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Business News in Brief

Bangladesh Aiming to Court Neighbouring Myanmar

Bangladesh Government officials have placed importance on their country’s relationship with Myanmar as its eastern neighbour emerges from decades of economic stagnation.

Speaking at the seventh meeting of the Bangladesh-Myanmar Joint Trade Commission (JTC), which was hosted in Nay Pyi Taw on January 14 and 15, SM Nurul Hoque, vice president of Bangladesh-Myanmar Chamber of Commerce and Industry said that Bangladesh needs to take its neighbour seriously in strengthening economic ties in order to boost trade.

“Businesspeople should be involved very seriously in designing any future plan,” he told Bangladeshi press.

Shwe Mann ‘would cooperate with Suu Kyi’

Parliamentary Speaker Thura Shwe Mann said last week that he would cooperate with opposition leader Aung San Suu Kyi if she becomes the country’s President following the 2015 elections.

However, Shwe Mann, who is also chairman of the ruling Union Solidarity and Development Party (USDP), made it clear that amending the constitution to ensure that Suu Kyi can legally become President, should she win the election, is not at the top of his party’s priorities.

“If she was elected president, I would work together with her for the sake of the country’s development,” he said. “I have no objection to her becoming president.”

Aircraft Fuel Consumption Increases for Fifth Consecutive Year in 12-13 Fiscal

Myanmar sold 28.58 million gallons of aircraft fuel during the 2012-2013 fiscal year, figures released by the Ministry of Energy have revealed.

Across the country, there are 11 airports distributing the fuel, including the major cities Yangon and Mandalay as well as smaller destinations such as Dawei, Myeik and Mawlamyine.

The latest figures have seen an increase from 26.52 million gallons in 2011-2012 fiscal, and 20.68 million a year previously.

Yangon Stock Exchange ‘needs K32 billion in start-up capital

Local media has reported that the Yangon Stock Exchange, which is being tipped to be implemented in 2015, will need K32 billion ($32.5 million) in starting capital.

Eleven Media last week quoted deputy finance minister Maung Maung Thein as saying, “The exchange will be established with a starting capital of K32 billion with Myanmar holding a 51 percent stake and Japan a 49 percent stake,” before adding that the government is awaiting approval from the offices of the President and Chief Lawyer for the go ahead, and that Japan’s Daiwa and Tokyo Stock Exchange would offer expertise in the venture.

“There are standards for companies to be listed on the exchange. Not every company will be listed, only companies that meet the standards required,” Maung Maung Thein said, according to the report.

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