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Myanmar Business News in Brief

Entrepreneurship school funds 11 businesses

In June, Opportunities NOW Entrepreneurship School provided startup capital totalling K14.5 million ($12,870) to 11 businesses through its most recent training, the organisation said. Business industries included agriculture, retail, service and livestock sectors. The largest loan size awarded was K2 million to a transportation startup. The school will soon open new branches in Rakhine state and Bago region.

MTF plans to open tourism bank for SMEs

The Myanmar Tourism Federation is planning to open a bank for tourist-related small and medium businesses to contribute to the tourism industry of the country, military-run Myawady Daily said. Currently, Myanmar Small and Medium Enterprises Development in collaboration with ILO is conducting survey for tourism-related SME development in Bagan and Mandalay.

Myanmar, Singapore work to promote bilateral economic ties

Myanmar President U Thein Sein and Singapore’s Deputy Prime Minister Teo Chee Hean last Wednesday vowed to work to promote bilateral economic ties, especially in development of human resources and cooperation in the financial sector. Hean, who is also Singapore’s coordinating minister for national security and minister for home affairs, also met with Speaker of Parliament U Shwe Mann and held talks with the latter on cooperation in technology as well as human resources development. Singapore was Myanmar’s top foreign investor in 2014, accounting for more than half of the over $8 billion in total inflow.

Posco confirms its stance not to sell Myanmar gas fields

South Korean steel giant POSCO said in a regulatory filing that it won’t sell off the resource development unit of Daewoo International that has caused controversies within the group, Korea Times reports. It has been a month since the rumour of selling the Myanmar gas fields reared its head. The discord between POSCO and its trading arm Daewoo International emerged on May 26 when a document detailing restructuring plans on the trading unit was uploaded on the group’s intranet page on which any employee can post messages anonymously. Jeon Byeong-eal, Daewoo International CEO at the time, began criticising the group’s plan to sell off the Myanmar assets, which again led to rumours of his dismissal.

Myanmar to export more aromatic rice to Singapore, US

Myanmar will export greater volume of aromatic rice known locally as "Paw San" to Singapore and the United States, according to sources with the Myanmar Rice Federation (MRF). The production of Paw San rice is low as it can only be cultivated in Ayeyarwady Delta and Bago and some parts of Sagaing Regions in monsoon, said the federation. In previous fiscal year, only around 20 tonnes of Paw San rice were exported to the United States. Currently, Paw San rice is priced at around $900 per tonne.

Myanmar sees rise in agri product exports

Myanmar received $627.81 million from export of agricultural products in the first three months (April-June) of the fiscal year 2015-16, up over $216 million compared with the same period of the previous year, state-run media reported. A sharp rise in dollar price against Myanmar kyats and higher demand of Myanmar’s agricultural products in the international market has increased the trade volume of agricultural products, the report quoted the importers of agricultural products as saying.

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