Myanmar continues to attract foreign investment from Europe and Hong Kong, despite the impact of COVID-19, which continues to hit exporters.
This week Myanmar’s authorities continued to dig deep into reserves to help firms struggling with COVID-19 while the ban on international flights was extended.
To break the COVID-19 blues, Myanmar’s government has extended tax exemptions and held talks with South Korea to boost bilateral trade.
Bucking the COVID-19 downturn, Myanmar is seeing rapid activity on Yangon’s new city and the Dawei industrial zone.
COVID-19 continues to disrupt the global economy. Myanmar’s exporters are being squeezed by the strong kyat and garment factories face a slump in orders.
Business goes on, despite this week’s COVID-19 spike, with major investment unveiled for Yangon and plans for a large power plant take shape.
Despite the COVID-19 threat, a Myanmar-based company has proposed construction of an oil refinery at Dawei SEZ and there are plans to scrutinize shareholders’ income.
This week, Myanmar saw plans for a new trade terminal in Ayeyarwady, a move to explore new fruit export markets and positive reports on foreign as well as domestic investment.
This week, Myanmar moved to join an Indo-Pacific economic pact and approved over US$500 million in investments, including $180 million for what will be Myanmar’s largest mall.
This week, Myanmar announced new industrial and economic zones and approved US$1 billion in loans, including $250 million for COVID-19 relief and $747 million for a highway.
This week, a survey found 36 percent of export companies have no new orders, MIC said 10 more firms will close and trade data showed a US$200 million drop in exports to China.
This week, garment factories say they have almost no orders from the EU, the government says GDP will grow by 6 percent next year and China okays official rice imports Myanmar.
Foreign direct investment continues to arrive in Yangon despite the global impact of COVID-19 as the Naypyitaw authorities promise larger loans to keep employers afloat.
This week, six EU states suspended debt payments from Myanmar while the country resumed rice exports, approved new investments and allocated US$10.6 million in loans.
This week, many regions in Myanmar approved new investments, the World Bank released a new GDP projection and local firm Yoma moved to back mobile money company Wave Money.