Myanmar Business Today - Vol 2, Issue 12

March 20-26, 2014
Myanmar Business Today
mmbiztoday.com
mmbiztoday.com March 20-26, 2014 | Vol 2, Issue 12MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL
Myanmar Summary
Myanmar Summary
Contd. P 19...
Contd. P 19...Contd. P 6... Contd. P 6...
Investments by $130 Million
Aims to diversify into agriculture, logistics and education sectors
Nwe Zin
S
ingapore-listed Yoma
Strategic Holdings
(YSH) last week an-
nounced its plans for a
massive expansion of its
business interests in My-
anmar in a bid to diversify
its portfolio and income
stream in the frontier mar-
ket of the Southeast Asian
country.
The company, which
mainly deals in real estate
and property, will bolster
its push into Myanmar by
branching out into educa-
ucts, cold storage and
logistics businesses, with
an estimated total invest-
ment of $130 million.
The moves are part of
the company’s push to
lio in Myanmar, Andrew
Rickards, chief executive
of YSH, said at a press
conference in Singapore.
YSH said these devel-
opments are in line with
its “long-term vision and
planning” as it “leverages
on its solid foundation to
develop sectors of My-
anmar’s economy” with
strong potential for future
growth.
Yoma tied up with the
International Finance
Corporation (IFC), the
private sector lending arm
of the World Bank Group,
to secure a debt and eq-
its venture into the agri-
culture and logistics sec-
tors in Myanmar, which
is subject to completion of
IFC’s appraisal, environ-
mental and social impact
assessment.
The company has
formed a new investment
holding company, Yoma
Agricultural & Logistics
Holding Pte Ltd (YALH),
which is intended to hold
the group’s interests in
cold storage and logistics
businesses.
IFC will invest up to 20
percent equity in YALH
with the remaining 80
percent held by Yoma
Strategic Investment Ltd,
a wholly-owned subsidi-
ary of YSH.
YSH signed an agree-
ment with UK-based
ED&F Man Holdings Ltd
(EDFM), an agricultural
commodities trader, to
plant and produce low-
in the group’s plantation
land at the Maw Tin Es-
tate in Ayeyarwaddy divi-
sion of Myanmar.
SMIDB Plans to Lend $21
Phyu Thit Lwin
S
tate-owned Small
and Medium Indus-
trial Bank (SMIDB)
plans to lend K20 billion
($20.6 million) to small
and medium entrepre-
year, starting April 1, of-
The Central Department
of Small and Medium En-
terprises Development
(CDSMED) under the
Ministry of Industry will
administer the loans to
entrepreneurs at 8.5 per-
cent interest rate, CDS-
MED Director Daw Aye
Aye Win said.
Germany’s development
Small and medium enterprises in Myanmar comprise about 90 percent of the Southeast Asian country’s
economy, according to different estimates.
UAung/Xinhua
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March 20-26, 2014
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Business News in Brief
Local Thukhayadana Co Ltd and Singapore’s Mega
One Investment Pte Ltd will invest $267.88 million to
develop hotels, serviced apartments and retail busi-
ness under build-operate-transfer (BOT) system on a
7.5 acre plot owned by the defence ministry, in Dagon
township at the centre of commercial city Yangon, lo-
Investment Commission.
property purchases with illegal money, local media re-
ported, quoting Lower House law maker Win Oo. A 3
percent tax will be levied on property worth up to K50
million, 10 percent on property worth K50 million to
K150 million, 25 percent on K150 million to K300 mil-
lion, and 30 percent on property worth more than K300
million, he said. Earlier, properties purchased with il-
legal money were taxed 30 percent regardless of value.
The Myanmar Parliament last week turned down a
proposal of law maker Khin San Hlaing to increase duty
and taxes on alcoholic drinks, cigarettes and other to-
bacco products by 200 percent, local media reported.
The duty and taxes will remain at 100 percent on ciga-
rettes and 50 percent on alcoholic drinks and other to-
bacco products.
Small and Medium Enterprises (SMEs) will have to
pay 3 percent premium as Credit Guarantee Insurance
percent for the following years, Deputy Finance Min-
ister Maung Maung Thein said. State-owned Myanmar
Insurance Enterprise will introduce Credit Guaran-
tee Insurance for SMEs on an experimental scale for
companies are allowed to do it, he said. There are over
Some foreign investors are buying shares in local pub-
Daiwa Securities Exchange, which is helping the gov-
ernment launch the bourse, said. However, the compa-
nies selling shares are not abiding by the company law
according to earlier reports.
Myanmar Vice President U Nyan Tun has called for a
comprehensive environmental management system as
tion on the environment in Myanmar. He urged the law
enforcement bodies to take action against those who
are exploring natural resources illegally and businesses
which do not follow rules and regulations protecting
the environment.
Myanmar Union Parliament has approved two tax-
related bills, amending the Income Tax Law and the
Commercial Tax Law during the ongoing ninth regular
sessions in Nay Pyi Taw. The newly-approved income
Myanmar’s exports of marine products will drop 15.64
March 31, compared with $652 million in 2012-13, local
media reported, quoting Myanmar Fishery Federation
Vice-Chairman Han Tun. Han Tun attributed the fall to
Myanmar waters. However, Deputy Minister of Fishery
Khin Maung Aye had earlier said that the drop in ex-
ports of aqua-products was because of a rise in domes-
tic consumption.
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Myanmar Summary

March 20-26, 2014
mmbiztoday.com
3LOCAL BIZ
Myanmar Summary
W
ork on the
$ 1 . 1 - b i l l i o n
Hanthawaddy
International Airport in
Myanmar faces additional
delays because the four
short-listed competitors
for the job will have to
submit new bids because
of “a major change in
project policy”, a senior
cial told Reuters.
“Our government has
agreed to seek ODA (of-
tance) for implementing
the project,” the senior of-
he was talking to the me-
dia without authorisation.
“So, to make the com-
petition fair ... we decided
to invite the four short-
listed bidders to send in
their tenders again. The
deadline is on April 22,”
he added.
“Originally, the project
2018, but it would now
take some more time.”
Aung Hla Tun
In August, a consorti-
um led by South Korea’s
Incheon International
Airport Corp was named
as the preferred bidder to
build Hanthawaddy In-
ternational Airport, but
those discussions were
said to have broken down.
Other bidders include
a consortium made of up
Singapore’s Changi Air-
port Planners, Yongnam
Holdings and Japan’s
JGC Corp and a consorti-
um made up of Vinci Air-
port of France and Taisei
Corp of Japan.
Incheon and Yongnam
had come up with sugges-
ing the project with de-
velopment assistance and
the government took that
into consideration.
Located near Bago, the
Hanthawaddy Interna-
tional Airport is about 60
miles (96 km) away from
the international airport
in the commercial capital
of Yangon.
Only three of about
three dozen airports op-
erating in Myanmar are
considered international
airports. Yangon Inter-
national Airport is being
upgraded and expanded
and Mandalay Interna-
tional Airport is awaiting
upgrades.
Spurred by political
and economic reforms in
the past few years, tour-
ist arrivals to the country
have almost exceeded the
capacity of existing facili-
ties in Yangon, Mandalay
and the capital of Nay Pyi
Taw. Reuters
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Yangon International Airport.
Files
T
he Myanma Petrochemical Enterprise (MPE) un-
der the Ministry of Energy has invited tenders for
the supply of high speed diesel (HSD) and Jet A1,
according to an announcement.
The bid winner will have to supply 1.645 million bar-
rels of HSD and 752,000 barrels of Jet A1 type aviation
fuel.
The tender will close on April 2 at 12pm and opened
on the same day at 1pm, MPE said.
The delivery time for the aviation fuel is between April
1, 2014 and March 31, 2015.
Tender documents and detailed information were
made available since Thursday last week at the Depart-
hours on payment of K100,000 ($100) per set.
The MPE said only bidders who has purchased ten-
evaluation.
Kyaw Min
Myanmar Summary
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&&SdEdkifaMumif; od&onf/

March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 4
Myanmar Summary
Myanmar Summary
Centurion Starts
V
ancouver-based Centuri-
on Minerals Ltd has ini-
tiated a reconnaissance
(phase 1) exploration program
on its slate belt concession in
central Myanmar, the company
said.
The exploration program will
include geological mapping,
stream sediment geochemis-
try, and evaluation of historical
gold occurrences, the Canadian
miner said.
Subject to receipt of all regu-
latory approvals, Centurion will
hold an 80 percent interest in
the concession with 20 percent
held by its Myanmar partner,
Crown Minerals Company.
Myanmar’s exploration and
mining permits are issued by
the central government and al-
low for a mineral concession to
followed by a 25 year produc-
tion period.
Centurion said that through
Phase 1 exploration program
the company is aiming to prior-
itise targets within the conces-
Pann Nu sion and, as part of the Myan-
the location of the slate belt
concession boundaries.
The “slate belt” concession is
located south of Mandalay city
and covers an area of approxi-
mately 692 square kilometres.
The Moditaung gold mine and
the Lebyin gold-antimony mine
are within a few kilometres
south and east, respectively, of
the slate belt concession bound-
aries. The slate belt concession
is road accessible and explora-
tion activities can be carried out
year round, Centurion said.
The Moditaung and Lebyin
mines were discovered and
evaluated by another Canadian
mining giant Ivanhoe Mines
Ltd during the late 1990s and
early 2000s; a phase of explo-
ration which also included the
discovery of a number of gold
occurrences within the slate
belt concession.
The current program on the
slate belt will include the explo-
ration of geological and struc-
tural environments similar to
those hosting the Moditaung
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and Lebyin mines, Centurion
said.
Centurion is involved in ex-
ploration and development of
gold and other precious metal
projects in Southeast Asia.
Villagers pan for gold at the Irrawaddy river near the town of Myitkyina in northern Myanmar.
SoeZeyaTun/Reuters
J
apanese shipping com-
pany Mitsui OSK Lines
(MOL) is eyeing more
business beyond its existing
container shipping business
in Myanmar, the company an-
nounced.
Apart from future expansion
on the container business in
Myanmar, MOL may expand its
other businesses to cover bulk-
ers, tankers and car carriers,
the company said in a release.
“As Myanmar continues to
open up and expand, we see the
country standing in front of a
new world – a world of grow-
ing economic opportunities of
trade, infrastructure develop-
ment and regional strategic hub
position for maritime transpor-
tation,” said MOL president
Koichi Muto.
“MOL is pleased to work to-
gether with the country to seize
the growth opportunities by
further expanding our contain-
ership businesses in time,” he
said.
MOL’s presence in Myanmar
dates back to 1898 when the
called at the Port of Yangon.
Since March 2012, a direct ser-
vice linking Singapore and Yan-
gon has been established. In
October 2012, MOL established
Zayar Phyo MOL Myanmar Ltd, a wholly-
owned subsidiary of MOL.
“I am grateful to the Myan-
mar government, customers
and partners for their contin-
ued support in MOL’s business
development. Over the years,
MOL has grown in tandem with
Myanmar and we have long be-
come one of the country’s clos-
est partners,” Koichi said at a
reception MOL hosted for gov-
ernment leaders, customers,
partners and MOL employees
in Yangon.
The shipping giant said that
as a multi-modal transport
group MOL will continue to “ac-
tively seize opportunities that
contribute to global economic
growth by constantly monitor-
ing our performance and meet-
ing customer needs.”
Putraventure.com
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March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 5
Myanmar Summary
M
alaysian agri-
business giant
Felda Global
Ventures Holdings Bhd
(FGV) has inked a joint
venture agreement to
set up a $15-million rub-
ber processing plant and
in Myanmar, the compa-
ny said.
FGV’s subsidiary FGV
Myanmar (L) Pte Ltd en-
tered into the deal with
local Pho La Min Trad-
ing Co Ltd (PLM) to form
FGV Pho La Min Co Ltd.
FGV will subscribe to
a 51 percent stake in the
joint venture entity and
PLM will hold the rest.
FGV and PLM will build
a modern rubber process-
ing plant in Myeik with a
target capacity of 24,000
tonnes a year, FGV said.
The plant in Myeik in
southeastern Myanmar is
scheduled to be complet-
next year.
“We have high ambi-
tions for this company to
excel as a big player in
Myanmar in the rubber-
related industry,” FGV
Group President and
Mohd Emir Mavani Ab-
dullah told the media dur-
ing the signing.
“The joint venture com-
pany plans to be involved
in many areas but this
year we will concentrate
on the rubber industry,”
Kyaw Min Emir said.
FGV has been aggres-
sively pursuing opportu-
nities in Myanmar since
2011. It signed a memo-
randum of understanding
with PLM in 2012 to de-
velop a complete supply
chain in palm oil, rubber
and sugar in Myanmar. It
is already exporting palm
oil products such as SAJI
cooking oil, Adela indus-
trial margarine, Mariana
shortening and SunBear
bread spread range to
Myanmar.
“We want to further ex-
pand our product distri-
bution in Myanmar and
we hope once we reach
20,000 metric tonnes
of supply, we can open
a small packaging plant
here,” he said.
Last year, FGV export-
ed about 14,000 met-
ric tonnes of cooking oil
products to Myanmar.
The joint venture com-
pany also plans to open
another plant in Mon
state and develop 30,000
and 10,000ha of brown-
However, the green-
be done in stages as the
Myanmar government
only allows a 70-year land
lease for foreigners, he
added.
He also said the com-
pany would also consider
the possibility of ventur-
ing into the downstream
business.
“It could be anything
like slippers or maybe
a small factory making
tyres. We will continue to
look into all possibilities
and opportunities in the
rubber industry here,” he
said.
Emir said FGV is also
looking to venture into
the sugar industry since
Myanmar still has a sugar
shortfall.
“The country only has 12
to 14 sugar mills ... there
is a lot of growth poten-
tial here. We are looking
into the possibility of how
we can co-invest with the
government, either in raw
He said the company is
keen to work with local
smallholders and might
later look into the possi-
bility of acquiring a sugar
mill in the country.
Emir said the group
also plans to venture
into Cambodia, focus-
ing on rubber plantation
and processing. He said
FGV group was looking
Indonesia and Africa.
PLM has expanded its
business portfolio in re-
cent years and is current-
ly looking at new markets
around the world. PLM
mostly deals in the export
of assorted types of My-
anmar rubber.
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Co Ltd (PLM) ESifhyl;aygif;í
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Reuters
A plantation worker scrapes rubber latex at a rubber plantation.

March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 6
Myanmar Summary
M
alaysia External Trade
Development Corp
(MATRADE) will be
targeting various construction
projects for Malaysian com-
panies worth RM400 million
($122 million) in Myanmar, the
trade agency said.
These projects include resi-
dential, commercial, industrial
parks and mixed development
buildings and shopping malls.
The owners of these projects,
-
TRADE, are Myanmar govern-
ment-related agencies and the
private sector, it said.
MATRADE said Malaysian
contribute to the development
of the country due to its prov-
en track record in undertaking
various construction and infra-
structure projects internation-
ally.”
various construction sector in-
cluding building construction,
property and township devel-
opment, infrastructure, roads
and highways, water-related
services as well as consultancy
services such as engineering,
architecture, project manage-
ment and specialised research
services.
Last year, MATRADE said,
Zayar Phyo
projects worth RM330 million
business potential and oppor-
tunities, especially in the infra-
structure and property develop-
ment sector.
Reforms undertaken by the
Myanmar government have im-
pacted positively to the coun-
try’s economy and enhanced
within the country, it added.
“There is a surge in demand
for modern residential and
commercial properties due to
the people’s changing lifestyles
into the country,” said MAT-
RADE.
Infrastructure development
has been given a priority by
the government to facilitate the
rapid economic activities taking
place in Myanmar.
Nine Malaysian construction
companies will be joining MA-
TRADE for a Specialised Mar-
keting Mission to Myanmar
from 17–21 March to meet the
project owners and assess the
Programs arranged by MAT-
Since Myanmar opened up IN 2011, construction sector has experienced a massive boom. Now, MATRADE eyes to bag about
$122 million worth of construction projects in the country.
OliverSlow
bank KfW and Japan In-
ternational Cooperation
Agency (JICA) are expect-
the project, she said.
The move comes as
Myanmar tries to des-
perately strengthen its
estimated 120,000 SMEs
ahead of the ASEAN Eco-
nomic Community (AEC)
goods and labour in AEC
challenges before the ill-
funded Myanmar SMEs
who will be competing
against their superior ri-
vals in the region.
“We have already re-
ceived about 100 appli-
cations. We will examine
the applicants and visit
their businesses and fac-
tories to see whether they
are following rules and
regulations, and if their
businesses have the po-
tential to boom,” Daw Aye
Aye Win said.
“We don’t want to waste
the state’s money. We will
recommend businesses
that will have better pros-
pects to the SMIDB for
loans.”
Myanmar’s SMEs cur-
rently depend for loans
an interest rate of 8.5
percent, lower than the
commercial banks. How-
ever, SMIDB only gives
loans to businesses from
the manufacturing sector.
“The small enterprises
their productions. If we
will become more com-
petitive and will be able
small entrepreneur Daw
Toe Toe Mar said.
“There is a need for
more capital in the mar-
ket to secure more raw
materials and increase
outputs. The new loans
-
mand,” businessperson U
Tun Myint said.
SMIDB has already
granted K10 billion
($10.2 million) to 62 My-
anmar entrepreneurs,
sources said. The lender,
which now has 12 branch-
es across the country, will
open four more branches
soon.
The SME bill has cur-
rently been brought to the
parliament and is expect-
ed to be enacted soon.
S
ingapore-based oil
and gas exploration
company Interra Re-
sources Ltd said its jointly
controlled entity, Gold-
petrol Joint Operating
Company Inc, has started
drilling development well
YNG3267 in the Yenang-
-
mar.
YNG 3267 is drilled as
oil producers which have
been completed over the
previous six months at
rates as high as 176 bar-
rels of oil per day, Interra
sad.
The company said the
targeted depth is 4,000
feet with the primary ob-
jective of accelerating
production from the oil
Kyaw Min reservoirs that produce
from wells in this fault
block.
Interra has a 60 percent
interest in the Improved
Petroleum Recovery Con-
tract of the Yenangyaung
percent of Goldpetrol
which is the operator of
YNG3267 is being
drilled using Goldpetrol’s
ZJ 450 rig, thus drill-
ing costs are expected to
be relatively low, Interra
said, and its share of the
cost of drilling is funded
from existing funds on
hand.
Interra estimates that
the results of the drilling
and completion should be
available in approximate-
ly six weeks.
Myanmar Summary
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Ltd
cGJjzpfaom Goldpetrol Joint
Operating Company Inc
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pufrIZkefrsm;? [dkw,fESifh½Hk;taqmuf
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pDrHudef;rsm;vnf; yg0ifaMumif; od&onf/
MATRADE azmfxkwfajymMum;
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od&onf/rav;&Sm;vkyfief;rsm;onf
aqmufvkyfa&;vkyfief;trsKd;rsKd;ESifhtajccH
taqmufttHkpDrHudef;rsm;pGmudk tjynf
jynfqdkif&mpHcsdefpHñTef;rsm;ESifhtnD
taumif;qHk;aqmif&GufEdkifcJhonfhrSwf
wrf;aumif;rsm;&SdaeonfhtwGuf jrefrm
EdkifiHaqmufvkyfa&;pDrHudef;rsm;twGuf
taumif;qHk;aomtaetxm;wGif&Sdae
aMumif; MATRADE rSajymMum;cJhonf/
include meetings with project
owners and participation in the
Myanmar Infrastructure Sum-
mit and Exhibition, organised
in Yangon, Myanmar’s com-
mercial capital.

March 20-26, 2014
mmbiztoday.com
7LOCAL BIZ
Myanmar Summary
S
ingapore-listed Yoma
Strategic Holdings
Ltd plans to set up
what it says could become
tion in Myanmar, hoping
the frontier economy has
the potential to develop a
The Myanmar-focused
property conglomerate,
led by Chairman Serge
Pun, said it has signed a
deal to set up a joint ven-
business with ED&F Man,
a global agricultural trad-
er.
Yoma will hold an 85
percent stake in the ven-
ture, which is expected to
require up to $20 million
of investment over four
years. Its target will be to
plant 3,700 acres of cof-
fee.
“We think this will prob-
ably become the biggest
country, and could start
Rujun Shen
from Myanmar,” Andrew
Rickards, Yoma’s chief
analysts and reporters.
“The main thrust of this
is likely to be exports.”
Myanmar is geographi-
cally well situated to be-
is in its early days and
fragmented, with a num-
ber of small plantations.
In 2012, it produced
about 8,000 tonnes of
hectares (29,652 acres)
of land, according to es-
timates of the Food and
Agriculture Organisation
of the United Nations. In
2011, the country exported
By comparison, Vi-
etnam, the world’s top
producer of the strong-
churned out nearly 1.3
in 2012, exporting most
of that.
Rickards declined to
give details on the planta-
tion’s production target,
but said a yield of one
tonne per acre per year
would be a reference for
early years of the planta-
tion.
The plan is part of Yo-
It also announced it had
signed an agreement with
the Myanmar government
to set up a dairy plant to
supply milk to schoolchil-
dren, as well as a cold stor-
age and logistics business
with Japan’s Kokubu & Co
Ltd.
Yoma garnered over
90 percent of its income
from property business
in Myanmar in 2013, and
would like to see the con-
tribution from non-prop-
erty businesses to rise to
at least 50 percent, com-
pany chairman Pun said.
In addition to property,
it also owns a car service
department store and a
hot air balloon tour op-
erator.
Yoma shares rose more
week high of S$0.72 last
week. Reuters
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od&onf/
T
he Hydro Power Generation Enterprise under
the Ministry of Electric Power (MEP) has invited
a tender for underground works at Yeywar Hy-
dropower project on Myit Nge river in northern Shan
state.
Interested companies may obtain tender forms at Of-
Completed forms has to be submitted to the same of-
2pm on the same day.
Further information can be obtained by phone at +95
067411415 or by fax at +95 067411081.
Also, the Procurement Branch under MEP has invited
Plant from Tichit Area for a lengthy period.
Tender forms can be obtained starting from May 11 at
Completed forms have to be submitted before May 8.
Further information can be obtained by phone at +95
067411168 and +95 067411154.
Phyu Thit Lwin
Myanmar Summary
A worker dries coffee beans.
YTHaryono/Reuters
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ief;u&Srf;jynfe,fajrmufydkif;jrpfi,fjrpfwGifaqmufvkyfvsuf&Sdonfh
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067411081 odkYzufpfay;ydkYEdkifaMumif; od&onf/

March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 8
Myanmar Summary
I
n her bare-bones classroom,
Daw Myat Marlar makes a
wish for her young students
from Myanmar’s densely popu-
lated but energy-starved Aye-
yarwady Delta. “I want them to
be educated so they have more
opportunities, and life won’t be
as hard for them as it is now.”
evolving belief that a better fu-
ture is possible in Myanmar.
Since 2011, a wave of political
and economic reforms has be-
gun to change Myanmar and
initiate its transition from con-
government to a democracy,
and from a closed to an open
economy.
Amid growing international
Bank President Jim Yong Kim
recently announced a $2 billion
program to help Myanmar de-
liver universal health care to all
citizens by 2030 and dramati-
cally improve access to energy
– seen as key to improved living
conditions, job prospects, and
economic growth.
“Expanding access to electric-
ity in a country like Myanmar
can help transform a society –
children will be able to study
at night, shops will stay open,
and health clinics will have
lights and energy to power life-
saving technology. Electricity
helps bring an end to poverty,”
country on January 26.
Myanmar, also known as
Burma, is one of the poorest
countries in East Asia. About
70 percent of Myanmar’s popu-
lation – about 40 million peo-
brownouts, and rationing are
common among those who
have access. A very small per-
centage of the national GDP
has been spent on education
and health care, and some 32
country is ranked 182nd out of
189 economies on the ease of
doing business.
But Myanmar is trying to
turn things around. Economic
growth was 6.5 percent last
year as gas production, services,
construction, and commodity
exports rose. The country is ex-
pected to grow at a 6.8 percent
rate this year. The government
is working with the interna-
tional community, including
the World Bank Group, to im-
prove infrastructure, education,
health care, and the business
climate.
“The country is in a hurry to
catch up to its neighbours,” in-
cluding India, China, and other
high-growth emerging nations,
says Kanthan Shankar, the
World Bank’s country manager
in Myanmar. “There is a lot to
do.”
In the 18 months since the
World Bank Group opened an
two projects and has several in
the pipeline, he says. The Bank
from its fund for the poorest
countries, the International
Development Association, with
sector and encourage invest-
insurance.
The fund for the poorest will
provide $200 million to help
Myanmar achieve universal
health coverage by 2030. The
funding will increase access
to essential health services for
women and children and help
to remove out-of-pocket pay-
ments as a barrier to health
care for the poorest people. An-
other $80 million in grants are
already helping people in rural
communities invest in schools,
roads, water and other projects.
Other pending projects include:
$31.5 million to expand access
to telecommunications in rural
areas; $30 million to support
modernisation of the country’s
systems; and $60 million to
expand a government program
providing grants to schools and
poor students.
To increase energy access, the
-
lion project to modernise and
expand an electric power plant
in Mon State. The revamped
plant will produce 250 per-
cent more electricity with the
same amount of gas, with the
areas around cities and the na-
tional grid.
Longer term, a national elec-
by the Sustainable Energy for
All Initiative, will guide deliv-
sustainable electricity services
to the population of around
60 million. In rural areas, the
strategy probably will include
energy and renewables such as
wind power, says Shankar.
IFC, the arm of the Bank
Group focused on the private
sector, has invested $2 million
-
ing about 200,000 micro and
small businesses, mostly run
by women, and is helping three
other institutions build the ca-
The investment is part of an
-
trepreneurship and bring pri-
vate investment to sustainably
develop key sectors like telecom
and energy that could help close
the poverty gap.
“It’s about providing essen-
tial, basic services to the people
of Myanmar,” says Vikram Ku-
mar, IFC’s resident representa-
tive in Myanmar, of IFC’s role.
“If small and medium enter-
prises have more power avail-
able to operate throughout the
day, they’re improving their
competitiveness and contribut-
ing to job creation – which is
what we focus on and funda-
mental to the goals of ending
poverty and promoting shared
prosperity.”
IFC is advising the Myanmar
Ministry of Electric Power on
partnering with the private sec-
tor to generate and distribute
power, with the goal of creating
a basic framework for agree-
ments. In telecom, recent regu-
latory reform is easing the way
for investors to participate in
years, Myanmar has a “massive
opportunity” to learn from the
experience of other countries to
develop a mobile-banking sec-
tor that would greatly increase
As of December 2013, previ-
-
nancing is badly needed to de-
velop the private sector and fuel
reform can gain political risk in-
surance from the Bank Group’s
Multilateral Investment Guar-
antee Agency.
“The people of Myanmar are
eagerly looking forward to the
reform dividend, and satisfy-
ing those aspirations will be the
government’s challenge and op-
portunity,” says Shankar. WB
“To increase energy access, the Bank is financ-
ing a $140 million project to modernise and ex-
pand an electric power plant in Mon State. The
revamped plant will produce 250 percent more
electricity with the same amount of gas.”
Myanmar, also known as Burma, is one of the poorest countries in East Asia. About 70 percent of Myanmar’s population –
about 40 million people – lives off-grid.
Reuters
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March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 9
Myanmar Summary
Myanmar Summary
T
he Myanmar Rice Indus-
try Association (MRIA)
expects the country to
Aung Hla Tun export 300,000 tonnes of par-
starting April 1, up from 30,000
Demand for Myanmar par-
boiled rice is growing in Eu-
ropean markets, said MRIA
Chairman Chit Khine. My-
anmar exported most of the
-
cal year to European markets,
mainly to Russia.
Myanmar’s total rice exports,
however, fell 28.6 percent to 1
hurt by a fall in demand from
China and political turmoil in
Thailand.
“We have already built mod-
ern mills and factories with
total capacity of over 1,000
tonnes of parboiled rice per day
while some more are still under
construction,” Khine said.
“Our (parboiled rice) fetches
very competitive prices as it is
processed with modern tech-
nology. We got up to $505 per
tonne this year,” Khine said.
He expects Myanmar to ex-
port up to 1.5 million tonnes of
total rice this year.
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Demand for Myanmar parboiled rice is growing in European markets. The country exported most of the parboiled rice during
RomeoRanoco/Reuters
Shein Thu Aung
S
ingapore-based ZICOlaw,
a network of independent
legal and related profes-
sional service providers in the
ASEAN region, hosted a forum
in Yangon to discuss the im-
pending implementation of the
ASEAN Economic Community
(AEC) in less than two years.
Commentators from across
the ASEAN region joined local
Myanmar stakeholders to ex-
change views on the challenges
the AEC.
Chew Seng Kok, ZICOlaw
Regional Managing Partner,
said: “There are challenges in
realising the ASEAN Economic
Community (AEC) and hence
regional economic integration
is pivotal.
“With ASEAN’s economic
blueprint outlining a wide-
ranging series of goals for
economic integration and the
urgency to act early, ZICOlaw
aims to be part of this inte-
gration success for ASEAN by
working with businesses in the
public and private sectors.”
John Pang, senior advisor,
Hakluyt & Co and former CEO
of CIMB Asean Research Insti-
tute, said: “Time is running out
as ASEAN is facing competition
from other regions.”
ASEAN needs to institutional-
ise its decision-making process,
dispute resolution mechanisms
and try to harmonise its nation-
al laws and regulations to facili-
tate investments by the private
sector, Tony Kinnear, manag-
ing director, ASEAN & North
Asia, Thomson Reuters said.
K Kesavapany, former di-
rector, Institute of Southeast
Asian Studies, Ong Keng Yong,
Singapore High Commissioner
in Malaysia and former Secre-
tary General, ASEAN, U Moe
Kyaw, managing director, My-
anmar Marketing Research De-
velopment (MMRD), Raman
Narayanan, executive director,
AirAsia Asean, and Dr Naoko
Kumada, research scholar, Ur-
banization Project, New York
University, also spoke at the
forum.
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zvS,fcJhMuaMumif;vnf; od&onf/

March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 10
Myanmar Summary
Myanmar Summary
U
-
win Leighton Paisner
(BLP) has ventured
into Myanmar through a non-
exclusive tie-up with local out-
(LNC), joining a slew of foreign
Myanmar’s recently opened
economy.
LNC will now be a member of
BLP’s newly-launched Asia net-
work, a vehicle BLP has created
in a bid to form relationships
with local players in emerg-
ing markets in Southeast Asia,
allowing it to tap the growing
number of deals happening in
the region.
LNC is headed by Khin Mar
Aye, who has 20 years of legal
and commercial experience.
-
The Law Chambers.
With the new partnership it
plans to work closely with LNC
and head of BLP’s Singapore
have set out to be a leader in
Kyaw Min
Myanmar and are very excited
and positive about this new de-
velopment and our relationship
with LNC.
“For us, Myanmar presents a
whole horizon of huge opportu-
nities particularly in the power,
oil and gas, mining, infrastruc-
ture and real estate sectors
which play to our strengths.”
Until the deal, BLP has been
servicing Myanmar out of Sin-
gapore, with a practice led by
Cheung and energy and pro-
jects partner Nomita Nair.
arbitration, compliance and
business establishment work,
targeting regional and interna-
tional multinationals looking to
invest in the country.
BLP is one of the several in-
to have expressed an inter-
est in Myanmar in the last two
years, including Gibson Dunn
& Crutcher, Hogan Lovells, Al-
len & Overy and Herbert Smith
Freehills.
Baker & McKenzie opened
in Yangon in February, Duane
Morris Selvam, signed leases in
both Yangon and Nay Pyi Taw in
Rouse launched with a team of
two partners in November.
-
in Yangon in February, while
Mori Hamada & Matsumoto
also moved to Yangon in Janu-
ary.
However, partners say the
market remains challenging
Earlier this month BLP hired
Ward from Norton Rose Ful-
bright to join its Hong Kong
-
rently focused on China but he
is expected to complement the
projects BLP is working on in
Myanmar and Indonesia.
-
cated in Singapore, Hong Kong
and Beijing.
H
ong Kong’s textile man-
ufacturers have signed
an agreement to set up
an industrial park in Yangon in
a bid to cut down their produc-
tion costs by at least half.
Workers at the 200-hectare
facility in Myanmar’s commer-
of those employed in mainland
Phyu Thit Lwin factories, South China Morning
Post reported.
Hong Kong’s Liberal Party
lawmaker Felix Chung Kwok-
pan, representing the textiles
and garment constituency,
made the deal on behalf of 12
manufacturers to rent half of
the 400-hectare Thilawa Spe-
cial Economic Zone, which is
being built by Myanmar and
Japan.
“We will start the construc-
tion work in mid-2015 and hope
the factories can start operating
by the end of next year,” Chung
was quoted as saying.
The land has been rented for
$52 million annually for 50
years.
Chung said the Hong Kong
manufacturers planned to em-
ploy at least 30,000 Myanmar
workers at the market salary of
$100 to $120 a month.
“The salary level is only one-
All products exported from My-
anmar enjoy duty-free access to
all EU countries after [Western
counties lifted] economic sanc-
tions on the country,” Chung
said.
Chung said the manufactur-
ers – who will invest $2 million
to $3 million in the industrial
park – could break even in one
to two years.
LegalWeek
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March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 11
Myanmar Summary
Contd. P 28... Contd. P 28...
Danny Crichton
I
t can be hard for even the
strongest entrepreneurs to
succeed in cutthroat Silicon
Valley. But throw in simmering
istent Internet infrastructure, a
military junta that is still in the
early phases of transitioning to
democratic rule, and develop-
ers more familiar with ColdFu-
sion than Ruby on Rails, and
one might reasonably think
that it would be nearly impos-
sible for any company, let alone
an Internet startup, to succeed
in such an environment.
For Rita Nguyen, though, this
is the everyday life of building
anmar. Nguyen is no stranger
in Vietnam during the war and
with her family after the Re-
public of Vietnam fell. Nguyen
would eventually study at the
University of British Colum-
bia, and worked in a variety of
marketing roles early in her ca-
reer including Electronic Arts,
where she led the community
management team.
While at EA, she was ap-
proached by a leading video
game executive in Vietnam,
who showed her the burgeoning
startup scene underway there in
2009. After spending much of
her life in Canada, Nguyen de-
cided she wanted to spend more
time in the country of her birth.
“I decided to spend a year
away from my career, knowing
that it would not be my career
long-term.” She wanted to build
her own company, but didn’t
know exactly what that would
be and decided to go exploring.
Something must have clicked,
because Nguyen has been work-
ing from Southeast Asia ever
since. Vietnam is a “marketer’s
dream” according to Nguyen.
While Western consumer mar-
kets are saturated with mes-
sages, markets like Vietnam are
much earlier in their develop-
ment, and thus, a lot of prod-
ucts have never even been seen
by the public before. This was
even more the case in Myan-
mar, which Nguyen visited after
the suggestion of a friend.
like the kind of place to build
Rita Nguyen’s startup dream,
but her interactions with locals
propelled her to build a busi-
ness in the country. “There was
so little infrastructure,” she ob-
served, “but there was so much
passion and interest in technol-
ogy, and so much of it was un-
tapped and unfocused.” Back
during the military junta, which
controlled the country from
1962 to 2011, much of the inter-
net was blocked, particularly to
websites outside of Myanmar.
That meant that the only way
to access the internet was using
subversive tools to get around
tion of hackers that are now key
to Myanmar’s startup hopes.
That hacker culture, though,
remains quite elite. Total inter-
net penetration in the country
hovers around 1 percent of the
population, much of it con-
centrated in the largest city of
Yangon. And while prices for
mobile services have declined
dramatically, they remain out of
reach for most consumers in the
country. Today, one of the few
popular websites is Facebook,
which is used less for commu-
nications (since so few friends
and family are members), but
more to share controversial
are still shared via Bluetooth
on mobile devices. Yet, the new
government has deep optimism
that it can increase access levels
to greater than three-quarters
of the population over the next
few years.
Given such a gestating mar-
was a challenge. A nationwide
consumer culture does not exist
in Myanmar, so there is a lack
of guidelines and best practices
on consumer tastes like in the
West. Plus, “there were clones
of everything, from Eventful
to Yelp,” Nguyen notes, mak-
of determining what consumers
wanted was precisely the sort
of problem that could be solved
through technology.
Nguyen ended up developing
Squar, a social platform that
aims to create a community
around content while actively
collecting data on users and
sharing analytical insights with
advertisers. “There are 60 mil-
lion people in the country, and
no one knows anything about
them,” Nguyen points out.
Such a model is of course com-
mon in the West, but it broke
new ground in Myanmar. She
brought in two engineer friends
and developed an MVP in May
of last year, and a few short
weeks later, Squar was in the
Google Play store for Android.
One gauntlet facing startups
ing the necessary funding to
continue operating. Venture
capitalists in Silicon Valley of-
ten perceive startups even from
Portland and Boulder to be ex-
otic, let alone from cities like
Yangon or Karachi. This reality
tends to encourage a culture of
bootstrapping and a focus on
in more developed innovation
markets like Singapore and Ko-
rea.
Nguyen’s experience fund-
raising is typical of other fron-
tier entrepreneurs who perceive
a real culture clash between
investors attuned to emerging
markets, and those who are not.
“If you talk to investors who do
a lot in frontier markets, they
very rarely ask how you are
when you talk to people from
tion. They often think in terms
of comparables, but the mar-
ket just isn’t ready for it yet.”
Nguyen notes that she didn’t
have competitors in the market-
place when she started, and that
tiation. “It’s actually just an
awareness thing” in these early
days. Nguyen’s startup remains
one of the few venture-backed
startups in the country.
Another misperception of
frontier markets is that there
is little money to be made out-
side the developed world. While
the WhatsApp acquisition last
week may change those views,
it remains likely that VCs in the
West will continue to focus on
the American and European
markets. Yet, there is incredible
that target emerging consum-
ers properly. Nguyen notes that
Starbucks and Korea’s Lotteria
brands are now in the country,
and are packed even at prices
out of reach for most inside the
country.
There is of course billions of
ing into the country, much of it
going to utilities and other na-
tion building priorities. There
were more than $1.8 billion
foreign investment projects ap-
proved just during the spring
and summer of 2013. But that
money is failing to connect into
the local startup scene. Nguyen
is disappointed with the current
these kids who are passionate,
and there is all of this money
coming in, but it is not connect-
ing.”
One bright spot, which might
be surprising to those in the
United States, is that the tel-
ecommunications companies
have been in the vanguard in
Myanmar, assisting with in-
novation and partnering with
entrepreneurs to produce more
apps and content. Most con-
“There are 60 million people in the
country, and no one knows
anything about them.”
Rita Nguyen at Squar Youth Festival in Yangon.
RitaNguyen
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&SdaeaMumif; olru odjrifoabmayguf

March 20-26, 2014
mmbiztoday.com
LOCAL BIZ 12
Myanmar Summary
Myanmar Summary
Myanmar Summary
Myanmar Summary
A
sia’s largest budget car-
rier AirAsia has teamed
up with The Suu Foun-
dation, which was launched re-
cently at the Co-operative Busi-
ness Centre in Yangon, in a bid
to improve healthcare and edu-
cation in Myanmar.
AirAsia Berhad CEO Aireen
Omar said, “AirAsia applauds
the initiative by the Suu Foun-
dation in bettering healthcare
and education opportunities in
Myanmar and we are proud to
support its cause.”
Nobel Peace Prize laureate
and the foundation’s creator
Aung San Suu Kyi said her foun-
dation aims to raise the stand-
ard of health and education in
Myanmar and thanked AirAsia
for the company’s support.
Former US Secretary of State
Hillary Clinton and former US
supporting the foundation and
both are honorary co-chairs of
the Suu Foundation.
Nwe Zin
A
Norwegian social busi-
ness organisation has
started teaching an Eng-
lish course to Myanmar’s tour-
ism and hospitality workers
in a bid to help them leverage
the large number of tourists
country.
The program, sponsored by
the Partnership for Change,
is a six week intensive English
course for the Inle people work-
ing in hospitality and tourism,
Kyaw Min the New York Times reported.
The pilot course proved so
popular that 120 people signed
up to join the next one in July
2014.
The program includes teach-
ing Myanmar workers how to
give directions and how to un-
derstand English grammar.
The program is run by Teach-
ers Across Borders and is ex-
pected to run more courses help
the professional development
of the Myanmar tourism indus-
try if the English course is suc-
cessful.
Pork from Myanmar
D
istrict magistrates of border districts of the India’s
northeastern state of Mizoram have ordered to ban
import of pigs and pork from Myanmar until August
fearing fresh incidents of the Porcine Reproductive and Res-
piratory Syndrome (PRRS).
Authorities of districts adjoining Myanmar, Champhai,
Lunglei, Serchhip, Lawngtlai and Saiha have been instructed
to issue prohibitory orders, Director of the state Animal Hus-
bandry and Veterinary LB Sailo told the Press Trust of India.
Though there has been no fresh infection, he said, but the
state government was taking preventive measures.
“The Centre has issued a stern warning to Mizoram on the
import of pigs from Myanmar which shares a 404 km inter-
national border as PRRS is always present in the neighbour-
ing country,” Sailo was quoted as saying.
Hundreds of pigs were killed when the PRRS hit Mizoram
early last year, prompting the state government to seal the
border.
Phyu Thit Lwin
T
wo universities from Singapore and two from Myan-
mar signed two memoranda of understanding (MOU)
on cooperation in legal education, Singapore’s Minis-
try of Law said.
The MOUs were signed during the visit of Singapore’s Sen-
ior Minister of State for Law and Education Indranee Rajah
to Myanmar last month.
The National University of Singapore’s (NUS) Faculty of
Law and the Singapore Management University’s (SMU)
School of Law signed an MOU with the Department of Law
of the University of Yangon, and another with the University
of Mandalay’s Department of Law.
The MOUs aim to promote cooperation in legal educa-
tion between the universities, the ministry said. Key areas
of cooperation will include faculty exchanges, study visits,
curriculum planning and design, cooperation in legal educa-
tion pedagogy, as well as enhancement of legal research and
development resources, it added.
Dean of SMU School of Law, Professor Yeo Tiong Min,
said, “Myanmar and Singapore share the same common law
tradition, and face many similar issues in adapting and ap-
plying it in an Asian society.
“There is much that the universities can learn from one an-
other on issues of law and legal education. The memoran-
dum of understanding will enable the signatory universities
Shein Thu Aung
Fishermen at Inle Lake, one of Myanmar’s top tourist destinations.
SherpaHossainy
Aung San Suu Kyi addresses the launching ceremony of Suu Foundation at the Co-
operative Business Centre in Yangon.
UAung/Xinhua
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aygif;aqmif&GufrIrsm;udkwdk;wufvmap&ef &nf&G,fjcif; jzpfonf/

March 20-26, 2014
mmbiztoday.com
REGIONAL BIZ 13
Myanmar Summary
Contd. P 20...
Mishap could spur management changes
T
he disappearance of the
Malaysian Airline System
(MAS) jet could dent the
national carrier’s plan to return
analysts said.
Flight MH370 disappeared
early March 8 about an hour
Lumpur after climbing to a
cruising altitude of 35,000 feet
(10,670 metres).
MAS, which saw its net loss
expand 171 percent to 1.17 bil-
lion ringgit ($359.12 million) in
Yantoultra Ngui 2013 from 2012, could see a loss
in bookings due to the missing
airliner and some analysts be-
lieve it could lead to a change in
management.
“We do not discount the pos-
sibly of changes to MAS top
management, given the existing
and the severity of the current
incident,” Daniel Wong, equity
analyst with Kuala Lumpur-
based Hong Leong Investment
Bank, wrote in a note last week.
-
ment on any possible changes
to management, saying their
primary focus was to care for
the families of the passengers
on the missing jet.
The latest incident is the sec-
ond mishap for MAS after a
Twin Otter aircraft belonging
to MASWings, a unit of MAS,
crashed while attempting to
land in October 2013, killing
two.
“This could last for some
time, even months,” said Pong
Teng Siew, head of research at
Kuala Lumpur-based Interpac
Securities. “There will be some
apprehension among travellers
whether they should take MAS
“Passengers and regular trav-
ellers of MAS will watch care-
fully how the top management
handles this crisis situation. It
means a lot to the future of the
carrier.”
MAS has been aiming to turn
around since it last posted an
ringgit in 2010, but loss-making
routes and competition from
budget airlines like AirAsia
have hurt the company.
It is only recently that it start-
ed to see its turnaround plan
gain traction after a series of
corporate exercises that helped
The airline also gained the
support of its 20,000-strong
employee union following an
aborted share swap with AirA-
sia in May 2012.
Eleven out of 12 analysts who
cover the stock have either a
strong sell or sell rating, while
one recommended a hold, ac-
cording to data compiled by
ThomsonReuters.
The shares have slumped al-
most 66 percent since 59-year-
old power industry veteran, Ah-
mad Jauhari Yahya, joined the
state-controlled airline in 2011.
Reuters
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C bank sees 2014 GDP growth at lower than 3pc
Orathai Sriring &
Kitiphong Thaichareon
T
hailand’s central bank
cut its benchmark inter-
est rate by 25 basis points
last week in a bid to spark
growth in a sluggish economy
hurt by months of political un-
rest.
Highlighting the problems
facing Thailand’s economy, the
Constitutional Court earlier in
the day blocked government
plans to allocate 2 trillion baht
($62 billion) for infrastructure
projects.
The Bank of Thailand’s Mon-
etary Policy Committee (MPC)
voted 4-3 to cut the one-day re-
purchase rate to 2.0 percent, a
level last seen in late 2010.
“We don’t think that today’s
rate cut will do much to boost
GDP growth,” said Gundy
Cahyadi, an economist with
DBS Bank in Singapore.
-
dence has been triggered by the
political stalemate and we doubt
that rate cut will do anything
In any case, loan growth has re-
mained strong, with household
loan growth still in the double-
digit territory,” he said.
At its last meeting on Jan.
22, the committee unexpect-
edly voted 4-3 to keep the rate
unchanged while warning of
substantially increased risks to
growth from the turmoil.
The committee said in a
statement: “Downside risks to
growth have risen in the wake
of prolonged political situation.
remains subdued. Monetary
policy has some scope to ease,
in order to lend more support
to the economy and ensure con-
-
tion.”
It also said that “prolonged
political uncertainties would
continue to impede recovery of
private consumption and in-
vestment”.
The committee said the three
members who opposed the cut
felt existing policy was accom-
modative “while the main head-
-
cial in nature”.
The central bank said econom-
ic growth was now expected to
be less than 3 percent this year.
At the start of 2014, it expected
growth of about 4 percent.
Scaled-back protests
Last week’s meeting took
place at a time protesters trying
to unseat Prime Minister Yin-
gluck Shinawatra have scaled
back their action, but political
tension and uncertainty still is
taking a toll on Southeast Asia’s
second-biggest economy, after
Indonesia.
-
dence tumbled to a 12-year low
in February, a survey showed
-
to Beijing and was presumed to have crashed.
Stringer/Reuters

March 20-26, 2014
mmbiztoday.com
REGIONAL BIZ 14
Bankregulatorapproves10firmsforprivatebankpilot
C
hina will launch pilot
programmes testing the
development of privately-
owned banks in Tianjin, Shang-
hai, Zhejiang and Guangdong,
the country’s bank regulator
Shang Fulin said last week.
The pilot, which was approved
by China’s government in Janu-
the country to open its closely-
guarded banking sector to pri-
vate investors.
The China Banking Regula-
tory Commission named 10
companies it has approved to
participate in the pilot project.
These include e-commerce gi-
ants Alibaba and Tencent Hold-
ings Ltd – both of which are
already competing with banks
for depositors by selling high-
yielding wealth management
products online.
established, each with two com-
panies as joint investors, the
CBRC said.
The other private companies
that CBRC approved are: auto
parts manufacturer Wanxiang
China Holdings Co Ltd; airline
operator JuneYao Group; di-
International Ltd; Shenzhen
Baiyetuan Investment Co Ltd,
the largest shareholder of Join-
care Pharmaceutical Industry
Group Co; Tianjin Shanghui In-
vestment Co Ltd, a subsidiary of
pharmaceutical conglomerate
Tasly Holding Group Co Ltd;
copper materials producer Hua-
bei Group; power plant equip-
ment producer Chint Group;
petrochemical and plastics con-
glomerate Huafeng Group.
Alibaba is applying for the
-
vices Group, which includes on-
line payment unit Alipay as well
as its shareholding in Alibaba’s
Insurance, and Tianhong Asset
Management Co.
“The Small and Micro Finan-
cial Services Group will apply
for the license together with
China Wanxiang Holding Co.
Ltd; we are currently preparing
the relevant application materi-
als so have no further informa-
tion to share at this time,” an
Alibaba Small and Micro Fi-
nancial Services Group spokes-
woman told Reuters via email.
Wanxiang Holdings is part
of Hangzhou-based Wanxiang
Group, China’s biggest auto
parts company built by billion-
aire Lu Guanqiu.
Tencent was not available for
immediate comment.
Economists have long decried
the tendency of China’s state-
dominated banking system to
grant loans primarily to large
and medium-sized-enterprises
(SMEs) account for 60 percent
of gross domestic product and
around 75 percent of new jobs.
that even if regulators move ag-
gressively to permit privately-
owned banks, it won’t provide
an immediate solution to SME
Reuters
Myanmar Summary
Myanmar Summary
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Number of people in work at highest level on record
S
outh Korea’s seasonally
adjusted unemployment
spiked to a three-year
high in February as job seekers
the number of people in work
hit its highest level in 15 years
in an encouraging signal for the
country’s economy.
Data from South Korea’s sta-
tistics agency showed last week
that the unemployment rate for
the month rose to 3.9 percent
from 3.2 percent in January.
An additional 308,800 peo-
ple entered the jobs market in
February – the highest monthly
increase on record dating back
to June 1999 – whereas only
112,800 jobs were newly cre-
ated.
The rate of people in employ-
ment out of the total population
Choonsik Yoo &
Se Young Lee
aged 15 or older rose to 60.6
percent in February, also the
highest since June 1999, from
60.4 percent in January, the
Statistics Korea data showed.
-
sonal patterns.
While the February unem-
ployment rate hit its highest
since touching a same 3.9 per-
cent in March 2011, “The data
suggests that the job market
overall is starting to improve
as the economy rebounds,” said
HI Investment economist Park
Sang-hyun.
The government of President
Park Geun-hye is pushing to
boost employment, particularly
among women and the youth,
recovery in domestic demand.
The central bank currently
forecasts economic growth to
accelerate to 3.8 percent this
year from an estimated 2.8 per-
cent last year, in line with the
expected global economic re-
covery. Reuters
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Reuters
Job seekers look at help-wanted advertisements at a job fair in Seoul.
LeeJae-Won/Reuters

March 20-26, 2014
mmbiztoday.com
REGIONAL BIZ 15
Myanmar Summary
W
hen Typhoon Hai-
yan (locally named
as “Yolanda”) swept
across the Philippines late last
year, killing more than 6,000
people, displacing more than 4
million, and causing nearly $1
billion in damage, it became the
third massive tropical storm to
hit the island nation in less than
12 months.
The ferocity of the typhoon
sparked speculation among the
media, politicians, and experts
that such extreme weather is a
direct consequence of climate
change (Haiyan is the most
powerful storm of its kind to
make landfall on record).
“The Philippines is no stran-
ger to the adverse weather.
Droughts, heavy rainfall, land-
slides, and earthquakes regu-
larly disrupt day-to-day life,”
said HyoYoul Kim, country rep-
resentative, Philippines, Global
Green Growth Institute (GGGI).
“In this context, it is rec-
ognised as being among the
world’s most vulnerable coun-
tries to climate change.”
In recent years, the Philip-
pines government has taken
action on this issue, passing the
Climate Change Act of 2009.
This legislation established the
Climate Change Commission
(CCC) as a centralised policy-
making body on issues related
to climate change.
The CCC helped the national
government adopt the Nation-
al Climate Change Adaptation
-
ity areas to focus on for climate
change resilience. It has also
been tasked with assisting lo-
cal governments to prepare Lo-
cal Climate Change Adaptation
needs.
been working with the GGGI
on a project – Demonstration
of Eco-town Framework in the
Philippines.
project was designed to dem-
onstrate how at-risk munici-
palities can become ecologically
stable and economically resil-
ient to climate change.
The bulk of GGGI’s work took
place in the town of San Vicente
in the province of Palawan, one
of the westernmost islands in
the Philippines.
San Vicente is a municipal-
ity of about 30,000 inhabit-
ants and has a total land area
Mike Sullivan of 165,798 hectares. The town
is highly vulnerable to sea-level
-
ing, and, conversely, drought.
farming make up nearly 60 per-
cent of all economic activity,
the increasing threat of climate
change has drastic implications
for its economy and food secu-
rity.
The CCC and GGGI conduct-
ed climate change vulnerability
and risk assessments and envi-
ronmental and natural resource
accounting in multiple sectors,
including agriculture, coastal
and marine, forestry and health.
These analyses found, among
other things, that climate
change will likely cause de-
creased crop yield for farmers,
increased deaths among about
4,000 work animals, higher lev-
els of coastal erosion and sedi-
mentation that will threaten
the livelihoods of around 8,000
increased water-borne and vec-
tor-borne diseases.
The analysis also found that
San Vicente needs to strengthen
its response to climate change.
There are few locally-based ag-
to help farmers introduce al-
ternative, more resilient crops.
has not modernised its methods
and processing facilities, mak-
ing it all the more vulnerable
to the increasing pressures on
coastal and marine resources.
Based on the analysis, the
CCC-GGGI team, through con-
sultation with local and foreign
stakeholders and experts, sug-
gested an array of adaptation
measures for the town. Accord-
ing to a forthcoming report,
these measures were based on
feasibility, social and cultural
feasibility, required time, and
sustainability and overall im-
pact.”
Some of the recommendations
include modernising farming
practices to include weather
stations and small-scale irriga-
tion facilities, introduction of
more climate-resilient crops,
establishing sea walls and dikes,
setting up an early warning
system, involving the private
sector in coastal planning and
management, conducting train-
ing on disaster risk reduction
and management, and provid-
ing a clean and adequate water
supply system.
“The suggested measures
were presented to the munici-
pal government of San Vicente
to incorporate them into their
development planning,” said
Kim.
“This process is the so-called
-
nomic development. In other
words, as San Vicente attempts
to grow and diversify its econo-
my – in recent years there has
been a great push to attract
more tourism – it must take
these adaptation measures into
account into every aspect of its
economic planning. Doing this,
according to the analysis car-
ried out by the CCC and GGGI,
will reduce the town’s vulner-
ability to climate change.”
On February 5, the Assembly
of San Vicente passed a resolu-
tion adopting the results of the
analysis undertaken by CCC
and GGGI, including the sug-
gested adaptation measures.
The Assembly also passed a
further resolution “expressing
thanks and appreciation” to the
CCC and GGGI for their work in
San Vicente.
The CCC and GGGI are now
taking the lessons learned from
the Eco-town Framework and
applying them at the provin-
cial level. Dubbed the Eco-town
Scale-up, the project began in
late 2013 and will enhance cli-
mate resilience and promote
green growth in four provinces,
which could then be replicated
in provinces nationwide.
The Eco-town Framework ef-
fort received the support of the
Philippines, Benigno Aquino III
at a meeting January 22.
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“As San Vicente attempts to grow and di-
versify its economy – in recent years there
has been a great push to attract more
tourism – it must take these adaptation
measures into account into every aspect of
its economic planning.”
-
port, the Philippines.
DamirSagolj/Reuters

March 20-26, 2014
mmbiztoday.com
INTERNATIONAL BIZ 16
T
he world must in-
crease its food pro-
duction by 60 per-
cent by mid-century or
risk serious food shortag-
es that could bring social
unrest and civil wars, the
UN Food and Agriculture
Organization (FAO) said
last week.
Demand for food will
rise rapidly over the next
few decades as the world
population surpasses 9
billion and increasingly
wealthy people improve
their diets, consuming
more calories, said Hiroy-
uki Konuma, the assistant
director-general of FAO
launched a one-week re-
gional food security con-
ference in Ulan Bator.
But as the need for more
food increases, the world
is spending less and less
money on agricultural re-
search, causing many sci-
entists to doubt whether
food production can keep
up with demand growth.
“If we fail to meet our
goal and a food short-
age occurs, there will be
a high risk of social and
Stian Reklev
political unrest, civil wars
and terrorism, and world
security as a whole might
-
ma.
The challenge is espe-
cially demanding in de-
veloping nations, which
need to boost crops by a
staggering 77 percent, he
said.
be left with more than
half a billion chronically
hungry people even if the
region meets its millen-
nium development goal of
cutting that number to 12
percent of the population,
he said.
Despite progress made
the world still has 842
million undernourished
people, according to FAO,
of which nearly two thirds
One in four children un-
stunted due to malnutri-
tion.
The UN body outlined
two main options: in-
crease arable land areas
and boost productivity
rates. But available arable
land is almost fully ex-
ploited, and production
growth rates have been
lacklustre for the past two
decades.
During the green revo-
lution in the 1980s, pro-
ductivity rates for rice
and wheat increased by
3.5 percent annually, but
for the past 20 years the
rate has been stuck at 0.6
to 0.8 percent.
The growth rate needs
to be stable at around 1
percent if the world is to
have a theoretical chance
to avoid serious shortag-
es, said Konuma.
Water scarcity in big
food-producing nations
like China is worsening,
and many farmers are
increasingly tempted to
shift production from
food to bioenergy, a pop-
ular option to cut emis-
sions of climate-changing
greenhouse gases.
Climate change is wors-
ening the situation, as
more frequent extreme
weather events devastate
crops. In the past three
years, Australia, Canada,
China, Russia and the
United States have all suf-
fered big harvest losses
Cost is an additional
threat to food security,
according to the UN body.
High and volatile food
prices restrict poor peo-
ple’s access to food, while
high crude oil prices in-
Reuters
Myanmar Summary
Myanmar Summary
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F
our of the big-
gest US technology
groups collectively
hold an estimated $124
billion in US Treasury
earning them tax-free in-
terest, the UK’s Bureau of
Investigative Journalism
(BIJ) said.
-
ple Inc, Microsoft Corp,
Google Inc and Cisco
Systems Inc hold a large
proportion of the $254.9
billion held in their for-
eign subsidiaries in US
Treasuries, according to
by the London-based BIJ,
-
ganisation.
Bringing the money
home would trigger a tax
bill, so the companies
fund foreign expansion
but also, executives say,
to avoid a tax hit.
Democratic party Sena-
tor Carl Levin, who has
campaigned for years
against tax avoidance,
was quoted saying by the
BIJ that if US corpora-
funds in US government
debt, this income should
face US taxes.
“Those funds ought to
be treated as having been
repatriated and subject to
US tax,” Levin said.
Corporations including
Apple have lobbied for
changes so they would
not have to pay US tax
on income earned out-
side the United States
and brought home. Many
other countries, including
Britain, only tax income
earned within their bor-
ders, though some inter-
national companies have
been accused of reducing
their bill via sophisticated
-
rangements.
Some US companies
say a “territorial” type of
tax system would avoid
double taxation and en-
sure all businesses com-
pete on equal terms. Tax
campaigners say it would
encourage companies to
Google said it responded
by governments while fol-
lowing tax rules in every
country where it operates.
The other companies de-
clined comment, but have
previously said they pay
all the tax they should.
Reuters
AjayVerma/Reuters
Reuters
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aqmif&GufMuaMumif; od&onf/

March 20-26, 2014
mmbiztoday.com
INTERNATIONAL BIZ 17
Myanmar Summary
Fund could blacklist firms for corruption, environmental damage this year
N
orway’s sovereign
wealth fund is ex-
amining the oper-
Western Sahara, a disput-
ed region of North Africa
with a history of human
rights abuses, to ascer-
tain whether its activities
there are unethical.
The $850-billion fund,
which invests Norway’s
revenues from oil and gas
for future generations, in-
vests only in companies it
considers ethical, and has
-
cluding makers of nucle-
ar arms, anti-personnel
landmines, cluster bombs
and tobacco.
It is one of the world’s
largest investors, with
holdings in 8,200 com-
panies, including a 2.06
percent Total stake worth
about $3 billion, which
makes it the French com-
pany’s fourth-biggest in-
vestor.
“We are following the
work of Total in Western
Sahara closely,” said Ola
Mestad, a law profes-
sor who has headed the
Norwegian fund’s ethics
council since 2010.
Total told Reuters its
Western Sahara, as in
other places where we
operate, are in line with
the applicable interna-
tional laws and standards
mentioned in our Code
of Conduct, in particular
those related to human
Gwladys Fouche
rights”.
Mestad said the main is-
sue with Western Sahara,
which Morocco and Al-
geria-backed separatists
both claim, was ensuring
that the interests of the
local population, such as
the Sahrawis – many of
whom are either exiled
or in refugee camps – are
protected.
Total was awarded a li-
cence to explore for oil
-
hara in 2011 by Morocco,
which annexed the re-
gion in 1975 after colonial
power Spain withdrew,
and fought a war with
the separatists. In 1991,
was reached on the un-
derstanding that a ref-
erendum would be held
on the region’s fate. That
vote never took place.
Media reports and hu-
man rights organisations
say the dispute has result-
ed in frequent abuses, in-
cluding the displacement
of tens of thousands of
Sahrawi civilians.
The fund’s council on
ethics, which published
its 2013 annual report last
week, has recommended
the fund drop its invest-
ments in companies in
the past because of their
involvement in Western
Sahara.
In 2005 the fund sold its
stake in oil company Kerr
McGee, since the council
exploration work there
strengthened the claims
of Morocco to sovereignty
over the territory, a claim
not recognised by the
United Nations. Kerr Mc-
Gee did not renew its con-
tract the following year.
In 2011 the fund sold
Corporation of Saskatch-
ewan and FMC Corpora-
tion for buying phosphate
from Western Sahara.
In December Total
signed a joint declaration
with Morocco’s National
Bureau of Petroleum and
Mines in which the latter
emphasises its commit-
ment to complying with
the principles of the Char-
ter of the United Nations.
Total also signed a mem-
orandum of understand-
ing setting out corporate
social responsibility prin-
ciples for the reconnais-
sance period and any sub-
sequent phases.
at the University of Oslo,
lined with tomes on prop-
erty, trade and EU law,
Mestad said investors
should be more aware of
human rights issues when
investing in a company,
both for ethical reasons
and because it can pose a
risk to their investments.
In 2014 he said the
council on ethics would
also be looking at oil and
countries presenting a
risk of corruption and
could sell out of textile
companies that violate
workers’ rights.
He said multinationals
would probably not be di-
rectly responsible for the
worst labour conditions,
but their supply chains
could harbour abuses.
“That is where there
could be a relation be-
tween really bad condi-
tions and a company in
which we are invested in,”
he said. Reuters
Ayesha Rascoe &
Valerie Volcovici
T
he United States
test sale of crude
from its emergency oil
stockpile since 1990, of-
fering a modest 5 million
barrels in what some ob-
servers saw as a subtle
message to Russia from
the Obama administra-
tion.
The Energy Department
said the test sale had
been planned for months,
timed to meet demand
of annual maintenance
cycles. But oil traders
to take over the Crimea
region from Ukraine has
prompted calls for use
of booming US energy
resources to relieve de-
pendence on Russian
natural gas by Europe and
Ukraine.
Oil prices dipped to
their lowest levels in a
month after news of the
test sale.
would ensure that oil
stored in vast salt caverns
could still reach local re-
changes in pipeline infra-
structure.
“Due to the recent dra-
matic increase in domes-
tic crude oil production,
system have occurred,”
department spokesman
Bill Gibbons said. The test
sale was needed to “ap-
propriately assess the sys-
tem’s capabilities in the
event of a disruption,” he
added.
Surging US shale oil
production has upended
the logistics of US crude
markets. Major pipelines
that traditionally moved
oil from the Gulf to the
Midwest have reversed
course, moving a glut of
shale oil from places like
North Dakota to points
south.
Analysts say President
Barack Obama has been
more willing than his pre-
decessors to tap the stra-
tegic reserve. Reuters
The logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La
Defense business district, west of Paris.
JacquesBrinon
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Myanmar Summary

Myanmar Business Today - Vol 2, Issue 12

Myanmar Business Today - Vol 2, Issue 12

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