Myanmar Business Today - Vol 2, Issue 28

July 17-23, 2014
Myanmar Business Today
mmbiztoday.com
mmbiztoday.com July 17-23, 2014| Vol 2, Issue 28MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL
Myanmar Summary
Inside MBT
Myanmar Rosewood Stolen to Feed Chi-
List? P-21
Enforcement Teams to Target
Growing Tax Evasion in Myanmar
T
he Internal Rev-
enue Department
(IRD) will start col-
lecting data on unpaid
government taxes to tack-
le Myanmar’s growing tax
evasion problem after up
to 400 industrial compa-
nies were reported avoid-
Mobile enforcement
teams will monitor indus-
South Okkalapa, Mingala-
don, Thaketa, Shwe Pyi
Thar, Hlaing Thayar and
South Dagon townships,
according to the IRD.
Internal Revenue De-
partment Director U
Aung Kyaw Tint said gov-
ernment action to target
the country’s tax evasion
follow the authorities’ in-
spection of business in
these market areas.
“As there are many
businesses to pay taxes,”
U Aung Kyaw Tint told
Myanmar Business To-
day.
The taxation board
plans to hold negotiations
Htun Htun Minn
with industrial commit-
tees, township city de-
velopment councils and
manufacturers on tax-
evading businesses oper-
ating in industrial areas.
Chair of Hlaing Thayar
Industrial Zone U Myat
Thin Aung said manufac-
turers operating without
industrial licenses in the
could be driving Myan-
mar’s increased tax eva-
sion.
“Some manufactures
have to operate on rented
facilities which increases
production costs. That
might be why the manu-
facturers evade taxes,” U
Myat Thin Aung told My-
anmar Business Today.
The government also
plans to implement mo-
bile enforcement teams
to collect tax evasion data
on areas including the
Saw Bwargyi Gone mar-
ket, Bogyoke market and
Theingyi market.
Chair of Dagon Port In-
dustrial Zone U Aye Lwin
said while he welcomes
the governments plan to
levy taxes more strictly
throughout the country,
authorities shouldn’t tar-
get struggling manufac-
turers following the coun-
try’s industrial laws.
to impose taxes on those
who have been buying
lands without using real
estate names and those
evading taxes by renting
out land instead of op-
erating businesses there
themselves,” U Aye Lwin
told Myanmar Business
Today.
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New Gov’t Regulations to Shorten Air-
craft Lifespans P-5
The taxation board plans to hold negotiations with industrial committees, township city development
councils and manufacturers on tax-evading businesses operating in industrial areas.
SoeZeyaTun/Reuters

July 17-23, 2014
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2LOCAL BIZ
MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL
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Reporters & Contributors
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Aye Myat, Aung Phyo, Zwe Wai, Phyo Thu, David Mayes,
Sherpa Hossainy, Aundrea Montaño,
Tom Stayner, David Ross
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Business News in Brief
Mitsubishi
Central bank to change reserve requirement
rules for private banks
At the suggestion of the IMF, the Central Bank of My-
anmar will make some major changes concerning the
reserve requirement for local private banks soon, local
“They will not be allowed to have reserve requirement
in bond any more. They will be required to keep it in
cash. And they will be required to have only 5 or 6 per-
cent reserve requirement, down from 10 per cent at
Bukit Asam may invest in Myanmar, Vietnam
power plants
Indonesia’s state-owned coal miner PT Tambang Ba-
tubara Bukit Asam is considering investing $600 mil-
lion to build two power plants in Myanmar and Viet-
nam, with a capacity of 200 megawatts each, said CEO
Milawarma, according to Indonesian media reports.
SME
Myanmar has invited 26 Japanese companies to in-
vest in small and medium enterprises in agriculture,
manufacturing, telecom equipment and infrastructure
development sectors, local media reported Myanmar
Investment Commission Chairman Zeya Aung as say-
ing. Japan has been implementing the Thilawa Special
Industrial Zone project, outside Yangon, since 2013.
pacity for Myanmar has been signed by Aggreko plc. All
Asia Asset Capital signed the deal for delivery by Anda-
man Power and Utility Company Limited (APU), a My-
anmar and Thailand-focused power generation group.
In turn APU, which has a Memorandum of Understand-
ing (MoU) with the government of Myanmar to act as
an electricity and utility provider to Dawei – the capital
city of the Tanintharyi region – and surrounding cities,
signed a binding agreement with Aggreko.
owned subsidiary of Bridgestone Corp, announced the
the truck, bus, car manufacturing industries and tire
markets, as well as conduct related activities on be-
investment laws has attracted many automobile com-
panies to set up a presence in fast-growing Myanmar,
where transportation infrastructures such as roads are
rapidly improving,” said Kunitoshi Takeda, member of
the Board and COO of BSCAP. Bridgestone has been
local channels.
Myanmar claims Facebook partnership after
nering with the social media site Facebook to moni-
tor Myanmar language posts following concerns that
a viral post sparked deadly sectarian clashes recently,
VOA’s Burmese service reported. The unnamed aide to
President Thein Sein said in an interview with VOA’s
Burmese service the government and Facebook have a
plan to manage a recurring issue in Myanmar – namely
according to the report. Facebook declined to comment
on the claims. But a spokesperson for the US-based
to VOA it has been in contact with the government of
Myanmar.
Myanmar, Norway to cooperate in mangrove
conservation
Myanmar and Norway are seeking cooperation in
mangrove forest conservation and a conservation plan
in this respect is being worked out between the two
countries. At a meeting between minister for Environ-
iting head of Norwegian Parliament’s Standing Com-
mittee for Energy and the Environment Ola Elvestuen,
the two sides discussed cooperation with international
non-governmental organisations in rehabilitation
programs, mangrove forest conservation activities be-
Foundation. Norway has been helping Myanmar with
the programs on conservation of biodiversity and forest
resources.
Myanmar Summary
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July 17-23, 2014
mmbiztoday.com
3LOCAL BIZ
Myanmar Summary
Myanmar Petrochemical Enterprise to Let Trad-
S
tate-run Myanmar
Petrochemical En-
terprise (MPE) is
seeking a foreign partner
to launch a joint venture
in a bid to privatise an oil
the Ministry of Energy an-
nounced.
MPE last week invited a
tender to operate and car-
ry out the rehabilitation of
about 14 kilometres out-
side Yangon, to “improve
its production capacity.”
The project, which will
be licensed under the
Foreign Investment Law,
will also undertake the
import, distribution and
storage of a wide range
of petroleum products, it
said.
The partnership is ex-
pected to land the potential
foreign partner a petro-
leum trading licence – an
unprecedented move that
will curb MPE’s longstand-
ing quasi-monopoly over
petroleum trading in the
Southeast Asian country.
“It’s a licence to print
money,” a source in the
oil and gas industry who
is intimately familiar with
the project told Myanmar
Business Today.
the government is going
petroleum products.
“If you wanted to get a
head start in Myanmar’s
highly lucrative petro-
leum sector this is your
permit to trade. This is
it,” said the source, who
wished to remain anony-
mous.
He said this is going to
be “tremendously inter-
esting” for big Japanese
trading houses like Mitsui
and Itochu, who will be
eagerly pursuing this.
The partner may also
receive a licence to de-
ploy a subsea pipeline and
pumping station allow-
ing pumping oil directly
to Yangon, thus dramati-
cally reducing the cost of
petroleum distribution.
Currently, the oil is trans-
ported in a cumbersome
and expensive manner
through boats over the
Thanlyin river.
Sherpa Hossainy
ies in Myanmar and the
largest. It has storage fa-
cilities, which is rare in
Myanmar, and can store
crude oil and condensate
(229,600 million gal-
lons), gasoline, jet fuel,
diesel and LPG (5,500
tonnes).
However, another cru-
cial aspect is that the fa-
cility has 745 acres of land
for future expansion.
The source said techni-
cal consultants for the
project have estimated
that the current facil-
ity can be turned into a
advantage of the exten-
sion provision. Dutch oil
giant Shell and Malaysia’s
Petronas will be very in-
terested in this, he added.
He said another sweet-
ener for the deal would be
that the operating facility,
along with the land, will
come with all the neces-
sary permits that are re-
quired.
“It’s very hard to start a
get the licences, particu-
larly environmental li-
cences. Now [the partner
will have] the government
as a shareholder, grandfa-
thering in, bringing all the
licences that you need.”
In terms of require-
ments, MPE is seeking
businesses that have ex-
perience owning and op-
with experience in im-
porting and distributing
crude oil and petroleum
products. A consortium,
erator and a supplier of
fuel, is also possible given
it’s a strong combination.
To be eligible to submit
a proposal, an applicant
shall be a company or
a corporation or a con-
sortium, and must be
involved in, for at least
three consecutive years,
a direct or indirect inter-
est of at least 50.1 percent
and management control
tal production of at least
500,000 barrels per day
(BPD) as at 31 December
2010”; and “a business or
a division engaged in the
importation of crude oil,
and/or the importation,
sales and distribution
of petroleum products,”
MPE announced.
MPE also stipulated
that the import, sales and
distribution activities of
the company must have
started no later than 31
December 2010, while
the volume of crude oil
import or sales and distri-
bution of petroleum prod-
ucts has to be at least 20
MM barrels per annum
for the last three years.
“An important factor is
access to cheap fuel and
that comes with volume.
somebody who has his own
production such as Shell,
Petronas or Thailand’s PTT
or we are talking about a
who is able to buy oil at
very competitive rates,” the
source said.
The move is seen as
MPE trying to start with
which happens to have
the growth potential to
become a huge one that
might compete with prod-
ucts that are currently be-
ing imported.
eries in Thailand, Malay-
sia, Indonesia, Japan and
to compete with those.
But with a large facility
[MPE] might be able to
do that.”
The documentation re-
lated to the tender went
on sale on July 14 and can
be purchased upon pay-
ing a non-refundable fee
of K3 million ($3,000).
Detailed payment infor-
mation is available in the
ministry of energy’s web-
site.
The deadline for submit-
ting the bid is October 13,
while there would be op-
portunity for applicants
to perform due diligence
tion in relation to the pro-
ject until September 12.
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July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 4
Myanmar Summary
Myanmar Summary
Over 20 Environmental NGOs
Operating without Licences
May Soe San
M
ore than 20 en-
v i r o n m e n t a l
monitoring non-
governmental organisa-
tions (NGOs) in Myanmar
are operating without a
licence or registration,
Yangon region’s Ministry
of Environmental Con-
servation and Forestry
(MOECAF) said.
regarding the environ-
mental organisations
come out, these [NGOs]
will have to register at the
ministry where they will
be scrutinised,” a senior
Today.
He said registration of
NGOs will help authori-
ties better monitor their
projects throughout the
country.
NGOs assess the en-
vironmental and social
impacts of a country’s de-
velopment projects on the
nation, according to the
ministry. There are 20 lo-
cal and seven such inter-
national organisations in
operation in Myanmar.
Myanmar had been
without a Ministry of
Environment for a long
time before MOECAF was
founded in 2012. Two
years later, MOECAF en-
-
ronmental regulations
implemented in Myan-
years.
Another MOECAF sen-
-
partment needs top-rank-
ing government member’s
support to open 15 state
monitor environmental
organisations around the
country.
-
work of NGOs throughout
Today.
MOECAF plans to found
Environmental Conversa-
tion Committees (ECC) in
Yangon, Mandalay, Saga-
ing, Ayeyrwaddy and Tan-
inhari regions this year,
while ECCs are planned
for Bago, Rakhine, Mon,
Shan, Kachin states by
August next year and in
Magway, Chin, Kayah and
Nay Pyi Taw in 2016.
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Gov’t Drafts Action
Plan for Inland Ports,
Containerisation
Aung Phyo
M
yanmar has
drafted an ac-
tion plan for the
development of dry ports
(inland ports) and con-
tainerisation of rail trans-
goods and provide new
opportunities for interna-
tional trade before imple-
mentation of the ASEAN
Economic Community in
2015.
The action plan is set to
be carried out in the cur-
15, state-run media an-
nounced.
Under the plan, the
state-run Myanmar Rail-
ways is to build dry ports
in Yangon and Manda-
lay, where three sites are
targeted as top priorities
as these sites are large
enough to hold contain-
ers and road and rail net-
works facilitating access
The plan also covers
running container trains
from inland container de-
pots to sea ports directly
and the repair of 13 bridg-
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rsm;udk&efukefESifhrEÅav;NrdKUü wnf
aqmufoGm;rnfjzpfNyD;&xm;
vrf;uGef&ufrsm;udktoHk;jyKum
wnfaqmufoGm; rnfjzpfonf/
es on the Yangon-Manda-
lay railroad.
According to the Myan-
mar Railways, open ten-
ders to develop the dry
ports will be invited soon
to start construction work
within four months.
UAung/Xinhua
NGOs assess the environmental and social impacts of the country’s development projects on the nation,
according to the ministry. There are 20 local and seven such international organisations in operation in
Myanmar.
DavidRoss

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 5
Myanmar Summary
New Gov’t Regulations to Shorten Aircraft Lifespans
Htun Htun Minn
T
he Department
of Civil Aviation
(DCA) under the
Ministry of Transport has
revealed new government
regulations that will re-
duce the standard lifes-
pan of domestic airplanes
Prior to the government
changes, commercial air-
ways were allowed to op-
erate airplanes in Myan-
mar for up to 25 years.
The new regulations
were announced by DCA
Review on Air Transpor-
tation Meeting.
DCA director general
anmar Business Today
that domestic airlines
planning to import new
planes are likely to choose
younger models under the
government’s new regula-
tions.
buy or lease planes with
many years left before
their expiry to maximise
said.
planes in operation for
longer than the allowed
20-year lifespan will likely
sell their aircrafts to other
countries.
President of Myanmar
Airways International
(MAI) U Khin Maung Lat
Today that the airways
will sell their older planes
to generate revenue for
newer aircrafts.
Countries in Africa and
the Middle East have
made proposals to secure
Myanmar’s aircrafts older
than the government’s
newly allowed 20-year
lifespan, according to
MAI.
Executive Director of
Lwin Moe said that the
company supports DCA’s
new regulations.
“If the situation at the
local airports improves,
and more instruments are
installed, the airlines have
plans to use better types
of aircrafts,” U Lwin Moe
Today.
The Department of Civil
Aviation revealed 53 air-
crafts are domestically
registered – the total in-
cludes 48 passenger air-
planes, 2 helicopters and
3 aerial transport carriers.
One private domestic
by decreasing aircraft
lifespans the government
costs for local airlines.
“It’s not easy to cover
the cost for a plane in 20
years, and the longer a
plane is used, the more
He said the govern-
ment’s newly proposed
regulations to reduce
plane service commis-
sions won’t be commer-
cially feasible for local
airlines.
“This regulation will
cost airlines a lot of mon-
ey, especially at a time like
this when competition is
high in the industry.”
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tqkdygav,mOfrsm;tm; tmz&du
wkduf&SdEkdifiHrsm;?ta&SUtv,fykdif;
rS EkdifiHrsm;u 0,f,l&ef urf;vSrf;
xm;NyD;jzpfaMumif; MAI av
aMumif;vkdif;rS od&onf/
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a&;ñTefMum;rIOD;pD;Xme)u csrSwf
wJhtay:rSm uRefawmfwkdYu bm
rS ajymqkd&efr&Sdbl;/okdYaomfvnf;
yJ uRefawmfwkdYavaMumif;vdkif;
awGtaeeJYuawmh jynfwGif;rSm
&SdaewJhav,mOfuGif;awG&JUtae
txm;awG ykdaumif;rGefvmr,f/
ykdNyD; Instrument awG jynfhpkH
vmr,fqkd&ifawmh 'Dxufykdrkd
omvGefaumif;rGefwJhtrsKd;tpm;
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Airways rSod&onf/
Aircrafts are seen at Nyaung Oo Airport in Bagan, Myanmar.
SherpaHossainy

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 6
Myanmar Summary
MyanmaAirwaysandATRtoBuildAirplaneRepairCentre
S
tate-run Myanma
Airways (MA) has
construct a repair center
with France-based air-
craft manufacturer Aerei
da Tansporto Regionale
Phyo Thu
Yangon International Air-
port.
Currently, the ATR
planes in use in Myanmar
have to be taken overseas
to Vietnam, India or Sin-
gapore for repairs at larg-
er-scale factories.
However, ATR and MA
plan to build a repair
center at Yangon Interna-
tional Airport in hopes to
reduce local airplane re-
pair costs.
Managing Director of
Myanma Airways U Than
Tun said construction of
the Yangon repair center
- which will handle minor
and large scale repairs on
30 ATR airplanes here. If
this project is implement-
ed these planes can be re-
paired domestically and
we plan to obtain inter-
-
pair planes from around
the world,” U Than Tun
Today.
Myanmar Airways has
collaborated with ATR to
construct a factory.
Future plans to con-
struct repair factories in
other airports around
Myanmar are likely to be
discussed.
Myanmar Airways, who
operate domestic travel
services in the country,
plans to start operating
Myanmar National Air-
ways in soon.
MyanmartoResumeJadeMininginKachinState
T
he Jade Supervi-
-
Myanmar will resume the
country’s suspended min-
ing operations in its trou-
bled Kachin State.
Starting September 1,
the government plans to
lift its two-year mining
suspension on the area.
The government sanc-
tions were introduced
to help resolve ongoing
army and ethnic rebels
broke down in 2011.
U Tin Shwe, a jade
trader from Sagaing, said
removing the sanctions
should increase jade sales
in the country’s local in-
dustry.
-
to strictly supervise the
risks associated with un-
sustainable resource ex-
traction,” U Tin Shwe
said.
Myanmar is the world’s
largest exporter of high-
quality jade. The country
relies mostly on demand
from Chinese markets to
export these products.
Mining operations in
Phyo Thu Lonekhin, Hpakhant,
Mawlu, Mawhan and
Khandi townships were
the country’s largest jade
production areas before
being suspended in May
2012.
Myanmar gained more
than $65 million from
mining extracts exports
year on April 1.
Industry experts said
Myanmar should increase
monitoring of illegal jade
exports to reduce raw re-
source smuggling to in-
ternational and domestic
blackmarkets.
Raw jade value from il-
legal trade routes has
reached $3.9 million
(K3.92 billion) over the
past four years, according
to Myanmar Gems Asso-
ciation estimates.
-
most $1 million in illegal
year, which ends March
2015.
jade export earned $1.01
period showing the indus-
try’s recent development
in Myanmar.
Myanmar’s 51st Jade
and Gems Emporium,
held from June 26 to July
6 in Nay Pyi Taw, brought
in a record $3.5 billion to
the country this year. Last
year’s emporium brought
in up to $2.6 billion worth
of jade sales.
Myanmar Summary
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Corrigendum
In the article “Kelvin Chia Expands to
Mandalay” appearing on Page 20 of My-
anmar Business Today (Volume 2, Issue
27), the caption of the photo in the article
was wrongly stated. The correct caption is
“Cheah Swee Gim, Director of Kelvin Chia
Yangon, and Goh York Lin, President of
Keppel Land Myanmar.”
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A Yangon Airlines aircraft takes off in Yangon International Airport.
SoeZeyaTun/Reuters
SoeZeyaTun/Reuters

July 17-23, 2014
mmbiztoday.com
7LOCAL BIZ
Myanmar Summary
Myanmar Summary
FinanceMinistrytoWorktowardsATransparentBudget
Htun Htun Minn
T
he Ministry of Fi-
nance has pledged
to introduce trans-
parent budgetary sys-
tems, in cooperation with
international standards
of openness, according
-
nance Dr Lin Aung.
He said on the advice of
-
istry is working to ensure
transparency through
modernising manage-
“To inform the public
how their taxes are spent
and how debts are paid
is the duty of the govern-
ment,” he said.
The ministry has indi-
cated it will move towards
budget” – where infor-
mation regarding govern-
ment income and expend-
iture, in easily understood
language, is disclosed.
Major requirements
budget are disclosure of
-
timates, details of the
proposed and completed
budget, inter-year report-
ing, end-of-year reporting
and budgetary audits.
-
nancial management have
been in place since the start
with the project expected
sections: project planning
for improving taxation col-
lection, improved budget-
ary planning, implement-
reporting and improving
external oversight capacity.
The Ministry of Fi-
nance indicated it had
been working towards re-
-
cial management system
since 2012.
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UMW Wins
$51-million
Myanmar Contract
Zwe Wai
M
alaysia-based
C o r p o r a t i o n
-
-
ing Sdn Bhd has been
awarded a contract by
Thailand’s PTTEP Inter-
national for the provision
of drilling rig services.
The contract, with an
estimated value of $51.3
million, will be based
in the Gulf of Mottama
(Block M3) in Myanmar,
-
NAGA 5.
250 days excluding mo-
bilisation and demobili-
sation), and may be ex-
tended for one optional
said in an announcement
on local stock exchange
Bursa Malaysia.
-
rently in the Philippines,
serving a drilling contract
with NIDO Petroleum
Philippines for drilling
-
ippines, which is expected
to be completed by July.
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OG u aMunmcJhonf/
Representatives attend a session of the union parliament in Nay Pyi Taw.
UAung/Xinhua

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 8
Myanmar Rosewood Stolen to Feed China’s
Elite Furniture Craze
Rosewood in Myanmar to go extinct in three years: EIA
Phyo Thu
M
yanmar’s pre-
cious rosewood
tree species are
heading for imminent
commercial extinction at
the hands of China’s mul-
ti-billion dollar rosewood
furniture boom, an envi-
ronmental conservation
group said.
The illegal trade in rose-
wood species is driven by
expanding wealthy elites
in China and their desires
for high-end Ming and
Qing dynasty reproduc-
tion furniture, collectively
known as “hongmu”.
-
ronmental Investigation
Agency (EIA) said if cur-
rent trends persist unad-
dressed, the two most tar-
geted hongmu species in
Myanmar – tamalan and
padauk – could be logged
to commercial extinction
within as little as three
years.
EIA’s May report Routes
of Extinction, which doc-
pressure on Siamese rose-
wood has all but eradi-
cated the species from
countries neighbouring
Myanmar, leaving Thai-
land facing violence and
Virtually overnight, My-
anmar has become the
biggest hongmu log sup-
plier to China worldwide.
“If Myanmar doesn’t
seek help, now, then these
precious species will quite
simply become extinct
very soon,” warned EIA
Forests Campaign Leader
Faith Doherty.
“The vast bulk of this
stolen timber is smug-
gled into China across its
land border with Myan-
mar although Myanmar
has a log export ban in
place, China simply isn’t
respecting its neighbour’s
laws and allows these
-
hindered.
“China has little re-
gard for forestry or tim-
ber trade laws in foreign
countries but does show
some respect for the Con-
vention on International
Trade in Endangered Spe-
cies (CITES), and we be-
lieve the best short-term
action Myanmar can take,
as a matter of urgency,
is to secure listing for its
threatened rosewood spe-
cies via CITES.”
EIA contends that the
huge scale of illegal and
unsustainable logging
poses a real threat to gov-
ernance, the rule of law
and the viability of dwin-
dling forests.
China’s 2013 imports
of Myanmar’s rosewood
logs were triple the vol-
ume and value recorded
in 2012, and nearly six
times the 2010 trade. Sei-
in Myanmar since 2008
have followed almost ex-
actly the same pattern as
imports into China.
The London-based
agency urged the govern-
ment to seek CITES Ap-
pendix III protection for
its at-risk hongmu spe-
cies – Dalbergia barien-
sis oliveri (tamalan) and
Pterocarpus macrocarpus
(padauk) – at the soon-
est opportunity to ensure
trade is in line with sus-
tainable exploitation of
existing standing stocks.
“Myanmar needs help
and CITES is one way for
the Government to seek
assistance in protecting
this valuable resource.
“EIA is also calling for
CITES Parties to assist My-
anmar in its need for a fully
functioning Management
Authority,” Doherty said.
Myanmar Summary
w½kwfEdkifiHvsifjrefpGmBuD;xGm;
vmaom a':vmbDvD,HcsD
opfeufy&dabm*aps;uGuf
vufcsufaMumifh jrefrmEdkifiH
tzdk;wefopfeufopfarT;rsKd;pdwf
rsm;rSm rsKd;okOf;rnfhab;ESifh rvGJ
raoG&ifqdkifae&NyD[k obm0
ywf0ef;usifxdef;odrf;a&;tzGJU
wpfzGJUu qdkonf/
w½kwfEdkifiH&Sd txufwef;vTm
rsm; aiGoHk;pGJrIESifh ][Gefrl}[k
NcHKiHkíac:aomopfarT;rsKd;rsm;
jzifhvkyfaom y&dabm*vuf&m
rsm;tay:vdkcsifwyfrufrIaMumifh
opfarT;w&m;r0ifukefoG,frIrSm
jrifhwufvmvsuf&SdaMumif; od&
onf/
obm0ywf0ef;usifpHkprf;ppf
aq;a&;at*sifpD (EIA)
owif;pm&Sif;vif;yGJwGif opfarT;
rsm;rsKd;okOf;vmrIvrf;aMumif;udk
azmfjyxm;NyD; ,if;vrf;aMumif;
wGif jrefrmEdkifiHtdrfeD;csif;EdkifiH
rsm;wGif xdkopfrsKd;rsm; vHk;0rsKd;
okef;aysmufuG,foGm;onfudk
rSwfwrf;wifxm;onf/
w½kwfEdkifiHonfjynfyEdkifiHrsm;
opfESifhukefoG,fa&;Oya'rsm;
udk *½kpdkufavhr&Sdaomfvnf;
rsKd;okOf;tEÅ&m,f&SdaomrsKd;pdwf
rsm;EdkifiHwumukefoG,fa&;qdkif
&mnDvmcHqHk;jzwfcsuf (CITES)
udkrl tenf;i,fav;pm;vdkufem
aomaMumifh jrefrmEdkifiHtaejzifh
a&wdkwGif umuG,fa&;twGuf
taumif;qHk;vkyfaqmifEdkifonf
rSm tEÅ&m,f&Sdaeaom opfeuf
rsKd;rsm;udk CITES pm&if;0if
atmifaqmif&Guf&efyif&SdaMumif;
EIA u qdkonf/
a&&SnfwnfNrJEdkifjcif;r&Sdaom
opfyrmPtrsm;tjym; w&m;
r0ifckwfvSJukefoG,fjcif;rSm tpdk;&
tkyfcsKyfa&;? w&m;Oya'pdk;rdk;rI
ESifhopfawmrsm;xdef;odrf;a&;wdkY
udk xdcdkufapaMumif; EIA u
owday;onf/
w½kwfEdkifiHu 2013 ckESpfwGif
jrefrmEdkifiHrS opfeufwifoGif;rI
yrmPESifhwefzdk;rSm 2012 ckESpf
xuf oHk;qydkrsm;NyD; 2010 ukef
oG,frIajcmufqeD;yg;&Sdonf/
MinistryDraftsLong-termPlantoTackleEnergyCrisis
Htun Htun Minn
T
he Asian Develop-
ment Bank (ADB)
and the Ministry of
Energy (MoE) are said to
be in the process of draft-
ing and implementing a
long-term energy master
plan, according to U My-
int Zaw, deputy minister
for energy.
According to statistics
released by the MoE, My-
anmar produced only 42
percent of gasoline and
11 percent of the diesel
consumed in the 2013-14
was reportedly met with
imports of 97 million gal-
lons of gasoline and 330
million gallons of diesel.
The government, in co-
operation with the ADB,
is currently preparing
long-term plans for the
coordination and conser-
vation of energy resourc-
es.
This involves plans for
storage to ensure fuel
availability in the future
and plans for the opera-
tion and extraction of oil
and gas from onshore and
To ensure this, the MoE
opened 16 onshore oil and
-
anmar and Ayeyarwaddy
region, to 12 international
companies to reduce reli-
ance on imports.
A tender process for an
additional 18 oil and gas
has been underway, since
2010, with deals to operate
-
ation with 10 international
businesses –underway.
The tender process for
-
ments since 2010, with
the latest announcement
made last month.
Preparation for oil and
gas extraction in an addi-
Rakhine state and Tanin-
tharyi region, in coopera-
tion with eight interna-
tional businesses, is also
being carried out.
Tenders are also un-
derway for an additional
same area, preparation
for 21 of which is under-
way.
The ministry has said it
is focused on using natu-
ral gas extracted from
-
gy production. They have
also indicated they will
attempt to source power
from several renewable
sources, including solar,
wind, hydro and biomass
generation.
Myanmar’s daily extrac-
tion of crude oil currently
falls short of required die-
sel and gas use, requiring
imports from Thailand
and Singapore.
It has been suggested if
this discrepancy is not ad-
dressed in the future, My-
further deteriorate.
Myanmar Summary
jrefrmEdkifiHtem*wfpGrf;tif
vkHNcKHa&;twGuf tm&SzGHUNzdK;a&;
bPf (ADB) tultnDjzifh
umv&SnfpGrf;tifqdkif&myifr
pDrHcsuf (Long Term Energy
Master Plan) ESifh pGrf;tifrl0g'
qdkif&myl;aygif;aqmif½Gufjcif;
(Coordination for Energy
Policy) wdkYudk a&;qJGaqmif&Guf
vsuf&Sdonf[kpGrf;tif0efBuD;Xme
rS'kwd,0efBuD;OD;jrifhaZmfu ,ck
usif;yaeaom atmufvTwf
awmftpnf;ta0;wGifajymonf/
pGrf;tif0efBuD;Xmetcsuf
tvufrsm;t& jynfwGif;a&eH
pdrf;xGuf&SdrIt& 2013-14 b@m
a&;ESpfwGif jynfwGif;xkwfvkyfrI
"mwfqD*gvH 70 'or 5 oef;
ESifh 'DZ,fqD*gvH oef; 40 cefY&Sd
NyD;? jynfwGif;tokH;pGJrSm "mwfqD
*gvef 168 oef;cefYESifh 'DZ,fqD
*gvH 370 oef;cefYjzpfonf/
avmifpmqDvdktyfcsufjynfhrDap
&ef EdkifiHawmfESifh yk*¾vduu@
ESpf&yfaygif;rS "mwfqD*gvef 97
oef;cefYESifh 'DZ,fqD*gvHoef;
330 cefYtm; jynfyrS wifoGif;
cJh&onf/
vuf&SdtcsdefwGif tm&SzGHUNzdK;
a&;bPf (ADB) tultnD
jzifh umv&SnfpGrf;tifqkdif&m
yifrpDrHcsuf (Long Term
Energy Master Plan) ESifh
pGrf;tifrl0g'qdkif&m yl;aygif;
aqmif&Gufjcif; (Coordination
for Energy Policy) wdkYudk a&;qJG
aqmif&Gufvsuf&Sdonf/

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 9
Contd. P 20... Contd. P 20...
Novotel
CaseStudy:HowtoEntertheMarketinMyanmar
Case 1: XYZ BV
StrohalLegalGrouppresentsaweeklycasestudyaimingtoprovidealegaloverviewandupdatesonthelegalframeworkinMyanmar
T
he XYZ BV is a
Dutch company
that provides ser-
-
ter the successful estab-
lishment in Singapore the
XYZ BV is now seeking for
a business opportunity to
enter the market in My-
anmar.
The XYZ BV is ap-
proaching us with the
query of setting up a
company in Myanmar
or to start with a market
a professional to Myan-
mar. Further points are
the company type that
would suite best for their
investment strategy, ob-
stacles for foreign compa-
nies entering the market
as well as the rules and
regulations on company,
tax and labour law re-
garding foreign and local
employment contracts by
complying with Myanmar
labour law.
-
ness start-up based on the
possibilities in Myanmar
we advised XYZ BV on
the advantages and disad-
company types such as
company or a Non-MIC
company relating to capi-
tal requirements, foreign
investment protection
and tax issues.
Foreigners like Mr M,
the CEO of the XYZ BV,
may set up a 100 percent
foreign-owned company
either under the Myanmar
Foreign Investment Law
or the Myanmar Compa-
nies Act. If the XYZ BV
will set up a business ac-
cording to the Companies
Act the minimum share
capital requirement is
$50,000 for service com-
panies – and $150,000
for manufacturing com-
panies.
Furthermore, it is re-
quired for a foreign com-
pany to obtain a permit
from Directorate of In-
vestment and Company
Administration (DICA).
A DICA permit is gener-
years. Under the Foreign
Investment Law (FIL) it
is at the discretion of the
MIC (Myanmar Invest-
ment Commission) to
decide on the minimum
share capital and also the
decision is based on the
desired business activi-
ties.
Before a foreign compa-
ny is set up in Myanmar,
it is required to apply
for Permit to Trade from
the Ministry of National
Planning and Economic
Development before it
can apply for registration
of the company with the
Registrar of the Compa-
However, the Permit
to Trade shall not be un-
derstood in the common
sense and rather means
“Permit to do business”.
Although the government
did not announce a pro-
vision of such permit, no
or DICA permit for a for-
eign trading company
(distributing and selling
products) are issued at
present.
Therefore, trading ac-
tivities are still restricted
this reason if trading is
an important and main
part of the XYZ BV. they
should consider setting
up a 100 percent local-
owned company under
the Myanmar Companies
Act which they can com-
mit to act as agent and/or
distributor for their im-
ported goods.
The XYZ BV as a foreign
company has to take into
account that not all sec-
tors are open for foreign
investors. However, the
law provides the option to
enter into a joint venture
with the government for
restricted sectors. Provid-
the XYZ BV is not a re-
stricted sector. Based on
the given fact we advise
the XYZ BV to form a MIC
approved company under
the FIL.
Therefore XYZ BV can
reach the following in-
income tax exemption
from the year of starting
production or services ac-
tivities, up to continuous
-
tion or relief from income
invested within one year
and as well as exemption
or relief from income
tax up to 50 percent of
exports, repatriation of
Furthermore the for-
eign investor is protected
under the FIL against
nationalisation and ex-
propriation, which is also
guaranteed by law. Ad-
ditionally, the XYZ BV,
if registered under the
FIL is eligible to lease not
only from the state but
from private individuals
as well.
Lease periods extend
up to 50 years and after
this period, the Myanmar
Investment Commission
may authorise an exten-
sion of further 10 years,
which is again renewable
for another 10 years.
In our following article
we will advise the XYZ BV
about labour law and im-
migration issues.
Strohal Legal Group,
founded by Dr Theodor
Strohal in 1979, is a law
Stefanie Siegfried
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wGif0ifa&muf&if;ESD;jr§KyfESHvdkygu
tpdk;&csrSwfxm;aom pnf;rsOf;
tqifhqifhudk vdkufem&ef vdktyf
ygonf/þaqmif;yg;wGif azmfjy
xm;onfrSm jynfyEdkifiHrsm;wGif
0efaqmifrI½Hk;rsm; zGifhvSpfcJhNyD;
jrefrmEdkifiHwGif vIyf&Sm;vdkonfh
ukrÜPDwpfckudk erlemxm;í
avhvmwifjyjcif;jzpfonf/
EdkifiHjcm;ukrÜPDrsm;taejzifh
rnfonfhyHkpHjzifh0ifa&mufvdkonf
udk a&G;cs,fp&mtrsKd;rsKd;&Sdonf/
jynfyydkifvkyfief;tjzpf jynfy&if;ESD;
jr§KyfESHrIOya' (FIL) odkYr[kwf
jrefrmukrÜPDrsm;tufOya'
(MCA) ESifhtnDwnfaxmifEdkif
onf/MCA t& vkyfief;wnf
axmifvdkvQif 0efaqmifrIukrÜPD
twGuf tedrfhqHk;t&if;tESD;
vdktyfcsufrSm a':vm 50ç000
jzpfNyD; ukefxkwfvkyfa&;ukrÜPD
Myanmar Summary
UAung/Xinhua

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 10
Myanmar Summary
Myanmar Summary
for Myanmar Rice Exporters
May Soe San
M
yanmar’s rice
exporters can
margins by taking advan-
tage of China’s growing
demand for high-quality
rice, Muse Board of Trade
Chairman U Chan Thar
Oo said.
Myanmar exported
850,000 tonnes of rice
to China in 2014, while
daily trade volume has hit
3,500 tonnes a day this
month.
U Chan Thar Oo said
Myanmar must continue
increasing export rates to
gain a foothold in the de-
veloping Chinese market-
place.
“The country can gener-
-
ing a long-term relation-
ship of high quality rice
trade with China,” he told
Myanmar Business To-
day.
Myanmar generates a
large supply of low-quali-
ty rice, which the country
sells at a cheaper price to
countries interested in
these products.
Rice exports are pro-
duced in two categories –
a lower quality known as
25 percent broken rice or
a high quality known as 5
percent broken rice.
Africa is Myanmar’s
dominant rice export
market, importing mostly
25 percent broken rice.
China is focused on im-
porting high-quality rice
to meet the growing de-
mands of the country’s
large population.
The country only buys
lower quality rice varieties
at cheap prices to account
for the production costs
of having to mill products
into higher qualities after
they reach China.
Myanmar’s rice milling
facilities remain weak in
their ability to scale up
their operations due to
low investment and mini-
mal technology available.
It is estimated that My-
anmar’s dilapidated mill-
ing facilities each only
process about 50 tonnes
of rice per day, whereas
to meet market demand
for domestic consump-
tion and increased quality
exports, such as China de-
mands, milling operators
would need to process at
least 250 tonnes a day,
rice traders say.
U Chan Thar Oo said
many local rice producers
to sell rice at the low pric-
es demanded by Chinese
importers.
prices given their subse-
quent production costs to
ensure they’re still inter-
ested in buying our local
products,” he said.
The Myanmar Rice Asso-
ciation forecasts Myanmar
to export 1.5 million tonnes
of rice this year including
expanded markets in the
European Union.
w½kwfEdkifiHajymif;vJvmonfh
aps;uGufoabmw&m;rsm;t&
t&nftaoG;jrifhqefrsm; xkwf
vkyfwifydkYEdkifygu tusKd;tjrwf
&&SdNyD; cdkifrmaomaps;uGuf&&Sd
rnfjzpfaMumif;rlq,fqefukefpnf
'dkifrS twGif;a&;rSL; OD;csrf;omOD;
u ajymonf/
w½kwfEdkifiHtaejzifh t&nf
taoG;jrifhqefrsm;udk vdktyfcsuf
t& 0,f,laeNyD; NyD;cJhonfh ZGefv
twGif; qefwefcsdef 850ç000
cefY jrefrmEdkifiHrS wifykYda&mif;cs
EdkifcJhNyD; ,ckvwGifvnf; wpf
&ufvQif qefysrf;rQwefcsdef 3500
ausmf t0if&SdaMumif; od&onf/
]]w½kwf&JUajymif;vJvmwJh aps;
uGufoabmw&m;rsm;t& jrefrm
EdkifiHtaeeJY t&nftaoG;jrifh
qefawGudk xkwfvkyfwifykdYEdkifrS
ukefoG,fawGtaeeJY qefpufydkif
&SifawGtaeeJYyg rqHk;½IH;bJtusKd;
tjrwfrsm;&&SdNyD; ckdifrmaomaps;
ajymonf/
jrefrmEdkifiHwGif wef;jrifhqef
xkwfvkyfEdkifonfh pufta&
twGufrSm vuf&Sdtcsdeftxd
vGefpGmenf;yg;vsuf&SdonfhtwGuf
qefpufrsm;rSxGuf&Sdaom qef
t&nftaoG; 84 &mcdkifEIef;
rSm tusKd;taMu 25 &mcdkifEIef;
yg0ifaomtrsKd;tpm;rsm;omjzpf
NyD; 16 &mcdkifEIef;cefYom wef;jrifh
qewifydkYxkwfvkyfEkdifaMumif;?
w½kwfukefonfrsm;taejzifh
t&nftaoG;aumif;qefudkom
t"duxm;0,f,lNyD; jrefrmEdkifiHrS
tvwfp atmufpawG ta&mif;
u ajymonf/
ILO,MyanmartoDevelop
Employers’Capacity
Kyaw Min
M
yanmar’s apex
business associ-
ation and the In-
ternational Labor Organi-
a project for boosting the
capacity of employers’ or-
ganisations in Myanmar
and promoting work prin-
ciples and sustainable en-
terprises.
According to a memo-
randum of understanding
(MoU), signed between
the Union of Myanmar
Federation of Chambers
of Commerce and Indus-
try (UMFCCI) and the
ILO, the project, aimed at
solving disputes between
employers and employ-
ees and promoting skill of
labourers, will be imple-
mented up to April 2016.
Under the project, the
ILO Chief Technical Ad-
will jointly conduct busi-
ness training and work-
shops for employers in a
bid to create harmonious
relations between employ-
ers and employees.
stressed the need for ef-
-
tation and the role of pri-
vate sector in Myanmar’s
economic, social and
democratic development.
They also voiced sup-
port for the development
of UMFCCI and business
organisations.
A Myanmar industries
association leader said
that Myanmar doesn’t
have enough skilled work-
ers compared with other
countries and the work-
ers need more technical
knowledge and other sup-
ports.
ChaiwatSubprasom/Reuters
SakchaiLalit/Reuters
jrefrm Apex pD;yGm;a&;tzGJU
ESifhtjynfjynfqdkif&mtvkyform;
tzGJUtpnf; (ILO) wdkY yl;aygif;
í jrefrmEdkifiH&Sd tvkyf&Sifrsm;
tzGJUtpnf; vkyfaqmif&nfudk
jr§ifhwifay;NyD; vkkyfief;BuD;rsm;
vkyfief;pnf;rsOf;rsm;ESifh a&&Snf
wnfwHhrIwdkYudkvnf; jr§ifhwifay;
oGm;rnfjzpfonf/
jrefrmwGif uRrf;usifvkyfom;
vHkavmufrIr&Sdí enf;ynmESifh
tjcm;tultnDrsm; ydkívdktyf
aeaMumif; uRrf;usifolrsm;u
qdkonf/

July 17-23, 2014
mmbiztoday.com
11
www.VDB-Loi.com
HIGHLIGHTS:
Banking Regulatory Update:
Licensing of Foreign Banks,
Mobile Banking, and Security
on Onshore Assets
OUR OFFICES
YANGON NAY PYI TAW

July 17-23, 2014
mmbiztoday.com
LOCAL BIZ 12
David Ross
A
ustralian Foreign
Minister Julie
Bishop has an-
nounced plans by her gov-
ernment for “increasing
educational opportunities
for primary and tertiary
students” in Myanmar.
During her recent three-
day visit to Myanmar,
she said the Australian
government will provide
a $27.8 million in fund-
ing to boost services
in 43,000 schools and
strengthen teacher train-
ing colleges for tertiary
sectors.
“Education is essen-
tial to the success of the
Myanmar government’s
Improvements in educa-
tion will help people de-
velop the skills to take ad-
vantage of the expanding
economic opportunities,”
she said in a statement.
This funding is in addi-
tion to Australia’s com-
mitment of $24.6 million,
aimed at promoting “eco-
nomic growth and com-
munity engagement with
the peace process.”
Myanmar’s education
-
acy of chronic underinvest-
ment and mismanagement
in almost every school and
educational institution –
with past governments
failing to provide invest-
ment or upkeep.
-
ondary schooling, My-
anmar faces the issue of
falling participation rates
in its education system,
many children do not en-
rol or for many are unable
to attend primary school.
The Australian govern-
ment, in cooperation with
the Ministry of Education
expand existing school-
grant and stipend pro-
grams in addition to add-
ed programs of training
and curriculum-manage-
ment assistance.
-
cial aid, Australia will
also provide 50 long-term
Australia Awards for My-
anmar students to study
in Australia in 2015 and
it is also exploring oppor-
tunities within the New
Colombo Plan to enable
Australian students to
study in Myanmar.
President U Thein Sein
visited Australia last year,
meeting with ex-Prime
Minister Julia Gillard, in
what was widely seen as a
historic visit.
It was during this visit
put under the spotlight,
with the country then re-
ferred to as Myanmar and
its biggest city as Yangon.
However, in recent times
the Australian government
has referred to the country
both Burma and Myanmar
and its biggest city as both
Rangoon and Yangon.
Such a move was pre-
dicted following the
change of Australian gov-
ernment late last year but
has been tipped as threat-
ening some diplomatic
gains made between the
two countries.
Myanmar Summary
Myanmar Summary
Myanmar Summary
MyanmartoHoldInt’lFood,
BeverageFairinYangon
M
yanmar will hold
-
tional food and
beverage expo in Yangon,
the Union of Myanmar
Federation of Chambers
of Commerce and Indus-
try (UMFCCI) announced.
The International Food
and Beverage Exhibition,
jointly organised by the
Thai Chamber of Com-
merce, Board of Trade of
Thailand and ICVeX Co
Ltd, will be held at Myan-
mar Convention Center
from July 24-26.
The three-day exhibi-
tion will feature manu-
facturers, suppliers and
brands, mostly from Thai-
land, who will promote
their food and beverage
lines ranging from raw
products.
It will also cover food
service, food and bever-
age catering equipment
and supplies as well as
franchising opportunities.
Zwe Wai The exhibition will help
to promote foreign manu-
facturers and suppliers as
well as Myanmar enter-
prises, hotels, restaurants
and catering companies,
the organisers said.
Myanmar Jade And Gems Emporium
Nets Record High $3.5 Billion
M
yanmar’s latest
jade, gems and
pearl brought in a record
high $3.5 billion, a senior
of Mines said.
Myanmar is the world’s
biggest source of high-
quality jade, much of it
coming from Kachin state
in the north, but the in-
dustry has been disrupted
the army and ethnic re-
bels in the region broke
down in 2011.
Much of the jade is
smuggled over the border
to China.
The government general-
a year and the latest was in
the capital, Nay Pyi Taw,
from June 24 to July 6.
“Total proceeds from
the sale of jade, pearl and
gems like ruby and sap-
phire at the 51st Empo-
rium amounted to over
€2.6 billion ($3.54 bil-
lion), exceeding our ex-
Aung Hla Tun
pectations and hitting a
Htein, a director general
at the Ministry of Mines.
He said total proceeds
from all last year’s sales
came to about $2.6 billion.
-
cial, who asked not to be
not authorised to speak to
the press, said most of the
buyers of the jade were
from China, Hong Kong,
Thailand and Singapore,
while local buyers bought
most of the gems.
data compiled by the
state-run Central Statis-
tical Organisation (CSO),
Myanmar produced 15.06
million kg of jade in the
March 2014, compared
with 19.08 million in
2012/2013 and 43.19 mil-
lion in 2011/2012.
Reuters
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Xinhua/MyanmarNewsAgency
Merchants view the jade during the 51st
annual Myanmar Gems Em-
porium at Maniyadana Emporium Hall in Nay Pyi Taw.
UAung/Xinhua

July 17-23, 2014
mmbiztoday.com
REGIONAL BIZ 13
Myanmar Summary
Myanmar Summary
Japan’sCurrent-AccountSurplus
MasksExportWeakness
Masaaki Iwamoto and
Chikako
J
apan posted a fourth
straight current-
account surplus, as
income from overseas in-
vestments masks the fail-
ure of the yen’s slide to
boost exports.
The excess in the wid-
est measure of trade was
522.8 billion yen ($5.1 bil-
ministry reported in To-
kyo today, beating the
median forecast of 417.5
billion yen in a Bloomb-
erg survey. Exports rose
2 percent from a year ear-
lier.
Export volumes remain
under the level when
Abe came to power in
December 2012, despite
the yen’s 16 percent slide
against the dollar over the
period. Abe’s task is to en-
sure his growth strategy
- the third of his so-called
three arrows of Abenom-
ics - gives companies
enough of an edge over
overseas rivals to boost
outgoing shipments.
“The strength of recov-
ery in global demand will
play a bigger role than
-
ing Japanese exports,”
said Koichi Fujishiro, an
economist at Dai-ichi Life
Research Institute in To-
kyo. “Sluggish exports can
be attributed to the rising
ratio of overseas produc-
tion.”
Japan’s Topix (TPX) in-
dex of stocks followed
U.S. shares lower, drop-
ping 0.4 percent in morn-
ing trading in Tokyo, on
track for a second straight
decline. The yen rose 0.1
percent against the dollar
to 101.78 as of 12:22 p.m.
in Tokyo. Bloomberg
AngWith$10BillionPrimesSan
MiguelforSoutheastAsianHunt
Cecilia Yap
S
an Miguel Corp., the
biggest Philippine
company, is pre-
pared to spend as much as
$10 billion to buy assets
in Southeast Asia, Presi-
dent Ramon Ang said.
An energy-related target
has the potential to boost
sales by more than 50 per-
cent, Ang said on July 2,
without giving a price and
timeline. The company
has announced 41 acqui-
sitions worth $7.8 billion
since 2000, about three-
quarters of which were
made since 2008, when it
began moving out of the
food and brewery busi-
ness, according to data
compiled by Bloomberg.
San Miguel said in De-
cember 2012 it was look-
ing at a $5 billion acquisi-
tion in the gas industry.
“There are a lot of op-
portunities in the region
and most of these deals
you can win with a small
amount,” Ang said in his
leverage capacity.”
This year, Ang forecasts
digit growth. Net income
gained 42 percent to 38.1
billion pesos ($874 mil-
lion) last year.
The company, which
owns the Philippines’ big-
gest electricity producer
SMC Global Power Hold-
ings Corp. and the na-
tion’s largest oil company
Petron Corp. (PCOR), has
also initiated a $9 billion
capital spending plan to
expand its oil, power and
infrastructure businesses
by 2016, Ang said. Most
of the investments will
be funded internally, he
said. Bloomberg
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usqif;jcif;wdkYrSm tcsKd;usae

July 17-23, 2014
mmbiztoday.com
REGIONAL BIZ 14
Indonesia’sElectionHasInvestorsonEdge
Karl Lester M. Yap,
Brian Leonal and
Novrida Manurung
T
he potential for
weeks of uncertain-
ty over Indonesia’s
presidential-election re-
sult puts the onus on the
nation’s central bank to
contain a current-account
rupiah.
Bank Indonesia, meet-
ing to set policy today, is
forecast to keep its bench-
mark rate unchanged for
an eighth meeting even as
Southeast Asia’s biggest
economy cools, accord-
ing to all 21 economists
surveyed by Bloomberg
News. Lower rates would
add to domestic demand
that has spurred the na-
tion’s current-account
Jakarta Governor Joko
counts, even as ex-Gen-
eral Prabowo Subianto
declared victory ahead of
-
fore a new administration
can take charge, scope is
-
tively address the coun-
“Right now the best way
is to continue to keep
monetary policy relatively
tight because BI’s prior-
-
nancial market stability,”
said Gundy Cahyadi, a
Singapore-based econo-
mist at DBS Group Hold-
ings Ltd., Southeast Asia’s
biggest lender. “The cur-
-
wrong with the economy
in recent years.”
The central bank’s fo-
cus on a current-account
gap that made the rupiah
Asia’s worst-performing
currency last year under-
scores the economic chal-
lenge for the next gov-
results later this month
give the presidency to
-
wi, with a narrow win,
he could still face a frag-
mented parliament in any
bid to cut the nation’s reli-
ance on fuel subsidies and
free up funds to invest in
infrastructure.
“The new president in-
herits a slowing economy
which is in dire need of
infrastructure investment
and strong leadership,”
said Chua Hak Bin, a re-
gional economist at Bank
of America Corp. in Sin-
gapore. “Reviving growth,
investment and exports
should be key.”
Bank Indonesia isn’t the
only central bank in the
region with a greater bur-
den on monetary policy
from political uncertain-
ty. The Bank of Thailand
lowered interest rates
twice between late No-
vember and mid-March,
after months of public
protests and political tur-
moil undermined domes-
tic demand.
Indonesia’s rupiah for-
wards jumped the most
since February and dollar
bonds advanced last week.
One-month non-deliver-
-
shore rose 1.4 percent to
11,583 per dollar from July
8 as of 8:22 p.m. in Sin-
gapore, according to data
compiled by Bloomberg.
That was the biggest in-
crease since Feb. 14.
Remain Vigilant
Bank Indonesia Gover-
nor Agus Martowardojo
has held the reference
rate at 7.5 percent since
last raising it in Novem-
to a one-year low in June.
for no policy moves in
the near term,” said Lim
Su Sian, an economist
at HSBC Holdings Plc in
Singapore. “Regardless
of the election outcome,
we do want to see con-
tinued hawkishness from
the central bank and in-
dications it does remain
vigilant particularly with
the external imbalances,
which are still looking
very vulnerable.”
Consumer prices gained
6.7 percent from a year
earlier in June, slowing
from 7.32 percent the pre-
vious month. Policy mak-
ers aim to narrow the cur-
percent of gross domestic
product by the end of this
year from 3.3 percent in
2013.
Indonesia’s $878 billion
economy expanded 5.21
-
ter from a year earlier, the
weakest pace since 2009.
Jokowi has said the econ-
omy can grow more than
7 percent with conducive
investment and regula-
tory framework. He has
promised to give incen-
tives for export-oriented
industries and plans to
build double-track rail-
ways in Java, Sumatra
and Papua.
Prabowo has pledged to
spread wealth out of the
capital to rural communi-
Myanmar Summary
Indonesia’s Presidential candidate Joko Widodo casts his vote at a polling station in Jakarta.
DimasArdian/Bloomberg
ties by allocating at least 1
billion rupiah ($86,000)
every year for each vil-
lage. He has also prom-
ised to raise wages from
about 3 million rupiah a
month to 6 million rupiah
-
tablish banks for farmers
Bloomberg
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&yfwnfvsuf&Sdonf/

July 17-23, 2014
mmbiztoday.com
REGIONAL BIZ 15
Myanmar Summary
Riding on Modinomics Hopes, India's
Indebted Companies Rush to Lock in Funds
Sumeet Chatterjee
S
everal private Indian
up to $5 billion this year
through share sales, em-
boldened by a surge in the
stock market and an an-
ticipated economic recov-
ery after Narendra Modi
was elected as prime min-
ister.
Leading the equity issu-
ances in the private sector
-
frastructure Ltd, Adani
Enterprises Ltd and oth-
ers in capital-intensive
industries such as infra-
structure, metals and tel-
ecommunications, bank-
ers say.
These companies bor-
rowed heavily in the
past few years, when In-
dia’s economy was one of
the fastest growing in the
by the slowdown in
growth last year and the
slide in the rupee to re-
cord lows.
In most cases, banks
stopped giving fresh loans
to these indebted compa-
nies, whose loans often
exceeds their equity sev-
eral times over, leaving
them with few options but
to tap the equity market
to raise money to reduce
their debt.
“There will be a stam-
pede of Indian companies
going to the markets and
trying to reduce leverage
to take advantage of this
some kind of Modinom-
ics,” said Eric Mookher-
jee, a Paris-based fund
manager at Shanti India,
which manages Indian
stocks.
“The access to capital is
much easier now, and you
need to clean up your bal-
ance sheet before you get
into the investment mode
again. So, the engine has
now been started.”
Bankers say 2014 is
poised to become the
-
ings in India since 2010,
which saw some $24 bil-
lion raised by state-run
and private companies.
are expected to raise up to
$6 billion via share sales,
which, in addition to the
$5.4 billion already raised
year and the anticipated
issuances by the private
sector, would bring the
total amount to around
$16 billion for the year,
according to investment
bankers’ estimates and
Thomson Reuters data.
The rush to raise capital
could gather speed if the
federal budget on July 10
paves the way for a revival
of the economy after the
longest spell of growth be-
low 5 percent in a quarter
of a century, bankers say.
Reuters
Myanmar Summary
ChinaJuneTradeDataMissesFore-
casts,DoubtsOverEconomyLinger
C
hina's trade perfor-
mance improved
in June but still
missed market forecasts,
reinforcing expectations
that Beijing will have to
unveil more stimulus
measures to stabilise the
economy and meet its
2014 growth target.
Exports rose 7.2 per
cent in June from a year
earlier, the best pace in
-
low a median forecast in
a Reuters poll for a rise of
10.6 percent.
Imports also missed ex-
pectations, growing by 5.5
percent versus forecasts
of 5.8 percent, although
they returned to posi-
tive territory after a small
drop in May.
China's combined ex-
ports and imports edged
six months of the year, data
showed last Thursday.
Aileen Wang and
Kohgui Qing
"For the economy to re-
bound in the second half
of this year, we believe
more policy support is
necessary due to the un-
steady recovery base,"
at the China Centre for In-
ternational Economic Ex-
changes, a think-tank in
Beijing.
Premier Li Keqiang said
on Monday that economic
growth quickened in the
second quarter from the
previous three months,
but added that further
modest government sup-
port measures will still be
needed. Beijing has set an
annual growth target of
around 7.5 percent.
Reuters
Reuters
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od&onf/

July 17-23, 2014
mmbiztoday.com
INTERNATIONAL BIZ 16
Myanmar Summary
FrancePutsEuroZoneRecoveryatRisk,EconomistsWarn
Liz Alderman
A
s Europe struggles
to move past the
worst of its debt
crisis, France has increas-
ingly become a worry point
in the recovery.
The economy has been
hovering too long near
stagnation, economists
warned at an economics
conference in France on
Sunday, saying that unless
the government in Paris
pushed more strenuously
to improve growth along-
side Germany, its perfor-
mance threatened to weigh
on the prospects for a
wider recovery in the euro
“The weakness of France
managing director and
interview on the sidelines
of the conference. “It’s not
that France and Germany
should dominate,” he add-
way together it might be an
issue.”
That theme was repeat-
edly invoked during the
three-day meeting by Le
Cercle des Économistes as
top European policy mak-
ers and economists ad-
dressed what has become
the most urgent concern
about Europe: that for
all the steps taken to put
crisis-stricken countries
on a path toward renewed
growth, the recovery is still
unfolding much too slowly.
Christine Lagarde, man-
aging director of the Inter-
national Monetary Fund,
hinted on Sunday that the
fund’s economic forecasts
for Europe might be cut
amid signs that the growth
potential of numerous
countries was weakening.
“The global economy is
gathering speed, though
the pace may be a bit less
than we previously pre-
dicted,” Ms. Lagarde told
the conference. She added,
-
icit everywhere.”
Investment in Europe
is about 20 percent lower
than it was before the cri-
sis unspooled, while public
investment — especially
along Europe’s southern
rim — has been sharply
tightened because of budg-
et constraints, she said.
Two years after Germany
urged European countries
to cut government spend-
ing and raise taxes to mend
national accounts, policy
makers are now discuss-
ing the need for shock-
and-awe public invest-
ment programs, especially
infrastructure projects, to
that have been deepened
by austerity measures.
“There are still post-crisis
said Jacques Mistral, head
of economic studies at the
French Institute of Inter-
national Relations. “There
is a lot less spending today,
that hole.”
According to a recent re-
PwC, Europe will represent
just 10 percent of global in-
frastructure spending by
2025, falling from around
20 percent a few years ago,
-
gion will represent nearly
60 percent of such spend-
ing.
Like many who gathered
here for the conference,
Mr. Mistral called for bil-
lions of euros in public in-
vestments in energy, the
environment and technol-
ogy and high-speed Inter-
net, where a number of
countries — France includ-
ed — sorely lag.
France has gotten its Eu-
ropean partners to allow
it to push back a deadline
for reducing its budget
domestic product, a tar-
get the government now
plans to reach in 2015. The
French president, Fran-
çois Hollande, has called
for exempting investment
-
ures as he tries to re-ener-
Michel Sapin, the French
a more reassuring tone
second-largest economy,
amid rising concern that
France may be the new
“sick man of Europe.”
“France is a huge econo-
my in Europe, with a large
industrial base and inno-
vation and research,” Mr.
Sapin said in an interview.
“I don’t see how we can be
sick, or at least sick for a
we’re lowering costs and
taxes for companies, and
we’re working for more
competitiveness.”
Still, Ms. Lagarde warned
countries seeking to spend
their way out of a down-
turn not to add to already
high national debts — a
problem that has been at
crisis. “If you’re not in a
medium-term situation
that assures sustainabili-
ty,” she said, “you can’t un-
dertake major infrastruc-
ture investments.”
“This has to be done on
a case-by-case basis,” she
added. NewYorkTimes
ICRC headquarters in Geneva.
DenisBalibouse/Reuters
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rsm;uoHk;oyfaqG;aEG;cJhMuonf/

July 17-23, 2014
mmbiztoday.com
INTERNATIONAL BIZ 17
Lagarde Hints at Global Forecast Cut Even as US Rebounds
Mark Deen and
Francois De Beaupuy
I
nternational Monetary
Fund Managing Direc-
tor Christine Lagarde
signaled a cut in the insti-
tution’s global growth fore-
casts, saying investment is
still weak and that risks re-
main in the U.S. even as its
rebound accelerates.
“The global economy is
gathering speed, though
the pace may be a bit less
than we previously pre-
dicted because the growth
potential is lower and in-
vestment” spending re-
mains lackluster, Lagarde
told the Cercle des Econo-
mistes conference in Aix-
en-Provence, France.
The remarks underline
the threats to global eco-
nomic growth at a time
when the U.S. Federal Re-
serve is trimming stimulus
and the European Central
that is less than half its tar-
geted level. The IMF is pre-
paring to update its eco-
nomic forecasts this month
after predicting April 8 that
the global economy will ex-
pand 3.6 percent this year
and 3.9 percent in 2015.
Growth in the U.S., the
world’s largest economy, is
set to accelerate in coming
months and Asia’s emerg-
ing market economies
will avoid a hard landing,
though the European re-
covery is still not as strong
as it should be, Lagarde
said.
Jobless Data
In the U.S. “we expect a
-
garde said, adding that
riskstoU.S.growthinclude
the ability of the Fed to ta-
per in an “orderly” manner
and that of the Treasury
to put in place a medium-
term budget framework.
A July 3 Labor Depart-
ment report showed em-
ployers in the U.S. expand-
ed payrolls by 288,000
workers last month, push-
ing down the jobless rate
to 6.1 percent from 6.3 per-
cent in May, a level Fed-
expect to see before the
end of the year. Treasuries
were released, while the
Dow Jones Industrial Av-
erage (INDU) rose above
-
ing how long to keep the
benchmark federal funds
-
pleting a bond-buying
program that’s set to end
late this year. The Federal
Open Market Committee
repeated on June 18 that it
expects the rate to remain
-
able time” after the pur-
chases end work.
Fed Chairwoman Ja-
net Yellen said last month
the central bank doesn’t
intend “to signal any im-
minent change” in policy
and that the balance sheet
will remain large “for some
The growth opportunities
for healthcare companies
and Market Expansion
Services providers in My-
anmar are encouraging.
According to a study by
Rubicon Strategy Group,
a recognized leader in
market analysis, the My-
anmar healthcare market
is expected to further open
up. Yet challenges like
the abundance of coun-
terfeit products and the
fragmented point of sales
channel however under-
line the need for compa-
nies to work with an ex-
perienced and established
partner in the country.
The market study by Rubicon
Strategy Group provides an
extensive market overview
based on on-the-ground
surveys and interviews with
business leaders, consum-
ers and customers (pharma-
cies, drugstores, hospitals
and doctors). Part of Rubi-
con’s ‘Asia Market Series’,
uncovers the opportunities
for healthcare companies to
expand to Myanmar.
The country opening up
and the ASEAN Economic
Community becoming real-
ity in 2015 are expected to
spur growth for healthcare
companies and Market Ex-
pansion Services providers
in Myanmar. According to
Rubicon’s study, consumer
spending on over-the-coun-
ter healthcare products is
anticipated to grow three-to-
four-times in size, from about
USD 140 million in 2013 to
USD 480 million by 2020.
The research further shows
that the medical devices
market in Myanmar is an-
ticipated to grow threefold
by 2020. Meanwhile, eight
out of ten of Myanmar’s con-
sumers are willing to spend
more on healthcare products
and services if they have ac-
cess to better options.
The strong overall market
growth is partly driven by the
vast increase in government
spending on pharmaceuti-
cals and medical devices.
Specialty products, in par-
ticular cardiovascular, dia-
betes and oncology products
are expected to experience
high growth rates for the next
years.
Challenges to enter the My-
anmar healthcare market
however remain. Compar-
ing the healthcare systems
worldwide, Myanmar was
recently ranked 190th and
last by the World Health
Organization (WHO). Ru-
collaborating with a local dis-
tribution partner is the only
accessing the market in My-
anmar. This is due to My-
anmar’s opaque regulatory
environment, the abundance
of counterfeit products, com-
plex channels to market and
the extremely fragmented
point of sale network.
Dr. Varun Sethi, DKSH’s
General Manager, Business
Unit Healthcare in Myanmar,
said: “With the opening of
Asia’s economy, Myanmar
offers great potential for
healthcare companies. Com-
panies intending to expand
in Myanmar should look for
an experienced partner with
the knowledge and connec-
tions to reach a broad range
of channels and consumers.
With our 15 years of experi-
ence in Myanmar and almost
150 years in Asia, DKSH is
well-positioned to help com-
panies explore the opportu-
nities in Myanmar.”
The study results are cap-
tured in the 115-page Myan-
mar healthcare report, which
provides an extensive mar-
ket overview and insights
exploring opportunities in
the country. The full report is
available online at
http://www.healthintelasia.
com/asia-healthcare-shop/
myanmar-report-page/
About Rubicon Strategy
Group
Rubicon Strategy Group is
specialized in market access
work for emerging econo-
mies in the healthcare, bio-
tech and senior care indus-
tries. Rubicon has a focus
on China and has completed
research and market access
projects in the pharmaceuti-
cal, private hospital, senior
housing and home health-
care sectors in China.
About DKSH
DKSH is the leading Market
Expansion Services provider
with a focus on Asia. As the
term “Market Expansion Ser-
vices” suggests, DKSH helps
other companies and brands
to grow their business in new
or existing markets.
Publicly listed on the SIX
Swiss Exchange since
March 2012, DKSH is a
global company headquar-
tered in Zurich. With 735
business locations in 35
First Myanmar healthcare market report by Rubicon Strategy Group and DKSH reveals
encouraging entry and growth opportunities for healthcare companies in Myanmar
countries – 710 of them in
Asia – and 26,700 special-
ized staff, DKSH generated
net sales of CHF 9.6 billion
in 2013.
DKSH Business Unit Health-
care is the leading Market
Expansion Services provider
seeking to grow their busi-
ness in Asia. Custom-made
offerings comprise registra-
tion and market entry stud-
ies as well as importation,
customs clearance, market-
ing and sales to physical dis-
tribution, invoicing and cash
collection. Products avail-
able through DKSH Health-
care include ethical pharma-
ceuticals, consumer health,
over-the-counter (OTC), as
well as medical devices. With
150 business locations in 14
countries and around 9,050
specialized staff, Business
Unit Healthcare serves over
160,000 customers and gen-
erated net sales of around
CHF 4.3 billion in 2013.
(Advertorial)
time.”
that’s too low, Lagarde also
urged caution on public
investment plans as the re-
gion’s governments study
ways of supporting the re-
covery in the wake of a sov-
ereign debt crisis. French
President Francois Hol-
lande has said that Europe
and consider exempting
investment spending from
-
garde said. Yet public poli-
cy must be dictated by debt
sustainability, she said. “If
you’re not in a medium-
term situation that assures
sustainability, you can’t
undertake major infra-
structure investments.”
Countries with lower
debt burdens and higher
growth are the ones who
-
ment, she said. France has
less need to renew its in-
frastructure than Germa-
ny, the U.K. and the U.S.,
Lagarde, a former French
Finance Minister, added.
“This has to be done on
a case by case basis,” she
said. Bloomberg
Myanmar Summary
AndrewHarrer/Reuters
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jznfhpGufxkwfjyefrnfjzpfonf/

July 17-23, 2014
mmbiztoday.com
INVESTMENT & FINANCE 18
Myanmar Summary
Krüger Foundation Grants $40,000 to Start
Scholarship Program for Burmese Students
May Soe San
Scharitable organisa-
tion Krüger Founda-
tion announced a $40,000
grant to enable the Univer-
sity of the People (UoPeo-
ple) to establish a scholar-
ship program for Burmese
students.
The grant aims to pro-
vide full scholarships for
ten promising students
in Myanmar to study at a
leading US-based online
university.
The Krüger Myanmar
Scholarship Program will
cover the costs of a four-
year bachelor’s program
in either Business Admin-
istration or Computer Sci-
ence, a statement said.
The purpose is to help
meet the demand for op-
portunities for motivated
Burmese students as well
as for higher skills in the
local economy.
Ten Burmese students
will be provided with the
opportunity to access ed-
ucation, and to graduate
with a bachelor’s degree
in the program of their
choice, beginning in Sep-
tember 2014.
Interested applicants
can apply for scholarship
support upon admission
to the University of the
People and before they
commence their classes.
“Our support for Uni-
versity of the People is
meant to leverage the
power of online learning
by establishing a dedicat-
ed scholarship program
for improving access to
education in Myanmar,”
said Christian Krüger,
founder of the Krüger
Foundation.
“The hope is that some
of these students will
also be inspired and ad-
equately educated to fur-
ther assist with the rede-
velopment and economic
prosperity of their com-
munities,” Krüger, who is
also an impact investor,
said at the Impact Econ-
omy Symposium and Re-
treat last month.
Myanmar was one of
the four focus countries
at this year’s Impact
Retreat, which took place
from June 13-15 in Swit-
Dr Maximilian Martin,
the organiser of the event
and founder and global
managing director of Im-
pact Economy, identi-
Myanmar as countries
with exceptional potential
for inclusive growth and
modernisation.
The EMICs include
Ethiopia, Iran, and Co-
lombia in addition to My-
anmar, and represent a
group of high-stakes cata-
lytic countries.
“In one of our sessions
at the symposium that
was dedicated to Myan-
mar, the importance of
education and access to it
for all members of society
a key to success in sus-
tainable modernisation.
Impact Economy is de-
lighted to see the Krüger
Foundation addressing
this need,” said Martin.
At a time when Myan-
mar’s enthusiasm to catch
up with its neighbours is
at an all-time high, the
country needs to over-
come a number of con-
straints that are standing
in the way of a sustainable
middle-income future.
Building more domestic
human capital will help
lay the needed foundation
in Myanmar, Martin said.
College and univer-
sity students everywhere
themselves with addi-
tional obligations beyond
just studying for a de-
independence and family
commitments.
UoPeople is an accredit-
ed degree-granting online
university that provides
tertiary education courses
for students in 143 coun-
tries.
-
ner with the Krüger Foun-
dation in order to sponsor
a group of Burmese stu-
dents towards their bach-
elor’s degrees at Univer-
sity of the People,” said
Shai Reshef, founder and
president of UoPeople.
will follow the example
set by the Krüger Foun-
dation and join us in our
mission to democratise
higher education across
the globe,” said Reshef.
In making this grant,
Krüger Foundation ex-
access to opportunity for
youth in Asia, a footprint
that will now include My-
anmar.
Freshmen students attend a chemistry class in Yangon University.
SoeZeyaTun/Reuters
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jyefvnfazmfaqmifEdkifzdkYygyJ}}[k

July 17-23, 2014
mmbiztoday.com
INVESTMENT & FINANCE 19
Myanmar Summary
David Mayes
I
-
nately an ugly real-
ity we all have to deal
with. Prices will realisti-
cally most likely keep go-
ing up every year until
the day that we die, the
only thing that will likely
change from time to time
is how quickly they are
rising.
So what is the most
practical to safeguard the
purchasing power of the
money you have worked
so hard to earn? As al-
ways, there is no one fool
proof way to address the
issue, but several strat-
egies you can take and
each one has its own set
of risks.
Property is gener-
ally one of the best bets
long run, property will in
fact usually make a posi-
tive return above and be-
there still exists timing is-
sues and other risks which
can never be 100 percent
avoided. Take for instance
Yangon commercial prop-
erty at the moment. It has
risen so fast, and there are
so many projects under
way, that one must won-
der if today is a good time
to buy in or if the gains
form the expected boom
are already priced in.
Of course only time will
tell, but for me it is one
estate markets to get my
head around. In some
markets foreigners can-
not legally own land, so
the loopholes one must
jump through add anoth-
er layer of risk.
The stock market is also
said to keep pace with in-
this is generally true, tim-
ing is always a huge fac-
tor involved in whether
or not your investments
actually do. One could
make a strong argument
-
tion is already priced in at
the moment, and in fact
-
pothesis taught in every
say that this is the case.
I am not a big fan of that
theory in most instances,
but at the moment I think
this may be the case.
If real estate and the
stock market cannot be
guaranteed to keep you
about bonds? Here I see
at the moment one of the
few ways that you can be
pretty sure you will beat
not be by much. The oth-
er thing is that you need
to buy individual bonds,
preferably by companies
with top credit ratings,
and make sure you can
hold them to maturity.
A bond fund, as I have
written about many times,
stands to lose when inter-
est rates eventually break
free and begin to rise.
Commodities typically
environment as well, but
these can fall victim to
the same boom and bust
cycle that every other as-
set class goes through as
well. As I wrote about last
week, I do put gold into a
portfolio most of the time
but am very aware that
the downside potential
at the moment could be
similar to that of the stock
market.
As is usually the case
with investing, the best
way to try and stay ahead
across asset classes. The
risks involved with each
type of investment will not
-
gains in one area should
in another part of a well-
-
and we most likely will see
some periods in the com-
ing decades where prices
rise very rapidly. If your
assets are spread around
you can be sure that some
of them will catch this up-
lift and protect your over-
all purchasing power.
David Mayes MBA
provides wealth man-
agement services to ex-
patriates throughout
Southeast Asia, focusing
on UK Pension Trans-
fers. He can be reached
at david.m@faramond.
com. Faramond UK is
regulated by the FCA and
provides advice on pen-
sions and taxation.
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Myanmar Business Today - Vol 2, Issue 28

Myanmar Business Today - Vol 2, Issue 28

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Myanmar Business Today - Vol 2, Issue 28