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Myanmar Business News in Brief

15 more firms get MIC nod in June

The Myanmar Investment Commission (MIC) has allowed 15 more domestic and foreign firms to operate so far in June, an official report said. The approved businesses include manufacturing, construction, real estate, services and hospitality. Last month, the commission allowed seven foreign and local enterprises to engage in manufacturing and construction businesses. According to MIC, annual foreign investment nearly doubled from $4.1 billion in 2013-14 to $8.01 billion in 2014-15.

Parliament approval sought for AIIB investment

The government is seeking approval from the parliament to invest $264.5 million in the Asian Infrastructure Investment Bank (AIIB), parliament sources said. Of the total, 20 percent or $52.9 million will be contributed to the bank by Myanmar at the initial stage. The $100-billion AIIB is a Chinese-backed lender and seen as a potential rival to the US-dominated World Bank and IMF.

Bid invited for railway station development project

Myanmar railway authorities have invited local and foreign firms to bid for a project to develop a township station in western Yangon into a transportation, retail and commercial centre, state-run media reported. The development of the Kyimyindine railway station comes after the government invited bids to develop Pazundaung township railway station complex in April. The Kyimyindine railway station development project will include multi-storied commercial and office buildings, hotels and service apartments on a 6.48-acre land plot, the report said. The authorities set August 5 as the deadline for developers to submit their expressions of interest for undertaking the designing, construction and operation of the complex. 

UBM Asia and Myanmar Engineering Society sign expo agreement

Events organiser UBM Asia has signed a memorandum of understanding with Myanmar Engineering Society (MES) to hold the Renewable Energy Asia 2015 expo in September. The MoU was signed by M Gandhi, UBM Asia’s managing director of ASEAN Business, and U Lin, vice president of MES. The MoU commits UBM Asia and MES in promoting sustainable development and trade liberalisation initiatives through exhibitions held by UBM Asia in Myanmar.

HTC launches new smartphone in Myanmar

HTC Corporation launched its HTC One M9 at a ceremony in Yangon. The smartphone has 20 megapixel camera and comes preloaded with Myanmar fonts. The price is K750,000 and it comes with 18 months guaranty. HTC sells 20 of its smartphone models in Myanmar.

Bee Talk releases new version of app

Messaging app Bee Talk announced that it has released a new version of its mobile app which offers multiple Myanmar fonts. The application is locally popular for its ability to send messages even when the internet connection is poor. The new fonts are Zawgyi-One, Zawgyi-Two, Zawgyi-Three, BauhausITC, Sakkal Majalla and Padauk.

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