Myanmar Monitor

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Economy, Investment and Trade

ASEAN-Hong Kong FTA to attract investments and finances for Myanmar
(31 July 2017) The ASEAN-Hong Kong Free Trade Agreement (FTA) is expected to facilitate investments and provide much needed capital for Myanmar to finance various infrastructure projects including those under China’s Belt and Road Initiative. Myanmar businesses noted the importance of the FTA in facilitating inward investments as it will contribute to higher gross domestic product growth for Myanmar, strengthen relations with China and Hong Kong as well as improve exports of Myanmar-made products.
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UK keen to invest in Myanmar’s transport and infrastructure system
(27 July 2017) Businesses from the United Kingdom (UK) are interested in investing in Myanmar’s transport and infrastructure system. UK Prime Minister’s Business Ambassador for infrastructure Andrew McNaughton has visited Myanmar several times to explore potential opportunities in the transportation industry, and in water and health infrastructure. McNaughton added that the immediate investment opportunity for the UK would be in the areas of transport such as mass transportation rail projects and development of airports, specifically the Mandalay International Airport and Hanthawaddy International Airport.
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Government requires US$222 billion to supply electricity to country
(31 July 2017) The Myanmar government requires approximately US$222 billion for the fiscal year 2017 to provide electricity for the nation, according to Deputy Director General of the Electricity and Energy Ministry’s Department of Electric Power U Myint Oo. Meanwhile, Deputy Minister of the Ministry of Electricity and Energy U Tun Naing said the ministry has to invest in transmission and distribution to expand the country’s power plant projects, electric grids and substation projects. He added the the World Bank is assisting the government to draft a tariff policy to reduce losses and provide suitable rates for electricity prices.
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Myanmar to receive financial revenues from crude oil pipeline
(27 July 2017) China and Myanmar signed an official agreement to transport crude oil through the China-Myanmar pipeline. Myanmar is expected to obtain an annual road right fee of US$13.81 million from the pipeline and a transit fee worth US$1 per ton of crude oil under the concession agreement. According to Deputy General of Myanmar Port Authority (MPA) U Myo Nyein Aye, the government has allowed an 80 percent exemption on port and tugboat dues as all properties, operations and maintenance of Made Island Port terminal belongs to the China National Petroleum Cooperation. Currently, MPA receives an average of U$70,000 for the arrival of each oil tanker.
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US businesses urge government to allow US banks to trade in Myanmar
(31 July 2017) American businesses based in Myanmar are pushing their government to allow financial institutions to trade trading in Myanmar by amending section 311 and 312 of USA Patriot Act. The American Chamber of Commerce in Myanmar (AMCHAM) led 13 financial services companies to meet with US officials including US Ambassador to Myanmar Scott Marciel. According to AMCHAM Executive Director Judy Benn the law impacted American companies’ ability to do business with Myanmar especially in areas of exports, investment and, to compete with other foreign companies.
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