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PwC Myanmar Weekly Business IntelligenceIssue No. 212
10 May 2020
10 May 2020
PwC
Disclaimer
2PwC Myanmar Weekly Business Intelligence
PricewaterhouseCoopers Myanmar Co., Ltd helps organisations and individuals create the value they’re looking for. We’re a member of the PwC network of firms in 157 countries
with more than 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Tell us what matters to you and find out more by visiting us at
www.pwc.com/mm.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
© 2020 PricewaterhouseCoopers Myanmar Co., Ltd, a company duly established and operating under the laws of Myanmar. All rights reserved. PwC refers to the Myanmar
member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
The information contained in this publication is for general guidance on matters of interest only and is not meant to be comprehensive. The application and impact of laws can vary
widely based on the specific facts involved. Before taking any action, please ensure that you obtain advice specific to your circumstances from your usual PricewaterhouseCoopers
Myanmar Co., Ltd client service team or your other tax advisers.
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC
Highlights
• “The Ministry of Immigration and Human Resources has released a list of businesses deemed
essential that are prioritized for reopening including fishery product factories, cargo transportation
businesses, wholesale food warehouses and trading companies.”
• “China’s ambassador to Myanmar pushed on Wednesday to gear up for the implementation of
Beijing’s key infrastructure projects in Myanmar despite the fact that both countries’ economies are
facing a significant slowdown due to the effects of the COVID-19 pandemic…the two discussed
how to move forward on the development of China’s ambitious projects in Myanmar based on the
Myanmar government’s COVID-19 Economic Relief Plan (CERP).”
• “The European Commission has added Myanmar to its list of states that pose high risks to the
bloc’s financial system today (May 7) because of anti-money laundering and terrorism financing
deficiencies.”
PwC Myanmar Weekly Business Intelligence
3
Infrastructure
Transport
• Yangon Elevated Expressway project delayed for two months
• Construction of Chin State airports make progress despite COVID-19
• Keep on trucking: transport sector remains on the move despite COVID-19
Energy
• Kyunchaung gas power plant project to be completed soon
• Nationwide power production declines
Real Estate
• Yangon investment market down but not out - Colliers
• Myanmar manufacturing, construction sectors take beating
Waste and Water
▪ Over K5 bln worth riverbank project to be implemented in Mandalay
▪ Water shortages in upper Myanmar
Other Infra
• China Pushes BRI Projects As Myanmar Rolls Out COVID-19 Economic Relief Plan
• Govt eases internet blackout in Rakhine
Infrastructure
• Myanmar Govt Lists Essential Businesses Prioritized for Reopening Amid COVID-19
• BOCHK granted preliminary approval to set up Yangon Branch in Myanmar
• Myanmar economy unlikely to recover this year: MIFER
• Myanmar govt extends temporary suspension of microfinance operations to May 15
• Onepay becomes first lifestyle mobile app to support interbank services in Myanmar
Financial and Business
• Myanmar opts for limited stimulus to counter pandemic
• EU puts Myanmar on money-laundering blacklist
• Myanmar negotiates for funds to rescue embattled economy
• Myanmar Factories Face ‘Irreversible’ Harm If Shutdown Extended
• COVID-19 Response ‘a Chance to Reimagine Myanmar’s Future’
Policy and Regulation
InfrastructurePolicy and
Regulation
Tender
Opportunities
MIC
Permitted
Projects
Upcoming
Events
Financial and
BusinessIssue - 212, 10 May 2020
10 May 2020
Financial and Business
4
10 May 2020
PwC 5PwC Myanmar Weekly Business Intelligence
Financial and Business
Myanmar Govt Lists Essential Businesses Prioritized for Reopening Amid COVID-19
MANDALAY – The Ministry of Immigration and
Human Resources has released a list of
businesses deemed essential that are prioritized
for reopening including fishery product factories,
cargo transportation businesses, wholesale food
warehouses and trading companies.
The ministry on Sunday informed state and
regional authorities that businesses such as
state-owned factories, water distribution plants,
electricity plants, clinics and hospitals, wholesale
food warehouses and fishery product factories
are considered essential to the public and should
be allowed to resume operating.
On April 12, most factories across the country
halted operations for the Thingyan New Year
holidays. On April 19, the Ministry of Labor
ordered factories to remain closed until April 30
and not to reopen until the Ministry of Health and
Sports deemed it safe to do so in line with its
COVID-19 preventive measures.
The Ministry of Immigration and Human
Resource’s list of essential businesses includes
commodity transportation companies, ports,
trading companies, municipal offices, banks and
finance firms, job recruitment agencies, printing
and distribution companies, information and
telecommunications-related businesses, and
hotels, motels and guesthouses. It also includes
construction and mining companies.
Apart from factories, many businesses have also
closed their offices since the Thingyan holidays
as the government ordered citizens to stay home
and banned mass gatherings to prevent the
spread of the coronavirus. The stay-home period
was from April 10 to 19.
On April 20, some companies resumed business,
but many are still closed due to the government
restrictions, while some are waiting for local
authorities to conduct inspections of their
COVID-19 preventive measures.
According to the Ministry of Immigration and
Human Resource’s instructions, prioritized
businesses must produce an inspection report
before resuming operations. It did not state
exactly when the businesses would be allowed to
resume, however.
In Mandalay Region, about 350 out of more than
8,100 factories that produce food products are
being inspected and are due to resume
operations in mid-May.
Source: The Irrawaddy
https://www.irrawaddy.com/news/burma/myanma
r-govt-lists-essential-businesses-prioritized-
reopening-amid-covid-19.html
04 May 2020
Myanmar aviation sector expected to become profitable, but more pain ahead first
Myanmar’s aviation industry is betting on a more
profitable future with the number of airlines now
reduced to half compared to 2017 and demand
for domestic air travel expected to catch up with
supply. However, they will have to swallow more
losses in the short term before things get better.
There are currently five airlines in Myanmar,
down from ten three years ago. But even though
there are fewer players now in the market, the
volume of passengers flying domestic remains
below three million, according to government
data.
At those levels, demand is not sufficient to cover
the industry’s losses, U Kyaw Nyein, CEO of
Golden Myanmar Airlines (GMA), told The
Myanmar Times in a recent interview.
But profitability is possible in the years ahead,
making it a good time for the remaining airlines to
accelerate their plans for expansion to capitalise
on future demand, according to a 2019 report by
the Centre for Asia Pacific Aviation.
Last year, GMA took delivery of a new aircraft,
taking its current fleet of ATR-72s to three. “With
the additional seats, we can now fly daily
compared to alternate days before. We will also
extend our destinations to include more flights to
Dawei and Kaw Thaung, which could be potential
tourist attractions in the future,” U Kyaw Nyein.
Air KBZ has also been expanding. Last year, it
upgraded its fleet of planes and announced new
destinations to Dawei , Kaw Thaung , Myeik,
Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
airline, Myanmar Airways International, added a
new Airbus A319 to its fleet, expanding its
capacity by 144 passengers.
Tanes Kumar, commercial director for Air KBZ,
said even though the new routes are not yet
profitable, the main aim of adding new
destinations is to expand the airline’s network
and connectivity. “This gives passengers more
options and allows employees to learn new skills
for more expansion in the future,” he said.
Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-aviation-sector-expected-become-profitable-more-pain-ahead-first.html
27 Jan 2020
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 6PwC Myanmar Weekly Business Intelligence
Financial and Business
Myanmar economy unlikely to recover this year: MIFER
Despite a huge increase in approved foreign
investments from US$1.9 billion to $3.3 billion
during the period between October 2019 and
March 2020, the actual inflow of foreign direct
investments (FDI) are lower.
At $500 million, the inflow of investment in the
first quarter of the year fell short of last year’s
$800 million, said U Aung Naing Oo, permanent
secretary of the Ministry of Investment and
Foreign Economic Relations (MIFER).
“My concern is that although more investment
was approved, the actual inflow of FDI will be a
challenge for us,” he said during an AustCham
Myanmar webinar last Wednesday.
“Almost all businesses in the country are
suffering as a result of the coronavirus,” U Aung
Naing Oo added. He is also a member of the
Working Committee to Address the Possible
Impacts of COVID-19 on the Country’s Economy,
chaired by the investment minister U Thaung
Tun.
Based on the ministry's observations and
discussions with businesses, it is unlikely that the
Myanmar economy will see a recovery by the
end of the year, said U Aung Naing Oo.
“Currently, the impact has been more on garment
businesses and the hotel and tourism sector, but
this will be seen in other sectors in a few weeks
to come,” he added.
Recognising the overall economic disruption on
every sector of Myanmar’s economy, the
government last week unveiled the COVID-19
Economic Relief Plan (CERP), comprising 72
actions under seven goals.
Under the CERP, the government provided for
the expansion of a K100 billion ($72 million) fund
to K200 billion - K500 billion before the end of the
year. The finance ministry first announced the
emergency fund in March to help garment and
tourism businesses as well as SMEs at an
interest rate of 1 percent. It was put together by
reallocating up to 10pc of the budgets from each
ministry.
Out of approximately 3800 applications for the
fund, 200 for loans amounting to $10 billion have
been approved, according to U Aung Naing Oo.
Other significant measures in the CERP include
waivers on Specific Goods Tax, customs duties
and commercial taxes for critical medical
supplies related to COVID-19 prevention.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
economy-unlikely-recover-year-mifer.html
04 May 2020
BOCHK granted preliminary approval to set up Yangon Branch in Myanmar
Bank of China (Hong Kong) Limited (“BOCHK”)
is pleased to announce that it has been granted
the preliminary approval by the Central Bank of
Myanmar to set up Yangon Branch in the
country.
Adhering to its strategic goal of “Building a Top-
class, Full-service and Internationalised Regional
Bank”, BOCHK is actively pushing forward its
regional development and expanding its
business in the Southeast Asian region. Its
branches and subsidiaries have been extended
to Thailand, Malaysia, Vietnam, the Philippines,
Indonesia, Cambodia, Laos and Brunei.
Following the opening of Yangon Branch, the
operating entities of BOC Group will then cover
all ASEAN countries, signifying a new milestone
in our regional development. BOCHK spares no
effort to prepare for the opening of Yangon
Branch so as to commence operation as soon as
possible. We will continue to enhance our
regional financial service capabilities and strive
to give new impetus to the development of
financial market in Myanmar.
About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited (“BOCHK”)
is a leading commercial banking group in Hong
Kong with strong market positions in all major
businesses. We have the most extensive local
branch network and diverse service platforms in
Hong Kong, including more than 190 branches,
280 automated banking centres, efficient e-
channels of over 1,000 self-service machines, as
well as Internet and Mobile Banking services. We
offer a comprehensive range of financial,
investment and wealth management services to
personal, corporate and institutional customers.
To implement the overseas development
strategy of BOC Group, we strive to drive our
regional development by expanding our business
in the Southeast Asian region. Our branches and
subsidiaries have been extended to Southeast
Asian countries such as Thailand, Malaysia,
Vietnam, the Philippines, Indonesia, Cambodia,
Laos and Brunei, with the provision of
professional and high-quality financial services to
local customers. We will also expedite our
development into a top-class, full-service and
internationalised regional bank.
Source: Myanmar Times
https://www.mmtimes.com/news/bochk-granted-
preliminary-approval-set-yangon-branch-
myanmar.html
08 May 2020
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 7PwC Myanmar Weekly Business Intelligence
Financial and Business
Myanmar govt extends temporary suspension of microfinance operations to May 15
The Financial Regulatory Department under the
Ministry of Planning, Finance, and Industry has
extended Directive No (2/2020) suspending
microfinance institutions from operations until
May 15 as a precautionary COVID-19 measure.
The Financial Regulatory Department first issued
Directive No (2/2020) on April 6, under which the
process of lending and collecting of loans by
microfinance institutions would be suspended
until April 30.
The ministry said that neither principal nor
interest should be collected “with force”.
The temporary suspension of microfinance
activities aligns with government efforts to
prevent the spread of COVID-19 through mass
gatherings and close contact, said U Thant Sin,
director of the Financial Regulatory Department.
During the suspension period the Financial
Regulatory Department had found some
microfinance firms did not follow the directive on
loan repayments and forced borrowers to repay
the loans.
It warned that failure to fully comply with the
directive would result in government action,
including the revoking of licenses.
However, activities such as providing loans for
emergency and voluntary loan repayments will
be permitted during the suspension period. All
such activities must adhere to the health
guidelines from the Ministry of Health and Sports.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-govt-
extends-temporary-suspension-microfinance-
operations-may-15.html
04 May 2020
Onepay becomes first lifestyle mobile app to support interbank services in Myanmar
Yangon, Myanmar – May 4th, 2020 - Today,
Onepay launches the first mobile interbank
service in Myanmar with the technical and
operational support of its Official Banking
Partner, Asia Green Development Bank (AGD).
The interbank service allows Onepay users to
transfer money between Asia Green
Development Bank (AGD), Ayeyarwady Bank
(AYA), Co-operative Bank (CB) Kanbawza Bank
(KBZ), Myanma Apex Bank (MAB), United
Amara Bank (UAB) and Yoma Bank.
As the first ever interbank service in Myanmar, it
allows users to transfer money between banks
without going into a branch. At a time of a global
pandemic, this service reduces social contact
and helps users avoid the hassle of going into
branches.
Users can easily transfer money between banks
by adding funds to their Onepay wallet. This can
be done through an AGD bank account, or with
any e-commerce enabled MPU, VISA or
Mastercard. Additionally, if users do not have a
bank card or account, funds can be added by
using cash-in services through 123 service or
Onepay appointed agents throughout the
country. This would then allow the user to simply
transfer the amount from their wallet to one of the
seven selected banks.
U Aung Zeya Myo, Deputy Managing Director of
One Pay Company Limited said, “We want to
make sure that our customers are having a
simple, secure and convenient experience while
using our service. Working with our official
banking partner, AGD Bank to support interbank
services in our app is one of the attempts to
reach that goal. The interbank service does not
have any hidden costs or extra charges. Any
costs associated with the remittance charges will
be set by respective banks. The app is designed
to notify the users of the transfer rate and cost
before they confirm the transaction. Settlement
will take up to two working days after the
transaction has been made.”
U Pyi Soe Htin, Chief Business Officer of AGD
Bank said, “As the official banking partner, AGD
will manage the interbank transactions of
Onepay users. We’re proud to provide banking
service to this first mobile interbank service.
Source: Mizzima News
http://mizzima.com/article/onepay-becomes-first-
lifestyle-mobile-app-support-interbank-services-
myanmar
06 May 2020
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
Infrastructure
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10 May 2020
PwC 9PwC Myanmar Weekly Business Intelligence
Yangon Elevated Expressway project delayed for two months
The tender process for the Yangon Elevated
Expressway has been suspended for two months
due to COVID-19, according to the committee in
charge under the Ministry of Construction.
“The tender was originally scheduled for end of
April but we’ve postponed it to late June,” said U
Kyi Zaw Myint, deputy director general of Road
Department under the Ministry of Construction.
He added that a public meeting was held in
February involving the townships that the flyover
will pass through. “We have already incorporated
some of the people’s requests. The next meeting
will be held after the month of June, before
implementing the project. We’ll implement further
demands from the public depending on
instructions issued by the health ministry,” he
said.
The Yangon Elevated Expressway will be
implemented by the Ministry of Construction and
Yangon Region Government under a Public
Private Partnership with the winning bidder. The
expressway will pass through eight townships –
Mingalar Taung Nyunt, Tamwe, Thingangyun,
South Okkalapa, North Okkalapa, Mayangone,
Mingaladon and Insein.
Construction of the expressway is now targeted
to begin in August and put into operation by May
2025. When complete, it will be 27.5 km in
length, 8m to 19.5m in height and comprise four
lanes. The project is valued at about US$900
million.
Proposals for the project were first invited in May
2018 and 53 companies expressed interest in
building the expressway. Twelve consortium
groups submitted proposals in November 2018.
A list of ten companies that met the criteria to be
considered as prequalified bidders were
announced in December 2018. These companies
are expected to participate in the tender process
later in June. - Translated
Source: Myanmar Times
https://www.mmtimes.com/news/yangon-
elevated-expressway-project-delayed-two-
months.html
06 May 2020
Myanmar aviation sector expected to become profitable, but more pain ahead first
Myanmar’s aviation industry is betting on a more
profitable future with the number of airlines now
reduced to half compared to 2017 and demand
for domestic air travel expected to catch up with
supply. However, they will have to swallow more
losses in the short term before things get better.
There are currently five airlines in Myanmar,
down from ten three years ago. But even though
there are fewer players now in the market, the
volume of passengers flying domestic remains
below three million, according to government
data.
At those levels, demand is not sufficient to cover
the industry’s losses, U Kyaw Nyein, CEO of
Golden Myanmar Airlines (GMA), told The
Myanmar Times in a recent interview.
But profitability is possible in the years ahead,
making it a good time for the remaining airlines to
accelerate their plans for expansion to capitalise
on future demand, according to a 2019 report by
the Centre for Asia Pacific Aviation.
Last year, GMA took delivery of a new aircraft,
taking its current fleet of ATR-72s to three. “With
the additional seats, we can now fly daily
compared to alternate days before. We will also
extend our destinations to include more flights to
Dawei and Kaw Thaung, which could be potential
tourist attractions in the future,” U Kyaw Nyein.
Air KBZ has also been expanding. Last year, it
upgraded its fleet of planes and announced new
destinations to Dawei , Kaw Thaung , Myeik,
Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
airline, Myanmar Airways International, added a
new Airbus A319 to its fleet, expanding its
capacity by 144 passengers.
Tanes Kumar, commercial director for Air KBZ,
said even though the new routes are not yet
profitable, the main aim of adding new
destinations is to expand the airline’s network
and connectivity. “This gives passengers more
options and allows employees to learn new skills
for more expansion in the future,” he said.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
aviation-sector-expected-become-profitable-
more-pain-ahead-first.html
27 Jan 2020
Infrastructure TransportUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 10PwC Myanmar Weekly Business Intelligence
Construction of Chin State airports make progress despite COVID-19
Despite some construction delays, Chin State’s
first airport is expected to open by June.
Construction of Surbung Airport in Falam
township, Chin State, will be complete by this
month, U Soe Htet, a spokesperson for the Chin
State government.
“Work is progressing on schedule as we have
maintained 300 workers on the construction site,”
he said.
The workers are being isolated at the
construction site and have been asked not to
leave. Likewise, outsiders are not allowed to
enter the area.
Currently, the K37 million airport is around 75
percent complete with an 800 meter runway.
Meanwhile, a second airport, Lailenpi, is also
under construction at Matupi township, southern
Chin State.
It is so far around 70pc complete, according to
an official from the Chin State government.
"This is the second airport in Chin State. It is a
small airport with the capacity to handle 20-seat
aircraft," he said.
The Lailenpi airport is being constructed with
$2.2 million in foreign aid from Mission Aviation
Fellowship International based in the UK.
Lailenpi is a remote town situated at the border
between Myanmar and India. Getting to Lailenpi
from Yangon by car would take travelers three
days or more.
The airport will improve connectivity and bring
more tourists and traders.
So far, there have been six positive cases of
COVID-19 reported in Chin State, including the
very first case, a traveler who returned from the
US, on March 23. He has since recovered. -
Translated
Source: Myanmar Times
https://www.mmtimes.com/news/construction-
chin-state-airports-make-progress-despite-covid-
19.html
05 May 2020
Infrastructure Transport
Keep on trucking: transport sector remains on the move despite COVID-19
Business is down and a reduced fleet of trucks is
supplying factories and delivering goods, but the
need to comply with curfews across Myanmar is
causing burdensome delays.
Movement restrictions imposed to prevent the
spread of COVID-19 have left many people
confined to their homes. Offices have instituted
work from home policies, while factories and
workshops were forced to close in late April
pending government inspections. Some
businesses have shuttered altogether, either
permanently or until COVID-19 prevention rules
are rolled back.
But while COVID-19 has brought parts of the
economy to a halt, the transport and logistics
sectors have to keep moving. Although demand
for transport has dropped because of the
pandemic, there are still exports to send to port
and imports to deliver to factories and
warehouses, shops around the country in need
of restocking and markets that require fresh
produce.
For truck drivers like U Kyaw Zeya, the work
continues – although it has changed a bit, in
response to prevention rules and other measures
to keep drivers safe.
“I still do the same number of trips each day,” the
Yangon-based container driver told Frontier at
about 7pm on April 24, as he settled in for a
night’s sleep in his truck on Strand Road near
Botahtaung jetty. Earlier in the day Kyaw Zeya
had been moving products such as zinc roofing
materials and refrigerators from the Botahtaung
docks on the Yangon River to an industrial zone
in East Dagon Township, on the northeastern
outskirts of the city.
“The only difference [in Yangon] is working in the
daytime [because of the nighttime curfew] and
the healthcare precautions introduced at
factories,” said Kyaw Zeya, who is in his 50s. “I
have to wear a face mask when I do deliveries.”
He said he wasn’t worried about potentially being
exposed to COVID-19 while working. “To be
honest, I’m just glad I still have a job. But I follow
all the rules and health precautions at the ports
and factories.”
Idle trucks
But many other drivers and truck owners have
seen work dry up due to the economic impacts of
COVID-19.
Source: Frontier Myanmar
https://frontiermyanmar.net/en/keep-on-trucking-
transport-sector-remains-on-the-move-despite-
covid-19
05 May 2020
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 11PwC Myanmar Weekly Business Intelligence
Kyunchaung gas power plant project to be completed soon
The 20.54MW gas power plant project in
Kyunchaung is going to be finished soon.
As the current running gas turbine has been
used for many years, its capacity reduces to only
4MW, said U Myo Thiha, chief engineer of
Kyunchaung power plant.
The electricity produced by Kyunchaung gas
power plant is supplying to the national grid.
Hong Kong-listed VPower KC1 and CNTIC
Vpower YG2 companies are engaged in the
generation of electricity, supply and sale. VPower
KC1 invested US$18.155 million in the
generation of 20.54MW electricity from LNG, and
supply and sale of electricity on IPP (BOD) basis
at the Kyunchaung power plant in Magway
Region.
Furthermore, CNTIC VPower YG2 is to build
350MW LNG power plant at No. 14 plot of
Thilawa Port in Thanlyin Township, Yangon
Region, bringing in investments of $297.39
million for power generation, supply and sale,
according to the data released by the Directorate
of Investment and Company Administration.
The Ministry of Electricity and Energy is
endeavouring efforts to meet the increasing
power demand, and gas power project is one of
them.
Source: The Global New Light of Myanmar
https://www.globalnewlightofmyanmar.com/kyunc
haung-gas-power-plant-project-to-be-completed-
soon/
04 May 2020
Grab says it pumped $100M into Myanmar in four years
Ride-sharing company Grab has invested over
US$100 million (K143.5 billion) in Myanmar in
the past four years to strengthen its position on
the local taxi market, a senior company official
said Tuesday.
Cindy Toh, country manager for Grab, said the
company will continue investing to further
improve the quality of its service in Myanmar.
“Grab will emphasise service quality and safety,
not only technology,” she told a briefing. “We will
continue investing in expansion and partnerships
to better the platform and expand the
ecosystem.”
Grab launched its service in Myanmar in July
2017, and has since introduced Grab Taxi Call
service, Premium Rentals (Beat), and Grab
Food.
The company’s taxi service is popular and
experiencing an increase of 10 percent in daily
rides in 2019 from the previous year, and adding
more than 196,000 more precise location points
in the Grab application.
The number of businesses using Grab for
Business doubled in 2019, and the most popular
destinations for rides were Myanmar Plaza,
Junction City, and Yangon Airport.
Grab will expand its services to other key cities
across the country this year, Toh said. GrabFood
will be launched for local restaurants and
transportation partners in Mandalay this year.
“Although food delivery is increasing locally, it
still lags behind other countries. We have many
opportunities,” said U Myat Kaung Min, head of
GrabFood Myanmar.
Grab For Good will be launched in Myanmar
soon.
In 2018, Grab launched its Grab Thone Bane
(three-wheeler) service in Bagan and Mandalay
city, and Grab TaxiPlus service.
More than 166 million people in 339 cities in
Myanmar, Vietnam, the Philippines, Thailand,
Cambodia, Malaysia, Singapore and Indonesia
have downloaded the Grab app on their mobile
phones. – Translated
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
aviation-sector-expected-become-profitable-
more-pain-ahead-first.html
12 Feb 2020
Infrastructure EnergyUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 12PwC Myanmar Weekly Business Intelligence
Nationwide power production declines
Yangon—Myanmar’s nationwide power
production declined by 104.7 megawatt (MW)
within one month, compared with the maximum
production of over 3,506 MW on 6 April,
according to the figures from the Ministry of
Electricity and Energy.
On 6 May, the maximum power production hit
over 3,401 MW.
On 6 May, Yangon Region’s power consumption
hit 1,345 MW, accounting for over 39 per cent of
the total production while Mandalay Region
consumed 516 MW (15 per cent), Nay Pyi Taw,
147 MW (nearly four per cent) and other regions
and states, over 1,410 MW (over 41 per cent).
The ministry achieved its goal of satisfying up to
50 per cent of nationwide power demand at the
end of 2019.
The ministry is making efforts to satisfy 75 per
cent of power demand in 2025 and 100 per cent
in 2030.
In order to satisfy the increasing power demand,
the ministry plans to generate an additional 1,166
MW soon.
Source: Eleven Myanmar
https://elevenmyanmar.com/news/nationwide-
power-production-declines
08 May 2020
Infrastructure EnergyUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 13PwC Myanmar Weekly Business Intelligence
Yangon investment market down but not out - Colliers
Colliers Myanmar's sentiment tracker has
indicated there is still some investment activity in
Yangon, despite a sharp drop in transactions as
a result of COVID-19.
A sharp decline in Yangon property transactions
at the beginning of April does not mean the
market has succumbed completely to the effects
of COVID-19, Colliers International says.
A Yangon-based realtor told The Myanmar
Times this week that many of the properties for
sale in the city are struggling to find buyers, while
only ten per cent of properties had been leased
out.
But Colliers Senior Research Analyst Paul Ryan
Cuevas said while buyers, renters, and
developers have become more vigilant amid the
volatile conditions, investment activity had not
entirely ground to a halt.
"Some transactions have progressed despite the
difficulties of doing business, and agents
continue to report interest for some select
property assets," he said.
"As the COVID-19 crisis bites, investors and
lenders will likely continue to moderate their
appetite for Yangon real estate assets.
"Our sentiment indicator is showing that deals
are being reviewed, or are stalling as investors
reassess the situation, but those committed to
the sector are still transacting and showing
interest.
Most lenders are still 'open for business', but are
reluctant to make new commitments, citing the
still unknown impact on residential and
commercial values, which will almost certainly
curb investment activity in Q2."
Source: Mingalar
https://www.mingalarrealestateconversation.com/
news/2020/05/08/yangon-investment-market-
down-not-out-colliers/1588913042
08 May 2020
Grab says it pumped $100M into Myanmar in four years
Ride-sharing company Grab has invested over
US$100 million (K143.5 billion) in Myanmar in
the past four years to strengthen its position on
the local taxi market, a senior company official
said Tuesday.
Cindy Toh, country manager for Grab, said the
company will continue investing to further
improve the quality of its service in Myanmar.
“Grab will emphasise service quality and safety,
not only technology,” she told a briefing. “We will
continue investing in expansion and partnerships
to better the platform and expand the
ecosystem.”
Grab launched its service in Myanmar in July
2017, and has since introduced Grab Taxi Call
service, Premium Rentals (Beat), and Grab
Food.
The company’s taxi service is popular and
experiencing an increase of 10 percent in daily
rides in 2019 from the previous year, and adding
more than 196,000 more precise location points
in the Grab application.
The number of businesses using Grab for
Business doubled in 2019, and the most popular
destinations for rides were Myanmar Plaza,
Junction City, and Yangon Airport.
Grab will expand its services to other key cities
across the country this year, Toh said. GrabFood
will be launched for local restaurants and
transportation partners in Mandalay this year.
“Although food delivery is increasing locally, it
still lags behind other countries. We have many
opportunities,” said U Myat Kaung Min, head of
GrabFood Myanmar.
Grab For Good will be launched in Myanmar
soon.
In 2018, Grab launched its Grab Thone Bane
(three-wheeler) service in Bagan and Mandalay
city, and Grab TaxiPlus service.
More than 166 million people in 339 cities in
Myanmar, Vietnam, the Philippines, Thailand,
Cambodia, Malaysia, Singapore and Indonesia
have downloaded the Grab app on their mobile
phones. – Translated
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
aviation-sector-expected-become-profitable-
more-pain-ahead-first.html
12 Feb 2020
Infrastructure Real EstateUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 14PwC Myanmar Weekly Business Intelligence
03 Mar 2020
Myanmar manufacturing, construction sectors take beating
The manufacturing sector recorded an
accelerated downturn in April as a result of
COVID-19, according to a survey from IHS
Markit.
The headline IHS Markit Myanmar Manufacturing
PMI (Purchasing Managers Index) plummeted to
29.0 in April from 45.3 in March, signaling a
severe decline in manufacturing business
conditions in Myanmar.
The PMI is a composite single-figure indicator of
manufacturing performance. It is derived from
indicators for new orders, output, employment,
suppliers’ delivery times and stocks of
purchases. Any figure greater than 50.0 indicates
overall improvement of the sector.
"Myanmar's manufacturing sector nosedived in
April as the global economy was rocked by the
COVID-19 pandemic. The PMI dropped like a
stone to 29.0,” according to Trevor Balchin,
Economics Director at IHS Markit.
Indicators for output, new orders and
employment, accounting for 75 percent of the
weight of the PMI, all sank to new record lows in
April.
"Regarding new work, around 80 pc of the
survey panel reported declines in April. Of the 10
pc reporting growth, manufacturers mainly linked
this to panic buying of food," Mr Balchin reported.
Around 80 pc of the survey respondents reported
lower intakes of new orders in April. A similar
proportion of firms reported lower output during
the month, as business operations were
suspended and workers returned to their home
towns.
The construction sector has also taken a beating,
with many private construction projects in
Yangon at a standstill since April, said Myanmar
Construction Entrepreneurs Association’s Central
Executive Committee Member U Kyaw Kyaw
Soe.
He said a lot of the construction work in Yangon
has not fully recommenced since Thingyan as
workers have been delayed in returning to
Yangon from their hometowns due to irregular
bus and train schedules. Meanwhile, employers
and the authorities have also been vague about
instructions to resume work amid COVID-19.
Such disruptions are expected to take their toll
on the economy for a long time to come.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
manufacturing-construction-sectors-take-
beating.html
07 May 2020
Infrastructure Real EstateUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 15PwC Myanmar Weekly Business Intelligence
Over K5 bln worth riverbank project to be implemented in Mandalay
More than K5.3 billion worth riverbank protection
project will be implemented next year. The
project will be implemented along Ayeyawady
river and Dokehtawady river in 2020-2021 fiscal
year, said U Kyaw Myint Than, the head of the
Directorate of Water Resources and
Improvement of River System in Mandalay
Region. The project will be implemented in 21
villages.
Besides, the department has targeted to allocate
K900 million for four river waterway conservation
projects. The project will be implemented after
the regional Hluttaw Affairs Committee has
permitted.
“This year, the regional government has
allocated over K5 billion for riverbank protection
project. We will choose 20 priority places. Both
Ayeyarwady and Dokehtawady rivers are on the
important list. The remaining places from other
villages are prone to floods caused by the
collapse of the riverbanks,” he added.
Although over K16 billion have to be allowed for
50 villages which have submitted permission to
implement riverbank protection projects this year,
the regional government has allocated only over
K5 billion for 21 villages.
“The riverbank protection projects must start
before the river water rises. And the projects
must be finished before July. This year, the
department will invite tender to the private
companies which will comply with the tender
rules. Then, the companies will be inspected by
the department and the third party,” he added.
In 2019-2020FY, the department is implementing
riverbank protection projects in 20 villages of
Mandalay region.
Source: The Global New Light of Myanmar
https://www.globalnewlightofmyanmar.com/over-
k5-bln-worth-riverbank-project-to-be-
implemented-in-mandalay/
07 May 2020
Grab says it pumped $100M into Myanmar in four years
Ride-sharing company Grab has invested over
US$100 million (K143.5 billion) in Myanmar in
the past four years to strengthen its position on
the local taxi market, a senior company official
said Tuesday.
Cindy Toh, country manager for Grab, said the
company will continue investing to further
improve the quality of its service in Myanmar.
“Grab will emphasise service quality and safety,
not only technology,” she told a briefing. “We will
continue investing in expansion and partnerships
to better the platform and expand the
ecosystem.”
Grab launched its service in Myanmar in July
2017, and has since introduced Grab Taxi Call
service, Premium Rentals (Beat), and Grab
Food.
The company’s taxi service is popular and
experiencing an increase of 10 percent in daily
rides in 2019 from the previous year, and adding
more than 196,000 more precise location points
in the Grab application.
The number of businesses using Grab for
Business doubled in 2019, and the most popular
destinations for rides were Myanmar Plaza,
Junction City, and Yangon Airport.
Grab will expand its services to other key cities
across the country this year, Toh said. GrabFood
will be launched for local restaurants and
transportation partners in Mandalay this year.
“Although food delivery is increasing locally, it
still lags behind other countries. We have many
opportunities,” said U Myat Kaung Min, head of
GrabFood Myanmar.
Grab For Good will be launched in Myanmar
soon.
In 2018, Grab launched its Grab Thone Bane
(three-wheeler) service in Bagan and Mandalay
city, and Grab TaxiPlus service.
More than 166 million people in 339 cities in
Myanmar, Vietnam, the Philippines, Thailand,
Cambodia, Malaysia, Singapore and Indonesia
have downloaded the Grab app on their mobile
phones. – Translated
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
aviation-sector-expected-become-profitable-
more-pain-ahead-first.html
12 Feb 2020
Infrastructure Waste and WaterUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 16PwC Myanmar Weekly Business Intelligence
03 Mar 2020
Water shortages in upper Myanmar
Kyar Kone Te Tike is a small town in Magwe
division in central Myanmar, about 19 miles away
from the Magwe Natmauk Road. Daw Mar Oo
has lived here all of her life.
Come summertime, finding drinking water is
always a struggle.
There are three small hand-dug wells for drinking
water, and they are a mile away from Daw Mar
Oo's house. They often dry up towards the end
of the hot season.
Artesian wells donated to the village by actor
Khin Hlaing currently produce 1,200 gallons per
day. They initially produced 1,800 gallons, before
one of the pumps broke. So the whole village has
to rely on donations for its water supply.
"In summer we can't use the hand-dug wells, so
we have to rely on artesian wells. Now the pump
broke we have to find water elsewhere. We know
it's important to wash our hands to prevent
COVID-19, but we have no water to wash with,"
said the 35-year-old Daw Mar Oo.
Moreover, most of the Te Tike villages are not
officially listed as villages according to the
Ministry of Home Affairs, so they're not included
on the priority list for water supplies, locals said.
"Water troubles increase year after year. Impurity
is more serious than scarcity, as unclean water
can be deadly. So, it's important that we have
clean water," said U KhinMaung Lwin, an advisor
at the Water Resource Committee.
According to WaterAid's global report The state
of the World's Water 2020, climate change may
put millions of lives at risk of dying from poor
agricultural yields, thirst and starvation. In
Myanmar the most at risk areas are the Magwe,
Mandalay and Sagaing regions, which are
located in the country's dry zone.
According to the World Health Organization
(WHO) and the United Nations Children's
Education Fund (UNICEF), 2.1 billion people
across the world lack access to a safe and
reliable supply of water.
The Myanmar Times conducted a survey in the
villages within the Kyar Kan village tract and
Indaw villages in Magwe, which frequently face
water shortage problems every March.
"The villagers can't drink the water from the wells
dug by the Department of Rural Development, as
the water has turned salty. We use it just for
household purposes.
Source: Myanmar Times
https://www.mmtimes.com/news/water-
shortages-upper-myanmar.html
08 May 2020
Infrastructure Waste and WaterUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 17PwC Myanmar Weekly Business Intelligence
China Pushes BRI Projects As Myanmar Rolls Out COVID-19 Economic Relief Plan
YANGON—China’s ambassador to Myanmar
pushed on Wednesday to gear up for the
implementation of Beijing’s key infrastructure
projects in Myanmar despite the fact that both
countries’ economies are facing a significant
slowdown due to the effects of the COVID-19
pandemic.
Chinese Ambassador to Myanmar Chen Hai and
Myanmar’s Deputy Minister for Planning, Finance
and Industry U Set Aung met for ‘in-depth
discussions’ Wednesday on the implementation
of outcomes from Chinese President Xi Jinping’s
visit to Myanmar in January, according to the
Chinese Embassy in Myanmar.
The Chinese Embassy said that the two
discussed how to move forward on the
development of China’s ambitious projects in
Myanmar based on the Myanmar government’s
COVID-19 Economic Relief Plan (CERP). The
projects discussed included New Yangon City,
Kyaukphyu Deep-Sea Port and Industrial Zone
and the China-Myanmar Border Economic
Cooperation Zone.
Launched last week, the CERP seeks to mitigate
the economic impact of the pandemic by
implementing new measures and response
plans. The measures include steps to expedite
the solicitation of strategic infrastructure projects
and to approve and disclose large investments
by reputable international firms that may be
currently experiencing delays, through fast-track
procedures.
The head of the China desk at the Institute for
Strategy and Policy (ISP), Daw Khin Khin Kyaw
Kyee, told The Irrawaddy that these three
projects constituted the main agenda when Xi
came to Myanmar, as they are strategically
important for China, and that it’s important to
China’s image to actually implement the
agreements from his visit.
“The CERP is considered a roadmap for the
country for both during outbreak and the post-
COVID-19 period. If the projects are added to the
CERP, they could be considered priority projects
[to implement]. That’s the reason China wants to
link their projects with the CERP,” Daw Khin Khin
Kyaw Kyee said.
Source: The Irrawaddy
https://www.irrawaddy.com/news/burma/china-
pushes-bri-projects-myanmar-rolls-covid-19-
economic-relief-plan.html
07 May 2020
Grab says it pumped $100M into Myanmar in four years
Ride-sharing company Grab has invested over
US$100 million (K143.5 billion) in Myanmar in
the past four years to strengthen its position on
the local taxi market, a senior company official
said Tuesday.
Cindy Toh, country manager for Grab, said the
company will continue investing to further
improve the quality of its service in Myanmar.
“Grab will emphasise service quality and safety,
not only technology,” she told a briefing. “We will
continue investing in expansion and partnerships
to better the platform and expand the
ecosystem.”
Grab launched its service in Myanmar in July
2017, and has since introduced Grab Taxi Call
service, Premium Rentals (Beat), and Grab
Food.
The company’s taxi service is popular and
experiencing an increase of 10 percent in daily
rides in 2019 from the previous year, and adding
more than 196,000 more precise location points
in the Grab application.
The number of businesses using Grab for
Business doubled in 2019, and the most popular
destinations for rides were Myanmar Plaza,
Junction City, and Yangon Airport.
Grab will expand its services to other key cities
across the country this year, Toh said. GrabFood
will be launched for local restaurants and
transportation partners in Mandalay this year.
“Although food delivery is increasing locally, it
still lags behind other countries. We have many
opportunities,” said U Myat Kaung Min, head of
GrabFood Myanmar.
Grab For Good will be launched in Myanmar
soon.
In 2018, Grab launched its Grab Thone Bane
(three-wheeler) service in Bagan and Mandalay
city, and Grab TaxiPlus service.
More than 166 million people in 339 cities in
Myanmar, Vietnam, the Philippines, Thailand,
Cambodia, Malaysia, Singapore and Indonesia
have downloaded the Grab app on their mobile
phones. – Translated
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
aviation-sector-expected-become-profitable-
more-pain-ahead-first.html
12 Feb 2020
Infrastructure Other InfraUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 18PwC Myanmar Weekly Business Intelligence
Govt eases internet blackout in Rakhine
The government on May 3 permitted access to
the internet in Maungdaw township, Rakhine
State, after almost a year, U Zaw Zaw Tun,
secretary of Rakhine Ethnic Congress (REC)
confirmed.
“We could use the internet this morning. People
living in Buthidaung township can also receive
internet access as it is close to Maungdaw,” U
Zaw Zaw Tun said.
Internet access in Maungdaw was permitted
again after the forming of a committee by the
President Office on April 29 to investigate an
attack on a World Health Organisation vehicle,
killing the driver.
Internet access in Maungdaw, Buthidaung,
Rathaedaung, Ponnagyun, Kyauktaw, Mrauk U,
Minbya, Myebontownships in Rakhine and
Paletwa township in Chin State have been cut off
since June 2019 to prevent rebel armed groups
from getting organised online after intensified
clashes between them and the Tatmadaw
(military).
The shutdown of internet access is a concern for
the people, especially during the COVID-19
pandemic, when information is crucial. The loss
of access to social networks are a serious threat
especially in the war-torn areas.
International and local civil society groups have
been calling on the government to reopen the
internet as the virus spreads around the world.
More than one million people in Rakhine and
Chin states do not have access to information.
U Zaw Htay, a spokesman of the President
Office, said in a press conference on March 1
that the government will reopen internet access
for one township, however, for the other
townships, information is being distributed via
SMS.
The government insisted that its campaign
against COVID-19 is not hampered by the
internet shutdown, as relevant authorities can
communicate through SMS and mobile phones,
which still service these areas. They can also
reach out to the people through radio and
television.
Source: Myanmar Times
https://www.mmtimes.com/news/govt-eases-
internet-black-out-rakhine.html
03 May 2020
Infrastructure Other InfraUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
Policy and Regulation
19
10 May 2020
PwC 20PwC Myanmar Weekly Business Intelligence
Myanmar opts for limited stimulus to counter pandemic
A stimulus package cobbled together by the
government to mitigate against COVID-19
economic shocks has been largely welcomed by
businesses and investors although details were
vague. There are also doubts over the plan’s
capacity to support swathes of Myanmar’s formal
and informal economy.
The government’s 15-page document, released
April 27, listed more than 50 measures to support
the economy, including in banking,
manufacturing and e-commerce. No clear budget
was revealed, except for up to K500 billion
(US$360 million) in loans for small- and medium-
sized businesses in selected sectors - an
expansion of an existing K100 billion ($72
million) fund - and a K100 billion ($72 million)
fund for trade financing. Most measures
contained little information about how much
money will be allocated and how they will be
implemented.
While the relief plan goes some way to helping
households, offering cash transfers, food rations
and exemptions of electricity tariffs, economists
and analysts say there should still be more focus
on families struggling to put food on the table and
keep small businesses afloat.
“The stimulus plan contains practical support for
vulnerable households such as cash transfers
and electricity tariff waivers. These have the
potential to make a real difference to those
struggling to make ends meet,” said Andrew
Bauer, a public finance specialist formerly based
in Yangon.
But it is unclear how much money is allocated to
these programmes, leading to doubts over
whether they can be implemented effectively in
the near future. Mr Bauer urged the government
to clarify how much cash it will allocate to
vulnerable households and how it will implement
the cash transfer scheme.
“Unlike many low- to middle-income countries,
Myanmar has the fiscal space to be generous
with its cash transfer programme," he said.
The government has so far revealed its
measures will be funded by a mixture of budget
reallocation, by cutting the 2019-20 budget to all
government entities by up to 10 percent, central
bank financing and by taking loans from
international financial institutions of between $50
million and $500 million.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-opts-
limited-stimulus-counter-pandemic.html
08 May 2020
Myanmar aviation sector expected to become profitable, but more pain ahead first
Myanmar’s aviation industry is betting on a more
profitable future with the number of airlines now
reduced to half compared to 2017 and demand
for domestic air travel expected to catch up with
supply. However, they will have to swallow more
losses in the short term before things get better.
There are currently five airlines in Myanmar,
down from ten three years ago. But even though
there are fewer players now in the market, the
volume of passengers flying domestic remains
below three million, according to government
data.
At those levels, demand is not sufficient to cover
the industry’s losses, U Kyaw Nyein, CEO of
Golden Myanmar Airlines (GMA), told The
Myanmar Times in a recent interview.
But profitability is possible in the years ahead,
making it a good time for the remaining airlines to
accelerate their plans for expansion to capitalise
on future demand, according to a 2019 report by
the Centre for Asia Pacific Aviation.
Last year, GMA took delivery of a new aircraft,
taking its current fleet of ATR-72s to three. “With
the additional seats, we can now fly daily
compared to alternate days before. We will also
extend our destinations to include more flights to
Dawei and Kaw Thaung, which could be potential
tourist attractions in the future,” U Kyaw Nyein.
Air KBZ has also been expanding. Last year, it
upgraded its fleet of planes and announced new
destinations to Dawei , Kaw Thaung , Myeik,
Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
airline, Myanmar Airways International, added a
new Airbus A319 to its fleet, expanding its
capacity by 144 passengers.
Tanes Kumar, commercial director for Air KBZ,
said even though the new routes are not yet
profitable, the main aim of adding new
destinations is to expand the airline’s network
and connectivity. “This gives passengers more
options and allows employees to learn new skills
for more expansion in the future,” he said.
Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-aviation-sector-expected-become-profitable-more-pain-ahead-first.html
27 Jan 2020
Policy and RegulationUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 21PwC Myanmar Weekly Business Intelligence
EU puts Myanmar on money-laundering blacklist
The European Commission has added Myanmar
to its list of states that pose high risks to the
bloc’s financial system today (May 7) because of
anti-money laundering and terrorism financing
deficiencies.
Cambodia, Barbados, Botswana, Ghana,
Jamaica, Mongolia, Nicaragua and Zimbabwe
are also included in the latest EU listing. Laos,
Bosnia-Herzegovina, Ethiopia, Guyana, Sri
Lanka and Tunisia are removed from the list.
There was no immediate statement by the
Myanmar government in response to the
blacklisting.
Banks and financial and tax firms are obliged
under EU law to subject their clients who have
dealings with countries on the list to a higher
degree of due diligence and scrutiny.
“Given the level of EU scrutiny on Myanmar
already in place, with sanctions on military
personnel and potentially more to come if peace
talks are not resumed, this move by Brussels will
increase operational, financial and reputational
risks for financial services firms established in
Myanmar,” commented Jens Presthus, senior
associate at London-based advisory firm Global
Counsel.
The move will increase the already significant
market risks for international banks who are
interested in Myanmar. No European-
headquartered banks are among the 20 foreign
banks given licences to do business in the
previously isolated market, although UK-based
Standard Chartered has a representative office in
Yangon.
“The blacklisting will add to the international
pressure on Daw Aung San Suu Kyi’s
government to clean up Myanmar’s economy
and financial system. But some of key challenges
such as illicit trade and gambling are closely
associated with border areas and are beyond the
control of the civilian government,” said financial
analyst Ko Aung Thaw Zin.
The Commission is mandated to adopt a list of
high-risk third countries presenting strategic
deficiencies in their regulations to counter money
laundering and terror financing, according to the
EU Delegation’s spokesperson in Myanmar.
It is necessary to update the list and align it with
assessments by the Paris-based Financial Action
Task Force (FATF), the spokesperson added.
Source: Myanmar Times
https://www.mmtimes.com/news/eu-puts-
myanmar-money-laundering-blacklist.html
07 May 2020
Myanmar negotiates for funds to rescue embattled economy
The government is negotiating for foreign aid and
assistance from the World Bank, Asian
Development Bank and International Monetary
Fund (IMF) to help it implement a stimulus plan
aimed at providing relief to businesses and
industries affected by COVID-19, said U Maung
Maung Win, deputy minister of Planning, Finance
and Industry.
The COVID-19 Economic Relief Plan (CERP),
released on April 27, provides relief to the private
sector through low-interest loans of up to K500
billion and credit guarantee schemes.
The government had received confirmation from
its developments partners to support hundreds of
millions of dollars in development assistance
needed to implement the CERP, according to U
Set Aung, Deputy Minister for Ministry of
Planning, Finance and Industry on a Facebook
update last week.
So far, the World Bank has approved a US$50
million financing scheme for the Myanmar
COVID-19 Emergency Response Project as part
of global emergency support operations through
a dedicated fast-track COVID-19 facility. Also,
the World Bank announced that it is deploying up
to $160 billion in financial support over the next
15 months to help countries protect the poor and
vulnerable, support businesses, and bolster
economic recovery.
The authorities have also been considering IMF
financing options, U Kyaw Kyaw Maung,
governor of the Central Bank of Myanmar (CBM),
said during a teleconference with members of
ASEAN on April 24.
He said there is a possibility that the Myanmar
economy could slip into recession as
consequence of the pandemic and that
restrictions on financial policies have been eased
to alleviate the impact, including a 3 percent cut
in bank interest rates to 5pc.
To mitigate against a longer term slowdown, U
Kyaw Kyaw Maung said the CBM is preparing
applications for the IMF's Rapid Credit Facility
and Rapid Financing Instrument and that the
country hopes to receive a positive outcome from
the IMF.
Source: Myanmar Times
https://www.mmtimes.com/news/myanmar-
negotiates-funds-rescue-embattled-
economy.html
07 May 2020
Policy and RegulationUpcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC 22PwC Myanmar Weekly Business Intelligence
Myanmar Factories Face ‘Irreversible’ Harm If Shutdown Extended
The majority of Myanmar’s 60,000 registered
factories face “irreversible damage” if shutdown
measures prompted by the Covid-19 pandemic
are extended beyond May 15, according to the
head of the nation’s largest manufacturing trade
group.
“Many factories in Myanmar have been
unproductive since early April and they may
collapse if they are not able to operate after May
15,” Aung Thein, president of the Myanmar
Industries Association, said in a telephone
interview Friday.
He was responding to speculation that the
government is mulling an extension to lockdown,
stay-at-home and business-closure measures.
Myanmar had 176 confirmed cases of the
coronavirus and six deaths as of Friday morning.
Myanmar’s de facto leader Aung San Suu Kyi
said at a panel later on Friday that she is
concerned about the potential for an outbreak
among laborers similar to what happened in
Singapore.
“Some factories have hundreds of workers so it
will become a very big problem if one of them
gets infected,” Suu Kyi said, adding that
Myanmar doesn’t have the resources to deal with
an outbreak similar to Singapore’s.
But the trade-group president business leaders
and other stakeholders should be consulted by
the government before anything is finalized.
“If we remain unproductive for three months, then
many factories may completely shut down and
no one can heal this economy,” Aung Thein said.
Source: Bloomberg
https://www.bloomberg.com/news/articles/2020-
05-08/myanmar-factories-face-irreversible-harm-
if-shutdown-extended
09 May 2020
Policy and Regulation
COVID-19 Response ‘a Chance to Reimagine Myanmar’s Future’
It has been more than a month since Myanmar
reported its first case of COVID-19, and the
pandemic continues to rage across the globe. As
a historian, Thant Myint-U believes the world
today stands at a turning point, with the apparent
triumphs of democracy and capitalism no longer
so certain, and the global future looking murkier
than it has for decades.
“Myanmar needs to see clearly the ways in which
the world is changing and radically rethink its
future options,” he said, describing the COVID-19
crisis as an opportunity to radically reshape
Myanmar’s economy in a direction that is good
for all its people, including the poorest and most
vulnerable.
Recently, Myanmar unveiled an economic relief
plan for COVID-19 comprising seven main goals.
According to the government, the plan is
intended not only “to mitigate the effects of
COVID-19 on the economy, but also to bounce
back to strong economic growth as soon as
possible.”
In the wake of the release of the relief package,
Thant Myint-U took some questions from The
Irrawaddy on the plan’s chances of success for
helping the country’s economy make a full
recovery, and the challenges the government
faces in implementing the short-term action plans
it contains.
As well as being a historian, Thant Myint-U was
chief of policy planning at the UN’s Department
of Political Affairs from 2001-2006. During that
time he led efforts to understand emerging global
threats, including pandemics, and their links to
peace and development. His latest book, “The
Hidden History of Burma”, was published in
2019.
The Irrawaddy: What is your general assessment
of Myanmar’s COVID-19 situation so far?
Thant Myint-U: So far the health situation seems
well under control. No one can say to what extent
the virus may have spread beyond the 150 or so
confirmed cases. But there’s little sign of a
widespread outbreak. That doesn’t mean of
course that we should let down our guard. The
coming several weeks may be decisive and
there’s still very much the prospect of a far worse
situation developing in the near future. For now,
however, the principal impact on ordinary people
has been economic.
Source: The Irrawaddy
https://www.irrawaddy.com/in-
person/interview/covid-19-response-chance-
reimagine-myanmars-future.html
07 May 2020
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
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10 May 2020
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Tender Opportunities in Myanmar
24PwC Myanmar Weekly Business Intelligence
Source: World Bank Group, Asian Development Bank, Consult Myanmar
No Organisation Title Publication Date Closing Date
1 World Bank Group Distributed Solar PV Generation Investment Framework 06-May-2020 13-May-2020
2 World Bank Group Monitoring, Evaluation, and Implementation Support of Education Programs in Myanmar 08-May-2020 25-May-2020
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MIC Permitted Projects – Meeting (6/2020)
26PwC Myanmar Weekly Business Intelligence
Source: DICA
No Name of Company Type of Investment Form of Investment
1JMDP Limited Development and lease of residential and commercial complex area Joint venture
2Monywa Petrochemical Refining Refinery Co., Ltd. Production, distribution and sales of diesel and petrol Wholly Myanmar owned
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
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Upcoming Events
28PwC Myanmar Weekly Business Intelligence
Source: 10times.com, go-Myanmar.com
No Date Location Name of Event Sector Focus Points
1 20-21 May 2020 Yangon Myanmar Power Development Summit Power and Energy “With a population of around 60 million, Myanmar ranks the lowest in
terms of electrification rate in the ASEAN countries as less than 40% of
its populations have access to electricity. The MPDS is going to invite
around 200 senior representatives from government, power producers
and utilities, investors, banks, law firms and suppliers to discuss the latest
development of Myanmar power industry and share insights into its future
prospects in an quickly evolving global energy mix.”
2 29-30 Jun 2020 Yangon Textile & Garment Myanmar Summit Garment
(Apparel & Clothing)
“Textile & Garment Myanmar Summit 2020 aims to be the most influential
event to bridge international community and Myanmar market, by
introducing investment opportunities and engagement rules, sharing good
practices of invest-in-Myanmar and made-in-Myanmar, together with
social compliance issues and sourcing strategy discussion.”
3 02-04 Jul 2020 Yangon COMEXPO Myanmar IT and Technology “Enmach is Back in COMEXPO. COMEXPO is an International Complete
Manufacturing Exhibition. Special Focus on Tools & Fasteners (TOFAS).
COMEXPO Myanmar is July 2nd - 4th, 2020 at the Tatmadaw Hall in
Yangon, Myanmar. This event showcases products like CNC Machines,
Cold Forging Machines, Compressed Air & Vacuum Tech, Couplings &
Fasteners, Cutting Tools & Machine Tools, Industrial Robotics,
Instrumentation, Laser Cutting, Metal Forming Machine, Casting &
Forging, Power Tools, Press Brakes, Shears, Grinding Machines,
Robotics & Control Systems and more.”
Upcoming Events MIC Permitted ProjectsTender OpportunitiesPolicy and Regulation InfrastructureFinancial and Business
10 May 2020
PwC
PwC Myanmar
29PwC Myanmar Weekly Business Intelligence
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PwC Myanmar Weekly Business Intelligence PublicationFor further information please contact:
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