Myanmar Monitor

Photo Credit: Mizzima

Economy, Investment and Trade

Yangon to upgrade its ports
(28 November 2017) Myanmar will be upgrading its existing ports to improve regional trade. According to Chief Minister of Yangon Region Government Mr. Phyo Min Thein the government will ensure that the new and upgraded ports have the capability to allow large vessels to moor and the ability to deal with natural disasters. Recommendations from international maritime business and technology companies will also be taken into consideration when upgrading the ports and building new ones.
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Investment deal and trade agreement signed between Myanmar, EU Chamber
(26 November 2017) A deal has been signed between the Yangon government trade promotion body and the European Chamber of Commerce to promote bilateral trade and investment from European companies. In his opening remarks, the Myanmar’s Deputy Minister for Commerce U Aung Toe mentioned that he is confident that the MoU will enhance the bilateral trade cooperation between the countries. Since 2011, with the lifting of most economic sanctions and reinstatement of the Generalised System of Preferences for Myanmar exports, business ties between the EU and Myanmar have been significantly expanded.
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Myanmar government pushes for coal plant
(24 November 2017) Government officials in Myanmar’s Kayin State pushed for the development of a controversial coal power plant at an investment fair, warning that development will be impossible without stable electricity. Myanmar’s Union Minister for Planning and Finance U Kyaw Win Kyaw Win urged people “not to have doubt towards” the joint venture project. The project is worth US$2.8 billion and will provide 1,280-megawatts of power. The plant is expected to come online in 2023 and burn up to 4 million tonnes of coal a year.
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India claims Myanmar is holding-up construction on alternative transport link
(24 November 2017) India claims that Myanmar is holding up a much-delayed project to provide an alternative transport link to Myanmar’s northeastern states. The project is the single largest development activity undertaken by India in a foreign country. The delay in the Kaladan project has affected the viability of the port at Sittwe which was completed by India in early 2016. The port has reportedly lost its navigability due to a lack of maintenance activities by the Myanmar government.
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Myanmar to unlock export potential in northwest region
(28 November 2017) As part of a national bid to boost trade and lower the country’s trade deficit with its neighbours, efforts are underway in Myanmar to elevate the export potential of Saigang Region located in the northwest of the country. Myanmar Deputy Union Minister of Commerce, U Aung Htoo said the Sagaing region produces large volumes of export-oriented goods making it a potentially reliable source of exports for the country. U Aung Htoo added that the government should also work with the private sector to support and promote trade and investment as Saigang also serves as an ideal hub for commerce for traders from neighbouring countries.
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