Singapore-listed Yoma Strategic has signed a memorandum of understanding with Japan’s Mitsubishi Corporation and Mitsubishi Estate to invest in its Landmark property development in downtown Yangon. The project will see two million square feet of mixed-use residential, commercial, retail and hospitality developments built on a 10-acre property.
The stagnant Dawei deep-sea port and industrial project took a small step forward after Myanmar agreed to secure loans from the Asian Development Bank (ADB) to invest in significant infrastructure development. The decision came following a tripartite meeting between Myanmar, Thailand, and Japan where Myanmar was encouraged to show that it is strongly committed to the Dawei project. During the meeting, Japan renewed its position on Dawei, saying Tokyo needs more studies on the megaproject before committing to take part.
One woman was killed and about 70 houses were set on fire when hundreds of Buddhists rioted in western Myanmar on 1 October, according to police. The riots happened on the same day that Thein Sein travelled to the Rakhine state for the first time since sectarian violence broke out more than a year ago.
Thailand‘s Gunkul Engineering will explore the feasibility of constructing windmills in the Taninthayi region and the Mon, Kayin and Shan states, with a target of producing 2,930 megawatts of electricity. China‘s Three Gorges will do feasibility studies in the Chin and Rakhine states, and the Irrawaddy and Yangon regions, aiming to produce 1,102 megawatts.
The National League for Democracy, said 28 September it has failed to reach a consensus with ethnic political parties over whether to amend the Constitution or rewrite the entire charter, and they will seek public opinion on the matter.
Myanmar’s foreign minister Wunna Maung Lwin, during his visit to New York for the United Nations General Assembly, encouraged US investors to “join the gold rush” in Myanmar. The US corporate sector has so far taken a “wait-and-watch” attitude but US corporate executives and officials told media that corporate enthusiasm is strong. The US currently ranks 13th out of the 32 nations that have invested in Myanmar.
During the 23rd Asean Summit in Brunei on October 8-10, President Thein Sein will receive the chairman’s gavel from the Sultan of Brunei. Myanmar will officially assume chairmanship of ASEAN in 2014 but Thein Sein take home the gavel as the summit is the last meeting of the regional bloc’s members until they convene again in Naypyidaw next year.