Myanmar among hardest places to do business says World Bank The bank s Doing Business 2014 report, which

ranks 189 countries in 10 categories th at measure the ease of doing business, placed Myanmar at 182nd, behind Zimbabwe (170th) and Venezuela (181st) and just ahead of the war-torn Democratic Republic of Congo (183rd). The poor ranking comes as Myanmar begins to modernise regulat ions and legislation to match growing interest from foreign investors. It is the first time Myanmar has been included in the report. The data shows that there is considerable scope for reform, and efforts are underway to improve the country s business regulations, World Bank country manager, Kanthan Shankar was quoted in a press release issued to coincide with the report. By removing bottlenecks to fir m creation and growth, governments can signal the emergence of a more business f riendly environment, as has already been done in a large number of economies in the region. According to the bank, Myanmar ranks last in the world for ease in s tarting a business, citing a lengthy registration process of 72 days that is spe nt navigating outdated laws and bureaucratic practices that force entrepreneurs into an average of 11 different registration processes. http://www.mmtimes.com/index.php/business/8654-myanmar-among-hardest-places-to-d o-business-says-world-bank.html CBM able to rein in high season currency fluctuations, experts The Central Bank of Myanmar has been steadily loosening restrictions on currency trades, starting with daily foreign currency auctions in April 2012, but expand ing to interbank trades in mid-August. The result, at least while the US dollar is stable in the world market, is that the difference between official and black market rates has rarely broached 1 percent since August, a Central Bank officia l said. He added that the influx of dollars during peak tourism season October t hrough April usually drives the value of the kyat upward as the greenback floods the market. We have to responsibly maintain monetary stability because the kyat often appreciates during peak tourism season, he said. Matt Davies, Myanmar missi on chief at the International Monetary Fund (IMF), told The Myanmar Times by ema il last week that determining the appropriate exchange rate for Myanmar is diffi cult given the lack of availability of data and the rapid transformations that a re taking place. Our overall conclusion is that the exchange rate appeared modest ly overvalued in 2012 and that the recent depreciation suggests that the exchang e rate is moving towards alignment with long-term economic conditions, he said. http://www.mmtimes.com/index.php/business/8659-cbm-able-to-rein-in-high-season-c urrency-fluctuations-experts.html Myanmar Economic Growth: Strong 6.8% For 2013-2014 But The Poor May Fare Worse Myanmar will grow steadily in the short to medium term, with a projected 6.8 per cent growth in the 2013-2014 year, said the World Bank, applauding the Southeast Asian nation s progress in making political and economic reforms. There are, howe ver, still risks both internal and external. Inflation is particularly worrisome and could hurt the poor as income disparity grows alongside with the economy.Th e World Bank released the first edition of its Myanmar Economic Monitor on Wedne sday and applauded Myanmar on its strong 6.5 percent growth in the year ending M arch 2013. The bank expects growth to reach 6.8 percent in the current year and 6.9 percent in the medium term, driven by continued strong performance in gas pr oduction, trade and agriculture, as well as record foreign direct investment. Th e report will be released every six months as the bank tracks Myanmar s progress c losely. It s not just a historical trend, Khwima Nthara, the World Bank s senior econo mist in Myanmar, told Reuters, referring to the growth forecast, which outpaces the average annual expansion of 5.1 percent expected for Southeast Asia this yea r and the next. This is very much attributable to the new wave of reforms. http://www.ibtimes.com/myanmar-economic-growth-strong-68-2013-2014-poor-may-fare

-worse-1460618 Foreign investment in Myanmar increases: DICA (Foreign investment in Myanmar has exceeded US$ 43 billion (Ks 41.8 trillion) as nine countries including Britain and France have made new investments in the pa st month, according to the Directorate of Investment and Company Administration (DICA). The new investments, worth more than US$ 53 million, were made in the period fro m August 31 to September 30, pushing the total foreign investment in the country to US$ 43.73 billion from US$ 43.68 billion. Britain, South Korea and Hong Kong made the most new investments, with a total of more than US$ 29 million. Countr ies making the least new investments were China, Thailand, Singapore, France, Ja pan and Luxembourg. The manufacturing sector received the most investments, DICA said. Myanmar enacted the new foreign investment law last year. http://www.elevenmyanmar.com/business/4035-foreign-investment-in-myanmar-increas es-dica AMCHAM Myanmar officially commences Presided over by US Ambassador to Myanmar, Derek Mitchell, the opening of the Ya ngon chapter at the Chatrium Hotel was underpinned by an extensive network of 50 founding members of US and US affiliated companies such as Coca-Cola, Chevron, KPMG, MasterCard and Metlife. The launch of AMCHAM Myanmar is a significant miles tone in US commercial engagement, Mr Mitchell said. In line with the launch, memb ers of the new chapter have elected its first president, Unocal Myanmar Offshore Co Ltd president Mariano Vela. Only one year ago, who would have thought that th e case for change here would have been like this, Mr Vela said in a speech during the event. I believe this is the right time to increase American presence here. US firm inks JV deal (US-based construction firm Holloman Corporation and Myanmar s Young Investment Gr oup have both invested US$200 million to set up the Young Holloman Corporation i n Myanmar, the firms announced.) U Thiha Aung, chairman of the Young Investment Group, said that the joint-ventur e will establish a cement-batching plant before investing further in constructio n and oil and gas. We re planning to build two cement-batching factories, one in Th ilawa Industrial Zone and the other in Thingangyun township, producing quality p roducts, he said. The factories, to be built within six to eight months with a t otal investment of $100 million, will use domestic raw materials, he said. We pla n to produce up to 280 cubic metres a day, said U Thiha Aung. The corporation has also invested $100 million to explore oil, said Grant Petersen, managing direct or of Holloman Corporation in the Asia region. We will conduct a survey for envir onmental and social impact assessments in Yanan-Inntaw in the Chindwin area in S againg Region and Taungoo-Pyinmana in Bago Region, he said. http://www.mmtimes.com/index.php/business/8656-amcham-myanmar-officially-commenc es.html Parliament accepts South Korean energy loan Parliament has just accepted a USD $155 million loan from Republic of Korea for use in Myanmar s energy and communication sectors. U Zaw Myint Phay, vice chairman of the Constitution Review Joint Committee, confirmed that the funds will be al located to the Ministry of Energy and the Ministry of Communications and Informa tion Technology. He also suggested that both ministries submit reports to Parli ament detailing their plans for the use of this capital. The Ministry of Energy has previously announced that they will use their $100 million portion of the lo

an to complete a power line project. The Ministry of Communications has likewise publicized that they will use their $55 million share to lay four inland fiberoptic cables. http://www.mizzima.com/mizzima-news/myanmar/item/10577-parliament-accepts-southkorean-energy-loan OPPORTUNITIES Stock standards: papermarkers face international competition (A lack of locally produced high quality paper means printers are heavily depend ent on imported stock, dealers say although strong demand may allow the country to learn from industry leaders like Indonesia over the next few years.) With paper consumption high in Myanmar, consumers of imported paper tend to focu s more on price than quality, according to one paper import company spokesperson . We have no choice as our country can t produce the same quality as imported paper . So we just find the sources who can import at the minimum prices and we sell i t locally at a fair price, said Ma Zarchi, manager of Taw Win Myint Mo Company. M a Zarchi said the Myanmar paper market is influenced mostly by Indonesian-made p aper, which she called a strong product with a reasonable price. http://www.mmtimes.com/index.php/business/8729-paper-makers-unable-to-compete-wi th-imports.html Myanmar vows to build more power plants to meet public demand YANGON, Nov. 13 (Xinhua) -- Myanmar Minister of Electric Power U Khin Maung Soe has stressed the need to build more power plants in the country to meet public d emand, official media reported Wednesday. U Khin Maung Soe made the emphasis at the ongoing parliament session in clarifying the planned electricity price hike. Under a 30-year electricity strategic development plan, the country's power sup ply till the fiscal year 2012-13 should have been 4,910 megawatts, he said, whil e blaming it got only 3,600 mw till to date, reported the New Light of Myanmar. Given the public demand of 8,929 mw, there was a shortage of around 5,000 mw as the country failed to build seven hydropower, three thermal and two coal-fired p ower plants, he clarified, attributing the failure to financial difficulties. He further clarified that Myanmar's power consumption, which has increased by 15 percent annually, is likely to reach 3,000 mw by 2015 with summer power demand estimated to stand at 2,370 mw in 2014. He disclosed that the currently running power stations can generate 1,655 mw in maximum, emphasizing the need to build three power plants each with an installed capacity of 500 mw at a cost of 2.1 billion U.S. dollars to meet the power dema nd of 3,000 mw in 2015 and 4,000 mw in 2016. He called for local and foreign inv estment in the projects, saying that the government alone cannot afford to imple ment it. http://www.shanghaidaily.com/article/article_xinhua.aspx?id=179944 Myanmar, S. Korea to cooperate in nutrition promotion Myanmar and South Korea will cooperate in nutrition promotion by developing milk -cow breeding and dairy products, official media reported Thursday. The cooperat ion will be made under a memorandum of understanding signed between the Myanmar Ministry of Livestock, Fisheries and Rural Development and South Korea's Seoul D airy Products, said the New Light of Myanmar. Myanmar has set up the National Da iry Development Board to lead the move. Myanmar Minister of Livestock, Fisherie s and Rural Development U Ohn Myint said the country can save 50 million U.S. do llars per year in dairy import when there is sufficient production of milk and d

airy products, while the South Korean company's executive officer Lee Dong Youn g reaffirmed that the company will make cooperation with the Myanmar ministry o n expending school milk feeding program and more development of milk cow breedin g and dairy products through establishment of milk-cow breeding farms and milk p rocessing plants. Earlier this month, the Myanmar ministry also signed a MoU with S. Korea Rural C ommunity Corporation on cooperation in Myanmar's rural development with the Kore an firm offering to provide expertise on agriculture, livestock breeding and ve terinary at National University in Seoul. http://www.mizzima.com/mizzima-news/myanmar/item/10561-myanmar-s-korea-to-cooper ate-in-nutrition-promotion Myanmar gets ADB soft loan for electricity supply network Myanmar has got $60 million new soft loan from the Asian Development Bank (ADB) for the development of its electricity supply network, official media quoted Min ister of Electric Power U Khin Maung Soe as reporting Thursday. U Khin Maung Soe told the ongoing parliament session that 4 percent of line loss or 98 million u nits of electricity line loss could be reduced and annual income of 6.958 billio n Kyats ($7.24 million) based on the selling price of 71 Kyats per unit could be earned by saving such amount of loss, reported the New Light of Myanmar.With th e soft loan, new transformers will be installed, old power lines be substituted, and aerial bundled conductors and analog meter boxes be replaced as suggested b y ADB consultants. Under the loan agreement, the pay-back period is 24 years, in cluding an 8-year grace period and the interest rate is 1 percent in the grace p eriod, while 1.5 percent in the pay-back period, the report added. http://www.globaltimes.cn/content/821598.shtml#.Up6entJmiSo Myanmar, India agree to cooperate in enhancement of IT skills Myanmar and India will cooperate in enhancement of information technology skills , official media reported Saturday. The Memorandum of Understanding (MoU) on enh ancement of Information Technology Skills was signed between the governments of Myanmar and India in Nay Pyi Taw on Friday, said the New Light of Myanmar. The M oU covers conducting more training courses at India- Myanmar Center for Enhancem ent of Information Technology Skills ( IMCEITS), turning the center into an auth orized training center of the Center for Development of Advanced Computing (CDAC ) in India to be able to present internationally-recognized joint certificates t o trainees and making contribution to the development of ICT sector in Myanmar. http://www.globaltimes.cn/content/822050.shtml#.Up6k4tJmiSo