Movie-loving Myanmar is suffering from a dearth of cinemas, which local firm MAZE is hoping to remedy. The company is kicking off a K20 billion two-year project to build 100 theatres across different states and regions.
The inner workings of Myanmar’s Central Bank rarely attract much interest from international investors more focused on fresh opportunities in sectors like infrastructure and agriculture. But since the start of the year the bank has gone through fundamental changes that have left it a much more modern institution.
Taiwan-based Cathay United Bank is ready to make a third attempt to get a licence to operate in Myanmar – by offering to fund green energy projects. CUB, which opened a representative office in Yangon in 2014, says it will seek local partners in such ventures if it gets the licence.
Leapfrogging traditional options like factory work and setting up a street food stall, economic migrants from the countryside are flocking to Myanmar to learn high-tech skills like mobile phone repair and social networking, observers say.
The second of Myanmar’s two Yangon exchange-listed firms has posted annual financial results. Myanmar Thilawa SEZ Holdings (MTSH) announced a large jump in profits and a higher dividend and saw its share price strengthen after a recent slump.
In what may be an accelerating trend toward a more value-added economy, the reorganised Myanmar Investment Commission has granted licences to eight companies, including several in the manufacturing sector. This represents a change from the past, when most companies seeking MIC licences were in extractive industries.
Yangon International Airport’s shiny new terminal has been almost empty since it opened in March – hosting only the country’s flag carrier Myanmar National Airlines. But space and facilities are becoming increasingly important for the raft of foreign firms aiming to add Myanmar routes, and the first international airlines are starting to move in.
Melon exports are booming this year, according to the Ministry of Commerce, with nearly 350,000 tonnes of watermelon and honeydew melons shipped out to China, India and other Asian destinations since April.