit and go, but my father taught me to be an operator and compromise. I prefer to be a builder. It means that when I invest, I have to improve the company's operation. When it grows and is bigger than the size I can manage myself, I need to find a partner.
"With TTA, I plan to build the company's profits and set its business direction clearly. It could take two or three years, but it has good potential."
Mr Chalermchai said this year's investment outlook will focus on the property sector.
Thailand will gain from being in the geographical centre of the Asean Economic Community, while the energy, entertainment and technology sectors should also do well.
"I believe the SET index will decline next year but not by too much, as the fundamentals are sound and many stocks are near fair value," said Mr Chalermchai.
Source: Bangkok Post
Myanmar likely to be new getaway destination in Asia: Travel Portal
As Myanmar is inching towards a stable democracy, the country is once again becoming a preffered travel destination for Indians. Aung San Suu Kyi, the architect of political reconciliation in the South-east Asian nation, can be credited for this change of outlook towards Myanmar.
Major online travel portals and tour operators are hoping to make the most of this opportunity. Some reports suggest Myanmar will hold an international tourism conference in February this year.
According to Madhav Pai, director-leisure travel (outbound) at Thomas Cook, Myanmar offers unique potential — a delightful blend of history, culture and cuisine — for tourism.
"While we have always offered Myanmar, we are seeing increasing requests from customers this season. In fact, our luxury brand ‘Indulgence’ is currently planning an extensive leisure programme for a prestigious corporate family,” he said.
The Indian Association of Tour Operators (Iato), which has over 1,600 members, is in discussion with the Indian embassy in Myanmar and planning to take a delegation there. An Iato official said tourism in European countries had taken a severe beating due to the economic slowdown and people were giving thrust on regional tourism.
Till last year, Myanmar saw around 10,000 visitors from India, but this number can easily go up to 60,000 in the coming years, feels Iato. In Asia, Singapore is the biggest attraction for Indian tourists and close to 500,000 visit the country every year. “A lot of religion-based tourism potential is there. This growth would also mean India too will get more visitors,” said Gour Kanjilal, executive director at Iato.
Makemytrip.com co-founder and chief operating officer Rajesh Magow echoed Pai's view as he pointed out that lately, all stakeholders in the political process had spoken about welcoming tourists for the resultant economic benefit to Myanmar.
“Myanmar is also quite vocal on promoting ethical, or responsible tourism that focuses on harmonious co-existence rather than blatant commercialisation of natural resources and tourist attractions. We are closely watching these developments,” said Magow.
Suu Kyi, the face of modern Myanmar, visited Prime Minister Manmohan Singh.in India last year, which was intended to strengthen relations between the two nations
Countries like Thailand, Maldives, Sri Lanka and Nepal have also been attracting handsome numbers of Indian travellers. "A lot of businessmen and corporate houses are expanding their operation in Myanmar and this will have a positive effect,”added Kanjilal
The country was in a very volatile situation until Suu Kyi was released from her house arrest.The political environment is now becoming stable as the country looks to attain full democracy.
In November 2012, the US government also lifted a decade-old ban on most imports from Myanmar, ahead of a historic visit by President Barack Obama. The move was intended to support political reform in Myanmar, which can result in more global traffic entering into the country.
However, some also feel the Myanmar Tourism Board and government should be more active to promote their country, "The government of Myanmar also needs to be more active in promoting Myanmar tourism by media promotions and taking delegations to Myanmar Basically spreading the word around as much possible." said Manmeet Ahluwalia, head of marketing at Expedia (India).
Source: Business Standard
Major online travel portals and tour operators are hoping to make the most of this opportunity. Some reports suggest Myanmar will hold an international tourism conference in February this year.
According to Madhav Pai, director-leisure travel (outbound) at Thomas Cook, Myanmar offers unique potential — a delightful blend of history, culture and cuisine — for tourism.
"While we have always offered Myanmar, we are seeing increasing requests from customers this season. In fact, our luxury brand ‘Indulgence’ is currently planning an extensive leisure programme for a prestigious corporate family,” he said.
The Indian Association of Tour Operators (Iato), which has over 1,600 members, is in discussion with the Indian embassy in Myanmar and planning to take a delegation there. An Iato official said tourism in European countries had taken a severe beating due to the economic slowdown and people were giving thrust on regional tourism.
Till last year, Myanmar saw around 10,000 visitors from India, but this number can easily go up to 60,000 in the coming years, feels Iato. In Asia, Singapore is the biggest attraction for Indian tourists and close to 500,000 visit the country every year. “A lot of religion-based tourism potential is there. This growth would also mean India too will get more visitors,” said Gour Kanjilal, executive director at Iato.
Makemytrip.com co-founder and chief operating officer Rajesh Magow echoed Pai's view as he pointed out that lately, all stakeholders in the political process had spoken about welcoming tourists for the resultant economic benefit to Myanmar.
“Myanmar is also quite vocal on promoting ethical, or responsible tourism that focuses on harmonious co-existence rather than blatant commercialisation of natural resources and tourist attractions. We are closely watching these developments,” said Magow.
Suu Kyi, the face of modern Myanmar, visited Prime Minister Manmohan Singh.in India last year, which was intended to strengthen relations between the two nations
Countries like Thailand, Maldives, Sri Lanka and Nepal have also been attracting handsome numbers of Indian travellers. "A lot of businessmen and corporate houses are expanding their operation in Myanmar and this will have a positive effect,”added Kanjilal
The country was in a very volatile situation until Suu Kyi was released from her house arrest.The political environment is now becoming stable as the country looks to attain full democracy.
In November 2012, the US government also lifted a decade-old ban on most imports from Myanmar, ahead of a historic visit by President Barack Obama. The move was intended to support political reform in Myanmar, which can result in more global traffic entering into the country.
However, some also feel the Myanmar Tourism Board and government should be more active to promote their country, "The government of Myanmar also needs to be more active in promoting Myanmar tourism by media promotions and taking delegations to Myanmar Basically spreading the word around as much possible." said Manmeet Ahluwalia, head of marketing at Expedia (India).
Source: Business Standard
Myanmar's first foreign exchange service launch by non-financial firm
Foreign exchange service in Myanmar run by a non-financial private company is now available in Yangon, the commercial hub of the country, according to sources.
Farmer Phoyazar Company, a non-financial private business, started to provide foreign exchange service on January 1.
"Currently there are two over-the-counter services available at Chatrium Hotel and Bo Myat Tun Street [in Yangon]. Thirteen more are coming next. We focus on trouble-free services for customers such as foreigners and local staff," said Myo Htwe, the executive director of the company.
Myanmar's Central Bank has authorised non-financial private firms to offer currency exchange services since December.
The central bank on December 3 announced that applicant must have at least 30 million kyats (US$35,100) as the authorised starting capital and deposit it in a foreign account with an authorised bank.
Source: Eleven Media Group
Farmer Phoyazar Company, a non-financial private business, started to provide foreign exchange service on January 1.
"Currently there are two over-the-counter services available at Chatrium Hotel and Bo Myat Tun Street [in Yangon]. Thirteen more are coming next. We focus on trouble-free services for customers such as foreigners and local staff," said Myo Htwe, the executive director of the company.
Myanmar's Central Bank has authorised non-financial private firms to offer currency exchange services since December.
The central bank on December 3 announced that applicant must have at least 30 million kyats (US$35,100) as the authorised starting capital and deposit it in a foreign account with an authorised bank.
Source: Eleven Media Group
NCE biz delegation to Myanmar a success
The National Chamber of Exporters of Sri Lanka organized an 11-member business delegation to Myanmar last December. The delegation visited Yangon in Myanmar on the 19th and returned after a successful 4-day fact finding mission. The delegation was led by M. Shiham Marikar, Director Trade Promotion of NCE.
The Sri Lankan Embassy in Myanmar, The Myanmar Embassy in Sri Lanka , The Federation of Chambers of Commerce & industry of Myanmar (UMFCCI) and The Myanmar Economic Holding coordinated and assisted the NCE in making the visit a success by arranging meetings with business contacts, and entrepreneurs in Myanmar .
H.R. Piyasiri, Sri Lanka’s ambassador in Myanmar participated at almost all the meetings the delegates had in Myanmar.
The Vice President and other Key officials of UMFCCI met with the delegation and gave a presentation on Doing Business in Myanmar as well as other key information and advice on business methods, Investment opportunities , Import Export Procedures , Financial methods such as payment terms etc.
Separate meetings for the delegated were arranged with members of the UMFCCI , Key officials of the Myanmar Economic Holding , Bagan Capital ( Investment and Advisory Firm) and key officials from the Myanmar Garment Manufacturers Association and Myanmar industries Association.
The following companies were part of the delegation - ACL Cables PLC (represented by Suren Madanayake -Managing Director and Daya Wahalatantiri -Director-Exports, Concord Apparel (Pvt) Ltd. (represented by Prasanna Jayasinghe - Managing Director), Samson Industries (Pvt) Ltd (represented by Thanuje Munasingha – Business Dev. Manager), Samson International PLC (represented by Priyantha Abeygunawardena-General Manager Rubber related products), Dutch Lanka Trailer Manufacturers Limited Sri Lanka (represented by Ajith Gunasekara-Manager), Empire Teas (PVT) Ltd (represented by Lushantha de Silva- Managing Director ), Stassen Exports (PVT) Limited (Achala Lamasuriya-General Manager ), Expolanka (Pvt) Limited (represented by Imdadh Marikar- General Manager), Kalhari Group of Companies (represented by Kaushal Rajapaksa-Group Managing Director), Alpha Industries (Private) Limited (represented by Deshantha Silva -General Manager .
Source: Daily Mirror Sri Lanka
The Sri Lankan Embassy in Myanmar, The Myanmar Embassy in Sri Lanka , The Federation of Chambers of Commerce & industry of Myanmar (UMFCCI) and The Myanmar Economic Holding coordinated and assisted the NCE in making the visit a success by arranging meetings with business contacts, and entrepreneurs in Myanmar .
H.R. Piyasiri, Sri Lanka’s ambassador in Myanmar participated at almost all the meetings the delegates had in Myanmar.
The Vice President and other Key officials of UMFCCI met with the delegation and gave a presentation on Doing Business in Myanmar as well as other key information and advice on business methods, Investment opportunities , Import Export Procedures , Financial methods such as payment terms etc.
Separate meetings for the delegated were arranged with members of the UMFCCI , Key officials of the Myanmar Economic Holding , Bagan Capital ( Investment and Advisory Firm) and key officials from the Myanmar Garment Manufacturers Association and Myanmar industries Association.
The following companies were part of the delegation - ACL Cables PLC (represented by Suren Madanayake -Managing Director and Daya Wahalatantiri -Director-Exports, Concord Apparel (Pvt) Ltd. (represented by Prasanna Jayasinghe - Managing Director), Samson Industries (Pvt) Ltd (represented by Thanuje Munasingha – Business Dev. Manager), Samson International PLC (represented by Priyantha Abeygunawardena-General Manager Rubber related products), Dutch Lanka Trailer Manufacturers Limited Sri Lanka (represented by Ajith Gunasekara-Manager), Empire Teas (PVT) Ltd (represented by Lushantha de Silva- Managing Director ), Stassen Exports (PVT) Limited (Achala Lamasuriya-General Manager ), Expolanka (Pvt) Limited (represented by Imdadh Marikar- General Manager), Kalhari Group of Companies (represented by Kaushal Rajapaksa-Group Managing Director), Alpha Industries (Private) Limited (represented by Deshantha Silva -General Manager .
Source: Daily Mirror Sri Lanka
Wednesday, January 2, 2013
India build agriculture research centre in Myanmar
India has started building an advanced center for agricultural research and education in Nay Pyi Taw to train Myanmar agriculturists, official media reported Thursday.
The stake was driven at the University of Agriculture in Yezin in the capital to start building the center on Wednesday, said the New Light of Myanmar.
India would provide technical assistance including laboratory equipment and Indian experts would train post-graduate students of Myanmar along with the establishment.
At present, nearly 200 post-graduate students are studying at the Yezin University of Agriculture.
To help promote the development of agriculture, India has extended an aid of 10 million U.S. dollars' farming equipment to Myanmar.
The agricultural equipment, presented in March 2012 by Indian Foreign Secretary Ranjan Mathaito, included 300 tractors of 40 horse power, 150 threshers of 110 hp, 228 cultivators of 13.5 hp and 431 ploughs.
Meanwhile, India's contracted investment in Myanmar amounted to 273.5 million U.S. dollars as of July 2012 since the previous military government opened to foreign investment in late 1988, ranking the 13th in Myanmar's foreign investors line-up.
Myanmar and India share a border of over 1,600 kilometers.
Source: Xinhua
The stake was driven at the University of Agriculture in Yezin in the capital to start building the center on Wednesday, said the New Light of Myanmar.
India would provide technical assistance including laboratory equipment and Indian experts would train post-graduate students of Myanmar along with the establishment.
At present, nearly 200 post-graduate students are studying at the Yezin University of Agriculture.
To help promote the development of agriculture, India has extended an aid of 10 million U.S. dollars' farming equipment to Myanmar.
The agricultural equipment, presented in March 2012 by Indian Foreign Secretary Ranjan Mathaito, included 300 tractors of 40 horse power, 150 threshers of 110 hp, 228 cultivators of 13.5 hp and 431 ploughs.
Meanwhile, India's contracted investment in Myanmar amounted to 273.5 million U.S. dollars as of July 2012 since the previous military government opened to foreign investment in late 1988, ranking the 13th in Myanmar's foreign investors line-up.
Myanmar and India share a border of over 1,600 kilometers.
Source: Xinhua
Yangon Circular Railway to be extended
Yangon circular railways will be extended to Thilawa Special Economic Zone under the management of Japan, according to the Yangon circular train system renovation and upgrading project.
The extension of railways is expected to be completed by 2015. The circular trains go around the city 21 times a day.
The project will be divided into several stages, and the construction will start next month.
For the first phase, about 450 hectares of land in Thilawa Special Economic zone will be developed by Myanmar and Japanese companies.
“We will extend the railways through heavily populated area to Thialawa Special Economic Zone…the project will create more job opportunities,” said head officer Win Naung of the Myanmar Railways.
About 45,000 job opportunities will be created according to the master plan.
Japan is financing the current and future railway projects of Myanmar with low interest rate.
Source: Eleven Media Group
The extension of railways is expected to be completed by 2015. The circular trains go around the city 21 times a day.
The project will be divided into several stages, and the construction will start next month.
For the first phase, about 450 hectares of land in Thilawa Special Economic zone will be developed by Myanmar and Japanese companies.
“We will extend the railways through heavily populated area to Thialawa Special Economic Zone…the project will create more job opportunities,” said head officer Win Naung of the Myanmar Railways.
About 45,000 job opportunities will be created according to the master plan.
Japan is financing the current and future railway projects of Myanmar with low interest rate.
Source: Eleven Media Group
Singapore Tops Investment in Yangon's high rise building
Singapore remains the largest foreign investor in high-rise buildings of Yangon, Than Myint, chairperson of the Committee for Quality Control of High-rise Building Projects Construction (CQHP) said.
Construction of high-rise buildings in Yangon has slowed down since mid-2012, but more are now underway with foreign investment, and most of the project designs come from Singapore.
“Singapore drew the design with their styles and mostly they didn’t plan the earthquake resistance in buildings. We are checking intensively for that,” Than Myint said.
Local construction companies used to build 12-and-16-story building. Now they have submitted the proposals for 25 stories, 30 stories and 35 stories buildings because of the transparency in business scope and foreign investment, according to sources.
The construction companies built only 12-and-16-story buildings in Yangon. Yangon City Development Council is the one that supervises and ensures that the construction of the buildings agree with city plan. The CQHP checks only the project designs, Than Myint added.
The CQHP will have to check the projects of local construction companies and high-rise building projects with foreign investment.
Source: Eleven Media Group
Construction of high-rise buildings in Yangon has slowed down since mid-2012, but more are now underway with foreign investment, and most of the project designs come from Singapore.
“Singapore drew the design with their styles and mostly they didn’t plan the earthquake resistance in buildings. We are checking intensively for that,” Than Myint said.
Local construction companies used to build 12-and-16-story building. Now they have submitted the proposals for 25 stories, 30 stories and 35 stories buildings because of the transparency in business scope and foreign investment, according to sources.
The construction companies built only 12-and-16-story buildings in Yangon. Yangon City Development Council is the one that supervises and ensures that the construction of the buildings agree with city plan. The CQHP checks only the project designs, Than Myint added.
The CQHP will have to check the projects of local construction companies and high-rise building projects with foreign investment.
Source: Eleven Media Group
Tuesday, January 1, 2013
Formation of the Company for foreign
Myanmar has two types of option for formation of the company. They are (a) a company which form in accordance with Myanmar Company Act and (b) a company which form in accordance with Myanmar Investment Commission (MIC). In addition to such types, there are generally classified local company and 100 percent foreign own company (or) joint venture (hereinafter refer to as foreign company).
As for the foreign company which was formed in accordance with MIC are registered as follow;
(a) Apply for Myanmar Investment Commission' permit
(b) Apply for "Permit to Trade"
(c) Incorporation.
In practice, the steps may be more.
The minimum capital requirements are (a) USD 500,000 for manufacturing and
(b) USD 300,000 for service.
But it may change in accordance with the new foreign investment rules and regulations.
As for the foreign company which was formed in accordance with Myanmar Companies Act are registerd as follow;
(a) Apply for "Permit to Trade"
(b) Incorporation.
The minimum capital requirement is USD 50,000.
It may change when the new rules and regulations out.
As for the foreign company which was formed in accordance with MIC are registered as follow;
(a) Apply for Myanmar Investment Commission' permit
(b) Apply for "Permit to Trade"
(c) Incorporation.
In practice, the steps may be more.
The minimum capital requirements are (a) USD 500,000 for manufacturing and
(b) USD 300,000 for service.
But it may change in accordance with the new foreign investment rules and regulations.
As for the foreign company which was formed in accordance with Myanmar Companies Act are registerd as follow;
(a) Apply for "Permit to Trade"
(b) Incorporation.
The minimum capital requirement is USD 50,000.
It may change when the new rules and regulations out.
Nippon Electric Company (NEC) will open branch office in Myanmar
Nippon Electric Company (NEC) will open branch offices in Myanmar early next year, according to news agencies.
NEC’s first branch office will be in Yangon and later in Nay Pyi Taw.
The company’s main focus is to provide to information technology infrastructure to Myanmar business firms as well as to lay undersea cables for telecommunications development.
The company expects that the Myanmar telecom market will be growing fast in the near future.
According to the plan of Myanmar Post and Telecommunications, 45 million people will have mobile phone connection by 2015.
Japanese telecommunications companies, KDDI Corp. and NTT Data Corp. entered the Myanmar telecommunication industry this month and will open their branch offices next month as well.
Most of the Japanese investments are interested in the country’s manufacturing and infrastructure sectors.
NEC is one of the oldest technology companies in Japan and founded in 1899.
Source: Eleven Weekly Media
NEC’s first branch office will be in Yangon and later in Nay Pyi Taw.
The company’s main focus is to provide to information technology infrastructure to Myanmar business firms as well as to lay undersea cables for telecommunications development.
The company expects that the Myanmar telecom market will be growing fast in the near future.
According to the plan of Myanmar Post and Telecommunications, 45 million people will have mobile phone connection by 2015.
Japanese telecommunications companies, KDDI Corp. and NTT Data Corp. entered the Myanmar telecommunication industry this month and will open their branch offices next month as well.
Most of the Japanese investments are interested in the country’s manufacturing and infrastructure sectors.
NEC is one of the oldest technology companies in Japan and founded in 1899.
Source: Eleven Weekly Media
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