The local government in Myanmar’s southernmost region has said it will not issue any new mining licences until environmental concerns and controversies have been resolved at operational mines in the resource-rich area.
By 2030, Myanmar is expected to consume around 80,000 gigawatt hours (Gwh) of electricity, more than six times its current consumption of approximately 13,000Gwh. This corresponds to a staggering growth of 14 percent year-on-year.
Six commercial banks have signed up to a two-step loan scheme funded by the Japanese government’s development assistance arm, which will provide subsidised loans, guaranteed by state-owned Myanma Insurance, to small and medium-sized companies.
Another step in the effort to better connect Myanmar to the global financial system has been taken, with AYA Bank becoming the first lender to offer bank cards with a stamp from global payment network provider JCB.
The Ministry of Commerce has published a list of 267 items that can be imported from September without a licence, in the new government’s first step toward liberalising permit requirements.
Myanmar Citizens Bank – soon to be the first lender listed on the Yangon Stock Exchange – named its reliance on the Ministry of Commerce as a major risk to its business model in disclosure documents published last week.
For more than a century Myanmar companies have been regulated by the colonial-era Myanmar Companies Act of 1914. And while other former colonies have seen their corporate laws evolve to reflect the realities of the modern business environment, the Myanmar Companies Act has remained largely frozen in time, say analysts Aung Naing Oo and Winfried Wicklein.
Only about 10 percent of the places serving liquor in the country are legally allowed to do so, tourism experts say, and while the widespread availability of unlicensed premises serving drinks is costing the local economy in unpaid taxes, the Ministry of Home Affairs refuses to issue more licences.
A Tender for private companies to build a multi-million-dollar suspension bridge connecting downtown Yangon with sleepy Dala township will be called “soon”, but only for Korean firms, the Ministry of Construction’s permanent secretary said.
Myanmar Citizens Bank will become the first lender to list on the Yangon Stock Exchange (YSX) with its debut scheduled for August 26, according to a notice posted to the bourse.