In 2017, Myanmar reached the 171th rank out of the 190 countries Doing Business by World Bank. World Bank (WB) has suggested five points to create a framework for e-government and redraft over-100-year-old taxation law in a bid to get the higher rank in the Ease of Doing Business, said U Aung Htoo, Deputy Minister for Commerce.
The WB suggested the emergence of a law framework pertaining to Companies Act, e-Commerce and legislation in construction sector. Recently, Yangon region government has passed the Municipal Act and the YCDC Law. Another one is the emergence of a new land law. The WB’s suggestions also include secure transactions for commerce, the enactment of tax administartion procedures and rewriting the outdated Custom law, he added.
The e-commerce framework covers online registrations for businesses, the submission of online applications for construction permits, the digitalization of land and building ownership documents, the payment of taxes via online and the establishment of national single window system.

Source: Eleven Myanmar

Vice President U Myint Swe delivered the opening address at the 2nd Myanmar-EU Economic Forum held at the Hotel Kempinski in Nay Pyi Taw on 6 June, 2018. In his speech, he addresses macroeconomic overview of Myanmar. He mentioned that New Myanmar Investment Law, creates a more transparent environment with reduced restrictions and increased safety and guarantees for investos. Likewise, the new Comapny Act will make company registration easier with electronic registration. The new Comapny Act will take effect on 1 August 2018. Investments from EU countries in Myanmar reached US$ 6.6 billion as of April 2018 and make up 8.68 percent of all foreign direct investments in Myanmr. There are 300 registered EU companies in Myanmar. The Vice President encouraged EU countries to increase businesses and investments in Myanmar and said the forum promotes bilateral trade relations between the EU and Myanmar.

Source: The Global New Light of Myanmar

President U Win Myint delivered an address at the Ayeyawady- Chao Phraya- Mekong Economic Cooperation Strategy-ACMECS CEO Forum, which was held under the theme “Connecting our Future: Enhancing ACMECS Cooperation and Integration”, at the Shangrila Hotel in Bangkok on 16th June.
The opening of the forum was attended by Prime Minister of Thailand General Prayut Chan-o-cha (Rtd), Prime Minister of Cambodia Samdech Hun Sen, the deputy prime minister of Thailand, ministers, deputy ministers and officials from Myanmar, Thailand and Cambodia, CEOs of ACMECS member counries and business representatives.
Myanmar was focusing its efforts on doubling the production of electric energy as well as on speeding up the development of multi-modal transport infrastructures which would connect the missing links along the regional economic corridors.

He expressed agricultural development of ACMECS countries should be empowered by sharing best agricultural practices, experiences, technological know-how and market information and emphasize on development of green and responsible toruism in aCMECS countries with “Five Countries, One Destination” concept.
He also addressed that hardware infrastructure, software connectivity and human resources development, which hare the main pillars of the ACMECS Master Plan 2019-2023, were in line with Myanmar’s priorities and needs.
Ayeyawady- Chao Phraya- Mekong Economic Cooperation Strategy (ACMECS) is a political, economic, and cultural organization amnong Thailand, Laos, Vietnam, Cambodia and Myanmar which was initiated in Bangkok April 2003 and the leaders adopted the strategy in Bagan Declaration in Myanmar in November 2003.

Source: Global New Light of Myanmar

Source-Global New Light of Myanmar

U Thaung Tun, Union Minister for the Office of the Union Government is appointed as Chairman of Myanmar Investment Commission (MIC), according to Directorate of Investment and Companies Administration (DICA). He was a commission member before and now he is promoted as the chairman of the commission. He succeeded the place of former Union Minister for National Planning and Finance U Kyaw Win, who resigned from his duty as the chairman of the MIC.
The Union Government announced notification on reorganization of MIC on 16th 2018. The Union Government has re-organized the Myanmar Investment Commission as shown below:

On 26th and 27th May, the two-day event of B4B Insights Forum was held at UMFCCI. In this forum, business owners from various sectors were met with each other and discussed about the economic development of Myanmar. U Moe Kyaw, Chairman of MMRD presented findings of Business Sentiment Survey 2018 and U Wai Phyo, vice president of the federation, made the overall discussion. The following factors were discussed in the forum:- to exempt of interest rates for small-medium enterprises (SMEs) and to identify a policy in collecting taxes, to combat illicit trade, to adjust the work relations between employers and employees, to penetrate the international market with high value products from domestic industry and to produce high-value products by applying high technology in industrial business. In second day of the forum, the entrepreneurs were discussed about the following sectors:- law and regulations, trade sector and SMEs sector.

Source: UMFCCI 

U Kyaw Win, Union Minister for Planning and Finance has been permitted to resign of his own volition on 25th May 2018 and U Soe Win has been appointed as New Union Minister for Planning and Finance on 31st May 2018. The newly appointed Union Minister is a retired General Manager of Myanmar Foreign Trade Bank. He is also a senior member of the NLD Central Economic Committee and possesses over 46 years of experience in advising local and international clients regarding Myanmar taxation, investment laws and banking.

Source: Global New Light of Myanmar

 The ceremony forissuing World Banks’s Myanmar Economic Monitor was held at UMFCCI in 18th May 2018. The Myanmar Economic Monitor (MEM) is the report published twice a year by World Bank and it is based on latest economic information of Myanmar. The report is well gathered about the information on the recent economic development and predictions for the potential of economic development and policy issues. Present at the ceremony included U Zaw Min Win, chairman of UMFCCI, Ms.Ellen Goldstein, Country Director of World Bank, Dr. U Myint, Lead Economist and the presenter Mr. Hans Amand Beck, Lead Country Economists.
The report indicates a favorable outlook with growth expected to increase to 6.7 percent in 2018/19 and inflation which moderated to 5.5 percent in 2017/18 from 7 percent in 2016/17 and expected to ease further to 4.9 percent in 2018/19. An increase in export has resulted in a decrease in trade deficit and accelerates FDI inflow. For the development of economic potential, Myanmar Government is urged to implement MSDP (Myanmar Sustainable Development Plan) and Fiscal Strategy, tax exemption and proper inspection on the implementation plan, to monitor continuously on the changes relating with Doing Business, liberalise some strict regulations and to attract the Foreign Direct Investments.

Source: UMFCCI

 The Central Bank of Myanmar (CBM) has issued a license to Myanmar Credit Bureau Limited, allowing it establish a credit bureau in the country with the aim to provide small and medium enterprises (SMEs) with easier access to loan, according to a May 17 CBM announcement. It is a joint venture between the Myanmar Banks Association (MBA) and Asian Credit Bureau Holdings which is based in Singapore. The credit bureau will collect loan repayment histories and other information on borrowers and distribute the profiles to lenders such as banks and other non-bank financial institutions. Therefore, lenders can assess the risk of providing loans to SMEs based on the information provided by the credit bureau.Apart from the license, the new Myanmar Credit Bureau will require capital of at least K3 billion ($2.2 million). It is expected to be operational within a year.

Source: Daily Eleven

Kachin State Government and Deputy Mayor of Paung San Province of the Republic of China signed a memorandum of understanding to build Myitkyina Economic Development Zone on 8th May.
Kachin State Minister for Ministry of Finance, Revenue, Planning and Economic Development, Deputy Mayor of Paungsan Province and Managing Director from Hein Rong Chinese Investment Company have signed MOU. Responsible officials from both Myanmar and China sides discuss to continue to sign MOA, JVA and so on. The Myitkyina economic development zone project will be developed on 4,751 acres of land in Nankyin Villages. The projected value of investment is around USD 273.44 million. Project Implementation will be started from June 2018.

Source: Daily Eleven

Source – Daily Eleven
Singapore-based Puma Energy Company will start distributing Liquefied Petroleum Gas (LPG) for cooking in around 2019, according to a press conference at Union Business Centre on June 21. The Company is now conducting a survey on LPG market. It will materialize in around 2019-2020.The company will distribute LPG in different sizes to the market. It is reportedly known that it also plans to extend its footprint in Myanmar by constructing 50 retail gas stations within the next ten years. In May 2017, Pump Energy opened a new state-ofthe-art facility worth $92 million in Thilawa. It was built to American Petroleum Institute (API) standards, and is the largest refined product import terminal in Myanmar.