Author: OBG Admin

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Ongoing process: New legislation aims to better regulate the gemstone industry

Posted OBG AdminPosted in Uncategorized

  Gemstone mining in Myanmar is separate from mineral mining, both institutionally and legislatively. There is no connection between the gemstone permit system and the general mining permit system. Unlike anywhere else in the world, the two are independent processes. There is also an official distinction between jade and gems, wherein “gems” refers to all gemstones other than jade. Legal Reform Since 1995 Myanmar has had a separate gemstone law in place, supported by a set of rules and regulations. This law was amended twice, first in 2003 and then in early 2016. However, when the National League for Democracy came to power the second

Wahid bin Omar-Vice-Chancellor and President-Universiti Teknologi Malaysia (UTM)

Robust approach: Demand for ecotourism and sustainable travel continues to grow as opportunity for diversification expands

Posted OBG AdminPosted in Uncategorized

  The Myanmar Tourism Master Plan 2013-20 is diversifying the sector, while also ensuring that initiatives are implemented in a way that preserves and respects the country’s culture and natural beauty. There is rapidly growing global demand for ecotourism and sustainable travel, and this segment has emerged as a key area for investment in Myanmar. With its diverse flora and fauna, and broad array of landscapes and climate zones, the country is well placed to establish itself as a leading ecotourism destination. The strategic placement

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Sustainable approach: Governments across the region are taking steps to protect popular destinations from overdevelopment and environmental damage

Posted OBG AdminPosted in Uncategorized

  Tourism in the Asia-Pacific region has seen impressive growth in recent years, aided by cheaper air fares, an expanding consumer class and increased exposure brought about by improved internet connectivity. Although these developments have led to significant economic benefits for countries across the region, they have also had some negative consequences, particularly for the environment. Around 129.2m visitors travelled to ASEAN countries in 2018, up from 125.7m in 2017 and 115.6m in 2016. With this figure expected to reach as high as 155.4m by

George Richani-CEO-Al Ahli Bank of Kuwait

Take it to the bank: A dedicated bank is opened to boost the sector’s access to credit

Posted OBG AdminPosted in Uncategorized

  Myanmar is looking to capitalise on a recent tourism rebound and stimulate more investment in the sector, following efforts to improve access to credit for smaller operators. In May 2019 the first branch of the Myanma Tourism Bank (MTB) – the country’s first bank dedicated to supporting the tourism and hospitality sector – opened in Yangon. Branches in Mandalay and Naypyidaw are also now in operation, and the MTB hopes to open a further seven branches over the short term. Backed by the Myanmar Tourism Federation, the bank had an initial capitalisation of MMK22bn ($14.3m), with funding provided by the lender’s 26 shareholders, all

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Business friendly: Reforms open the private education sector to foreign capital

Posted OBG AdminPosted in Uncategorized

  New legislation is paving the way for foreign investment in the education sector. This move is expected to support increased capital inflows and raise the standard of education through increased competition. While some challenges remain, investor appetite looks set to increase once regulations around quality assurance in the private sector are introduced. Liberalising the Sector Myanmar’s private education sector was opened up to increased foreign investment on April 20, 2018 following a notification issued by the Myanmar Investment Commission. This allows foreign firms to fully own and operate institutions that offer either the curriculum prescribed by the Ministry of Education (MoE) or an international

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Review and renew: Plans for universal health care are in place, but significant gaps remain in coverage and finance

Posted OBG AdminPosted in Uncategorized

  In 2015 the government of Myanmar laid out the goal to provide universal health care (UHC) by 2030. The aim of UHC is to ensure that every citizen can access high-quality services without experiencing financial hardship. The World Health Organisation (WHO) uses three metrics to measure the success of UHC schemes: coverage of essential health services; protection against financial risk; and population coverage. However, a report evaluating Myanmar’s progress towards UHC – published in July 2018 by researchers at the University of Tokyo, using

George Richani-CEO-Al Ahli Bank of Kuwait

New requirements: Sector regulators have taken steps to raise the standard of accounting and auditing

Posted OBG AdminPosted in Uncategorized

  Having been under UK rule in the 19th century and the first half of the 20th century, Myanmar has traditionally practised the same accounting and audit principles as the UK and India. While the accounting profession in Myanmar has a long history, its development has been impacted by many years of isolation. The country gained independence in 1948 following the Second World War, and employed parliamentary democracy until the military administration came to power in March 1962. This period was characterised by nationalisation and

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Protective framework: New intellectual property laws signal a move towards increased content protections

Posted OBG AdminPosted in Uncategorized

  With the Industrial Design and Trademark Laws enacted in January, the Patent Law enacted in March and the Copyright Law in May, the year 2019 marked the start of a significant move towards stronger intellectual property (IP) protections in Myanmar. The country previously relied on colonial-era legislation, but the implementation of these regulations will bring Myanmar in line with international norms, such as those stipulated by the World Trade Organisation (WTO). Industrial Design  Considering the Industrial Design Law, industrial designs shall be registered on

George Richani-CEO-Al Ahli Bank of Kuwait

Checks and balances: Applying international corporate governance standards means confronting traditional values

Posted OBG AdminPosted in Uncategorized

  As Myanmar is liberalising its economy, an increasingly wide range of traditional business practices and structures are being challenged. These range from how to raise finance to how to attract and keep talented employees, with changes in corporate governance now seen as a vital step to ensure sustainable future growth. Transitioning to new ways of doing business is not always an easy task, but “this paradigm shift is crucial for Myanmar companies”, Daw Cherry Trivedi, CEO of the Myanmar Institute of Directors, told OBG.

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

In the net: New tax laws aim to reduce the share of the unregistered economy

Posted OBG AdminPosted in Uncategorized

  In 2019 Myanmar’s Internal Revenue Department (IRD) pushed forward with two major reforms – a new tax law and a new tax administration law. The first of the two, the Union Tax Law (UTL 2019), passed by Parliament in September 2019, drew headlines for granting tax amnesty to citizens with undisclosed sources of income. The law brought other important changes too, and demonstrated the government’s commitment to widening the tax base, expanding the registered economy, and improving and diversifying its sources of revenue. A 2018 study by the Norwegian Institute of International Affairs suggested that the country’s unregistered economy accounted for 50.7% of economic