In a bid to formalise the murky industry of artisanal oil drilling, the government has initiated a review of small-scale operators and will introduce a system of licensing that it says will clean up the poorly regulated sector.
Tanintharyi Region is holding public forums where community members can weigh in on how the regional government’s efforts to promote development across a range of sectors, from gender equality to electricity, should proceed.
Thai food giant CP Group announced plans last week to establish about 250 franchised food stalls nationwide, aiming to offer a cheaper alternative to fast food chains in Myanmar.
The new government has followed its predecessor and formed a committee dedicated to ridding Myanmar of its UN designation as a Least Developed Country (LDC), which will require progress on average income and economic vulnerability.
While the upgrade of Yangon’s circular line gains momentum, Japan’s Hello Communications Company announced this week that it will be opening two coffee shops at Yangon railway station. The firm, which last year entered into an agreement to sell advertising space at the station, said they wanted to lift the railway to international standards.
U Win Aung, the long-standing president of the country’s leading business body – the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) – has said he will not stand in an upcoming election that has prompted fresh infighting and argument over how the organisation is run.
Thai-listed firm Group Lease has brought a majority stake in BG Microfinance Myanmar, with plans to invest almost US$7 million into the business and ramp up the number of branches. Korean credit card firm Shinhan Card, meanwhile, is preparing to start its own microfinance services this month.
The government will place cash-strapped state lender Myanmar Agricultural Development Bank (MADB) under the Finance Ministry’s control, and plans to corporatise the bank as part of an economy wide investigation into state-owned enterprise reform.
Hong Kong budget airline HK Express started flights to Mandalay this week, but will suspend operations to the new destination in October because of issues with fuel quality at Mandalay airport, Department of Civil Aviation officials told The Myanmar Times.