In Mandalay Region, where drought and failed harvests have pushed many farmers out of business, another industry is thriving, as China’s demand for human hair has turned entire villages into centres of trade and repair.
Companies paid more tax in the fiscal year 2015 than in the previous year, according to the latest annual figures published in state media, with the highest revenues coming from import-export businesses and the banking industry.
The local operator of Australian coffee franchise Gloria Jean’s has recently opened its first branch in Yangon and plans to open at least eight more outlets across the country.
Myanma Insurance paid out over K200 million yesterday to policy holders who suffered fire damage in two recent blazes, taking its total fire insurance payouts to twice that of last fiscal year, an official at the firm said.
Vietnamese developer Hoang Anh Gia Lai has started building the second phase of its landmark Myanmar Centre, which will include two office towers and five residential towers including serviced apartments and units for sale.
The agriculture ministry has advised farmers in Mandalay to plant summer paddy only in areas that are guaranteed a water supply and to cooperate in preparation for the weather patterns generated by the 2015-16 El Niño.
Investment and advisory firm Andaman Capital Partners is working with the Sagaing Region government to find commercial opportunities for solar power, with a view to securing a 450-acre site and generating up to 80 megawatts of electricity.
Fisheries exporters fear that the powerful El Niño that built up in the Pacific region over the past few months could result in a shortage of water and raw materials and rising prices across the industry.
Foreign bank branches operating in Myanmar for almost a year have proved slow to support local lenders although they have brought others benefits, said financial industry sources.