Myanmar has already hit its investment target of $4bn-5bn for the 2014/15 fiscal year six months ahead of schedule, thanks in part to the energy sector, which attracted $800m of investment in the first half of the fiscal year. As of December 2014 revenue from foreign investments in the oil and gas sector came to more than $15.1bn, second only to the power sector, which stood at $19.3bn. This represents…
While Myanmar’s banking sector has much to do in order to catch up to its neighbours, it should remain on track to expand rapidly as the economy grows and penetration deepens. Regulatory reforms will be key to expansion and foreign access. Elsewhere in the financial services sector, Yangon Stock Exchange (YSX) is Myanmar’s fourth try at launching a securities market, but it is by far the most serious…
Myanmar has seen an extraordinary surge in trade and investment in the few years since emerging from isolation. Out of the $9.5bn in FDI permissions granted from April 2012 to October 2014, $2.9bn went to projects in manufacturing; $2.2bn to those in real estate, hotels and tourism; and $2.5bn to transport and communications. Foreign investment in many sectors, however, still remains banned and the…
The second-most-populous country in South-east Asia, and the 24th biggest in the world, Myanmar has a total of 135 different officially recognised ethnic groups. Approximately 70% of the population lives in rural areas, and urbanisation is increasing at a rate of around 2.9% per year. The chairing of the ASEAN summit in 2014 is a testament to how far “the Golden Land” has come in a relatively short…
A surge in foreign investment, together with solid domestic demand, helped Myanmar achieve a strong growth in 2014. However, the year also brought challenges, which contributed to a widening in the trade deficit as the country relies heavily on imports to support skyrocketing domestic demand. Official growth forecasts for the 2014/2015 fiscal year stand at 9.1%, slightly higher than the IMF and the…
Some of the speakers include: H.E. U Zay Yar Aung, Union Minister, Ministry of Energy, Union Republic of Myanmar U Myo Myint Oo, Managing Director, Myanma Oil and Gas Enterprise U Soe Myint, Former Director General, Energy Planning Division Xavier Preel, General Manager, TOTAL E&P Myanmar Cunzhi Cheng, President, Chinnery Assets Limited (CNPC) U Than Aye, Director, Policy/International…
Foreign banks are about to make a return to Myanmar after an absence of more than 50 years, in a move that is intended to support foreign direct investment (FDI) and improve existing services. At the beginning of October, Myanmar announced it was granting preliminary approval for nine foreign banks to commence limited operations in 2015, marking a resumption of such services for the first time…
Under plans revealed in October, state-owned energy firms in Myanmar will seek foreign partnerships to improve operations and open up downstream energy operations to investment. Already an important component of Myanmar’s economy, the energy industry is likely to prove an attractive prospect for overseas investors once the state’s role is reduced. In addition to the privatisation proposals, the…
Featured topics include government regulatory and Myanmar offshore landscape, investment issues and current owned operators’ experience sharing, deepwater E&P challenges collection and solving solutions and infrastructure, as well as looking at how technology and innovation is a must in Myanmar. OIC Myanmar 2014 will gather 150 industry leaders and 20 technical exhibitors during this 2-days…
Growing demand for residential units, the urbanisation of major cities and a national drive to bridge infrastructure shortfalls, should help Myanmar’s construction sector maintain its recent track record of strong growth over the coming years. The building industry is reaping the rewards of Myanmar’s fast-paced economic expansion, buoyed by growing international investor interest and rising business…
