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Business News in Brief

Myanmar to Grant SME Collateral-Free Loans

State-owned Myanmar Insurance Enterprise (MIE) will introduce an insurance policy that will grant small and medium enterprises collateral-free loans in the next fiscal year starting April 2014, Deputy Finance Minister Maung Maung Thein said. If the new system works well for MIE, the 12 private insurance companies will later be allowed to do it, he added.

GDP Falls Short of Expectation in H1 of 2013-14 FY

Myanmar’s GDP fell short of target in the first six months of 2013-14 (April/March) fiscal year, a report presented to parliament revealed. The actual GDP reached only 5.9 percent against the target of 8.9 percent, according to the report.

Gov’t Report Highlights Gap Between Rich And Poor

A report by the Ministry of National Planning and Business Development said the gap between rich and poor in Myanmar is widening. According to the report, the government has only implemented only 32 percent of overall projects in the first six months of this fiscal year.

Myanmar to Launch Labour Force Survey

Myanmar will conduct its second national labour force survey, including the number of jobless, child labourers, self-employed and those working abroad, the Labour Ministry said. The International Labour Organization (ILO) and the Ministry of Labour and Employment will jointly carry out the survey.

Myanmar to Form ASEAN Rice Federation

Myanmar will work for emergence of Federation of ASEAN Rice Industry Association during its term of the group’s chair, Secretary General Soe Tun of Myanmar Rice Industry Association was quoted in local media as saying. Soe Tun said the proposal to form the federation will be made at an upcoming ASEAN Economic Ministers’ Meeting in August.

Yangon to Develop More Industrial Estates

Some new industrial estates will be developed around commercial city Yangon to help reduce land prices at existing estates, Kyaw Soe, regional minister for Forestry and Energy, said. Land prices at 24 existing industrial estates around Yangon range between K60 million and K800 million per acre ($61,000-$813,400) depending on the locations.

Over 100 Big Restaurants to Undergo Inspection for Tax Evasion

A total of 112 big restaurants in commercial city Yangon will be inspected for tax evasion in a special campaign to expose tax evaders, the 7Day Daily reported, quoting Kyaw Kyaw, a member of the Tax Supervision Board. He said over 70 big restaurants will be inspected in the first phase and the rest, in the second phase.

Survey to Be Conducted for Introducing Health Insurance

A survey will be conducted on the health requirements of people from the lower and middle classes in Myanmar to introduce a suitable insurance system by 2015, the Voice Daily reported, quoting Deputy Finance Minister Maung Maung Thein as saying. None of the 13 insurance companies operating in the country offers health insurance at present.

Myanmar-Singapore Joint Ventures Get Listed on SGX

Three Myanmar-Singapore joint ventures have joined the Singaporean Exchange as they wait for Myanmar to open its own stock market, according to local media reports. The companies are Yoma Strategic Holdings, Aussino and Super Coffeemix. Myanmar plans to launch its own stock exchange in 2015.

Myanmar to Grant SME Collateral-Free Loans

State-owned Myanmar Insurance Enterprise (MIE) will introduce an insurance policy that will grant small and medium enterprises collateral-free loans in the next fiscal year starting April 2014, Deputy Finance Minister Maung Maung Thein said. If the new system works well for MIE, the 12 private insurance companies will later be allowed to do it, he added.

GDP Falls Short of Expectation in H1 of 2013-14 FY

Myanmar’s GDP fell short of target in the first six months of 2013-14 (April/March) fiscal year, a report presented to parliament revealed. The actual GDP reached only 5.9 percent against the target of 8.9 percent, according to the report.

Gov’t Report Highlights Gap Between Rich And Poor

A report by the Ministry of National Planning and Business Development said the gap between rich and poor in Myanmar is widening. According to the report, the government has only implemented only 32 percent of overall projects in the first six months of this fiscal year.

Myanmar to Launch Labour Force Survey

Myanmar will conduct its second national labour force survey, including the number of jobless, child labourers, self-employed and those working abroad, the Labour Ministry said. The International Labour Organization (ILO) and the Ministry of Labour and Employment will jointly carry out the survey.

Myanmar to Form ASEAN Rice Federation

Myanmar will work for emergence of Federation of ASEAN Rice Industry Association during its term of the group’s chair, Secretary General Soe Tun of Myanmar Rice Industry Association was quoted in local media as saying. Soe Tun said the proposal to form the federation will be made at an upcoming ASEAN Economic Ministers’ Meeting in August.

Yangon to Develop More Industrial Estates

Some new industrial estates will be developed around commercial city Yangon to help reduce land prices at existing estates, Kyaw Soe, regional minister for Forestry and Energy, said. Land prices at 24 existing industrial estates around Yangon range between K60 million and K800 million per acre ($61,000-$813,400) depending on the locations.

Over 100 Big Restaurants to Undergo Inspection for Tax Evasion

A total of 112 big restaurants in commercial city Yangon will be inspected for tax evasion in a special campaign to expose tax evaders, the 7Day Daily reported, quoting Kyaw Kyaw, a member of the Tax Supervision Board. He said over 70 big restaurants will be inspected in the first phase and the rest, in the second phase.

Survey to Be Conducted for Introducing Health Insurance

A survey will be conducted on the health requirements of people from the lower and middle classes in Myanmar to introduce a suitable insurance system by 2015, the Voice Daily reported, quoting Deputy Finance Minister Maung Maung Thein as saying. None of the 13 insurance companies operating in the country offers health insurance at present.

Myanmar-Singapore Joint Ventures Get Listed on SGX

Three Myanmar-Singapore joint ventures have joined the Singaporean Exchange as they wait for Myanmar to open its own stock market, according to local media reports. The companies are Yoma Strategic Holdings, Aussino and Super Coffeemix. Myanmar plans to launch its own stock exchange in 2015.

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