Myanmar Business Today - Vol 1, Issue 47

mmbiztoday.com

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

December 26, 2013-January 1, 2014, | Vol 1, Issue 47

EU Here to Support Myanmar’s Transition: Ambassador
Bloc identifies key areas of engagement as education, rural development, government and capacity building, and peace, says Roland Kobia, EU Ambassador to Myanmar.
Oliver Slow

Myanmar Summary

I

n April, the European Union
permanently lifted all remaining economic sanctions
against Myanmar as a reward for
the ongoing reforms that have
been taking place in the country
since a quasi-civilian government came to power in 2011. This
was followed by Myanmar being
readmitted into the Generalised
System of Preferences (GSP)
status, allowing Myanmar’s
free access to EU markets on
their exports, while last month
saw EU High Representative
Policy Catherine Ashton visit

practically isolated from the international community. Another
important step took place earlier this year when Roland Kobia
ever resident Ambassador in
Myanmar. He came to Myanmar
after having been previously EU
Ambassador to Azerbaijan and
having spent time in the Private
for Energy as well as seven years
in EU delegations in Africa deal-

Sherpa Hossainy

Myanmar Taskforce.
The signs are clear. The EU is
pleased with the reforms that
continue to take place in a coun-

EU Ambassador to Myanmar Roland Kobia speaks during an exclusive interview with Myanmar Business Today.

countries.
“The message we want to
send is that we support the
since March 2011 and we think
this is a historic opportunity for
the international community
to accompany the reforms and
needed,” Kobia told Myanmar
Business Today in an exclusive
interview last week. “At the

time, we saw that the reforms
seemed to be genuine and we
wanted to show that the EU
being made by the new government in its transition. Political
and economic transitions are
welcome,” he said.
Speaking of the EU’s overall
role within the country – which
began in 1996 with funding projects aimed at development and

has seen more than $500 million
in total – Kobia said that the aim
is to promote a number of values
within the country, including
democracy, human rights, rule
of law, gender equality, judiciary
independence and free market
principles. Fundamentally, the
EU wants to promote peace,
stability and security as the
foundations of the ‘New House
Contd. P 6...

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Myanmar Business Today
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December 26, 2013-January 1, 2014

Foreign Trade up 30 percent
Kyaw Min
MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Board of Editors
Editor-in-Chief - Sherpa Hossainy
Deputy Editor - Oliver Slow

M

yanmar’s foreign
trade
posted
a rise of $3.65
billion, or 29.7 percent,

Reporters & Writers
Sherpa Hossainy, Oliver Slow,
Kyaw Min, Shein Thu Aung, Phyu Thit Lwin, Htet Aung,
Su Su, Aye Myat, Daisuke Lon, Yasumasa Hisada

Art & Design
Zarni Min Naing (Circle)

DTP
May Su Hlaing

Translators
Shein Thu Aung, Phyu Maung

Advertising
Tay Zar Zaw Win, Seint Seint Aye, Moe Hsann Pann
Advertising Hotline - 09 7323 6758

Subscription & Circulation
Aung Khin Sint - aksint2008@gmail.com
092043559
Nilar Myint - manilarmyint76@gmail.com
09421085511

Managing Director
Prasert Lekavanichkajorn
pkajorn@hotmail.com

Email
Editor - sherpa.hossainy@gmail.com
Special Publications - oslow99@gmail.com
Advertising - sales.mbtweekly@gmail.com
Designer - zarni.circle@gmail.com

Phone
Editor - 09 42110 8150
Deputy Editor - 09 3176 9529
Designer - 09 7310 5793

over the same period in
to Ministry of Commerce
data.
The total trade volume
reached $15.92 billion
during April to December
which maritime trade accounted for $13.28 billion
and border trade $2.64
billion.
Exports through sea
routes amounted to $5.59
billion while imports
recorded $7.7 billion, the

Phyu Thit Lwin

T

he Ministry of Electric Power has in-

to produce electricity in
any part of the country
in a bid to tackle the
crippling power shortage
statement said.

Publisher
U Myo Oo (04622)

Distributor (Bangkok)
Penbun Distribution Co., Ltd.
Tel: (662) 6158625-33 Fax: (662) 6158634

the UK, the US and the
Philippines.
Myanmar has recently
signed
border
trade
agreements with India,
Thailand, China and
Bangladesh in a bid to
boost trade.
Myanmar Summary

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Govt Calls on Private Sectors to
Invest in Electricity

wants to build hydropow-

No. 1A-3, Myintha 11th Street,
South Okkalapa Township, Yangon.
Tel: 951-850 0763,
Fax: 951-8603288 ext: 007

data shows.
Myanmar’s main export
items include rice, maize,
peas and beans, sesame,
rubber, marine products,
teak, hard wood, natural
gas, jade and garment
while
import
items
include dairy products,
palm oil, pharmaceutical
products, cement, machinery, electronic equipment and plastics.
The government has
set a total trade target of
$25 billion, 80 percent of
which are expected from
overseas trade and the
rest from border trade.
The main exporting
destinations for Myanmar
in that period were China,
India, Thailand, Malaysia, Vietnam, Singapore,

are invited to submit applications to the Ministry
of Electric Power, the
release said.
This is the third time the
Ministry of Electric Power
has invited private sector
for electricity generation. Earlier in June and

September, the ministry
invited the private sector
to invest in the key sector.
To date, 23 companies
have been granted permission to generate electricity in 84 townships.
The ministry said interested investors have to
mention the details of the
proposed project including the type of the power
plant and the location
where it will be set up.
The projects that will
meet the required standards of environmental
and social assessments
will be allowed, it added.
Myanmar
currently
produces overall 3,300
megawatts of electricity.
However, production hits
a snag during summer

as 70 percent of the
production comes from
hydropower.
Companies
from
Indonesia, Japan and
South Korea have already
shown interest in invest-

Myanmar.
Myanmar Summary

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JFE Forms Steel JV with Construction Ministry
10,000-tonne steel bridge fabrication plant to be built in Yangon
Sherpa Hossainy

Myanmar Summary

Toru Hanai/Reuters

J

apanese steel giant JFE
Engineering Corp has
established a joint venture
company with the Ministry of
Construction in a bid to tap
Myanmar’s booming infrastructure construction market, the
company said.
The new company, J&M Steel
Solutions Co Ltd, has started
the construction of a 16-acre
new plant in Yangon, JFE said
in a statement.
J&M plans to complete the
construction of the steel structure fabrication plant, with
an annual capacity of 10,000
tonnes in Thaketa township,
Yangon, by April 2014, to start
its business related to steel
bridge design, fabrication and
construction, the company said.
In addition to steel bridges, the
plant will be capable of making
harbour and coastal structures
and container cranes, JFE said.
The company said it will introduce its high quality fabrication
technologies to the plant.
The joint venture company
will gradually expand the scope
of its business to general
transportation and logistics infrastructure development, the
Tokyo-based company said.
Several international construction companies have been
wooing Myanmar to make
headway into the Southeast
Asian nation’s lucrative construction market as it emerges
from decades-long isolation
and military dictatorship, which
left the country direly requiring
construction of transportation
infrastructure, such as roads
and railways, as well as logistics
infrastructure, including port
terminals.
With J&M receiving orders for
projects within Myanmar, the

A man walks past a logo of JFE Holdings Inc outside its headquarters in Tokyo.

ministry of construction aims
to increase the ratio of domestically fabricated steel structures
from its current level of about
10 percent.
JFE said it will leverage the
joint venture company not only
to receive direct project orders,
but also as a production base
for the expansion of its overseas steel structure business
in Southeast Asia, Middle East
and Africa.

have since been carried out, and
a business licence was granted
in November.
The share capital of the JV
company is ¥1.2 billion ($11.68
million), where JFE Engineering Corp holds 60 percent stake
while the Public Works department holds the rest.
The company will start with
80-90 employees (about 70
workers) and will increase its
human resources up to 210

engineering expertise to the en-

workers) by April 2014.
JFE Engineering opened its
Yangon Branch in 1995 which
provides technical support to
national companies regarding the construction of large
bridges. It has been accepting
over 200 welding trainees at its
Tsu Works since 2002.
It also started an internship
training program for students

in addition to the country’s
transportation and logistics
infrastructure.
The establishment of the joint
venture was agreed to between
JFE Engineering and the Public
Works department under the
ministry in February. Procedures for the establishment

of the Yangon Technological
University this year to train future infrastructure construction
professionals.
JFE Holdings, the parent
company of JFE Engineering,
was formed in 2002 by the
merger of NKK and Kawasaki
Steel Corp. At the time, NKK
Corp was Japan’s second
largest steelmaker and Kawasaki Steel was the third largest
steelmaker.
JFE Holding’s main business is steel production. It also
engages in engineering, ship
building and real estate redevelopment. JFE Holdings is the
world with revenue in excess of
$30 billion. JFE Holdings has
several subsidiaries including
JFE Engineering, JFE Steel and
JFE Shoji.

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US Slaps Sanctions on Myanmar Firms over
N Korea Arms Trade
Htet Aung

tar&d u ef t pd k ; &b@ma&;
Asia Metal
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T

Company Ltd, Soe Min Htike
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he US government
on Tuesday last
week
imposed
sanctions on three companies and one person
in Myanmar in its latest
arms trade between the
Southeast Asian nation
and North Korea.
The Department of
Treasury blacklisted Asia
Metal Company Ltd, Soe
Min Htike Co Ltd, Excellence Mineral Manufacturing Co Ltd as well as
Lt Colonel Kyaw Nyunt

target those linked to DDI,
which has been involved
in purchasing military
equipment and related
material from North Korea,” the Treasury said in
a statement.
The Treasury said the
move “does not generally
target” the Myanmar government, as it has agreed
to follow through a UN
Security Council resolution banning the purchase
of military goods from
say Myanmar has curtailed the trade, but not
ended it.
“The revenues from
these continuing military
sales directly support
North Korea’s illicit activities,” said Treasury Under
Secretary for Terrorism
and Financial Intelligence
David Cohen.
“We will continue to
target this activity in
Burma, and the region, as
we work with our international partners to shut
down North Korea’s dangerous and destabilising
weapons proliferation.”
Soe Min Htike was a
procurement agent for the
DDI, the Treasury said. It
and Excellence Mineral
worked with North Ko-

The US government imposed fresh sanctions on three companies and one person in Myanmar in its latest effort to choke off alleged arms
trade between the Southeast Asian nation and North Korea.

material for weapons
programs.
Asia Metal constructed
buildings and supplied
construction materials on
a DDI factory compound
where the Treasury said
about 30 North Koreans
were working.
The department added
Lt General Thein Htay,
the chief of DDI, to its
blacklist in July for his
involvement in arms dealing with Pyongyang.
The military cooperation with North Korea was
forged during Myanmar’s
international
isolation.
The State Department
has said that in late 2008,
visited Pyongyang, they
signed a memorandum
of understanding with
North Korea on assistance
to build medium range,
liquid-fuelled
ballistic
missiles.
Washington has eased
sanctions on Myanmar
and sent back an ambassador in response to the
reforms undertaken in
the Asian nation in the
past few years.
Myanmar Summary

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Bobby Yip/Reuters

working with Myanmar’s
Directorate of Defense Industries (DDI), a military
entity on Washington’s
sanctions blacklist since
July 2012.
The move entails sanctions that bar American
citizens from doing business with those targeted
and freeze all of their assets under US jurisdiction.
“These actions continue

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that this is an issue that the government is at least looking at.
“What I can see is there have
been some attempts [to deal
with it]. Thein Sein has been
there, he’s met leaders from
both [Muslim and Buddhist]
sides and some Buddhist leaders have been arrested for their
role in the violence. He made a
political statement calling for
peace, so this is all very good.
“But we remain concerned,
as it was expressed by the EU
and many others in the last
UNGA resolution. The EU, the
member states of the EU, the
international community are
all concerned about this issue
and I believe that it is not in the
interest of Myanmar to let this
deteriorate further.”

From page 1...

four priorities for its development aid to Myanmar for the
next years: education, rural
development, governance and
capacity building, and peace.
The EU also used the event to
sign agreements with the Myanmar government on Small and
Medium Enterprises (SMEs),
mining and tourism, as well
as an EU-Myanmar Business
Council and a European Chamber of Commerce in Myanmar.
How the international business community views Myanmar
as a place to invest is important
as the country continues its
reforms, Kobia said.
“Companies from Europe see
Myanmar as this big new territory where there are great business opportunities, so they come
here with a great desire to invest.
Now, when people come here,
environment compared to Eubegin to see various problems
that even the government itself
recognises,” he said, referring to
issues such as high land prices,
access to electricity, lack of human resources, the protection of
investments and other problems
nesses interested in beginning
operations in Myanmar.
“I’m not a businessman, but
I know there’s one thing that
businesspeople don’t like, and
that is uncertainty. You need to
trust where you put your money,
and you need to ensure that you
will put the money in a basket
that is stable, otherwise you fear
you can lose that.”
One key area for Myanmar’s
development is the Small and
Medium Enterprise (SME)
market, which makes up for an
estimated 90 percent of all companies in the country. During the
Task Force, the SMART Myanmar (SMEs for Environmental,
Accountability, Responsibility
and Transparency) programme
was launched, a $2-million project aimed at helping Myanmar
SMEs to develop.
“In any country of the world,
SMEs are the backbone of the
economy. We want to help [Myanmar] constitute a strong network
of SMEs, therefore constituting
a middle class, which in turn will
help the country out of poverty.”
He added that the way to help
SMEs is to set up a legal framepeople an incentive to develop a
sense of entrepreneurship.
“I’m not an expert in what
happened before, but a Socialist
economy isn’t the sort of environment where entrepreneur-

EEAS

of Myanmar’ that is being built”.
During the EU-Myanmar
Taskforce, which took place in
Yangon and Nay Pyi Taw on
November 14 and 15, the EU

From page 1...
EU Ambassador to Myanmar presents his credentials to President U Thein Sein.

ship is encouraged. So one thing
is the legal framework to make it
easier for people to start a company, you also need to provide
know-how, transfers of technology and technical assistance. All
these things the EU – and other
donors, because we’re not the
only ones doing this – can do
to help create a good business
environment.”
Another EU-led programme
has seen €10 million ($13.5 million) pledged to a programme
that will train 4,000 Myanmar
licing and crowd management,
another sign, Kobia says, that
the EU is serious about its
engagement with the country to
“In countries in transition,
you need to show the population
that politicians are not just talking about changes. People want
the country – they want to feed
their children better, they want
to send them to better schools,
they want less corruption and
harassment and they want to
see a police force that is there to
help them.”
Critics of the programme
have claimed that providing
Myanmar with riot gear violates
a longstanding EU arms embargo, but in an earlier press
conference, Kobia countered,
“the equipment the EU will
be providing to the police is
only purely defensive, nothing
Shortly following this interview,
riots began at a football match
in Yangon, when the Myanmar
national team was knocked out
of the Southeast Asian Games
football competition after losing to Indonesia. Following the
game, supporters began tearing
property and hurling rocks at
police. The police’s response has
come under some criticism, with
then later acting in a provocative
manner – there are reports of

stones back at the rioters. In
other incidents, most notably
the wave of anti-Muslim attacks
that have taken place in parts
of the country in the past year,
police have been criticised for
standing aside as mobs attacked
homes and razed entire villages.
Kobia says that these sorts of incidents show the need for proper
training of Myanmar’s police
force, but it is work in progress
and will take time to change
mentalities, he said.
The EU and other governments have been criticised in the
past for rewarding the Myanmar
government before genuine democracy has reached the country’s citizens. Political prisoners
still languish in jails – earlier
this year, Thein Sein promised
that all would be released by
the end of the year, although 41
still remain incarcerated – and
ethnic groups are still reporting
large-scale abuses, and while
Kobia admits that problems
remain, overall the country is
making progress in this area.
“At the beginning, we believed
in this country and we believe in
the people; it has so far proven
the right thing to do. But we remain cautious and demanding…

sands have been displaced by
violence in the region. Denied
citizenship by the government –
who see them as illegal ‘Bengali’
immigrants from neighbouring
Bangladesh – thousands of
Rohingya are languishing in
desolate internally displaced
person (IDP) camps, unable to
leave or to work.
With few options available,
many women in the camps are
turning to prostitution in order
to provide for their families
and with men unable to work,
domestic violence is reportedly
on the rise. It is an issue, Kobia
says, that the government and
all political and religious leaders
must take seriously and deal
with.
The EU can only guide the
government in addressing the
issue, Kobia says, and this can be
done by encouraging them to be
aware of the dangerous spillover
of this issue and to consider how
they are viewed internationally.
“It is also a question of reputation. They must show that they
are really serious about changing the country. A country that
will have the chairmanship of
ASEAN, let’s not forget that
there are Muslim countries
in ASEAN. They must ensure

“I’m not a businessman, but I know there’s one
thing that businesspeople don’t like, and that is
uncertainty. You need to trust where you put your
money, and you need to ensure that you will put
the money in a basket that is stable, otherwise you
fear you can lose that.”
the lifting of sanctions must
come with progress, and the GSP
is linked to certain benchmarks,
with regards to democratisation,
human rights and labour laws.
So the EU remains vigilant and
attentive.”
One area the EU continues to
look very closely at is Rakhine
state, most notably the plight of
the Rohingya people, a Muslim
minority group of which thou-

that they are really committed
to dealing with a real problem
that is not only a concern at a
human rights level, but can also
derail part of the transition. It
can also have an impact on the
business environment … it could
investment.”
While some international
observers criticise Myanmar for
inaction, Kobia says that he feels

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Yoma Forms JV with Sumitomo to Distribute
Hino Trucks in Myanmar
estate and agriculture to
automotive and luxury
tourism in Myanmar and
China. Together with its
partner, the SPA Group,
the group said it’s taking
a conglomerate approach

WMC

portfolio of businesses in
Myanmar.
Listed in Tokyo, Osaka,
Nagoya and Fukuoka
stock exchanges, Sumitomo engages in a wide
range of businesses that
fall in industries including media, resources and
transportation systems.
Incorporated in 1919,
it has an established
presence in 116 locations
including 65 overseas and
24 in Japan.
Myanmar Summary
A Hino 300 series truck.

Kyaw Min

S

ingapore-listed Yoma
Strategic
Holdings
has entered into a
proposed joint venture
with Japan’s leading trading house Sumitomo Corp
to distribute and service
Hino brand trucks and
buses in Myanmar, Yoma
said.
The proposed joint
venture, subject to the
approval
of
relevant
authorities, is expected
to be 60 percent owned
by Sumitomo Corp, 20
percent by Elite Matrix, a
wholly-owned subsidiary
of Yoma Strategic, and 20
percent by First Myanmar
Investment, a subsidiary
of Serge Pun & Associates
(Myanmar) (SPA).
Yoma Strategic said
its involvement in this
joint venture will serve
to further broaden the
company’s
burgeoning
automotive interests in
Myanmar.
“This collaboration with
Sumitomo Corp is but the
latest in a long partnership history between
Sumitomo Corp and the
SPA group of companies,”

cant range of operations
in Myanmar, said.
Hino Motors, a Toyota
Motor Corp company, is
the largest manufacturer
of heavy- and mediumduty trucks in Japan, with
sizeable market shares in

Southeast Asia and Australia. Worldwide sales
of Hino-brand products
amount to 130,000 vehicles annually. In Japan,
Hino is widely preferred
for heavy, medium and
increasingly, light duty
trucks.
Andrew Rickards, Yoma
Strategic’s chief executive,
the prospects of its partnership with Sumitomo
Corp to distribute and
service Hino brand trucks
and buses in Myanmar.
“We have seen demand
for robust trucks with
good load capacity grow in
tandem with the economy
and with the continued
improvements to infrastructure, we expect this
momentum to sustain,”
Rickards said.
Rickards said demand
for long-distance coach
services is also likely to
increase, particularly for
travel between major
cities, as urbanisation
continues and tourism
“Many major vehicle
manufacturers are now
eyeing the Myanmar
market at the back of the
vehicle demand growth
spurt. We believe that this
is a right step for us in
our automotive portfolio,
in line with our longer
term plans to become a
automotive industry in

Myanmar,”
Rickards
added.
Yoma’s business interests range from real

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Myanmar, Cambodia Ink
Visa Exemption Treaty

First Myanmar-Hosted
ASEAN FM Meeting Set for
January
Kyaw Min

T

Erik De Castro/Reuters

foreign ministers meeting of the Association
of Southeast Asian Nations
(ASEAN) has been set for January 17 next year in Myanmar’s
Bagan in Mandalay region.
At the ASEAN FM meeting,
Myanmar Foreign Minister
U Wunna Maung Lwin will
present the prioritised tasks to
be undertaken by the regional
-

Tourists ride an elephant past the ruins of Cambodia’s Bayon temple in Siem Reap.

Kyaw Min

M

yanmar and Cambodia
have agreed on mutual visa exemption for
holders of ordinary passports.
The agreement on the move
was signed by Deputy Foreign
Minister U Tin Oo Lwin and
Cambodian Ambassador to
Myanmar Sieng Burvuthin in
Nay Pyi Taw.
The signing was aimed at
strengthening existing relations
procedures of citizens travelling
between the two countries.
In February 2011, Myanmar established air link with
Cambodia with its Myanmar
Airways international (MAI)
Siem Reap, an ancient city in
Cambodia.
to reach Phnom Penh, capital of
Cambodia, in November 2011.
The airline’s extension to
Phnom Penh has created a
long-term cooperation between
Cambodia and Myanmar on
tourist, culture, trade and in-

The direct air link between
Myanmar and Cambodia was
introduced after the 4th Ayeyarwady Chaophraya-Mekong
Economic Cooperation Strategy (ACMECS) Summit and 5th
CLMV Summit in November
2010 which was aimed at developing tourist industry in the
subregion.
The Philippines and Myanmar
also signed a visa-free agreement during the state visit of

President U Thein Sein in the
Philippines this month, while in
October a visa exemption agreement for ordinary passport
holders was signed by Vietnam
and Myanmar. Myanmar and
Laos signed a reciprocal 14-day
visa exemption for ordinary
passport holders in 2006.
In October, the Thai cabinet
also approved a draft proposal
to waive entry visa requirement
for Thai and Myanmar citizens,
making short-term visits by air.
During a parliamentary session this August, deputy minister Tin Oo Lwin said Myanmar
will try to sign visa exemptions
with other ASEAN countries in
Myanmar signed an agreement with Cambodia, Indonesia, and Philippines in June
during the World Economic
Forum to develop a smart visa
system for the development of
tourism in the region.
Myanmar Summary

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Chaophraya-Mekong Economic
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Foreign Ministry said.
The ASEAN FM meeting
will help promote tourism and
bring more foreign investment
into the country, U Aung Htoo,
director general of the department, said.
In 2011, ASEAN leaders at
their summit approved Myanmar to take the ASEAN chair
in 2014, which was taken over
by Myanmar from Brunei on
October 10 at the 23rd ASEAN
summit held in Bandar Seri
Begawan.
During Myanmar’s one-year
term of the ASEAN chairmanship, more than 240 regional
meetings are scheduled to be
held in Nay Pyi Taw, Yangon,
Mandalay and Bagan.
ASEAN adopted its Vision-2020 in 1997 and is striv-

ing to establish the ASEAN
Community in 2015.
Myanmar became an ASEAN
member in 1997.
ASEAN comprises ten member countries – Brunei Darussalam, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand
and Vietnam.
Myanmar Summary

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Myanmar Sees More Than
300,000 Visitors in
Seven Months
Kyaw Min

M

yanmar saw a total
of 318,543 tourists
visiting the country in

Of the travellers, 107,750
came by air, data shows.
The number of tourist arrival
is expected to increase at the
end of this year as many foreign
visitors are visiting Myanmar to
attend the 27th Southeast Asian
Games.
Myanmar targets 2 million
tourist arrivals in 2013 and up
to 3 million in 2014.
In 2012, the number of tourist
arrival reached 1.02 million, an
increase of 200,000 compared
ing reforms in Myanmar.
Authorities also granted visa-

on-arrival for visitors from 48
countries in a bid to lure more
visitors.
Myanmar Summary

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Southeast Asia Opium Production
Poverty pushing Myanmar opium output higher
Shein Thu Aung

Myanmar Summary

L

ed by a 13 percent
increase in Myanmar opium cultivation to 57,800 hectares
(from 51,000ha in 2012),
opium poppy cultivation
in Southeast Asia’s Golden Triangle of Myanmar,
Laos and Thailand rose
for the seventh consecutive year, according to a

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ESifh rIcif;qdkif&m½Hk; (UNODC)
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pdkufy sKd;rIrSm 7 ESpfqufwdkuf
jrifwufvmcJaMumif; od&onf/
h
h
UNODC
Southeast

Crime (UNODC) report
released last week.
The UNODC report,
Southeast Asia Opium
Survey 2013 – Lao PDR,
Myanmar, said despite

in Laos and remains low
in Thailand, the survey
shows increased production in Myanmar has
caused the entire region’s
production levels to more
than double since 2005.
In 2013, Lao PDR and
Myanmar produced 893
tonnes of opium – 18
percent of global opium
production – a 22 percent
increase from 2012, and
2.7 times more than in
2005 when they produced
326 tonnes.
A 15-year plan developed
by the Myanmar government in 1991 helped
reduce production levels
for most of the 1990s and
early 2000s, but since
2006 production has
steadily increased.
clear that we need to step
root causes of cultivation
and promote alternatives
to poppy growing,” said
Jeremy Douglas, UNODC
regional representative,
Southeast Asia and the
“We need to act quickly.
The Golden Triangle is
the geographic centre

Asia Opium Survey 2013

Damir Sagolj/Reuters

yields combined with a
rise in cultivation saw
Myanmar opium production increase 26 percent in
2013 to an estimated 870
tonnes – the highest since
assessments by UNODC
and the Myanmar government began in 2002.
While production of
opium poppy – a key
ingredient in the production of heroin and various
other illegal drugs – ap-

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&Gucaomfvnf; 2013 ckEpwif
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vmNy;D cefre;f ajctm;jzifrufx&pf
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h
Contd. P 21...

of the Greater Mekong
Sub-region, and plans are
well underway to expand
transport and infrastructure and lower trade barriers and border controls
across the region. The
organised criminal netSoutheast Asia’s illicit
drug trade are well positioned to take advantage
of regional integration,”
Douglas said.
The resurgence in cultivation and production
may be fuelled by a rise in
demand for opiates in local and regional markets,
says UNODC. In Myanmar and Lao PDR, the
use of heroin, opium and
synthetic drugs remains
high – and was “much
higher” in poppy-growing
villages.
Myanmar is Southeast
Asia’s
largest
opium
poppy-growing country
and the world’s second
largest after Afghanistan.
Shan State remains the
centre of Myanmar’s opium activities, accounting
for 92 percent of opium
poppy cultivation, with
the rest located mainly
in Kachin state. In Lao
PDR, the UNODC survey
cultivation in the three

northern provinces of
Phongsali, Xiangkhoang
and Houaphan.
The increase raises
concerns among development agencies and governments that not enough
is being done to provide
alternative employment
options to poppy farmers and improve livelihoods in impoverished
Myanmar.
Myanmar is the poorest
in Southeast Asia according to the World Bank,
and opium cultivation is
a major source of income
for many farming families, says the UNODC.
UNODC said surveys
of farmers in Golden
Triangle poppy-growing
villages show that money
from poppy cultivation
is essential for villagers
threatened with food
insecurity and poverty.
“Our survey shows
a strong link between
poverty
and
poppy
cultivation,” said Jason
Eligh, UNODC Myanmar
Country Manager.
“Opium farmers are
not bad people, they are
poor people. Money made
from poppy cultivation
is an essential part of
Contd. P 26...

MasterCard Adds $25,000 to Train Women
Entrepreneurs in Rural Myanmar
MasterCard & Mercy Corps program sees an average 218pc increase in participant knowledge of key business and financial concepts
Kyaw Min

A

merican payment
network
giant
MasterCard said
women
entrepreneurs
funding to support business literacy initiatives in
rural Myanmar.
The additional $25,000
in funding from MasterCard will go towards the
expansion of the business literacy program
with Mercy Corps called
Business and Financial
Literacy for Success.
The program educates
small farmers and households on basic business
skills and money management practices.
MasterCard said the
grant will allow Mercy
Corps to provide the
second phase of training,
which will include indepth and targeted business advisory services,
mentoring and links to

women entrepreneurs in
the delta region start or
expand their businesses.
“This partnership between MasterCard and
Mercy Corps has already
seen more than 1,200
farmers and entrepreneurs, the latter of whom
are mainly women, benof the Mercy Corps training,” Matthew Driver,
Southeast Asia president,
MasterCard, said.
Providing training in
fundamental
business
skills such as bookkeeping and budgeting,
promotions and customer service directly
not only by helping them
improve their business
performance but also in
achieving their goal of
supporting their families
and communities, he said.
program that launched
Contd. P 26...

Myanmar Summary

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uG e f & uf v k y f i ef ; BuD ; jzpf a om
MasterCard u aus;vufa'o
rsm;wGif pD;yGm;a&;todynmrsm;
tm; &&Svm&ef aqmif&urr sm;
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onf h t wG u f trsK d; orD ; pG e f YOD ;
wDxGifvkyfief;&Sifrsm;taejzifh
tusKd ; aus;Zl ; cHpm;&rnf j zpf
aMumif; ajymMum;cJhonf/
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tar&duefa':vm 25000 tm;
aiGaMu;axmufyronf Mercy
hH I
Corps ESif h vkyfaqmifaeaom
pD;yGm;a&;todynmay;tpDtpOf
wGif toH;k jyKom;rnfjzpfaMumif;
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od&onf/
tqdkygtpDtpOfonf v,f
orm;rsm ;ES i f h td rf axmifpkr sm;
tm; tajccHpD;yGm;a&;qdi&m pGrf;
k f
&nfr sm;ESifh aiGaMu;pDrHcefYcGJrI
usifh oHk; enf ; r sm ; tm; a 0r Q
oifMum;ay;aMumif;vnf; od&
onf/
Contd. P 26...

LOCAL BIZ

10


mmbiztoday.com

Japan, Myanmar Sign Investment Pact
Treaty to nurture business ties, improve protections: Officials
Kyaw Min

J

Myanmar.
Myanmar

President

Thein

the treaty would expand investment opportunities for Japan.
both countries, Japan will have
concluded investment treaties
or economic partnership agreements laying down investment
rules with all 10 ASEAN member countries.
The Japan-Myanmar investment treaty includes a so-called
investor-state dispute settlement system, one of the focal
points of the ongoing Transnegotiations.
Attracting foreign investment
and lending is crucial for aiding
the expansion of Myanmar’s
resource-rich economy. Mypotential but is burdened with
also lacks a manufacturing base
after decades of foreign sanctions and restrictive laws under
military rule.
Japan is Myanmar’s largest
aid donor. To help clear the
way for the investment treaty,
Tokyo agreed to forgive about
$5.32 billion in debt owed by
Myanmar and extended bridge
loans to help clear the rest.
Abe has promised to help
support Myanmar’s economic
and political reforms with
both public and private help,
including fresh loans for infrastructure building and major
development assistance that

“Under the treaty, Japanese
businesses operating in Myanmar will
be granted equal rights to local
companies and Myanmar companies
doing business in Japan will receive
the same treatment.”
The Japanese government
hopes to promote the business
expansion of Japanese companies in Myanmar, a market
closely watched for strong
growth prospects thanks to
progress in economic reform.
At a joint news conference after the signing, Prime

Kimimasa Mayama/Pool

apan and Myanmar have
signed an investment
treaty to nurture closer
business ties as the once secluded Southeast Asian country
opens its fast-growing economy
to more foreign businesses.
Prime Minister Shinzo Abe
and Myanmar President U
Thein Sein signed the investment treaty on the sidelines of a
three-day special summit meeting in Tokyo between Japan and
the Association of Southeast
Asian Nations (ASEAN).
Japanese businesses have
been eager to invest in Myanmar and have stepped up their
activities here after Thein Sein’s
reformist government came to
power in 2011 after nearly 50
years of military rule.
Japan’s trade ministry said
the agreement is intended to
provide greater protections and
a stable legal environment for
investors.
Under the treaty, Japanese
businesses operating in Myanmar will be granted equal rights
to local companies and Myanmar companies doing business
in Japan will receive the same
treatment.
The treaty calls for Japanese
investors to receive the same
protections provided to other
foreign investors under international rules and prohibits the
imposition of export, technology transfer or other requirements in exchange for such
investments. It is also intended
to improve transparency, key
for a country struggling with
endemic corruption.

Minister Shinzo Abe said the
treaty demonstrates Japan’s
determination
to
support

will support Japanese business
interests in the Southeast Asian
nation.
Japan had close ties with
Myanmar before the junta
took power in 1988 and Tokyo
suspended grants for major
projects. Japan did not impose
sanctions on Myanmar in 2003

Myanmar's President Thein Sein (L) and Japan's Prime Minister Shinzo Abe shake hands at the start of their talks at the prime

when the military regime put
pro-democracy leader Aung San
Suu Kyi under house arrest, unlike the US and other Western
countries, though it did scale
back most business activities
and cut government aid.
Japan’s investments in Myanmar still lag behind those of
China and India, though that is
fast changing. Trading companies Mitsubishi Corp, Marubeni
Corp and Sumitomo Corp are
leading a project to develop
the 2,400-hectare (5,900-acre)
Thilawa Special Economic
Zone, located near Yangon,
Japan’s biggest investment in
Myanmar so far.
Myanmar Summary

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a&;xd;k cJNh y;D pD;yGm;a&;yl;aygif;vkyaqmif
f
rIrsm;udk ydrw;kd wufvmap&eftwGujf zpf
k kd
aMumif; od&onf/
ta&SUawmiftm&StzGUJ 0ifEiiwpfEiiH
kd f H
kd f
jzpfaom jrefrmEdkifiHtaejzifh pD;yGm;a&;
zGUH NzdK;wdk;wufrIEIef; jrefqefNyD; EdkifiHjcm;
vkyfief;rsm;twGufvnf; ydkrdkwHcg;zGifh
aqmif&GufvmcJhonfudk awGUjrifvm&
onf/ *syefEdkifiHESifh ta&SUawmiftm&S
tzGJU0ifEdkifiHrsm;qdkif&m xdyfoD;awGUqHk
aqG;aEG;yGtm; wdusKü oHk;&ufMum jyKvyf
J
k d
k
cJhNyD; xdktcsdeftwGif;rSmyif *syefEdkifiH
0efBu;D csKyf &SiZtmab;ESifh jrefrmEdii
f kd
k f H
or®w OD;odef;pdefwdkYrS &if;ESD;jr§KyfESHrIqdkif
&moabmwlnDcsufudk vufrSwfa&;xdk;

cJhMujcif;jzpfonf/ ESpfaygif; 50 eD;yg;
ppftpd;k &tkycsKyrtNy;D 2011 ckEpwif
f f I
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t&yfom;tpd;k &rS tkycsKya&;wm0efrsm;
f f
udk pwifxrf;aqmifcJhNyD; xdktcsdefrSpí
*syefEdkifiHrSvkyfief;rsm;taejzifh jrefrm
EdkifiHwGif &if;ESD;jr§KyfEHSvmvdkMuonf/
*syefEdkifiH ukefoG,fa&;0efBuD;XmerS
ajymMum;csut& ,ckoabmwlncsuf
f
D
onf ydkrdkaumif;rGefaom tumtuG,f
rsm;tm; axmufyHhay;oGm;Edkifrnfjzpf
ovdk &if;ES;D jrK§ yEolrsm;twGuf wnfNirrI
f SH
df
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d
k
wpfcvnf; jzpfwnfvmaprnf[k od&
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onf/
tqdygoabmwlncsufpmcsKyatmuf
k
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k f H G
f
aqmif&uaeaom *syefvyief;rsm;tae
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k f
jzifh jynfwGif;vkyfief;rsm;ESifh wef;wl
tcGita&;udk &&Som;EdirnfjzpfNy;D *syef
hf
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jrefrmukrPrsm;taejzifvnf; tvm;wl
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fh
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k f H
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rsm;rS tjcm;&if;ESD;jr§KyfESHolrsm; axmufyHh
&&Sdonfh tjynfjynfqdkif&m pnf;urf;
rsm;? enf;ynmvTJajymif;ay;ydkYrIrsm; tp
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rsm;jzifh ½kef;uefae&aom jrefrmEdkifiH
twGuvnf; yGivif;jrifomrIu@wGif
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vkyfief;rsm; csJUxGifrIudk wdk;wufvmap

&ef arQmfrSef;xm;aMumif; od&onf/
jref r mEd k i f i H t aejzif h pD ; yGm ;a&;jyKjyif
ajymif;vJrrsm;wGif wdk;wufrrsm;aMumifh
I
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vnf;&Sdaeonfh aps;uGufwpfckvnf;jzpf
onf/ jrefrmEdkifiH or®wOD;odef;pdefu
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twGuf &if;ES;D jrK§ yErtcGitvrf;aumif;
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taejzifh ,HkMunfaMumif; ajymMum;cJh
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jref r mEd k i f i H t aejzif h E d k i f i H j cm;tul
tnDrsm;ESifhacs;aiGrsm;&&SdrIonfzGHUNzdK;
wdk;wufrItwGuf rsm;pGmtusdK;jyKEdkif
onf h t axmuf t yH h r sm;yif j zpf o nf /
jrefrmEdkifiHonf zGHUNzdK;wdk;wufrItvm;
tvmaumif ; rsm;&S d a eaomf v nf ;
pdkufysdK;a&;u@ESifhukefxkwfvkyfrIu@
rsm;wG i f t m;enf ; csuf r sm;&S d a eao;
onf/
t&yfom;tpdk;&rStkyfcsKyfa&;wm0ef
rsm;ud k p wif x rf ; aqmif p Of r S p NyD ;
tajymif ; tvJ r sm;ud k j yKvk y f c J h o nf h
twGufjynfyEdkifiHrsm;uvnf;jrefrm
Ed k i f i H E S i f h q uf q H a &;ud k j yef v nf w nf
aqmufvmcJhMuonf/ *syefEdkifiHonf
jref r mEd k i f i H o d k Y t ul t nD a ygif ; rsm;pG m
axmufyHhay;xm;NyD; jrefrmEdkifiHEdkifiH
a&;ESifhpD;yGm;a&;jyKjyifajymif;vJrIrsm;
wGifvnf;taxmuftyHhtultnDrsm;
tm;*syef E d k i f i H r S u l n D a y;oG m ;rnf [ k
*syefEdkifiH0efBuD;csKyfjzpfol &SifZdktm
ab;uuwdjyKcJhNyD;taemufEdkifiHrsm;u
vnf;pD;yGm;a&;ydwfqdkYrIrsm;udkajzavQmh
ay;cJhonf/

LOCAL BIZ

11

mmbiztoday.com


STADA Expands its Business Activities into Myanmar
Su Su

G

erman pharmaceutical
producer STADA Arzneimittel AG’s products
are now available in Myanmar,
making the company one of the
companies to take up activities
in the Southeast Asian country.
The company said its local
STADA products, including
both generics and branded, on
the market via in-licensing.

our strategy of continuous
internationalisation while focusing on high-growth emerging markets in the process,”
the executive board of STADA
Arzneimittel AG, said.
“Now that the country has
opened up, the supply of
medicines in the market with a
population of 60 million shows
substantial pent-up demand,
particularly for high-quality,
low-cost medicines.
“We intend to be present from
the beginning. The licensing
model and our experience in
Asia have provided us good opportunities in the future market
“STADA’s commitment is very
forward-looking,” said Christian-Ludwig
Weber-Lortsch,
ambassador of the Federal Republic of Germany to Myanmar.
from the Burmese market opening up. German companies like
STADA can penetrate a growing
market with future prospects.
The population, on the other

Alex Domanski/Reuters

will be expanded gradually,
STADA said.

The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt.

hand, gains access to a highquality yet low-cost supply of
medicines.”
The production of medicines
for Myanmar will commence
from the end of 2015 in a newly
built production facility in YanSTADA said.
To that end, Stada Myanmar
Joint Venture Co Ltd was
founded; the STADA Group
has no shareholding in this
company.
The licence agreement, however, gives STADA the option
of taking over the company at
a later date. Until then, the Myanmar market will be supplied
with products from the Vietnamese production facilities of

the STADA Group.
STADA Arzneimittel AG is a
publicly-listed company with
headquarters in Bad Vilbel,
Germany. The group is the
only independent generics producer in Germany. Worldwide,
ing companies in the generics
industry and is represented in
more than 30 countries with
approximately 50 subsidiaries.
achieved group sales of €1.83
billion, adjusted earnings before
interest, taxes, depreciation
and amortisation (EBITDA) of
€367.5 million and adjusted net
income of €147.9 million. As of
December 31, 2012, STADA employed 7,761 people worldwide.

Myanmar Summary

*smreDEdkifiH aq;0g;xkwfvkyfonfh
vkyief;jzpfonfh STADAArzneimittel
f
AG xkwfukefrsm;taejzifh ,ck
tcg jrefrmEdkifiHwGif &&SdvmEdkifNyDjzpf
aMumif; od&onf/
STADA taejzifh jrefrmEdiiwif
k f H G
pD;yGm;a&;aqmif&urukd wd;k csUJ aqmif&uf
G fI
G
jynf w G i f ; tusKd ; wl v k y f i ef ; taejzif h
,cktcg STADA xkwfukefrsm;udk
a&mif;csurf;vSrf;rIr sm;udk jyKvkyfay;ae
aMumif; ajymMum;cJhonf/
jrefrmEdkifiHaps;uGuftaejzifh rdrdwdkY
ukrPrS vuf&Svyaqmifaeaom enf;
Ü D
d k f
AsL[mrsm;ESifh udunr&aeNy;D wd;k wufrI
k f D I dS
EIef;jrifhrm;onfh zGHUNzdK;qJaps;uGufr sm;udk

t"dutm½HkpdkufvkyfaqmifaeaMumif;
STADA Arzneimittel AG rS trI
aqmifbkwftzGJU Ouú| Hartmut
Retzlaff u ajymMum;cJhonf/
jrefrmEdkifiHtaejzifh ,cktcg zGHUNzdK;
wd;k wufr&Svmovdk wHcg;zGiaqmif&uf
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rsm;twGuf t&nftaoG;aumif;rGefNyD;
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aps;uGuftwGuf tcGifhtvrf;aumif;
rsm;udk axmufyay;aeaMumif; Retzlaff
Hh
u ajymMum;cJonf/
h

LOCAL BIZ


12

Myanmar: Year in Review 2013

Michael Nesbitt

wd;k wuf vmcJho nf / 2013 ck E S p f w pf
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a&;ydwfqdkYrIr sm;udk ajzavQmhay;cJhNyD;
tvm; tvm aumif ; rsm ; &S d a eaom
jrefrmhaps;uGufudkvnf; tar&duef
vkyfief;rsm; pdwf0ifpm;rI ydkrdk&Sdvmap
cJhonf/

F

rom the announcement of
winners of the inaugural
international
telecoms
tender to the awarding of lucrative oil blocks, as well as the
ongoing challenge for peace in
the Kachin and Rakhine states,
2013 was not short of headlines
for this once-isolated nation.
A year after the passing of the
Foreign Investment Law, the
role of Chinese investors has

tap into the frontier market.
South Korea and Japan further
extended their reach to the
country and will play a vital role
in the evolution of the economy,
with investment commitments
across infrastructure, the development of special economic
zones and the announcement,
in June, by Japanese Prime
Minister Shinzo Abe to cancel
debt amounting to $1.74 billion.
sector could hasten development and further boost foreign
investment. The Central Bank
of Myanmar (CBM) gained
independence this year, while
steps have been taken to adopt
new exchange rate mechanisms,
liberalise the insurance market
and set up ATMs nationwide.
Another key development is
the government’s commitment
to establish the Yangon Stock
Exchange (YSE). The exchange
is being set up with the oversight of Daiwa Securities Group,
the Japanese government and
Myanmar Economic Bank, and
is expected to open in 2015 in
line with the commencement of
the ASEAN Economic Commutor is maturing at a rapid rate,
considering that the majority
of transactions were previously
handled in cash, many experts
believe it will be a challenge to
launch the YSE by 2015.
In June, U Htay Aung, the
minister of hotels and tourism,
unveiled the Tourism Master
Plan (TMP), which set out a
goal of boosting annual tourism
receipts from $534 million in
2012 to $10.8 billion by 2020.
In a year that saw property and
hotel rates skyrocket, with average expenditure on accommodation at $200-299 per night in
Yangon, onlookers will be keen
plan will have on room rates
and availability.

Soe Zeya Tun/Reuters

funds from the West and other
ASEAN members has increased.
An improved picture
Throughout 2013, the US
government eased sanctions,
which has increased inter-

mmbiztoday.com

As part of the TMP, the tender
for Hanthawaddy International
Airport was awarded to a South
Korean consortium in August,
valued at $1.1 billion. Viewed
as a critical step to boost tourism and trade – with the Asian
Development Bank (ADB)
estimating arrivals to reach 5
million by 2020 – the airport
will be situated 80 kilometres
(km) north of Yangon and have
the capacity to host 12 million
arrivals annually, with room to
eventually expand to 30 million.
Meanwhile, foreign direct
investment (FDI) rose to $2.7
(ended March 2013), up from
$1.9 billion in 2011/12, according to the World Bank. Oil and
gas revenues continue to drive
the economy, with GDP growth
of 6.5 percent for 2012/13.

While the retail and construction sectors expanded with
hotels, shopping malls and
apartment buildings being
erected throughout Yangon,
Mandalay and Nay Pyi Taw,
more can be expected from agriculture, telecoms, mining and
manufacturing in 2014.
Prospects
for
economic
growth are improving as modnew laws take shape. FDI in the
mining sector has lagged due
to red tape and transparency
issues. However, government
plans to implement the Extractive Industries Transparency
Initiative (EITI), as well as a new
mining law due to be passed in
March 2014, which means that
foreign participation is set to
rise steadily.

“While the retail and construction sectors
expanded with hotels, shopping malls
and apartment buildings being erected
throughout Yangon, Mandalay and
Nay Pyi Taw, more can be expected
from agriculture, telecoms, mining and manufacturing in 2014.”
Increased natural gas exports from Shwe and Zawtika
2,000km Myanmar-China gas
pipeline in October and the
blocks will come on-line in early
2014, means that the energy
sector will continue to play a
key role in driving projected
GDP growth for the 2013/14
forecast at 6.8 percent.

The road ahead
Access to quality health and
education remains a major
challenge.
Notwithstanding,
cantly in these sectors since the
appointment of President U
Thein Sein, though the majority of aid to the population
– 70 percent of whom live in
rural areas – is still provided
by non-governmental organisations. Another issue is the

reached 7.33 percent in August
due to high prices for food, gas
and electricity, according to the
Central Statistical Organisation
for Myanmar.
Although the government has
received international recognition for taking measures to enhance transparency, the country still has a long road ahead in
rooting out corruption. Ranking
157 out of 177 countries in the
Transparency International’s
“Corruption Perceptions Index
2013” – an improvement on its
2012 position of 172 – investor
with more commitment by the
authorities in this area.
Looking ahead, the government and the CBM will need to
keep a watchful eye on various
indicators, and with upcoming
state elections nearing, 2014
promises to be a key year.
Michael Nesbitt is Editorial
Manager at Oxford Business
Group.
Myanmar Summary

tjynfjynfqi&mqufo,a&;atmfy
kd f
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k
tEdkif&&Sdonfh vkyfief;rsm;tm; aMunm
cJjh cif;? a&eHvyuursm;tm; vkyui&ef
k f G f
f kd f
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f
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ajymp&mtrsm;tjym;&Sconf/
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taemufEiiEifh ta&SUawmiftm&StzGUJ
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0ifEdkifiHrsm; &if;ESD;jr§KyfESHrIrsm;u ydkrdk

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vyfaqmif&Gufvmapjcif;u EdkifiHjcm;
&if;ESD;jr§KyfESHrIt&Sdeft[kefudk ydkrdkjrifhrm;
vmapNyD; aemufxyf&if;ESD;jr§KyfESHrIrsm;
udkvnf; &&Sdvm&eftwGuf qGJaqmif
oGm;EdkifzG,f&Sdonf/
jref rmEd k i f i H a wmf A [d k b Pf t aejzif h
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aiGvv,rpepfopfwpf&yf? tmrcHaps;
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uwfr sm; toHk;jyKvmEdi&ef BuKd ;yrf;rIrsm;
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vnf; 2015 wGif zGifhvSpfwnfaxmif
oGm;&ef arQmfrSef;xm;onf/ b@ma&;
onf vsifjrefaomEIef;jzifh ydkrdkwdk;wuf
aumif ; rG e f v maomf v nf; ,cif u
vkyfief;udpötawmfr sm;rsm;udk aiGom;
jzifhom aqmif&GufcJh&NyD; uRrf;usifol
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pawmhtycse;f udk zGivpwnfaxmif&ef
d f d
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twGuf pdeac:csuwpfcyifjzpfaMumif;
f
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k
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k
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a&;0efBuD;Xme 0efBuD; OD;aX;atmifu
ZGefvwGif c&D;oGm;vma&;vkyfief;qdkif
&m txl;vkyfief;tpDtpOf Tourism
Master Plan (TMP) wpf&yfudk xkwf
azmfajymMum;cJhNyD; 2012 ckESpfwGif c&D;
oGm;rsm; a&muf&SdvmrIrS wpfqifh tar
&duefa':vm 534 rDvD,H&&SdcJhonfrS
2020 ckESpfwGif tar&duefa':vm
10.8 bDvD,Htxd &&SdEdkif&ef &nfrSef;
xm;onfh c&D;oGm;vkyfief;ydkif;qdkif&m
txl;tpDtpOfwpf&yfyifjzpfonf/ tdrNf cH
ajrESifh [dw,ftcef;crsm; tvGejf rifrm;
k
h
vmcJovdk &efuewif wpfnwm wnf;cdk
h
k f G
p&dwftwGuf tar&duefa':vm 200
rS 299 a':vmMum; ukefusvmEdkifonf
txd aps;EIef;rsm; jrifhwufvmcJhNyD; ,ck
pDpOfxm;aom c&D;oGm;vkyfief;ydkif;qdkif
&m txl;tpDtpOfu tcef;EIef;xm;
rsm;ESifh tcef;&&SdEdkifrItajctaersm;
tay: aumif;rGefaom tusKd;ouf
a&mufrrsm; &S vm&eftwGuvnf; arQmf
I
d
f
rSef;xm;Muonf/

REGIONAL BIZ

13

mmbiztoday.com


Kia Says to Produce
Record 300,000 Cars
in Slovakia in 2013
Robert Muller

S

outh Korean Kia Motors’
will produce a record
300,000 cars at its plant
in Slovakia in 2013 as the factory ran at full capacity for the

Myanmar Summary

2013 ckEpwif awmifu&D;,m;EdiirS
S f G
kd
k f H
armfawmfum;vkyfief;BuD;jzpfaom Kia
Motors qvdkAufuD;,m;puf½HkrS
armfawmfum;tpD;a&aygif; 300000
txdudkxkwfvkyfoGm;EdkifcJhNyD;puf½Hktae
jzifh 7 ESpftwGif; yxrOD;qHk; tBurf
d
tjzpf pGrf;aqmif&nfj ynfh0pGmjzifhv k y f
rS
aqmifvmEdkifcJhaMumif; Kia
vGefcJhonfhtywfu ajymMum;cJhonf/
qvd k A uf u D ; ,m;Ed k i f i H a jrmuf y d k i f ; &Sd
puf½HkrS armfawmfum;rsm; xkwfvkyfrI
taejzif h ,l½ZetzGUJ 0ifEiirsm;twGuf
kd k f
kd f H
tBuD;qHk; armfawmfum;wifydkYolwpfOD;
tjzpf &yfwnfvmEdkifNyD; trsm;tm;jzifh
Cee’d rdom;pkoHk;um;i,frsm;? Kia
Sportage SUV ESifh
Kia Venga

um;vwfrsm;udk Oa&myESifh ½k&Sm;aps;
uGufr sm;twGuf trsm;tm;jzifh xkwf
vkyfaMumif; od&onf/
qvdAufu;D ,m;&Sd armfawmfum;puf½kH
k
onf tv,fOa&myEdiijH zpfonfh qvdk
k f
AufuD;,m; pD;yGm;a&;twGuf t"du
armif;ESiowpfO;D tjzpf&SdaeNy;D Kia
f l
armfawmfum;wyfqifxwvyrvyief;
k f k f I k f
rsm;? *smreD Volkswagen ESifh
jyifopfEii PSA Peugeot Citroen
kd f H
wdkYtay:wGif rlwnfaeaMumif;vnf;
od&onf/
Kia rS 2006 ckESpfwGif armfawmf
um;puf½Hktm; Zilina ü pwifwnf
axmifaqmif&GufcJhNyD; 2013 ckESpfwGif
armfawmfum;tpD;a&aygif; 290000
txd xkwfvkyfEdkif&ef pDpOfxm;aMumif;
Zefe0g&DvwGif Kia rS ajymMum;cJhonf/

Kim Kyung-Hoon/Reuters

carmaker said on Wednesday
last week.
The plant in the northern part
of the country is one of the euro
zone member's biggest exporters. It mostly produces versions
of the Cee’d small family car,
the Kia Sportage SUV and Kia
Venga mini car designed for
European and Russian markets.
Slovakia’s automotive industry – which represents a big
driver for the central European
country’s economy – is based
around assembly plants of Kia,
Germany's Volkswagen, and
French PSA Peugeot Citroen.

Kia, which launched its
plant in Zilina in 2006, said in
January it planned to produce
290,000 cars in Slovakia in
2013, just shy of its better-thanexpected record 292,000 made
a year earlier.
“Our production has risen
continually over the past seven
years,” Eek-Hee Lee, president
and CEO of Kia Motors Slovakia, said in a statement. “We
will continue with this success
in the next period.”
So far this year, 22 percent of
output at the assembly plant
was exported to Russia, with
Britain as the next biggest foreign market at 13 percent.
In July, Kia’s local company
chief Lee said the launch of
new models had helped the
carmaker weather weakening
sales in Europe that had hit
most other producers. Reuters

A man walks past a signboard of Mitsubishi UFJ bank at its branch in Tokyo.

Bank of Ayudhya
Taiga Uranaka

M

itsubishi UFJ Financial Group (MUFG)
said on Wednesday
last week that it has acquired a
72 percent stake in Thailand’s
Bank of Ayudhya Pcl for 170.6
billion baht ($5.31 billion)
recently.
MUFG, Japan’s largest lender
November 7 and December 13
Myanmar Summary

Mitsubishi UFJ Financial Group
(MUFG) onf xdkif;EdkifiHrS Bank of
Ayudhya Pcl vkyfief;&S,f,m 72

&mcdkifEIef;tm; xdkif;bwfaiG 170.6
bDvD,H (tar&duefa':vm 5.31
bDv,) jzifh 0,f,caMumif; (MUFG)
D H
l hJ
rS ajymMum;cJhonf/
"eOpömydiqirt& *syefEii tBu;D
k f kd f I
kd f H

to buy up to 75 percent of Bank
of Ayudhya for as much as 560
billion yen ($5.44 billion).
The deal will mark the biggest
acquisition by a Japanese bank
in Southeast Asia.
MUFG is planning to merge
its existing Thai operations with
the domestic lender to comply
with Thailand’s single presence
policy on bank ownership. The
acquisition and merger plan had
surprised Japanese rivals, given
that MUFG already had substan-

tial operations with Japanese
businesses in the country.
MUFG has the biggest overseas operations among Japan’s
banks. In 2008, it bought out
UnionBanCal Corp, the holding
company for California-based
UnionBank, and paid $9 billion
for a 20 percent stake in Morgan Stanley.
In 2010, it acquired a $6.4 bil-

qHk;bPfBuD;wpfckjzpfonfh MUFG
onf Edk0ifbmv 7 &ufaeYrS 'DZifbmv
13 &ufaeYtwGif; Bank of Ayudhya
&S,f,m 75 &mcdkifEIef;udk 0,f,l
&eftwGuf ,ef;aiG 560 bDvD,H
(tar&duefa':vm 5.44 bDvD,H)
jzifh urf;vSr;f cJonf/ ,ckvyief;0,f,l
h
k f
rIoabmwlnDc sufonf ta&SUawmif
tm&SwGif *syefbPfwpfckrS tBuD;rm;

qHk; vkyfief;0,f,lrIwpfcktjzpfvnf;
rSwfausmufwifEdkifrnfjzpfonf/

from Royal Bank of Scotland.
Reuters

MUFG

xdi;f EdiitwGi;f &Sd vkyief;rsm;rS jynfwi;f
k k f H
f
G
bPfr sm;ESifhvnf; yl;aygif;vkyfaqmif
&eftwGuf jyifqifaeNyD; xdkif;EdkifiH
bPfyiqirwif wpfO;D wnf; &yfwnfrI
kd f kd f I G
ay:vpDukd vduemaqmif&u&eftwGuf
k f
G f
jzpfaMumif; od&onf/

REGIONAL BIZ

14

mmbiztoday.com


Yasumasa Hisada

A

ustralian locations have
now all fallen out of
the global top 30 most
expensive locations in the world
for expatriates, the latest Cost
of Living survey by ECA International revealed.
Sydney and Canberra, both
in the top 20 a year ago, now
rank 31st and 39th respectively.
Melbourne has fallen 22 places
to 45th position globally followed by Adelaide (46th), Perth
(47th) and Brisbane (54th). Of
the Australian locations Darwin
has fallen the most places to
55th place down from last year’s
26th spot.
“Despite actual prices of goods
in ECA International’s shopping basket for Australia rising
at a faster rate this year overall,

Asian locations including
Beijing (15), Shanghai (18),
Seoul (21) and Hong Kong (28)
are among those that now rank
higher up the list of most expensive cities for expats.
To ensure that their employees’ spending power is not
compromised while on international assignment multinational
companies will often include a
cost of living allowance in their
pay package. Living costs for
tion, availability of goods and
exchange rates, all of which can
signee remuneration packages.

when it was the most expensive
city in the world for expatriate
do so for considerably less than
in recent years, despite the
country being reversed earlier
this year.
of ECA’s cost of living basket
between Tokyo and Sydney fell
from 31 percent to 12 percent
over 12 months.
After Japan, some of the biggest falls in living costs in Asia
have been seen in Indonesia
– also partly as a result of a
weaker currency. While Jakarta
has only fallen three places in
the regional ranking to 27th,
globally it has dropped 45 spots
to 172nd place.
Beijing is now Asia’s second
most expensive location after
Tokyo, up from 5th position
last year. Globally, the Chinese
capital is the 15th most expensive location for expatriates.
Shanghai previously in 25th
position is now in the 18th position in the global results, and
4th in Asia.
“It’s important to remember

Reuters

dollar against most major currencies means that Australian
locations are becoming cheaper
again relative to many other locations around the world,” said
Anna Michielsen, general manager, Australia, New Zealand &

ECA carries out two Cost of
Living surveys per year, comparing a basket of like-for-like
consumer goods and services
commonly purchased by assignees in 440 locations worldwide.
Port Moresby has fallen 12
places in the ranking to 25th
globally. Auckland, ranked
52nd, is the most expensive of
the New Zealand cities.
While Tokyo still tops the list
of the most expensive locations
in Asia for expatriates, globally it has fallen to 10th place
on the back of a weaker Yen – a

While Tokyo still tops the list of the most expensive locations in Asia for expatriates, globally it has fallen to 10th place on the

that certain living costs, such
as accommodation rental, utilities, car purchases and school
fees are not included in our
cost of living basket,” continued
Michielsen.
“Because these costs are usually addressed separately by
an expatriate’s employer, we
collect this data separately. But
if we were to include such costs,
Hong Kong and Tokyo would
be higher in the ranking, while
Beijing would be lower due to
lower housing costs.”

Myanmar Summary

,cktcg MopaMw;vs NrdKUrsm;tae
jzifh urÇmhaexdkifrIp&dwf tjrifhrm;qHk;
xdyfwef;NrdKUrsm;pm&if; 30 wGif ryg0if

awmhaMumif; ECA International rS
aemuf qHk; aumuf ,l xk wf jyef cJ h onf h
aexdkifrIp&dwfqdkif&mppfwrf;t& od&
onf/
Sydney ESifh Canberra wdkYonf
vGecJonfwpfEpu urÇmaexdirp&dwf
f h
S f
h
k f I
tjrifhrm;qHk; xdyfwef;NrdKU 20 wGif
ESpNf rdKUvHk;yg0ifcJNh y;D ,cktcg tqifh (31)
ESif h (39) ae&mwGif toD;oD;&Sdaeonf/
Melbourne
onf ,cifu tqifh
(22 rS) ,cktcg tqifh (45) ?
Adelaide u tqifh (46) ? Perth u
tqifh (47) ESifh Brisbane u
tqifh (54) odkY aexdkifrIp&dwfjrifhrm;
aom NrdKUrsm;pm&if;wGif tqifhusqif;
vmcJhaMumif; od&onf/
MopaMw;vsü ta&mif;t0,fjyKvkyf
onfh trSefwu,faps;EIef;rsm;rSm ,ck

Prices of some sample items from ECA International’s basket of goods and services commonly
purchased by expatriates, in AUD
Location

Movie

Quick

Can of

Dozen

Beer at

Bananas

Fresh

Coffee

Petrol

ticket

lunch

soft drink

eggs

a bar

(1kg)

milk

at bar

(1L)

(50cl)

(1L)

Sydney

18.36

31.02

2.65

5.08

8.28

4.41

2.24

4.33

1.66

Tokyo

20.21

16.46

1.75

5.87

10.73

6.11

2.9

5.07

1.88

Beijing

16.82

23.93

1.33

5.5

10.26

3.43

4.61

5.57

1.54

Hong Kong

11.6

20.06

1.34

7.17

10.16

1.78

3.94

5.22

2.47

Singapore

9.53

21.31

1.38

3.94

14.89

1.91

2.95

5.38

2.08

Rio de Janeiro

11.68

25.05

1.2

3.33

5.03

1.78

1.56

2.95

1.51

Manhattan

15.58

29.37

1.85

4.71

9.07

2.24

2.87

4.66

1.26

Central London

21.14

30.53

1.57

6.42

9.41

1.53

1.65

4.62

2.39

Paris

15.7

34.84

1.68

6.18

13.3

3.06

1.95

6.19

2.4

Dubai

10.79

24.59

0.72

4.59

13.79

1.77

1.71

5.3

0.53

Jakarta

5.69

17.15

1.1

3.01

8.05

1.94

2.23

3.32

1.08

Bangkok

6.96

17.16

0.75

3.05

8.37

2.08

1.75

4.26

1.47

Source : ECA International

ESpfwpfckvHk;wGif wdk;wufrIEIef; jrefqef
aomfvnf; tjcm; t"duaiGaMu;pepf
rsm;ESifh vJvS,f&mwGif MopaMw;vs
a':vmwefzdk;usqif;rIu MopaMw;vs
ae&mrsm;udk urÇmwpf0ef;&Sd tjcm;
ae&mrsm;xuf aps;ouf omvmap
aMumif; ECA International rS tBuD;
tuJjzpfol Anna Michielsen u
ajymMum;cJhonf/
tm&SrS ab*sif;u urÇmhaexdkifrI
p&dwtjrifrm;qHk; tqifh (15)? &Se[i;f
f
h
f kd
rSm tqifh (18)? qdk;vfrSm tqifh (21)
ESifh a[mifaumifrm tqifh (28) wdkYjzpf
S
MuNyD; tqdygNrKd Ursm;taejzifh a&TUajymif;
k
aexdiorsm;twGuf p&dwtjrifrm;qH;k
k f l
f
h
NrdKUrsm;jzpfMuaMumif; od&onf/
ECA rS wpfESpfvQif aexdkifrIp&dwf
ppfwrf; 2 ckudk aumufcHNyD; urÇm
wpf0ef;&Sd ae&maygif; 440 ck&Sd pm;oHk;
olxwueEif h 0efaqmifrrsm;tm;trsm;
k f k f S
I
tm;jzif h 0,f,conftcsur sm;udk Edi;f
l hJ h
f
I
,SOfjcif;jzpfaMumif; od&onf/
Port Moresby onf aexdkifrIp&dwf
tjrifhrm;qHk;pm&if;wGif tqifh (25) ü
&SdaeNyD; Auckland onf tqifh (52)
jzpfum e,l;ZDvef aexdkifrIp&dwf
tjrifrm;qH;k NrKd Ursm;tjzpf &yfwnfaeonf/
h
wdkusKdonf tm&SwGif aexdkifrIp&dwf
tjrifrm;qH;k xdywef;ae&mwpfctjzpf
h
f
k
&yfwnfaeqJjzpfaomfvnf; urÇmvHk;
qdkif&mt& ,ef;aiGaMu;wefzkd;usqif;
rIaMumif h tqifh (10) odkY usqif;cJonf/
h
ab*si;f onf ,cktcg wdu sKaemufwif
k d
G
tm&Sü 'kwd,aexdkifrIp&dwftjrifhrm;
qH;k ae&mwpf ck t jzpf &yf wnf a eNyD;
vGefcJhonfhESpfwGif tqifh (5) wGif &SdcJh
aMumif; od&onf/

REGIONAL BIZ

15

mmbiztoday.com


India’s in 2014
Clement Tan

Myanmar Summary

C

hinese shares may be
poised to become an
unlikely star of Asian
emerging markets in 2014, outshining India, thanks to cheap
valuations and optimism about
reforms.
Investors have been underweight China for years.
China-focused equity funds
ber, when the ruling Communist
Party announced plans for farreaching economic and social
reforms, and analysts said once
the government starts following
through on those plans it would

year to December 11 for Chinafocused equity funds.
At 9.3 times forward 12-month
earnings, the MSCI China is
trading at a chunky discount
to its 10-year median and at its
widest gap to the MSCI Asia excrisis.
And the Chinese market is
trading at a 40 percent discount
to MSCI India on a forward
price-to-earnings basis, according to Thomson Reuters
I/B/E/S data.
In contrast, benchmark indexes in India have hit record
highs and valuations are on par
with 10-year averages.
Besides looking expensive,
Indian shares could also be
vulnerable to shocks that could

Reuters

Foreigners have bought a net
$18.8 billion worth of Indian
shares this year, according to
the market regulator’s data.
lished for China, but data from
fund tracker EPFR shows a net
An investor looks at an electronic board showing stock information at a brokerage house in Shenyang, Liaoning province,
China.

come from the US Federal Reserve winding down its stimulus, current account problems,
and a general election due by
May next year.
At the very least, investors
look unwilling to add more Indian risk and will look to make
fresh allocations next year
in other markets, with China
“Overall, we believe Chinese
equities are just too cheap to be
ignored by investors in 2014,”
said Desmond Tjiang, Greater
China and Hong Kong equities
portfolio manager at Pinebridge
Investments in Hong Kong.
“Despite reforms and the
broad economic slowdown,
there are still a lot of industries

such as mass consumption,
e-commerce and environmentrelated sectors that should
continue to grow exponentially
in the coming years.”
Beijing last month unveiled
a bold reform plan, including
pledging to free up markets, in
a bid to put the world’s secondlargest economy on a more
stable footing.
The plan sparked a rally in ChiChinese market in Hong Kong
gain more than 10 percent in four
Some brokers, such as CLSA,
said the rally lacked conviction
due to an absence of institutional investors. But while some
may still be wary of a market

that has been in a funk since
2007, there are signs things
could be turning around.
In a November 21 report,
Goldman Sachs said funds focused on global emerging markets and Asia were underweight
China by 290 and 582 basis
points respectively, suggesting
a return to equal weighting
alone would trigger a powerful
rally.
“India may have more upside
potential in the short term
because markets may rally into
the elections due in May, but
China represents better value in
the middle term,” said Angelo
Corbetta, Pioneer Investments’
London-based head of Asian
equities.
Reuters

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REGIONAL BIZ

16

mmbiztoday.com


China Needs Western Help for
Nuclear Export Ambitions
China seen better at building reactors than making profit
David Stanway

C

hina’s investment in Britain’s £16 billion Hinkley

foray into Europe’s nuclear
power market and a marker
of its global ambitions, but its

project in a developed country,
and Beijing hopes the UK credentials will help promote its
two nuclear giants on the global
stage.
But industry analysts say gaps
in the Chinese supply chain,
fears of political interference
and inexperience in the economics of nuclear power mean
alone.
“They are very ambitious, but
whether they will be welcomed
overseas is another question,”
said Li Ning, a nuclear power
specialist and dean of the School
of Energy Research at China’s

China’s regulators have long
build an entire industrial chain
with global reach.
After Fukushima, “history has
given China an opportunity to
overtake the world’s nuclear
energy and nuclear technology
powers”, Zhang Guobao, Chiand a tireless advocate of nuclear energy, told a September
meeting of nuclear scientists,
according to state media.
China plans to bid for projects
in Argentina and Turkey.
But its domestic experience
won’t necessarily translate well
overseas, said Arnaud Lefevre,
head of French nuclear consultancy Dynatom International,
which has been involved in the
nuclear business in China.
“All the business of nuclear power plants in China
is controlled by state-owned
enterprises which are set up
to produce power plants, not

“They have no clue about international business. They have absolutely no clue how to make profit
in nuclear.”
Xiamen University.
In Britain, for example, political discussions behind closed
doors about Chinese nuclear involvement concluded the public
would not accept Chinese companies owning majority stakes
in new plants and that initial
participation should be capped
at 49 percent, a source familiar
with the discussions said.
China’s massive domestic
nuclear new-build programme
is one of the few bright spots
in the global nuclear industry
following the 2011 Fukushima
disaster, which prompted several countries including Japan,

“They have no clue about international business. They have
absolutely no clue how to make
Li of Xiamen University said
any immediate economic rationale for their involvement in
Hinkley Point, but they would
look at it as a marketing tool.
market for China to work in,
and it could help in other regions,” he said.
French, US partners
CNNC and CGN will both be
involved in Hinkley Point, but

Suzanne Plunkett/Reuters

them.
China General Nuclear Power
Group (CGN) and China National Nuclear Corporation
(CNNC) plan to take a combined 30-40 percent stake in a
consortium led by French utility
EDF to build French-designed
EPR reactors in southwest
England.
China has the world’s largest
nuclear building programme at
home and hopes to leverage this
into a nuclear export industry.
While China has already built
reactors for its ally Pakistan,

Germany, Switzerland, Italy
and Belgium to close or phase
out their nuclear programmes.
After
a
post-Fukushima
suspension lasting a year and
a half, Beijing restarted its
programme late in 2012 and
aims to bring capacity up from
12.57 gigawatts now to 58 GW
by the end of 2020. Nearly 30
GW of new capacity is under
construction in China, more
than 40 percent of the world’s
total new-build.

An environmental safety monitor carries out contamination checks in the charge hall inside EDF Energy's Hinkley Point B
nuclear power station in Bridgwater, southwest England.

getting the two sides to collabo-

to join forces on a single Chinese reactor design have so far
been fruitless.
“The government intentionally put them in competition for
markets, so obviously there will
be a certain amount of hostility
between the two sides,” said Li,
adding that on international
markets this might put China at
a disadvantage.
CGN is the longtime partner
of EDF, which is helping it
build two Areva-designed EPR
reactors in southern China, and
specialists were surprised to see
CNNC pop up as a partner in
Hinkley Point.
CNNC has teamed up with USbased Westinghouse, owned by
Japan’s Toshiba, which will see
tor model go into operation in
China next year.
Even if they succeed in winning bids for new reactors,
secure supplies of nuclear fuel.
While CNNC has its own supplies and processing capacity,
CGN will still have to collaborate with the French.
“Everybody sells nuclear
power plants with 20 years of
fuel included in the contract,”
said Lefevre. “CGN cannot do
this.”
Li said all this meant that
China was unlikely to risk going it alone in the foreseeable
future.
“You may vie for the leader-

ship of a consortium, but in
the end, to get it completed,
you need the supply chain of a
global consortium,” he said.
Reuters
Myanmar Summary

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REGIONAL BIZ

17

mmbiztoday.com


India Cbank Surprises by Keeping
Interest Rates on Hold
Suvashree Dey Choudhury

T

he Reserve Bank of India
(RBI) unexpectedly kept
the country’s policy interest rate on hold on Wednesday
last week, despite calling curthe prospect of easing retail
prices and its concerns about
the weak domestic economy.
The RBI had been widely
expected to raise the repo rate,
after lifting the country’s main
lending rate by 25 basis points
each at its previous reviews
in September and October. It
instead opted to keep the coun-

try’s main lending rate at 7.75
percent.
Benchmark 10-year bond
yield dropped 12 basis points to
8.78 percent from levels before
the decision, while the NSE
share index gained more than
1 percent. The Indian rupee
strengthened.
However, the central bank
warned it would remain vigilant
be ready to act even in between
policy reviews should headline
expected, albeit noting it would
do so in a “calibrated” manner.
The RBI added it would also

gauge the impact from any
decision by the US Federal
Reserve to start withdrawing
its monetary stimulus. The
US central bank concludes its
policy meeting later in the day.
“The policy decision is a close

monetary policy works, there is
merit in waiting for more data
to reduce uncertainty.”
The most recent data showed
consumer prices posted their
biggest annual rise on record
in November – 11.24 percent –

high,” said the RBI in its policy
statement.
“However, given the wide
bands of uncertainty surroundtion from its high current levels,
and given the weak state of the
economy, the inadvisability of
overly reactive policy action, as
well as the long lags with which

14-month high last month.
driven by higher vegetable prices that hurt the country’s poor
the most, and are thus posing
another headache to the embattled Congress party, which is
facing general elections due by
May, and was drubbed in recent
state polls.
Still, analysts have said the
surge in prices of vegetables
such as onions are largely impacted by India’s lack of reliable
ways to transport the produce
and by traders suspected of
hoarding supplies to raise
prices, limiting the impact of
monetary policy.
For businesses and investors
in Asia’s third-largest economy,
the priority had been a recovery
in growth, which would help
India again attract investment

Reuters

cit that surged to a record high

A man makes a phone call while standing near a Reserve Bank of India RBI crest at the RBI headquarters in Mumbai, India.

Wholesalers have also been
saying vegetable prices have
eased this month, providing
tion, though analysts warned
prices could again spike.
“I think it is just postponement
of action, because the policy
clearly says they (the RBI) may
take action any time, even in
the interim between two policies, if the situation warrants,”
said Rupa Rege Nitsure, chief
economist of Bank of Baroda in
Mumbai.
Reuters

Myanmar Summary

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Myanmar Business Today - Vol 1, Issue 47

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