May 31, 2016

Myanmar Business News in Brief

Ooredoo launches 4G in Myanmar

Telecommunications company Ooredoo launches its “4G plus” service in Yangon and Mandalay which allows for faster data speeds than existing 3G technology. The company said the new service would not be any more expensive than the original pricing on 3G services. Customers did not have to replace their SIM cards as part of the changeover to the new service.

Myanmar educational institutes offered free software

English language-learning software for Myanmar students has been made available to educational institutes throughout the country, free of charge until the end of 2016 by Britain-based Knowledge Transmission and Myanmar-based iGroup. To receive access to the software, institutions must attend a briefing event in June or July sponsored by iGroup. The company will contact selected institutions to extend invitations to the events.

Convenience store chain to enter Myanmar

Bison Stores’ convenience stores will make their first appearance in Myanmar in the new wing of the Yangon International Airport with two locations. The stores will be opened and operated through a third-party, Singapore Myanmar Investco Ltd, which will pay Bison Stores a percentage of revenue or a monthly management fee for the licenses to operate, reports.

Graphene Nanochem wins Myanmar order for oil well additive

UK-based Graphene Nanochem has received its first order for an oil well additive in Myanmar. The company will be using its product PlatSurF in 16 to 18 wells, with an initial order to treat four wells at about $200,000. The product should help improve flow and production rates in previously damaged oil wells by removing residue, according to the company.

Agreement on deck for trilateral highway

Leaders of Thailand, India and Myanmar are set to sign an agreement on a trilateral highway which would connect the three nations, which is expected to bring large gains in international trade between the nations. The Express News Service reports that the agreement was initially supposed to be signed last year, but was postponed due to Myanmar’s elections in November.

Quantity over quality in Myanmar hotel sector

The number of hotel rooms in Myanmar is on the rise, however, a disproportionate amount of them do not meet international standards in major tourist destinations. About 70 percent of tourists who entered Myanmar in 2015 came overland from neighboring countries and generally spend less money in the country than those who fly in through the airport do, TTR Weekly reports.

Tax incentives to draw investors to less-developed regions

Taxes will be reduced on foreign investors in Myanmar who look to invest in lesser developed parts of the nation, Xinhua reports. The tax incentives will be included in the drafting of the new foreign investment law. Infrastructure needs such as housing, roads and electricity will be a special focus of the incentives, with agricultural businesses given top priority. So far, 80 submissions have been made in response to the announcement for the 2016-2017 fiscal year.

Myanmar and Thai Companies to build 300MW solar plant

Yangon-based Won Toll company and Thai firm Kamrai Panit have unveiled a plan to build a 300 megawatt solar power plant at a cost of nearly $1 billion in Myanmar’s Ayeyarwaddy region. Local media reports that the companies will construct the first 50MW phase of the project in about six months. The Thai firm will contribute 80 percent of the capital necessary for the project while Won Toll will be responsible for the rest. While the plan is in place, officials from the Ministry of Electricity said no projects in that region have been approved.

Source: Myanmar Business Today