The government is planning to open Myanmar’s struggling insurance industry to foreign firms early next year and free local players from an array of restrictions – part of a coordinated push to speed up liberalisation in a sector crucial to economic development, a senior government official told The Myanmar Times.
The Yangon Region government will call a tender before the end of this month for private companies interested in providing river transport services, U Maung Aung, secretary of the Yangon Region Transport Authority (YRTA), said.
The Ministry of Electricity and Energy will announce the winners of a tender to build a 300-megawatt power plant in Yangon next week, ministry officials said.
The Yangon Supervisory Committee for Motor Vehicles says it intends to issue a warning to bus companies against overcharging after receiving a number of customer complaints of fare-gouging among private operators.
Gold mining companies that have failed to hand over an agreed portion of their gold finds to the government are to be sued by the authorities.
USAID kicked off a seven-year program to guarantee over US$10 million in microfinance loans to the agricultural sector yesterday, as part of a new US effort to offer greater economic support to the country.
Agriculture accounts for almost one-third of Myanmar’s GDP and growth in the sector is key to the country’s economic development. But decades of mismanagement mean providing the necessary infrastructure, financing and organisational reform will be a herculean task, according to international and local experts.