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Business News in Brief

China washes its hands of illegal Chinese in Myanmar

The Chinese government will not be responsible for and will not provide any assistance to Chinese citizens who have illegally entered Myanmar to work at gold and other metal mines in Mandalay Division, local media reported Mandalay-based Chinese Consul General Wang Yu as saying. Myanmar can take action against illegal Chinese migrant workers in accordance with its laws since China is taking strong action against illegal foreigners in China, Wang Yu said.

Thanlwin hydropower project gets green signal

The Myanmar Minister of Electric Power has granted approval to local company Asia World and China’s Hanergy Group Holding Ltd to develop a 1,400MW hydropower plant along the Thanlwin River, local media reported. The Upper Thanlwin (also seen as "Kunlong") hydroelectric project would be a joint venture allowing the companies to operate the plant for up to 40 years under a build-operate-transfer plan, with all but about 10 percent of its output being sold to China. The Hanergy Group reportedly signed a memorandum of agreement for the Upper Thanlwin project’s development with the Myanmar government in 2010.

New town plans to be drawn for 56 

Following instructions from President Thein Sein, new town plans will be drawn for 56 cities across the country with assistance from international organisations, local media reported Director Aye Aye Myint of Construction Ministry as saying. Priority would be given to cities with more than 100,000 population, Aye Aye Myint said.

FDI from turmoil-hit regional countries may move to Myanmar

Foreign Direct Investment projects from some regional countries, which are experiencing political turmoil, are likely to move into Myanmar, leading local businesspeople told local media. Lured by EU’s restoration of GSP (Generalised System of Preferences) trading privileges on Myanmar, a number of garment factories have already moved to Myanmar, Chairman Myat Thin Aung of Hlaingtharyar Special Industrial Estate, western outskirts of Yangon, was quoted as saying.

Gov’t sells K2.1 trillion in treasury notes

The government has sold more than K2.1 trillion ($2.17 billion) worth of treasury notes as of February, according to the Ministry of National Planning and Economic Development. The Central Bank of Myanmar (CBM) sold K559 billion worth of three-year treasury notes and K1.6 trillion worth of five-year treasury notes between April 2013 to February. The interest rate for three-year term is 9 percent and the interest rate for five-year term is 9.5 percent, according to the Central Bank of Myanmar.

Companies from 11 countries to invest in Thilawa SEZ

A total of 45 foreign companies from 11 countries including one from the United States have sent confirmation letters to invest at the Thilawa Special Economic Zone on the outskirts of commercial city Yangon, local media reported citing Chairman Set Aung of the Thilawa SEZ Management Committee. Most of the interested companies are from Japan, Hong Kong, Singapore, Thailand and Malaysia while the only company from EU is from Sweden. The first phase of the SEZ is being developed on 396 acres out of 2,342 acres allocated for the entire project.

EU promotes police-public relations

The Myanmar Police Force (MPF) in cooperation with European Union will promote the relations between police force and public in Myanmar, the EU said in a statement. The MPF recently held an Open Day, which was organised at the initiative of the Community Policing project funded by the EU. The project has also provided training to MPF officers in a “train-the-trainer” format in order to roll out community policing to more areas across the country. The police reform project includes community policing, crowd management, improving accountability and enhancing the role of civil society and the media. The project will be completed in March 2015, the EU said.

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