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Business News in Brief

Japan agrees to invest in Dawei SEZ

Japan has agreed to invest in the Dawei Special Economic Zone (SEZ) in southern Myanmar, said an official accompanying Japanese Foreign Minister Fumio Koshida who is on a visit to Myanmar, according to local media reports. The official said Koshida agreed to invest in Dawei SEZ during his meeting with his Myanmar counterpart Wunna Maung Lwin in Nay Pyi Taw. Japan initially agreed to construct the road linking Dawei SEZ and Thailand and feasibility studies would be conducted soon for this.

IFC to lend Shangri-La Asia $80m for Myanmar projects

International Financial Corp (IFC) will lend $80 million 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 shortage 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 operation after its talks with Thai-based True Corp failed at the last minute, local media reported YTP senior director 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 necessary for “rule of law and eternal peace,” both the leaders said at a joint press conference in Nay Pyi Taw following 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 cooperation in environmental conservation and forestry sectors, state media reported. The pledge was made during a meeting between Myanmar Minister of Environmental 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 promote human resources and research development.

Suu Kyi blames govt’s irresponsibility for Chinese privileges

Major opposition the National League for Democracy (NLD) party leader Aung San Suu Kyi has said Chinese companies were enjoying special privileges in Myanmar 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.

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