September 13, 2013
Source: Eleven Myanmar
Since Myanmar passed the new Foreign Investment Law in November 2012, the rate of foreign investment flowing into the country has increased fivefold, according to the Directorate of Investment and Company Administration (DICA). More…
September 9, 2013
Myanmar received 731 million U.S. dollars’ contracted foreign investment in a single month of August, bringing the total to over 43 billion dollars as of the end of the month since 1988, local media reported Sunday.
The investment, which came from six countries and regions, was mostly injected in the manufacturing, making it the largest foreign-invested sector in 2013. More…
August 27, 2013
Source: World Bulletin
Mongolia plans to scrap a controversial law designed to curb foreign ownership in what it considers to be strategic sectors, such as mining, a government official said, as the country seeks to kickstart its stalled economy.
The new measure, if passed, will replace the 2012 Strategic Entities Foreign Investment Law (SEFIL), which analysts say has been partly responsible for a slump of 43 percent in overseas investment in the first half of 2013, on an annual basis. More…
August 23, 2013
Contracted foreign investment in Myanmar amounted to 1.77 billion U.S. dollars in the first four months (April-July) of the fiscal year 2013-14, up 26 percent or 0. 37 billion dollars, an official said here Friday.
Of the total, Japan injected 0.18 billion dollars into five enterprises, accounting for 10 percent, said U Aung Naing Oo, director general of the Directorate of the Investment and Company Administration (DICA) under the Ministry of National Planning and Economic Development. More…
May 6, 2013
Reposted from The Washington Post
By Michael Kohn and William Mellor
Outside, it’s minus 22 degrees as a February wind blasts across the Central Asian steppe and through the Mongolian capital, Ulaanbaatar. Inside Government House, President Tsakhia Elbegdorj delivers a televised speech that simultaneously warms his people and chills foreign investors.
The country’s 76 legislators have convened to debate the future of one of the planet’s richest copper and gold mines, Oyu Tolgoi, which is 66 percent owned by the London-based Rio Tinto Group and 34 percent owned by the state. Elbegdorj tells them Rio Tinto has let the project’s total cost balloon by $10 billion. The higher expenses, which Rio Tinto disputes, would diminish and delay profits the government shares in. More…
April 24, 2013
Reposted from Myanmar Times
By Aye Thidar Kyaw
Domestic banks are preparing for joint ventures with foreign lenders, several banks reported last week, even though they will not be allowed until the Central Bank of Myanmar is made independent.
A spokesperson at the deputy director general level of the Central Bank in Nay Pyi Taw said joint ventures would be allowed once the Central Bank Law was enacted by parliament and the bank is made autonomous. However, parliament will not sit again until late June. The spokesperson added that bank officials are already writing the rules and regulations for when the law, which was returned to parliament by the President’s Office for review, is passed by parliament.
“Our rules and regulations need to protect domestic banks but at the same time we need to open up to international banking because our banking sector has been left behind for 50 years,” he said. The Central Bank will approve foreign banks in four stages, he said: representative offices, joint ventures, subsidiaries and wholly owned branches. More…
April 8, 2013
Reposted from Foreign Policy
By Peter Murrel
Mongolia’s blue skies may soon be darkening. A key challenge: Putting the mining companies in their place.
As I suspect others with a professional interest in Mongolia’s transition to democracy and capitalism have found, the country seems to attract attention in a predictable cycle. On the up side, some peripatetic journalist based in Beijing with time to kill discovers the miraculous changes wrought in only two decades after effectively being a Russian colony (complete with mandatory mention of its fabulous blue skies). More…
March 21, 2013
Reposted from BusinessnewEurope
Terrence Edwards in Ulaanbaatar
The government of minerals-rich Mongolia is beginning to exhibit a return of warm feelings towards foreign investors with winter’s thaw.
After nearly 10 months of increasingly frosty relations with foreign investors that began with the passing of the Strategic Entities Foreign Investment Law (SEFIL), the government is making noises about drawing up an amendment to the law that relaxes restrictions on private investors. More…
March 19, 2013
Reposted from The Nation
By Onravee Tangmeesang
Myanmar’s banking services may have to expand to electronic transactions
Crowded Yangon International Airport is proof of Myanmar’s success in attracting large numbers of visitors now that the country has emerged from decades of isolation. More…
February 20, 2013
Reposted from The UB Post
By B. Byambadorj
At a press conference on Monday ‘The Report: Mongolia 2013’ was unveiled at the Kempinski Hotel Khan Palace.
The Report: Mongolia 2013 sheds light on Mongoia’s foreign investment laws that are causing current concerns. The Report also provides key information on the state of Mongolian infrastructure, capital and expertise to investors.
Regional Editor Paulius Kuncinas said that Mongoia’s exports of coal, copper and iron should rise on the back of a favorable global outlook for commodities. More…