The Irrawaddy Magazine | Archive | Business | 8
Jade Emporium Sales Soar to $3.4Bln

Jade sales at Burma’s major gems emporium last week have surpassed expectations and totaled about US $3.4 billion, up from about $2.6 billion last year.

Burma to Name Kyaukphyu SEZ Developers by December

The government and consultants CPG are inviting international companies to register their interest in building a port, an industrial zone and residential developments in Arakan State.

Thilawa key to future FDI; oil and gas sector still opaque; French exploration firm opens Rangoon base; more dams, despite opposition; rice exports held back

Burma Accepted for EITI Scheme, But NGOs Remain Concerned

Burma has become a candidate for the Extractive Industries Transparency Initiative, a global anti-corruption scheme, but NGOs remain concerned over the government’s commitment.

$17 Million Worth of Smuggled Goods Seized in Burma

Over the past 20 months, the Burmese government has ramped up its efforts to inspect imports and exports at checkpoints across the country.

Private Sector Development of Domestic Airports Postponed

The Department of Civil Aviation is indefinitely delaying its plans to invite foreign and local companies to upgrade 30 out Burma’s 69 domestic airports.

London Accused of Hypocrisy While Preaching Burma Transparency

The British government is sharply criticized for hiding behind “commercial confidentiality” rules relating to Burma while calling for business transparency in the Southeast Asian nation.

Revenue Dept to Improve Tax Collection from Soaring Rent Rates

The Department of Internal Revenue announces that it would improve tax collection on income earned from rent rates, which have been soaring across Rangoon.

Operating licenses for foreign banks; upmarket property deal inked; Thailand opposes overland visa arrangements; Kyaukphyu power plant bids invited; and ministry budgets to face scrutiny.

High Level of Corporate Secrecy in Oil and Gas Sector, Survey Finds

Most companies with oil and gas blocks in Burma decline to reveal details about their ownership, a level of secrecy that raises questions over corruption.

Less Raw Jade for Sale at Burma Gems Emporium Amid Push for Value-Added Products

There are fewer jade lots at a major gems emporium in Naypyidaw this year, but the government still expects to earn 2 billion euros.

Strong Start for Burma’s 2014-15 FDI

Overall foreign direct investment into Burma continues to rise in the first two months of the fiscal beginning April 1.

Western Firms React to Burmese Slave Labor Accusations in Thailand

Calls for Western food retailing companies to pressure businesses in Thailand after a Thai conglomerate was linked to allegations of slave labor involving Burmese migrants.

Burma Gas Exports Worth $3.3Bln Last Year After Slight Drop

Gas export earnings fell last year due to growing domestic consumption but shipments of greater volumes to China are expected to boost earnings this year.

Burma’s inflation is forecast to stay at 9 percent; the IMF recommends monitoring of foreign bank licenses; and AirAsia looks to Rangoon.

Burma Economy Can Grow 8.5 Percent This Year: IMF

Burma’s economy should grow 8.5 percent during this fiscal year, higher than earlier forecast thanks mainly to rising gas production and investment, the IMF says.

Two New Airlines Await OK from Burma Investment Body

Two new domestic airlines are expecting to get the green light “soon” to begin flying both domestic and regional scheduled routes.

Survey Shows Strong Demand to Buy Property in Burma

An international property portal says three quarters of visitors to its website in Burma want to buy property, rather than rent.

Fokker used “deceit and trickery” in sanctions breach, vehicle imports from Thailand have slowed and an Indian transport project in western Burma raises concerns.

Investment in Rice Milling Key to Boosting Export, Report Says

The World Bank says Burma could boost agricultural exports by investing in rice mills, reducing transport costs and formulating policies that support the export.