Myanmar Business Today is Myanmar’s first and the only bilingual (English-Myanmar) business newspaper, distributed in both Myanmar and Thailand. MBT covers a range of news encompassing local business stories, special reports and in-depth analysis focusing on Myanmar’s nascent economy, investment and finance, business opportunities, foreign trade, property and real estate, automobile, among others. MBT also provides detailed coverage of regional (ASEAN) and international business stories. For more information please visit www.mmbiztoday.com.
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1. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
mmbiztoday.com April 3-9, 2014 | Vol 2, Issue 14MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL
Myanmar Summary
Myanmar Summary
Contd. P 9... Contd. P 9...
Blocks to 13 Multinationals
I
nternational oil gi-
ants including Chev-
ron, Royal Dutch
Shell, ConocoPhillips
and Total have won bids
Myanmar’s western and
southern coasts, accord-
ing to the Ministry of En-
ergy (MOE).
Myanmar awarded 10
shallow water blocks and
10 deepwater blocks in
the Gulf of Martaban and
ern state of Rakhine, to 13
oil companies in an auc-
tion process that began
last year, according to a
posting on the ministry’s
website last week.
Winners of deepwa-
ter blocks will be able to
explore and operate the
blocks on their own, while
shallow water winners
will need to work with a
registered local partner,
according to the terms of
the production sharing
contracts.
The ministry said pro-
duction-sharing contracts
would be awarded after it
Pann Nu ders’ terms and condi-
tions.
“Considering the win-
ning bidders include
some household name
international oil compa-
nies and prominent in-
dependents, this bodes
well for the future of oil
and gas in Myanmar and
will help to lift the overall
standards of the greater
investment environment
in the country,” Nomita
Nair, partner at UK-based
Paisner (BLP) and part of
the team leading BLP’s
Myanmar Practice, told
Myanmar Business To-
day in an email.
Multinational oil com-
panies such as Dutch
Shell, France’s Total
E&P, Norwegian Statoil
and ConocoPhillips won
deepwater blocks, Ameri-
can supermajor Chevron
a shallow water block
and Australia’s Woodside
Energy won both shallow
and deepwater blocks.
Other major oil compa-
nies among the winning
bidders included Italy’s
Eni and India’s Reliance
Industries and Oil India.
Results of the tender,
which the energy ministry
had indicated would be
released late December or
early January, came out
on Wednesday last week.
The delay was reportedly
caused because of the
high volume of bids.
“The government had to
bids which was also a
lengthy process. The min-
istries have only limited
resources and so to do a
thorough and full analy-
PTTEPI Starts Zawtika
Gas Delivery
T
hai oil and gas giant PTTEP International (PT-
Yangon branch said.
Enterprise (MOGE) last month.
The starting delivery rate is 50 million standard cubic
feet per day and will increase the rate up to 100 million
standard cubic feet per day by this month “to meet the
domestic growing energy demand as well as to support
the economic development in Myanmar,” PTTEPI said
in a statement.
In 2007, PTTEPI discovered natural gas in block M9
and a partial of block M11 which was named “Zawtika
project”. Zawtika project is located in Gulf of Mottama,
approximately 300 kilometres south from Yangon. Lat-
er in 2008, PTTEPI conducted the development plan of
Zawtika project.
PTTEPI Ltd, which is a subsidiary of PTTEP, holds 80
percent share of Zawtika project while Myanma Oil and
Gas Enterprise (MOGE) holds the rest. In addition to
Zawtika Project, PTTEPI is the operator in PSC onshore
MD-7 and MD-8. PTTEPI started its business in My-
anmar in 1996 through non-operating partnerships in
Yadana and Yetagun Projects.
Kyaw Min
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International (PTTEPI) onfaZmwduobm0"mwfaiGUvkyfuGufrS
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EdkifvdrfhrnfjzpfaMumif;od&onf/
2. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
2LOCAL BIZ
MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL
Board of Editors
Editor-in-Chief - Sherpa Hossainy
Email - sherpa.hossainy@gmail.com
Ph - 09 42 110 8150
Editor-in-Charge - Wai Linn Kyaw
Email - linnkhant18@gmail.com
Ph - 09 40 157 9090
Reporters &Writers
Sherpa Hossainy, Kyaw Min, Wai Linn Kyaw,
Shein Thu Aung, Phyu Thit Lwin, Aye Myat
Yasumasa Hisada, Pann Nu
Art & Design
Zarni Min Naing (Circle)
Email - zarni.circle@gmail.com
Ph - 09 7310 5793
Ko Naing
Email - nzlinn.13@gmail.com
Ph - 09 730 38114
DTP
May Su Hlaing
Translators
Shein Thu Aung, Phyu Maung,
Wai Linn Kyaw
Advertising
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Advertising Hotline - 09 420 237 625, 09 4211 567 05,
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Email - sales.mbtweekly@gmail.com
Managing Director
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pkajorn@hotmail.com
09421149720
Publisher
U Myo Oo (04622)
No. 1A-3, Myintha 11th
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Tel: 951-850 0763,
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09 4211 30133
Business News in Brief
Japan agrees to invest in Dawei SEZ
Japan has agreed to invest in the Dawei Special Eco-
cial accompanying Japanese Foreign Minister Fumio
Koshida who is on a visit to Myanmar, according to lo-
invest in Dawei SEZ during his meeting with his Myan-
mar counterpart Wunna Maung Lwin in Nay Pyi Taw.
Japan initially agreed to construct the road linking Da-
wei SEZ and Thailand and feasibility studies would be
conducted soon for this.
IFC to lend Shangri-La Asia $80m for Myan-
mar projects
International Financial Corp (IFC) will lend $80 mil-
lion to Shangri-La Asia Ltd for the expansion of the
Traders Hotel and the construction of the Shangri-La
Residences in Yangon, local media reported, citing
Vikram Kumar, resident representative of the IFC in
Myanmar. Shangri-La Asia has been facing acute short-
age of hotel rooms due to a steep rise in tourist arrivals
in Myanmar. The 270-roomed Traders will have 485
rooms on completion of the expansion project, while
the Shangri-La Residences will have 240 rooms.
Yatanarpon Teleport looks for JV partner as
talks with True fail
Myanmar’s Yatanarpon Teleport (YTP) is looking for
a joint-venture partner for a telecommunication opera-
tion after its talks with Thai-based True Corp failed at
the last minute, local media reported YTP senior direc-
tor Yan Win as saying. Yan Win said YTP had already
been working on telecom infrastructure projects in
cooperation with existing licensed operators while it
planned to get an operator license for itself.
Myanmar parliament speaker, opposition
leader agree on constitution amendment
Myanmar parliament speaker and chairman of the
ruling party, the Union Solidarity and Development
Party (USDP), Thura U Shwe Mann and opposition
leader Aung San Suu Kyi agreed last week on the need
for amending the 2008 constitution. The move is neces-
sary for “rule of law and eternal peace,” both the leaders
said at a joint press conference in Nay Pyi Taw follow-
ing the end of the 9th
parliament session. Both USDP
and NLD said the parties will run in the upcoming by-
election in all 30 vacant constituencies. The by-election
is expected to be held before the end of this year.
Myanmar, S Korea to promote cooperation in
environmental conservation
Myanmar and South Korea vow to promote coopera-
tion in environmental conservation and forestry sec-
tors, state media reported. The pledge was made during
a meeting between Myanmar Minister of Environmen-
tal Conservation and Forestry U Win Tun and South
Korean Ambassador Lee Baek Soon in Nay Pyi Taw.
The pair agreed to a future plan of opening forest school
in Myanmar and enhancing bilateral cooperation in
carbon dioxide emission reducing activities and to pro-
mote human resources and research development.
Suu Kyi blames govt’s irresponsibility for Chi-
nese privileges
Major opposition the National League for Democracy
(NLD) party leader Aung San Suu Kyi has said Chinese
companies were enjoying special privileges in Myan-
mar because of the government’s irresponsibility, local
media reported. It was important for Myanmar to have
a responsible and duty-conscience government, which
will serve national interests well so that the country
would not become just like a colony of any foreign
country, Suu Kyi said at a meeting with writers from
upper Myanmar in Pyin Oo Lwin.
Myanmar Summary
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(IFC) rS Shangri-La Asia Ltd tm; &efukefNrdKU&SdukefonfBuD;rsm;
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jyifqif&efvdktyfonfhtcsuftm;vGefcJhonfhtywfwGifoabmwlnDcJh
MuaMumif; od&onf/
3. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
3LOCAL BIZ
Investing in Myanmar: The Pitfalls to Consider
Josh Wood
M
yanmar is in
the midst of a
foreign invest-
ment boom. Over the last
12 months it has received
over $3.6 billion in Foreign
Direct Investment (FDI),
an increase of nearly 300
percent according to gov-
in February. Despite this
encouraging news, enor-
mous barriers to future
investment remain, and if
reforms are not quickly en-
acted, foreign capital may
has arrived.
After decades of isola-
tion and under-invest-
from across the globe are
nurturing industrial mod-
ernisation in Myanmar.
Of the $3.6 billion in-
vested last year, about 50
percent was directed into
manufacturing enterpris-
es such as garment mak-
ing, automobile assembly
and food processing fac-
tories. These investments
in manufacturing are par-
ticularly welcome because
ployment opportunities,
have high export potential
and create positive spillo-
vers into other sectors of
the economy. While Chi-
na and Thailand remain
the dominant sources of
foreign investment, new
contributions from Qatar,
Korea, Norway and many
other countries have driv-
en the recent growth.
The sustainability of
such high rates of foreign
investment, however, is
far from assured. A large
component of last year’s
FDI resulted from the
belated arrival of global
brands such as Unile-
ver, Coca Cola and Visa,
amongst many others,
and the front loaded in-
vestment of Telenor and
Ooredoo in the recently
liberalised telecommu-
nications sector. Both of
these streams can be ex-
pected to fall away quickly
in the next 2-3 years and
a second wave of FDI will
movers. Based upon anec-
dotal reports coming out
of Yangon, this may take
some serious salesman-
ship. New entrants are
encountering unexpected
hurdles in many aspects
of their business opera-
tions which is tempering
the appetite for future
expansion and sending
mixed messages to poten-
tial investors back home.
So what are the major
impediments to doing
business in Myanmar?
Unsurprisingly, weak
infrastructure is the prob-
lem most commonly cit-
ed by foreign managers.
The crumbling highway
connections and poorly
maintained port facilities
are causing lengthy de-
port costs. Limited phone
coverage, painfully slow
internet and inner-city
congestion complicates
communication and plant
monitoring. The electri-
cal grid, after decades of
neglect and under-invest-
ment, is unable to handle
growing demand. Not
only is 70 percent of the
population without pow-
er, but those with access
face the perennial threat
of blackouts. For foreign
investors, particularly
those involved in manu-
facturing, nothing is more
essential than a cheap and
reliable electricity supply.
A second major issue
is corruption, which not
only pervades the upper
echelons of government,
but is also ubiquitous at
the township level. Ba-
sic administrative tasks
such as negotiating rental
leases, registering vehi-
cles and many other low-
level interactions with
the bureaucracy require
considerable sums of “tea
money”. Such practices
opportunities for foreign
surmountable barrier for
more scrupulous corpo-
rations who resist the use
of bribery in their day-to-
day operations.
A less reported issue
is the severe shortage of
skilled labour. Myanmar’s
poorly performing edu-
cation system has failed
to produce the number
of engineers, welders,
carpenters and other
tradespeople required by
shortage is particularly
acute in the oil and gas
industry where English
quired. In many instances
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Myanmar Summaryskilled workers have been
brought in from the host
country, sourced from
neighbouring provinces
or headhunted from rival
considerable cost and in-
convenience.
eign investment is Myan-
of dispute resolution.
Although the 2012 For-
eign Investment Law ad-
dressed a great number
of legal uncertainties, the
process of contract en-
forcement and dispute
resolution needs urgent
reform. According to the
World Bank, legal dis-
putes take an average
of 1,160 days to resolve
– ranking 188th of 189
countries – and require
50 percent more admin-
istrative procedures than
the OECD average. While
legal systems in the devel-
oping world are generally
more complex than those
of advanced countries, in
Contd. P 8... Contd. P 8...
Of the $3.6 billion invested last year, about 50 percent was directed into manufacturing enterprises such as garment making, automobile
assembly and food processing factories.
LamThuyVo/Reuters
4. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 4
Myanmar Summary
Myanmar Summary
¥24b in Fresh Loans
J
apan has pledged to pro-
vide Myanmar ¥24 billion
yen ($234.8 million) in
plant and electricity networks.
Japanese Foreign Minister
Fumio Kishida made the pledge
for the loan at his meeting Pres-
ident U Thein Sein, state-run
daily New Light of Myanmar
reported.
Kishida, during another meet-
ing with his counterpart, U
Japan’s plan to provide an ad-
ditional aid of about ¥8 billion
($7.8 million) to build a train
operation monitoring system
and to provide advanced medi-
cal equipment to hospitals.
Since Prime Minister of Ja-
pan Shinzo Abe came to power
in December 2012, his govern-
ment has pledged assistance
totalling more than ¥160 billion
($1.56 billion) to Myanmar, in
a bid to make way for Japanese
companies to foray into the
Kyaw Min Myanmar market and beat out
competitors from the United
States, the EU and China.
During their meeting, dis-
cussions were made on imple-
mentation of Thilawa Special
Economic Zone (SEZ) by Japa-
nese companies, research on
repair of Yangon-Nay Pyi Taw-
Mandalay railways, extension
of Mandalay International Air-
port, assistance for Myanmar’s
information and TV sector, hu-
man resources development,
health and education, water
supply for Yangon region, and
food security for farmers, the
report said.
Kishida also made a request
collect the remains of Japanese
soldiers who died in what was
then known as Burma during
World War II. A study has in-
dicated that the remains of as
many as 45,000 Japanese sol-
diers are in the country. The two
foreign ministers also agreed to
continue to conduct military ex-
changes.
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IndonesianCementMakertoTap
Myanmar’sConstructionBoom
I
ndonesian cement producer
PT Semen Indonesia is mov-
ing closer to its plan to ex-
pand its business to Myanmar.
Semen Indonesia’s president
director, Dwi Soetjipto, said the
the acquisition of a local cement
-
sia media reported last week.
“The value is the same as we
previously announced, name-
ly between $200 million and
$300 million,” Dwi said after
an annual general shareholders
meeting in Jakarta.
was conducting due diligence
regarding two cement produc-
ers in Myanmar.
He admitted that neither pro-
ducer’s production capacity was
million tons of cement per year.
“If they are interesting,
though, there’s a good chance
that we will acquire both of the
companies,” he said.
-
nesia is likely to become a mi-
-
Aye Myat trial market and political situa-
tion in the country.
The company will be seeking
bank loans and issuing bonds
if, in the end, they decide to ac-
quire both producers.
“We have not yet decided
which way we are going to take.
Right now, we are concentrat-
-
gence process,” he said.
SoeZeyaTun/Reuters
Reuters
5. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 5
Myanmar Summary
Contd. P 6... Contd. P 6...
Myanmar Eyes to Fix Crumbling
Transport Infrastructure
Michael Nesbitt
W
ith a number of
ongoing pro-
jects and more
in the pipeline, Myanmar
looks set to reduce its
transport infrastructure
gap, although a shortage
of labour and materials
could drive up costs.
While progress to date
has been slow in part due
tions, local players be-
lieve the investment en-
vironment is improving
as a result of recent legal
changes.
“The government’s
drive to improve the legal
will widen the range of
funding options going for-
ward,” U Aung Zaw Na-
ing, group CEO of Shwe
Taung Development Co,
told OBG.
“We expect this process
of economic and legal re-
forms, together with the
eign investors, to facilitate
velopers and contractors
in the near future.”
The expansion of local
capital markets is expect-
ed to help, as well. The
of the Thilawa Special
Economic Zone (SEZ), a
project jointly led by the
Myanmar and Japanese
governments, is set to be
fering in March. Situated
20 kilometres outside
the commercial hub Yan-
gon, the SEZ aims to raise
$21 million from the sale
of shares, which will be
available only to local citi-
zens and businesses.
have improved, the surge
in building activity has
raised new challenges.
With construction of in-
frastructure and indus-
trial facilities on the rise,
including three major
airport projects, numer-
ous industrial zones, and
large areas of the coun-
try being explored for oil
and gas, the demand for
resources has pushed up
prices.
“The cost of labour and
raw materials has in-
creased as the result of
greater competition,”
minister for construction
U Kyaw Lwin told OBG.
“However, the price
vere than those we expe-
rienced prior to the lifting
of sanctions.”
Rail, air, sea
Despite the problems
ment of U Thein Sein ap-
pears eager to address the
infrastructure shortage,
with a particular focus on
the transport sector.
The Japan Internation-
al Cooperation Agency
(JICA) is working with the
Yangon City Development
Committee to improve
the urban rail network in
the country’s commer-
cial centre. According to
JICA, Yangon is one of
the most promising cit-
ies in the region for de-
veloping train networks.
Because a circular railway
line already exists, land
acquisition will be less of
an issue than it is in other
major metropolitan areas,
such as Jakarta.
The existing 45.9-km,
39-station loop line car-
ries about 130,000 pas-
sengers each day. The
goal is to establish a sys-
tem with faster and more
frequent trains, lifting
ridership to around 3 mil-
lion by 2040. The plan is
to extend the railway to
cover 350km, with at least
eight main lines, includ-
ing an extension to the
Thilawa SEZ.
Another major pro-
ject in the works is the
$1.1-billion Hanthawaddy
International Airport,
on a site located around
80km from Yangon. Upon
completion, the new facil-
ity will be able to accom-
modate 12 million pas-
sengers a year, with room
to increase to 30 million,
compared to the 2.7 mil-
lion capacity of Yangon
International Airport,
which will continue to op-
erate as the city’s second
airport.
Last year South Korea’s
Incheon International
Airport Corp was identi-
der for the 30-year pub-
lic-private partnership to
build, run and maintain
Hanthawaddy, but those
talks have since broken
down, according to inter-
national media reports. ,ckvuf&SdtcsdefwGif jrefrmEdkifiH
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Thilawa outside Yangon.
SoeZeyaTun/Reuters
6. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 6
Myanmar Summary
The government recent-
ly announced it would
re-tender the project, in-
viting all four short-listed
competitors to submit
-
clude a group comprising
Singapore’s Changi Air-
port Planners, Yongnam
Holdings and Japan’s
JGC Corp, as well as a
consortium made up of
Taisei Corp of Japan and
Vinci Airport of France.
Myanmar’s maritime
ports are also seriously in
need of an upgrade, fol-
lowing years of isolation
and poor management,
which let facilities fall into
disrepair. At present, ma-
jor global lines dock their
motherships in Malaysia
or Singapore, and send
feeder vessels to Yan-
gon Port. Located in the
city’s downtown, the port
has a draught of just 8-9
navigate due to two semi-
submerged sandbars.
Yangon has a second,
smaller port, located at
Thilawa, which is more
easily accessible for
ships. Built in the 1990s,
the port is now being
enlarged as part of the
Thilawa SEZ project. In
December, the Ministry
of Transport announced
that Japan will provide
a $205-million loan for
construction of two new
general cargo wharves at
Thilawa. The government
is also looking to build
new deep-water ports at
the SEZs located in Dawei
and Kyaukpyu, although
both of these projects
have experienced delays.
Michael Nesbitt, edi-
torial manager for My-
anmar at Oxford Busi-
ness Group (OBG), is
in charge of producing
in Myanmar. Based in
Yangon he works along-
side a team of analysts to
annual reports.
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Myanmar Illegal Timber Exports
Worth $5.7b in 14 Years
Why don’t Myanmar log trade figures add up? Corruption, says NGO
G
lobal imports of timber
from Myanmar between
2000 and 2013 were
three and a half times as large
-
ported, proof of serious ‘crimi-
nality and corruption’ in the
country’s timber sector, accord-
ing to a UK-based watchdog
that analysed the numbers.
-
lier this month showed that
Myanmar exported 6.5 million
cubic metres of timber from its
forests between 2000 and 2013.
In the same period, countries
around the world imported
22.8 million cubic metres of
logs from Myanmar.
The Environmental Investiga-
tion Agency (EIA) discovered
the multibillion-dollar “black
-
timber exports – published on
March 10 by Myanmar’s pri-
vately owned Eleven Media
Group – with data from a UN
database and the Global Trade
Atlas.
already indicates unsustainable
exploitation of the country’s
forests, the reality appears to be
far worse, the EIA said in a re-
port released last week.
under-report the true volume
-
anmar’s ports and across its
land borders,” the EIA said in
Alisa Tang
-
percent of all recorded interna-
tional trade in Myanmar logs,
suggesting 72 percent of log
shipments were illicit.
“Such a gap is indicative of
widespread criminality and cor-
ruption in Myanmar’s timber
sector.”
The EIA estimated the value
of the 2000-2013 illegal exports
at $5.7 billion - four times the
country’s combined education
and health budget for 2013-14.
Haemorrhaging resources
-
thorised timber harvest – 11.2
million cubic metres – also falls
-
port volumes reported by My-
anmar’s trade partners, “which
-
tor than the Myanmar Govern-
ment’s suspect data”, the report
said.
data on forestry and timber
exports reveals endemic illegal
logging and timber smuggling
- crimes only possible through
institutional corruption on a
huge scale,” the EIA’s Faith Do-
herty said in a statement.
from the illicit timber exports,
the EIA said, “The clear con-
cern is that, regardless of wider
political reforms, opaque and
unaccountable forest resource
allocations mean Myanmar still
continues to haemorrhage valu-
able natural resources for the
Myanmar has some of Asia’s
largest remaining expanses
of forest, but its forest cover
shrank from 58 percent of the
land area in 1990 to 47 percent
in 2010, according to Forestry
Ministry data.
-
ing forests, Myanmar’s new re-
formist government has said it
will ban log exports from April
that provided crucial funding
to the country’s former military
rulers for decades.
The EIA said the ban in itself
was not enough and called on
the government to: stop favour-
ing its cronies in forest resource
prosecute companies or gov-
-
legal logging and timber smug-
in the management of forest
-
ety involvement in the planned
restructuring of the Forestry
Ministry.
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A woman walks with children near logs at a timber yard in Yangon.
SoeZeyaTun/Reuters
7. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
7LOCAL BIZ
Contd. P 12...
Myanmar Summary
Myanmar Developer Yoma Sees Long Road
to ASEAN Integration
M
yanmar-focused
conglomerate
Yoma Strategic
Holdings Ltd said South-
east Asia needs to work
exceptionally hard to real-
ise a balanced, European
Union-style integration of
such disparate economies.
Yoma is listed in Asso-
ciation of Southeast Asian
Nations (ASEAN) mem-
ber Singapore whose ad-
vanced island-state econ-
omy contrasts with that of
fellow member Myanmar,
rich in gems and natural
gas but paralysed by dec-
ades of military rule and
isolating sanctions.
Elsewhere in ASEAN,
communist Laos has an
economy that is less than
3 percent the size of that
of monarchist neighbour
Thailand, according to The
World Bank. The popula-
gest a size of 10 percent.
“That we will all share
is beyond dispute,” Yoma
Chairman Serge Pun said
at the Reuters ASEAN
Summit. But a “lopsided”
result where some mem-
ers “is not sustainable.”
“I think we will make it
happen,” Pun said. But “I
feel that there has been ...
over expectation of what
ASEAN integration will
do for all of us.”
Myanmar’s potential
The ASEAN chairman-
ship this year resides with
Pun’s native Myanmar,
which has been looking to
attract foreign investment
since a quasi-civilian gov-
2011.
Asia’s second-poorest
country after Afghanistan
has no functioning stock
market from which com-
panies can raise funds,
and foreign banks cannot
open branches, just main-
companies nothing be-
yond advice.
“I think we have a fairly
long way to go to develop
always is the most impor-
tant sector to support the
growth of an economy,”
Pun said.
The government plans
to permit limited foreign
Aung Hla Tun
bank activity this year
– good news for Singa-
pore’s Overseas-Chinese
Banking Corp Ltd which
has had a representative
around 20 years.
“When it opens up we
are quite interested to
establish a business pres-
ence there,” chief execu-
tive Samuel Tsien said at
the summit, at the Reu-
“We think that’s a mar-
ket in which many Sin-
gaporean companies
have engaged with for
quite some time. There
are quite a lot of Myan-
mar businessmen in Sin-
gapore who are already
doing business with us,”
Tsein said.
Sectors in Myanmar of-
fering investors the high-
est growth include infra-
structure, transportation,
tourism and agriculture,
Pun said.
His Yoma conglomerate
earns almost all of its rev-
enue in Myanmar from
property. It also leases
vehicles and runs balloon
tours as it aims to diversi-
fy by raising non-property
revenue to 50 percent.
Last month, Yoma said
it would spend $20 mil-
lion to set up what could
become Myanmar’s big-
also said it would diver-
sify by investing $46 mil-
lion in dairy, $12 million
in cold storage and $1.3
million in vehicle rental.
“I think we are very fo-
cused on Myanmar,” Pun
said Southeast Asia needs to work exceptionally hard to realise a balanced, European Union-style integration of such disparate economies.
SoeZeyaTun/Reuters
said. “For the moment, I
don’t think we have any
plans to do anything out-
side of Myanmar.”
“We think this is a once-
in-a-life-time opportu-
nity and we intend to fully
capitalise on the major re-
forms that have been go-
ing on, fully capitalise on
the good prospects of the
economy,” Pun said.
Shares of Yoma have
fallen 5.3 percent so far
this year compared with a
2.0 percent decline in the
benchmark stock index.
Reuters
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EdkifiHpD;yGm;a&;onf tdrfeD;csif;
8. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 8
Myanmar Summary
comparison to economies
of similar sophistication,
contractual agreements
in Myanmar are harder
to enforce and intellectual
property enjoys less pro-
tection.
As these issues high-
light, Myanmar’s huge
investment potential has
many costly caveats. Poor
infrastructure, corrup-
tion, skills shortages and
a burdensome legal sys-
-
ability and threatening
the newly established
stream of modernising
investments of the last
twelve months. If the
current rates of FDI are
to be maintained, busi-
ness needs will require
more careful considera-
tion from policy-makers
when setting their reform
priorities. Alternatively, if
these issues remain unad-
dressed, Myanmar could
once again be left with
only Chinese investors for
company.
Josh Wood was a Vis-
iting Research Fellow at
the Myanmar Develop-
ment Research Institute’s
Centre for Economic
and Social Development
(MDRI-CESD) and is a
postgraduate student at
the Australian National
University.
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AirAsia Opens New Travel and
Service Centre in Yangon
M
alaysia-based low
cost carrier AirAsia
has opened a one-
stop travel and service center
(ATSC) in Yangon.
Wun Plaza on Alanpya Pagoda
road in Yangon.
Tassapon Bijleveld, CEO of
Thai Air Asia, said, “In mar-
kets like Myanmar where credit
cards are not as widely used, it
is important for us to provide
facilities to suit the needs of
our consumers which is why we
have the centre.”
from 9am-5pm from Monday
through Friday and from 9am-
2pm on Saturdays.
“We are very excited to be able
-
vice facility to our passengers
in Yangon. The new location is
centrally located and equipped
Wai Linn Kyaw -
vide more convenience for Air
Asia travelers,” Tassapon add-
ed.
centre include ticket booking,
travel insurance, and adding on
items such as baggage weight
and pre-booked meals.
On this occasion, the airline
Yangon to Bangkok and Kua-
la Lumpur starting from $30
per way at the centre until 25
March.
Lumpur to Yangon as well as
-
lay to Bangkok.
Skytrax rS ay;tyfonfh urÇmh
taumif;qHk;p&dwfenf;avaMumif;vdkif;
tjzpf ig;ESpfqufwdkuf owfrSwfjcif;
cHxm;&onfh Air Asia
vufrSwfta&mif;pifwmopfudk '*HkNrdKU
e,f? tvHjybk&m;vrf;ay:&Sd vjynfh0ef;
yvmZmwGif 2014 ckESpf rwfv 23
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jzpfNyD; ,if;uJhodkY ½Hk;cef;topfajymif;
a&TUzGifhvSpfjcif;txdrf;trSwftjzpf
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aps;EIef;rsm;jzpfonfh &efukefrS befaumuf
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vQif tar&duefa':vm 30 rSpwifí
a&mif;csoGm;rnfjzpfNyD; tqdkygvufrSwf
rsm;tm; 2014 ckESpf rwfv 23 &ufrS
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rnfh c&D;pOfrsm;twGuf rwfv 25 &uf
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od&onf/
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onfh AirAsia vufrSwfta&mif;pifwm
udk wevFmaeYrS aomMumaeYtxd ½Hk;csdef
twGif; zGifhvSpfoGm;rnfjzpfNyD; paeaeY
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txd zGifhvSpfoGm;rnfjzpfaMumif; od&onf/
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onf vQyfppf"mwftm;r&&SdMu
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rsm;udk &ifqdkifBuHKawGUae&onf/
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qHk;yifjzpfonf/
Myanmar Summary
Myanmar to Run Over $2.6b
TMarch 14 during 2013-14
amounted to over $2.6 billion,
said.
Total exports and imports
during that period were $10.58
billion and $13.19 billion re-
spectively, Toe Aung Myint,
director general from the Min-
istry of Commerce, said. He at-
imports of capital goods.
(April-February) of the current
-
cording to the Central Statisti-
cal Organization (CSO).
During the period, foreign
trade totalled $22.75 billion,
with exports amounting to
$10.22 billion and imports
standing at $12.53 billion,
CSO’s statistics showed.
Of the total export, overseas
trade accounted for $7.6 bil-
lion, while border trade made
up $2.59 billion. Of the total
Shein Thu Aung import, regular trade accounted
for $10.88 billion, and border
trade $1.6 billion.
In February, foreign trade
amounted to $1.96 billion – ex-
ports stood at $673.37 million
while imports were $1.28 bil-
lion.
2013-2014 b@ma&;ESpfwGif pkpk
aygif;ukefoG,fa&;vdkaiGjyrIonf tar
&duefa':vm 2 'or 6 bDvD,Hxuf
ausmfvGefcJhaMumif; tpdk;&tBuD;wef;
wm0ef&SdolwpfOD;u ajymMum;cJhonf/
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rIwefzdk;rSm tar&duefa':vm 10 'or
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ul;oef;a&mif;0,fa&;0efBuD;XmerS ñTef
Mum;a&;rSL;csKyf OD;wdk;atmifjrifhu ajym
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wm({NyD-azazmf0g&D)twGif; jrefrmEdkifiH
taejzifh tar&duefa':vm 2 'or
3 bDvD,HukefoG,fa&;vdkaiGjyaeaMumif;
od&onf/
UAung/Xinhua
SamsulSaid/Reuters
9. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 9
Myanmar Summary
BSF to Open British International School Yangon
Wai Linn Kyaw
U
K-based British
Schools Founda-
tion (BSF), the
governing body of a world-
wide network of British
International Schools, has
launched the British In-
ternational School Yangon
in a bid to tap Myanmar’s
burgeoning education sec-
tor.
“The foundation has a
long tradition of promot-
ing quality British style
education worldwide,”
said Stewart Fry, chair-
man of the British Schools
Foundation.
“We strive to ensure all
the schools within the or-
ganisation stand out for
the quality of education
being provided, and we
are determined to ensure
that these qualities are re-
in Yangon from the out-
set.”
The British School will
open in Yangon in August
2014. The campus is lo-
cated close to Inya Lake
on the Yangon-Insein
road and will provide
education for children in
Early Years and Primary
project in Myanmar.
“We’ve recognised that
there is an acute shortage
of quality international
style schooling here. As
the need for school plac-
es from multinationals
and diplomatic missions
mounts our initial priority
campus as quickly as pos-
sible,” Fry said.
ish School Yangon will
host around 100-150
students. With the move
into a purpose-built facil-
ity the school expects to
eventually grow to a pop-
ulation of more than 1000
students, BSF said.
“We are working on a
purpose built facility to
accommodate 1000-plus
students. Further down
the line as the country
continues to develop we
will be looking at needs in
other cities,” Fry added.
Adam Johnson, head-
master of the British
School Yangon, said, “The
school will follow the Eng-
lish National Curriculum,
adapted to the schools
context in Myanmar.”
He said, however, the
school will “go beyond
the requirements of the
standardised curriculum”
and provide many addi-
tional opportunities for
personal development.
“Sports, music, drama
and educational trips are
all an integral part of the
school.”
BSF said small class siz-
es allow teachers to focus
on the individual needs of
each pupil, and all Brit-
ish School Yangon teach-
ers will have professional
credentials from the UK
with relevant experience
in delivering the English
National Curriculum.
Native English speaking
teaching assistants will
also support each class, it
added.
“The level of interest
from parents has been
fantastic,” said Johnson.
“The shortage of high
quality international
schools is apparent and
we are very excited to
school group in Yangon to
Curriculum.”
BSF is a UK registered
tion established for the
purpose of promoting
British-style education
worldwide. Its network of
schools is one of the larg-
est in the world today,
with 10 schools spanning
3 continents and 9 coun-
tries.
“BSF has an outstand-
ing record of attracting
tivated teachers, support-
ed by the reputation of
the foundation. BSY will
tablished schools to make
sure quality standards are
quickly embedded in the
school,” said Johnson,
who has 10 years of ex-
perience within the BSF
as teacher, deputy Head
Teacher and Headmaster.
“The hallmark of a good
school is that it goes be-
yond the focus on aca-
demic study and empha-
sises the development
of the character of each
child. We aren’t just pre-
paring pupils for further
education but for success
in life as a whole. Many
BSF pupils expect to pur-
sue highly successful ca-
reers, some even as lead-
ers in society. We see it as
our duty to ensure they
leave us well prepared
and with a good set of val-
ues.”
NAdwdeftajcpdkufBritishSchools
Foundation (BSF) onf
British International School
Yangon udk wnfaxmifcJhNyD;
jrefrmEdkifiHynma&;u@zGHUNzdK;
wdk;wufvm&eftwGuf tult
nDaumif;wpfckyifjzpfaMumif;
od&onf/
BSF onf urÇmwpf0ef;wGif
NAdwdef ynma&;pepfyHkpHtm;
tcsdefMumjrifhpGmtaumiftxnf
azmfaqmif&GufcJhonfh azmifa';
&Sif;wpfckyifjzpfaMumif; BSF
Ouú|jzpfol Stewart Fry
u ajymMum;cJhonf/
BSF tzGJUtpnf;rS aqmif&Guf
cJhonfhausmif;rsm;taejzifhynm
a&;t&nftaoG;aumif;rsm;udk
tcdkiftrm&Sdap&eftwGuf rdrdwdkY
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&Sd ausmif;topfrSmvnf; tqdkyg
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jrefrmEdkifiHwGif tjynfjynfqdkif
&mpHcsdefpHñTef;rsm;ESifhudkufnDNyD;
t&nftaoG;aumif;rGefaom
ausmif;aumif;rsm;&Smyg;aeonfh
twGuf BSF taejzifh ,ckuJhodkY
EdkifiHwumtqifhrDausmif;tm;
wnfaxmifjcif;jzpfNyD; jrefrmEdkifiH
ynma&;u@twGuf tvm;
tvmaumif;wpf&yfvnf;jzpf
onf/ yxrESpftwGif; British
SchoolYangon rS ausmif;om;
aygif; 100 rS 150 txd ac:,l
oGm;rnfjzpfNyD; wjznf;jznf;ESifh
OD;a& 1000 ausmftxd ausmif;
tyfvufcHoGm;Edkif&efvnf; aqmif
&GufoGm;rnfjzpfaMumif; BSF
rS ajymMum;cJhonf/
rdrdwdkYtaejzifhausmif;om;aygif;
1000ausmfudk ynma&;0efaqmif
rIrsm;ay;&eftwGuf BudK;yrf;ae
jrefrmEdkifiHtaejzifh vmrnfhtem
*wfwGif ydkrdkzGHUNzdK;vmrnfjzpfonfh
twGuf tjcm;NrdKUrsm;wGifvnf;
pmoifausmif;rsm;udk wnfaxmif
&eftpDtpOf&SdaeaMumif; od&
onf/British School Yangon
taejzifh English National
Curriculum udk&efukef&Sd ausmif;
wGif jy|mef;toHk;jyKoGm;rnfjzpf
aMumif; od&onf/
sis of each and every bid
inevitably takes time,”
Nomita said.
“When the tenders were
MOGE did say that the
awards could take up to
year. Investors are ad-
vised to remain patient
and not expect things to
happen overnight.”
Theministrysaiditwould
receive $226.1 million as
a “signature bonus” from
begins on the 10 shallow
water and 10 deep water
blocks – $91 million will
come from shallow water
block signings and $135.1
million from the deepwater
block signings.
“This amount is the
largest we have received
in history,” the ministry
said in a statement.
Myanmar’s oil and gas
sector attracts the larg-
est share of foreign in-
vestment, accounting
for $13.6 billion, or 40
percent, of total accumu-
lated foreign investment
through September, ac-
cording to the Central
Statistical Organisation
(CSO).
Most of Myanmar’s cur-
rent hydrocarbon pro-
duction is natural gas.
tistics, the country ex-
ported $3.7 billion worth
2013, mostly to Thailand,
up from $3.5 billion the
year before.
The country’s proven
natural gas reserves to-
talled 7.8 trillion cubic
feet (tcf) at the end of
2012, according to BP’s
Statistical Review of
World Energy.
A total of 160 local com-
panies have registered
with the Ministry of En-
ergy as potential part-
ners for winners of the
shallow-water blocks, but
industry sources say only
a few of them have any oil
and gas experience.
Contracts winners will
have to complete environ-
mental and social impact
assessments and submit
reports to the Investment
Commission before start-
ing operation.
“This award is in line
with BG Group’s strategy
to focus on securing pro-
spective frontier acreage
and enter, on average,
one new basin each year,”
Britain’s BG Group, which
teamed up with Woodside
and won four blocks, said
in a statement.
Myanmar’s energy
ministry said a total
of 68 companies from
across the world origi-
nally expressed interest
in the auction, which was
launched in April, with 30
ting proposals.
blocks were originally up
for auction and it is un-
clear when the remaining
10 sites will be awarded.
George Kirkland, vice
chairman and executive
vice president, Chevron
Corp, said: “The explora-
tion of this block is aligned
with Chevron’s long-term
strategy to seek opportu-
nities to provide energy to
a growing region.”
“We are pleased with
the result of this bid
round and the opportu-
nity to evaluate the poten-
tial of this strategic acre-
age,” said Melody Meyer,
president of Chevron Asia
Production Company.
“We have a 20-year his-
tory in Myanmar, and we
look forward to support-
ing the continued devel-
opment of the nation’s
energy sector through the
exploration of this pro-
spective block.”
Troy Hayden, managing
director and CEO of Tap
Oil, which teamed up with
ROC Oil and won the M-7
shallow water block, said,
“Myanmar is potentially
a world class hydrocar-
bons province and as part
of Tap’s Southeast Asian
growth strategy.”
Erling Vagnes, Statoil’s
senior vice president for
the region, said he was
optimistic about the pe-
troleum potential in an
area that he said was “vir-
tually unexplored.”
“With this award, we
have accessed at scale in
another frontier acreage
line with our exploration
strategy,” he said. The
Myanmar contract is Sta-
jrefrmEdkifiHonfurf;OD;a&wdrf
vkyfuGuf 10 ckESifh urf;vGefvkyf
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rsm;udk a&eHukrÜPD 13 cktm;
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rsm;taejzifh vkyfuGufrsm;wGif
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aqmif&GufEdkifrnfjzpfaomfvnf;
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vkyfydkifcGifh&&Sdxm;onfh vkyfief;rsm;
taejzifh jynfwGif;vkyfief;wpfck
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oGm;&rnf[kvnf; od&onf/
Students at British School Kuala Lumpur.
BSKL
BSKL
11. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 11
Myanmar Summary
Myanmar Summary
Gov’t to Spend Over $26m in
M
yanmar will spend
over $26 million on
hydropower projects
according to the Union Budget
Bill 2014.
The Hydropower Implemen-
tation Department under the
Ministry of Electric Power will
spend about $8 million for
equipment for the upper Yeywa
hydropower project, $8 million
for Thahtay hydropower project
and $4 million for the upper
Kengtung project, according to
the budget bill.
The funding will come from
Kyaw Min China and other aid agencies.
A total of $2 million in Chi-
nese loans will be provided to
Golden Energy Co, which op-
erates Thayyaykhat (2) project,
and over $3 million will go to
Future Energy Co, which will
implement Beluchaung (3) pro-
ject.
The state-owned enterprises
will spend more than $243 mil-
lion on various projects, while
Japan will assist with the ren-
ovation of Beluchaung No.2
power plant, the bill said.
Yangon City Electricity Sup-
ply Board (YESB) will also use
loans from other international
aid agencies such as Japan In-
ternational Cooperation Agency
(JICA) and Asian Development
Bank (ADB).
2014-2015 b@ma&;ESpfwGif jrefrm
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od&onf/
Business Partnerships Will Help Growth in
Myanmar in 2015: KPMG
Positive local and foreign business partnerships could be a win-win
B
usiness partnerships
through merger and ac-
quisition, joint-ventures
or strategic alliances will be a
driver for business expansion
in Myanmar going forward into
2015, said Managing Partner of
KPMG in Myanmar Yasuhide
Fujii.
“Opportunities in Myanmar
are increasing for business, but
so is competition. Looking for-
the pinch as international com-
panies move in on their turf,”
said Fujii.
Wai Linn Kyaw “We’re starting to see cases
where it would make more busi-
ness sense for local and inter-
and complement each other, in-
stead of competing, in order to
become sustainable in the long
term. Local and international
their distinct strengths. We
could see some positive part-
nerships down the road.”
-
tered Myanmar after the easing
of international sanctions, has
assisted a number of interna-
tional clients to successfully
set up businesses in the once-
closed economy.
The auditing giant said the
government is continuing to
-
ing the legal system following
the enactment of the Foreign
Investment Law in 2012. At the
very beginning of this year, the
government enacted the Spe-
cial Economic Zone law which
grants income tax exemptions
for 7 years and 5 years to busi-
nesses in the free zone and the
promotion zone respectively.
Other important bills have
been proposed, including
amendments to the land laws,
the foreign investment law, the
Small Medium Enterprises De-
velopment bill, the Condomini-
um bill, an amendment to
the Mining Law.
“We are well aware of the pace
of change in Myanmar. One
way that we can help the busi-
ness community is by holding
The KPMG Myanmar Business
Forum on a quarterly basis to
keep business people up to date
about what’s going on, what to
look forward to and how to deal
with the challenges in Myan-
mar,” said Fujii at KPMG’s third
Myanmar Business Forum
The forum discussed on key
points for doing business in
Myanmar through merger and
acquisition, joint-ventures and
strategic alliances. The panel
discussion featured business-
people with experience of the
trends relating to their business
activities in Myanmar.
“The KPMG Myanmar Busi-
ness Forum attracts both local
and foreign business people
who come together to share
ideas and experiences. The
business environment in My-
anmar is changing very fast and
we are keen to play our part in
equipping business leaders with
knowledge that will help them
navigate the evolving business
environment,” added Fujii.
2015 ckESpfwGif jrefrmEdkifiH zGHUNzdK;
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a&;vkyfief;rsm; wdk;wufvmrItwGuf
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[kwf r[mAsL[muszGJUpnf;aqmif&GufrI
rsm;uarmif;ESifay;vdrfhrnfjzpfaMumif;
KPMG rS tBuD;tuJwpfOD;jzpfol
Yasuhide Fujii u ajymMum;cJhonf/
jrefrmEdkifiHwGif pD;yGm;a&;vkyfief;rsm;
twGuf tcGifhtvrf;aumif;rsm;rSm
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rS azmufonfrsm;udk atmifjrifpGm
taxmuftyHhaumif;rsm;ay;aeonfh
vkyfief;BuD;wpfckvnf;jzpfonf/
WaiLinnKyaw
Files
12. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
LOCAL BIZ 12
Myanmar Summary
Myanmar Summary
Myanmar Summary
Brunei’s Sultan to Visit
Myanmar to Boost Ties
B
runei’s Sultan Haji Has-
sanal Bolkiah Muizzad-
din Waddaulah will pay a
state visit to Myanmar in a bid
to boost bilateral ties between
-
nouncement said without speci-
fying the date of his visit.
The sultan’s upcoming Myan-
mar visit comes after President
U Thein Sein visited Brunei in
December 2012.
The small island nation of
Brunei is the 7th largest trade
partner of Myanmar among
ASEAN nations, and mostly
trade gems, jade and jewellery
with Myanmar.
In July 2007, Brunei exempt-
products imported from My-
anmar under the ASEAN Inte-
Shein Thu Aung gration System of Preference
program in a bid to boost the
country’s textile production.
Myanmar and Brunei estab-
lished diplomatic ties between
the two countries in 1993.
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Thai Beverage Subsidiary
Establishes JV in Myanmar
Aims to expand restaurant business
T
hai Beverage has an-
nounced that its sub-
sidiary, Oishi Group
Public Company Limited, has
approved the project of invest-
ment in expansion of restaurant
business in Myanmar.
Oishi’s board of directors has
also approved the investment
in the joint venture company
between Oishi F&B (Singapore)
Pte Ltd (OSPL), an indirect
subsidiary of Oishi Group in
Singapore, and CM Foods Co
Ltd (CM Foods) in Myanmar to
serve the expansion of restau-
rant business.
The investment proportion of
OSPL will not exceed 40 million
baht ($1.29 million), the com-
pany said.
Pann Nu The JV is set to be incorpo-
rated by May.
President Wants GDP Growth
“No Less Than 5pc”
M
yanmar President U
Thein Sein last week
realise the country’s annual
Gross Domestic Product (GDP)
growth target of no less than 5
percent.
U Thein Sein made the re-
marks in the parliament on the
occasion of the third anniver-
government.
He underlined that achieve-
ments have been made to some
extent in economic market pol-
icy, attracting foreign invest-
ment and establishing Special
Economic Zones which resulted
in creating job opportunities
and possessing higher technol-
ogies.
On attracting foreign direct
investment into the country,
Myanmar’s new Foreign In-
vestment Law was enacted in
November 2012, replacing the
1988 version.
Foreign investors mainly in-
vested Myanmar’s mining sec-
tor before lifting sanctions on
the country, he said, adding
that nowadays the ratio of in-
vestment has changed and the
-
tion and industrial sectors.
He pointed out that in 2013,
Myanmar’s FDI amounted to
Aye Myat $3.5 billion which was injected
into manufacturing, hotel and
tourist sectors, up from $1.4 bil-
lion in 2012.
It is expected that investment
will be high in such sectors as
telecom, airport projects, spe-
cial economic zones and gar-
ment.
As for tourist sector invest-
ment, he said Myanmar attract-
ed over 2 million tourists last
to reach over 3 million in 2014
and 5 million in 2015.
He pledged that the govern-
ment will help to develop com-
modity production of ethnic en-
trepreneurs in the country.
Dealing with Framework
of Economic Social Reform
(FESR) which was completely
drawn at the end of 2012, he
said that Myanmar has won
support from international or-
ganisations and most foreign
countries.
Myanmar secured $6-billion
debt relief from Norway, Japan,
Germany and other Paris Club
creditor countries due to the
vigorous reform process under
the Framework of Economic
Social Reform (FESR), he said.
The president added that gov-
ernment and private entrepre-
neurs would cooperate in Small
and Medium Enterprises (SME)
sector development.
-
rd
ASEAN Summit in Bandar Seri Begawan, capital of Brunei.
MaPing/Xinhua
th
regular session of the union parliament in Nay Pyi Taw.
UAung/Xinhua
15. April 3-9, 2014
Myanmar Business Today
mmbiztoday.com
REGIONAL BIZ 15
Myanmar Summary
Myanmar Summary
Singapore’s Tigerair Orders Airbus Jets Worth $3.8b
Airbus announces 37 firm A320neo orders plus 13 options
Anshuman Daga
S
ingapore’s Tiger Airways
Holdings Ltd has placed
an order for 37 Airbus
A320neo aircraft worth $3.8
billion at list prices, taking de-
livery of the planes from 2018
to 2025, the carrier said.
Tigerair said an existing order
for nine Airbus A320 aircraft,
part of a larger order agreed
in 2007, will now be cancelled.
These aircraft were originally
scheduled for delivery in 2014
and 2015.
Airbus said in a separate
statement Tigerair had also tak-
en options on an additional 13
A320neo aircraft.
and expansion comes as Tigerair,
which is about 40 percent-owned
by Singapore Airlines Ltd , takes
steps to try to prevent a third
straight year of losses.
In January it sold its Tigerair
Philippines business to Cebu
-
gest airline, cutting its losses
in a market where a sharp in-
crease in available seats pushed
down ticket prices.
“We have re-calibrated our
strategy and taken the neces-
sary steps to re-position Tige-
rair,” Tigerair chief executive
Koay Peng Yen said.
-
pates some concerns over a po-
tential capacity overhang in the
next couple of years.”
Tigerair said the negotiated
price for the new order was
list price. The jets will be pow-
ered by engines from Pratt &
Whitney. Reuters
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Russia’sLeadingRoleinTheIndonesianMiningRevolution
Randy Fabi and
Fergus Jensen
R
ussia’s two metal giants
have emerged as big win-
ners from Indonesia’s
new mining law, after leading
a drive to get Jakarta to stick
to its controversial mineral ore
export ban in the face of oppo-
sition from miners and Asian
buyers.
In its six-month lobbying
campaign last year, United
Company Rusal and Norilsk
Nickel delivered a blunt mes-
will only invest billions of dol-
lars in smelters if you ban baux-
ite and nickel ore exports.
-
this year, Indonesia enforced a
water-tight export ban for only
two major minerals – nickel ore
and bauxite.
The halting of $3 billion of
annual nickel ore and bauxite
exports has already lifted the
price of nickel and helped sup-
port aluminum, boosting the
fortunes of Rusal and Norilsk,
the world’s top aluminum and
nickel producers, respectively.
At the same time, it has
strengthened the case for the
pair to invest billions of dollars
in Indonesia to build smelt-
ers to replace costly capacity in
Russia, a key part of a recovery
plan for struggling Rusal and in
line with Indonesia’s own aims
to earn more from its minerals
resources.
The mineral ore export ban is
aimed at forcing miners to move
up the value chain by process-
ing the minerals they dig up.
Rusal CEO Oleg Deripaska
travelled repeatedly to Jakarta
last year as signs emerged that
the government might water
down the ban under pressure
from miners, and concerns over
its impact on Southeast Asia’s
largest economy.
“They made the export ban
policy the main requirement
for them to invest here,” Indus-
try Minister Mohamad Hidayat
told Reuters.
on January 12, Indonesia con-
ceded to pressure from miners
and made last-minute changes
to the policy to allow shipments
of most metals to go on, but it
did not relax the policy for nick-
el ore and bauxite.
The supply cuts have al-
ready been a game changer for
nickel, with benchmark nickel
prices soaring 17 percent to an
11-month high after the ban,
while starving global markets
of bauxite that should help curb
China’s huge aluminum expan-
sion and support global prices.
Norilsk, whose shares have ris-
en more than 11 percent since
the ban, though it has been at
the expense of big buyers such
as China and Japan. It has also
come at a price for Indonesia
which, despite gaining a pledge
“Behind all of this is Rusal,”
said Tjandra Irawan, director of
Indonesia’s Mineral Entrepre-
neurs Association. “What Rusal
always wanted was a total ban
... only then would they invest.”
Indonesia’s industry minister
role in how the ban was imple-
such a big economic policy is
sensitive in Indonesia, particu-
larly with elections looming in a
few months.
involved like no other foreign
companies in pushing their case
– repeatedly sending executives
to Jakarta, organising a confer-
-
players to push their case.
When asked about its lobby-
ing strategy, Rusal said it was
“closely following the develop-
ments” in the months leading
up to the ban because of the un-
certainty over how the govern-
ment would implement the law.
Reuters
NeilChatterjee/Reuters
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Reuters