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Investment and Finance Update

Myanmar to implement 5 hydropower projects with European countries

Myanmar will implement five hydropower projects with the assistance of European countries, Deputy Minister for Electrical Power Maw Tha Htwe told the Parliament last week.

He said there were a total of 22 hydropower plants with a total installed capacity of 2,919 megawatts in the country as of end-December 2013.

Projects for 22 towns being drafted with foreign backing

Myanmar will draw up urban development projects for 22 cities with international assistance, a senior Construction Ministry official.

The Japan International Cooperation Agency is currently helping with development projects in the commercial city of Yangon.

Myanmar to change tax system next fiscal year

Myanmar will change the existing taxation system during the upcoming fiscal year starting on April 1 to be in harmony with the present situation, Deputy Finance Minister Linn Aung said.

S Korea, Myanmar agree to boost agriculture cooperation

South Korea and Myanmar signed an agreement last week to boost agriculture cooperation that partly aims to improve their food security, the South Korean government said.

The memorandum of understanding (MOU) was signed by South Korea’s Agriculture Minister Lee Dong-phil and his visiting Myanmarese counterpart, Myint Hlaing, according to South Korea’s Ministry of Agriculture, Food and Rural Affairs.

Only 10 percent companies meet Stock Exchange criteria

Out of 100 public companies in Myanmar only 10 would meet stock exchange listing criteria such as financial transparency, sufficient capital maintenance and degree of management skills, according to the Japan Exchange Group Inc.

The government is currently setting up the Yangon Stock Exchange in collaboration with Japan Exchange Group Inc and Daiwa Securities Group Inc.

The impending Securities and Exchange Law is yet to figure out how or if foreigners will be allowed to trade shares of public companies.

The Securities and Exchange Commission will be in charge of processing listing applications of Myanmar companies.

Parliament opposes the President regarding SEZ Bill

Myanmar’s parliament has declined President U Thein Sein’s suggestions to amend the Special Economic Zone Bill.

The bill was approved by the parliament last year and was sent back to the president for approval. He proposed to remove the section mentioning that parliamentarian approval is necessary in developing Special Economic Zones (SEZ).

Myanmar seafood exporters to explore US market

A 15-member Myanmar seafood exporters’ delegation will attend a US sea food trade fair from March 16 to 18.

It will be the first time Myanmar seafood exporters participate in a US fair.

Suu Kyi says military shouldn’t be involved in politics

Speaking about constitution amendment at a mass meeting in Kayin state, major opposition leader Aung San Suu Kyi said her party wishes the military would not be involved in politics.

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