How Myanmar could capitalise on the millennial market

Yangon based youngster, Nicky Min Ye Myat, does his shopping online. He’s 28 years old and following the global trend for Millennials to do most of their business over the internet.

He is a personal trainer and finds the selection and prices online better than the clothes available in the local shopping mall. Using popular ecommerce platform Alibaba Express, Nicky can find what he wants, quickly and easily.

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Government assistance for accessing business loans

A scheme to help small and medium-sized enterprises (SMEs) apply for a bank loan in Yangon is set to launch after data collection is completed.

Announced at the Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) in August by Yangon Chief Minister U Phyo Min Thein, the project will be welcomed by SMEs.

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Going organic could help Myanmar raise value of crops

There is real potential to develop an organic farming market in Myanmar. This could boost the value of crops that are produced for export, and in turn boost the standard of living for farmers in the country.

As it stands, Myanmar’s farmers already use fewer chemical pesticides and fertilisers than many of the country’s neighbours. However, the sector is reluctant to definitively move into the organic market due to high costs of transport and infrastructure.

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Tax reduction for firms listed on Yangon Stock Exchange

The Ministry of Planning and Finance has announced that those companies listed on the Yangon Stock Exchange (YSX) are entitled to a 5% reduction in corporate income tax. This means they will only need to pay 20% income tax.

The move comes in a bid to encourage more companies to jump on board to help grow and develop the YSX.

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Myanmar government lifting ban on livestock export

As part of its long term economic recovery plan, the Myanmar government has announced it will lift the ban on exporting livestock.

The Ministry of Planning and Finance also reports that it will offering loans to farmers in an attempt to further boost Myanmar’s agricultural industry.

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Myanmar government set supply electricity at a loss

The huge amount of money needed for the government to supply electricity to the whole of Myanmar for 2017/2018 means that they are supplying this vital resource at a loss.

An amount of K300 billion is needed by the government to supply the electricity across the country, but according to U Myint Oo, the deputy director general of the Electricity and Energy Ministry’s Department of Electric Power, the government doesn’t have the funds.

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Crackdown down on financial scams in Myanmar

There has been a move from the Securities Exchange Commission of Myanmar (SECM) to crack down on illegal trading and financial scams carried out by unlisted companies in Myanmar.

The SECM appealed to the public in July 2017 to gather information on a specific company trading in Mawlamine. The company is called I Smart Co and has been reported as engaging in suspicious trading in Ayeyarwady. The company has also been linked to Saxon Capital Limited (SCL), which was shut down due to illegal trading.

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More than 1000 small businesses in Myanmar will receive loans

The government of Myanmar has recommended that more than one thousand small and medium sized businesses (SMEs) should come under consideration to receive bank loans. This information has been released by the Central Department of Small and Medium Enterprises Development (CDSMED) and is good news for the start-ups in the country.

The Ministry of Industry has 46,794 businesses officially signed up and registered with them, and have recommended that financial institutions offer loans to the selected enterprises after they conduct an assessment.

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Networks in Myanmar finally get 4G

In a move that can only improve business and the economy as a whole, Myanmar can now go 4G. Local telecom operators can now use the 1800MHz range that has been allocated by the government.

The Posts and Telecommunications Department, which comes under the government’s Ministry of Transportation and Communication, has granted permission to Myanmar Posts and Telecommunications (MPT), Telenor Myanmar Ltd and Ooredoo Myanmar Ltd to use the 1800MHz spectrum. Using this, operators will expand the networks to 4G.

The permission was granted on 15 May 2017, and comes with a 12-year licence. Permission has gone specifically to mobile operators that have been awarded a nationwide telecoms licence. They are paying a fee of $80 million to use this spectrum.

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