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Myanmar Business News in Brief

India, Myanmar plans joint power project

India and Myanmar have planned to shape up the proposed joint venture thermal power project in Sagaing region, according to a report in Indian media. A joint meeting to this effect was held on last week in the office of Tamu township military headquarters in Myanmar, about 5km from the Indian northeastern state of Manipur’s border town Moreh. If the power project is successfully implemented, India would provide financial assistance and the required equipment for it, while Myanmar would offer the required land, an unnamed source was quoted as saying in the report.

CB Bank launches I-banking

Local lender Cooperative Bank (CB Bank) has launched its “accessible anytime, anywhere” I-banking services. I-banking is an internet-based system that can be accessed from any computer or mobile device, saving time for the user and allowing them to engage in real time financial management. “The service, which includes a One Time Password (OTP) system, guarantees full security for the account owner,” U Kyaw Lin, CEO of the bank, said. Customers can remit or accept money exchanges, check account balances, check exchange rates, or search for ATM, money exchange, or bank branch locations, he added. The I-banking system is available in both Myanmar and English languages and has been developed with the technical help from Swiss firm Temenos Banking Software Company.

US firms laud Myanmar’s progress

US business executives said Myanmar has made “remarkable progress” in the last two years following the lapse of major sanctions in 2012, local media reported. While more progress remains to be made, US companies now have a vital, growing presence in Myanmar, ranging from investments in energy, manufacturing, and power generation, to legal services, financial services, and consumer products, Alexander Feldman, president and CEO of the US-ASEAN Business Council, was quoted as saying, following the Council’s third visit to the country. During their visit, the delegates offered support for Myanmar’s ongoing economic reforms, including the continued evolution of the legal and regulatory environment, infrastructure and human capacity.

Initial results of nationwide census in August

The government will announce initial results of the first nationwide census in 30 years at the end of this month, with data on population and development indices released first, according to the Ministry of Immigration and Population. Population, family registration lists, data collectors and regions will be included in the initial release of information. The ministry will release detailed data on population and ethnic groups in the first quarter of next year as the final result. The reviews of nationwide census will be announced annually starting from November 2015.

Japan to Help Myanmar Upgrade Universities

Myanmar Ministry of Science and Technology has signed a deal with Japan International Cooperation Agency (JICA) to upgrade two Myanmar universities. The agreement covers upgrading the Technological Universities of Yangon and Mandalay. The deal was signed between U Kyaw Swa Soe, director general of the Higher Education Department, and Masahiko Tanaka, representative of JICA, in Yangon. For the five-year cooperation on technology between Myanmar and Japan, JICA will also provide the two universities with laboratory equipment. Two research facilities will be built at Yangon Technological University.

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