Business

US approves $21m assistance to Myanmar

The United States will provide an additional US$21 million (Bt730 million) in assistance to Myanmar, to promote economic growth and capacity building for long-term development in the country.

The initiative will support the government's goal of tripling exports in five years; strengthen the ability of the government and the legal system to provide accountable and transparent oversight; and help modernise the agriculture sector which will be the driver of employment over the next 10 years, said Ben Rhodes, US deputy national security adviser.

Reform puts car traders in tailspin

According to market sources, car dealers are scrambling to cope with sudden changes in policy at the Road Transport Administration Department of the Ministry of Transport. 

A directive on July 26 said when returning old and outdated vehicles to the government in exchange for an import permit, they now have to be in the same category, meaning light trucks or pickups can no longer be exchanged for cars. 

Latest Oredoo marketing programme under fire

The Myanmar branch of the Qatar-based telecom giant’s Oredoo have been receiving heavy criticism for their latest marketing programme.

Oredoo Myanmar’s latest program, dubbed “Khu Phyay Khu Htaw” – which translates into “Answer now, get rich now”, have also earned a direct order from the Ministry of Transport and Communication to stop the aforementioned programme until further notice the program was illegal; neither there was state permission nor the authorities were informed in advance.

Export revenue down for mineral products, furnished materials

Export incomes from mineral products and furnished industrial materials are lower than the income in previous fiscal years when compared to the same period last year, and this year according to the commerce ministry.

From the April 1 through June 15 of this fiscal year, more than US$91 million was less than the amount of last fiscal year for mineral products, and at least $255.5 million was less than the amount of furnished industrial materials of the last fiscal year.

Myanma Apex’s e-wallet scheme to go nationwide

Myanma Apex Bank, the nation’s first bank to offer an e-wallet service, has set its sights on expanding the service across the country in three months, banking on the high mobile phone penetration rate.
 
Managing director Win Min Khine said mobile banking was developed as an agent-based model where customers can open their own mobile wallet accounts at any agent's outlets without going to the bank.

Bosch eyes 18-70 per cent growth in Myanmar on rising demand for auto after-market products

BOSCH GROUP, a global supplier of technology and services, has set its sights on growing its business in Myanmar by 18-70 per cent a year, banking on continued high demand for automotive aftermarket products.
 
The German company made its presence felt in Myanmar in 2013.
 

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