Myanmar Morning News For August 11

Myanmar approves $3.7 bn foreign investment
MYANMAR continues to maintain its potential to increase foreign direct investment in fiscal 2017 starting April 1 by approving nearly US$3.7 billion (Bt123 billion) over four months, according to an investment boss.
— The Nation

FDI exceeds $3.6bn since April
Until August 8 of this fiscal year, the total foreign direct investment exceeded US$3.6 billion, Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration, has told a press conference.
— Eleven Myanmar

Investment Promotion and Protection Agreement with Singapore under way
Negotiations over an agreement on investment promotion and protection between Myanmar and Singapore have started, according to Directorate of Investment and Company Administration (DICA) Director General U Aung Naing Oo.
— Myanmar Times

Myanmar can raise value, volume of agriculture exports by going organic
Myanmar has potential to develop an organic market that will help to boost the value of local crops produced for export purposes and farmers’ standards of living.
— Myanmar Times

Local Company Sends Shan State Coffee to Denmark
Local coffee producer Sithar Co., Ltd is sending their first bag of Shan State coffee to a Copenhagen company this month.
— Myanmar Business Today

PTT poised to gain from Myanmar deal
THAI and Myanmar officials will sign a memorandum of agreement at a meeting of Asean energy ministers next month that will take energy giant PTT a step closer towards a major gas project across the border.
— The Nation

Local Company Submits Proposal for Yangon- Mandalay Oil Pipeline
Myanmar Energy Sector Development Public Company Limited (MESDPCL) has submitted a $300 million pipeline proposal to the Ministries of Planning & Finance and Electric Power & Energy, said Dr. Win Myint a member of the board of directors.
— Myanmar Business Today

Jewelers urge government to cut taxes for gemstones trade
Jewelry dealers are urging the government to remove jade and other gemstones from Myanmar’s list of special commodities, according to a report of yesterday’s edition of Myawady Daily newspaper.
— The Global New Light of Myanmar

4.8 million housing units required by 2040
The government’s national policy on housing will take into account the country’s urbanisation and urban migration.
— Myanmar Times

Police Step Up Crack Down on ATM Card Fraud
Local banks are teaming up with the Myanmar Police Force to crack down on illegal cash withdrawals by counterfeit ATM cards, according to the Criminal Investigation Department (CID) of Naypyidaw.
— Myanmar Business Today

Myanmar Digest: Japan’s JOIN backs urban project; Ford sets up $10m assembly
In a couple of significant overseas investments in Myanmar, Japan’s JOIN is looking at investing $49.4 million in an urban development project in Yangon while Ford Motor has reportedly set up a $10-million plant in East Dagon industrial zone.
— Deal Street Asia

BIMSTEC senior official level meet kicks off in Kathmandu
The 18th session of the BIMSTEC senior official level meeting kicked off in Kathmandu on Thursday. The two-day meeting will set the agenda for the 15th BIMSTEC Ministerial Meeting scheduled for August 11.
— The Kathmandu Post

Myanmar citizens advised to follow Indian road traffic rules & regulations
Myanmar citizens entering Indian territory through the Indo-Myanmar friendship bridge which is popularly known as the Moreh gate number 1 have been advised to follow the Indian road traffic rules and regulations, reports from Moreh, the border commercial town,110 km south of here said.
— Eastern Mirror

Ski resort to rise soon in Khakaborazi
A ski resort will be constructed at the Khakaborazi, the highest iceberg in Kachin State and its construction could be started within the year, according to the ministry of hotel and tourism.
— Myanmar Times

Daibochi sees double-digit revenue growth in 2H
Daibochi Plastic and Packaging Industry Bhd’s earnings for its first half ended June 30, 2017 (1HFY17) came in below consensus forecast, but its managing director Thomas Lim gave an assurance that the company is confident its 2HFY17 revenue could see a double-digit growth versus the first half, driven by its Myanmar joint venture (JV) and new projects materializing for the group.
— The Edge Markets

Myanmar domestic workers face various problems abroad
The majority of Myanmar domestic workers faced various problems abroad that must be resolved, said Labour Minister Thein Swe.
— Eleven Myanmar

Feature photo Marcela Tokatjian
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Myanmar morning news by AEC News Today is your one stop source for Myanmar news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.