Myanmar Monitor

Photo credit: Myanmar Eleven

Economy, Investment and Trade

Businesses unhappy with new minimum wage level
(15 January 2018) Business organisations are raising objections to the increase in daily wages approved by the National Committee for Designating Minimum Wage. The committee has decided to set minimum wage at US$3.6 (4,800 kyat), a 33 percent increase from the current rate of US$2.7 (3,600 kyat). Kyaw Win, Vice President of the Myanmar Garment Manufacturers Association, said that the government should strike a balance between the wage hike and the growth of small and medium enterprises. Both local and foreign businesses were welcome to lodge complaint with regards to the decision by January 16 but the new wage will come into effect 60 days after these complaints are submitted.
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Myanmar eases overdraft restriction deadline
(9 January 2018) Real estate agents are saying the prospects for the Myanmar property market are positive for 2018. Their optimism is based on two factors – the implementation in late 2017 of the Condominium Law and a rise in the number of housing loans. The new Law allowed foreigners to develop property, subject to approval from the Myanmar Investment Commission and they will also be able to pre-sell before completion of the property. Property market players are expecting more foreigners to take advantage of the new rules in 2018.
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Ministry of Electricity and Energy to provide 3,600 MW of power by 2021
(16 January 2018) Myanmar Ministry of Electricity and Energy (MOEE) has pledged to provide an additional 3,600 megawatts of electricity within the next four years. A study by MOEE revealed that between 2010 and 2017, demand for electricity rose by 16 percent on average per year. In addition to the implementation of the new power projects over the next four years, Deputy Minister for Electricity and Energy Dr Tun Naing said that the MOEE has been upgrading existing 20 year old plants to ensure they are operating under full capacity. Due to heavily subsidised electricity prices, it is estimated that the government has made more than US$300 million in losses.
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Tanintharyi region calls for investors with promise of electricity
(13 January 2018) Tun Wanna, Superintendent engineer at Tanintharyi Region Electricity Supply Enterprise, said the region should make good use of its abundant of water resources to improve access to electricity. Myint Maung, Tanintharyi Region Government Minister for Natural Resources and Environmental Conservation, said that the Strategic Environmental Assessment, a nationwide study on Myanmar’s hydropower potential funded by International Finance Corporation and Australian Aid is underway and will help improve electricity access in Tanintharyi region. He also urged foreign investors to do business in the region with “full of opportunities”.
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Despite drop in trading on YSX venture capital funding for tech continues to be strong
(15 January 2018) Despite the fact that the Myanmar Stock Price Index hit an all-time low in the first week of January, venture capital investments in tech start-ups continue to soar. Myanmar VC firm BOD Tech Ventures provided a six digit sum under Series A funding to Innoveller Co, a three-year-old software as a service (SaaS) provider for bus ticketing solutions. BOD Tech Ventures also provided funding for online travel agency Flymya.com, travel portal Go-Myanmar.com, mobile education platform DedaaBox, local content creator Myanmar Online Creations, food delivery startup Yangondoor2door, e-commerce platform shopmyar.com and Laundry.com.mm.
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