Business

Japan to offer SME loans

The Japan International Cooperation Agency (JICA) will offer US$40 million in loans to small- and medium-sized enterprises (SMEs) from March, according to an SME seminar in the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

The JICA loans will be passed to the government, which will then distribute them to banks from where the loans will be sent to SMEs. 

WTO members interested in Myanmar's economy

Member countries of the World Trade Organisation (WTO) have shown keen interest in learning more about making investments and business opportunities in Myanmar as the country plans to build special economic zones, according to general council of WTO.

Myanmar starts veering from democratization: Freedom House

The latest report released by the Freedom House on January 28 says that Myanmar, which has only partly abandoned military rule, began to veer from the path to democracy.

The report emphasised that Myanmar’s civil liberties rating declined from 5 to 6 due to restriction on media freedom, including the arrest and imprisonment of a number of journalists.

Illegal imports of fertiliser, electronics seized en route from China

More than 1,000 bags of fertiliser and thousands of handsets, TVs, DVDs and other electronics that entered Myanmar illegally from China were seized by a mobile investigation team on January 24.
The illegal goods were found in a convoy of 17 trucks coming from China along the Mandalay route. A mobile team seized the illegal items when the convoy arrived in Naung Cho, according to Thein Win, a mobile team member.

Eden to build world-class hotel

Eden Group’s Eden Hotels & Resort Co Ltd plans to construct a world-class hotel through build-operate-transfer system.

The proposal was submitted to Myanmar Investment Commission and granted a permit on January 16 under the Citizenship Investment Law.

The company has been permitted to build the hotel at Ring No 201, Kun Chan Ring, Zee Phyu Kone Village Tract, Thandwe, Rakhine State.

CSOs condemn govt over bid to join global body

The government had not given its full participation to civil society organisations (CSOs) working to gain Myanmar’s membership of the Extractive Industries Transparency Initiative (EITI) and it had failed to keep promises given, according to the Myanmar Alliance for Transparency and Accountability.

Minister urges SMEs to register

Small- and medium-sized enterprises (SMEs) must be registered to get benefits like loan disbursement, said Maung Myint, the union minister for industry.

There are more than 46,000 registered SMEs across the country. That number is estimated to reach 50,000 soon despite the closure of some unsuccessful SMEs, he added.

More Chinese caught stealing timber in Myanmar

More Chinese citizens have been arrested for illegal logging and 4,529 logs were seized in Waimaw, Kachin State, according to officials from the state’s Forestry Department.

"We made more arrests. Another eight Chinese nationals were arrested along with a seizure of 4,529 logs which were due to be smuggled. We also seized 11 logging vehicles," said an official from the department.

WTO members interested in Myanmar's economy

Member countries of the World Trade Organisation (WTO) have shown keen interest in learning more about making investments and business opportunities in Myanmar as the country plans to build special economic zones, according to general council of WTO.

Kachin to prosecute alleged Chinese log thieves

The Kachin State government has taken legal action against more than 100 alleged Chinese log thieves, in accord with the 1947 Public Properties Protection Act.

The men, who were detained in Kachin State, could face long prison sentences for breaching immigration, forestry and drug laws, according to the Ministry of Forestry. 

Myitkyina forestry department is measuring timber from Winemaw, according to the regional government.