Myanmar Business Today - Vol 2, Issue 14

April 3-9, 2014Myanmar Business Today

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mmbiztoday.com April 3-9, 2014 | Vol 2, Issue 14MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Myanmar Summary

Myanmar Summary

Contd. P 9... Contd. P 9...

Blocks to 13 Multinationals

International oil gi-ants including Chev-ron, Royal Dutch

Shell, ConocoPhillips and Total have won bids

Myanmar’s western and southern coasts, accord-ing to the Ministry of En-ergy (MOE).

Myanmar awarded 10 shallow water blocks and 10 deepwater blocks in the Gulf of Martaban and

ern state of Rakhine, to 13 oil companies in an auc-tion process that began last year, according to a posting on the ministry’s website last week.

Winners of deepwa-ter blocks will be able to explore and operate the blocks on their own, while shallow water winners will need to work with a registered local partner, according to the terms of the production sharing contracts.

The ministry said pro-duction-sharing contracts would be awarded after it

Pann Nu ders’ terms and condi-tions.

“Considering the win-ning bidders include some household name international oil compa-nies and prominent in-dependents, this bodes well for the future of oil and gas in Myanmar and will help to lift the overall standards of the greater investment environment in the country,” Nomita Nair, partner at UK-based

Paisner (BLP) and part of the team leading BLP’s Myanmar Practice, told Myanmar Business To-day in an email.

Multinational oil com-panies such as Dutch Shell, France’s Total E&P, Norwegian Statoil and ConocoPhillips won deepwater blocks, Ameri-can supermajor Chevron a shallow water block and Australia’s Woodside Energy won both shallow and deepwater blocks. Other major oil compa-nies among the winning bidders included Italy’s Eni and India’s Reliance Industries and Oil India.

Results of the tender,

which the energy ministry had indicated would be released late December or early January, came out on Wednesday last week. The delay was reportedly caused because of the high volume of bids.

“The government had to

bids which was also a lengthy process. The min-istries have only limited resources and so to do a thorough and full analy-

PTTEPI Starts Zawtika Gas Delivery

Thai oil and gas giant PTTEP International (PT-

Yangon branch said.

Enterprise (MOGE) last month. The starting delivery rate is 50 million standard cubic

feet per day and will increase the rate up to 100 million standard cubic feet per day by this month “to meet the domestic growing energy demand as well as to support the economic development in Myanmar,” PTTEPI said in a statement.

In 2007, PTTEPI discovered natural gas in block M9 and a partial of block M11 which was named “Zawtika project”. Zawtika project is located in Gulf of Mottama, approximately 300 kilometres south from Yangon. Lat-er in 2008, PTTEPI conducted the development plan of Zawtika project.

PTTEPI Ltd, which is a subsidiary of PTTEP, holds 80 percent share of Zawtika project while Myanma Oil and Gas Enterprise (MOGE) holds the rest. In addition to Zawtika Project, PTTEPI is the operator in PSC onshore

MD-7 and MD-8. PTTEPI started its business in My-anmar in 1996 through non-operating partnerships in Yadana and Yetagun Projects.

Kyaw Min

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xdkif;EdkifiH\a&eHESifhobm0"mwfaiGUvkyfief;BuD;jzpfonfh PTTEP International (PTTEPI) onf aZmwduobm0"mwfaiGUvkyfuGufrS obm0"mwfaiGUrsm;tm; pwifydkYvTwfcJhNyDjzpfaMumif; od&onf/

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2LOCAL BIZ

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

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Business News in BriefJapan agrees to invest in Dawei SEZ

Japan has agreed to invest in the Dawei Special Eco-

cial accompanying Japanese Foreign Minister Fumio Koshida who is on a visit to Myanmar, according to lo-

invest in Dawei SEZ during his meeting with his Myan-mar counterpart Wunna Maung Lwin in Nay Pyi Taw. Japan initially agreed to construct the road linking Da-wei SEZ and Thailand and feasibility studies would be conducted soon for this.

IFC to lend Shangri-La Asia $80m for Myan-mar projects

International Financial Corp (IFC) will lend $80 mil-lion to Shangri-La Asia Ltd for the expansion of the Traders Hotel and the construction of the Shangri-La Residences in Yangon, local media reported, citing Vikram Kumar, resident representative of the IFC in Myanmar. Shangri-La Asia has been facing acute short-age of hotel rooms due to a steep rise in tourist arrivals in Myanmar. The 270-roomed Traders will have 485 rooms on completion of the expansion project, while the Shangri-La Residences will have 240 rooms.

Yatanarpon Teleport looks for JV partner as talks with True fail

Myanmar’s Yatanarpon Teleport (YTP) is looking for a joint-venture partner for a telecommunication opera-tion after its talks with Thai-based True Corp failed at the last minute, local media reported YTP senior direc-tor Yan Win as saying. Yan Win said YTP had already been working on telecom infrastructure projects in cooperation with existing licensed operators while it planned to get an operator license for itself.

Myanmar parliament speaker, opposition leader agree on constitution amendment

Myanmar parliament speaker and chairman of the ruling party, the Union Solidarity and Development Party (USDP), Thura U Shwe Mann and opposition leader Aung San Suu Kyi agreed last week on the need for amending the 2008 constitution. The move is neces-sary for “rule of law and eternal peace,” both the leaders said at a joint press conference in Nay Pyi Taw follow-ing the end of the 9th parliament session. Both USDP and NLD said the parties will run in the upcoming by-election in all 30 vacant constituencies. The by-election is expected to be held before the end of this year.

Myanmar, S Korea to promote cooperation in environmental conservation

Myanmar and South Korea vow to promote coopera-tion in environmental conservation and forestry sec-tors, state media reported. The pledge was made during

a meeting between Myanmar Minister of Environmen-tal Conservation and Forestry U Win Tun and South Korean Ambassador Lee Baek Soon in Nay Pyi Taw. The pair agreed to a future plan of opening forest school in Myanmar and enhancing bilateral cooperation in carbon dioxide emission reducing activities and to pro-mote human resources and research development.

Suu Kyi blames govt’s irresponsibility for Chi-nese privileges

Major opposition the National League for Democracy (NLD) party leader Aung San Suu Kyi has said Chinese companies were enjoying special privileges in Myan-mar because of the government’s irresponsibility, local media reported. It was important for Myanmar to have a responsible and duty-conscience government, which will serve national interests well so that the country would not become just like a colony of any foreign country, Suu Kyi said at a meeting with writers from upper Myanmar in Pyin Oo Lwin.

Myanmar SummaryjrefrmEdkifiHawmifydkif;&Sdxm;0,ftxl;pD;yGm;a&;ZkefwGif&if;ESD;jr§KyfESH&ef

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mmbiztoday.com

3LOCAL BIZInvesting in Myanmar: The Pitfalls to Consider

Josh Wood

Myanmar is in the midst of a foreign invest-

ment boom. Over the last 12 months it has received over $3.6 billion in Foreign Direct Investment (FDI), an increase of nearly 300 percent according to gov-

in February. Despite this encouraging news, enor-mous barriers to future investment remain, and if reforms are not quickly en-acted, foreign capital may

has arrived. After decades of isola-

tion and under-invest-

from across the globe are nurturing industrial mod-ernisation in Myanmar. Of the $3.6 billion in-vested last year, about 50 percent was directed into manufacturing enterpris-es such as garment mak-ing, automobile assembly and food processing fac-tories. These investments in manufacturing are par-ticularly welcome because

ployment opportunities, have high export potential and create positive spillo-vers into other sectors of the economy. While Chi-na and Thailand remain the dominant sources of foreign investment, new contributions from Qatar, Korea, Norway and many other countries have driv-en the recent growth.

The sustainability of such high rates of foreign investment, however, is far from assured. A large component of last year’s FDI resulted from the belated arrival of global brands such as Unile-ver, Coca Cola and Visa, amongst many others, and the front loaded in-vestment of Telenor and Ooredoo in the recently liberalised telecommu-nications sector. Both of these streams can be ex-pected to fall away quickly in the next 2-3 years and a second wave of FDI will

movers. Based upon anec-dotal reports coming out of Yangon, this may take some serious salesman-

ship. New entrants are encountering unexpected hurdles in many aspects of their business opera-tions which is tempering the appetite for future expansion and sending mixed messages to poten-tial investors back home.

So what are the major impediments to doing business in Myanmar?

Unsurprisingly, weak infrastructure is the prob-lem most commonly cit-ed by foreign managers. The crumbling highway

connections and poorly maintained port facilities are causing lengthy de-

port costs. Limited phone coverage, painfully slow internet and inner-city congestion complicates communication and plant monitoring. The electri-cal grid, after decades of neglect and under-invest-ment, is unable to handle growing demand. Not only is 70 percent of the population without pow-er, but those with access face the perennial threat of blackouts. For foreign investors, particularly those involved in manu-facturing, nothing is more essential than a cheap and reliable electricity supply.

A second major issue is corruption, which not only pervades the upper echelons of government, but is also ubiquitous at the township level. Ba-sic administrative tasks such as negotiating rental leases, registering vehi-cles and many other low-level interactions with the bureaucracy require considerable sums of “tea money”. Such practices

opportunities for foreign

surmountable barrier for more scrupulous corpo-rations who resist the use of bribery in their day-to-day operations.

A less reported issue is the severe shortage of skilled labour. Myanmar’s poorly performing edu-cation system has failed to produce the number of engineers, welders, carpenters and other tradespeople required by

shortage is particularly acute in the oil and gas industry where English

quired. In many instances

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Myanmar Summaryskilled workers have been brought in from the host country, sourced from neighbouring provinces or headhunted from rival

considerable cost and in-convenience.

eign investment is Myan-

of dispute resolution. Although the 2012 For-eign Investment Law ad-dressed a great number of legal uncertainties, the process of contract en-forcement and dispute resolution needs urgent reform. According to the World Bank, legal dis-putes take an average

of 1,160 days to resolve – ranking 188th of 189 countries – and require 50 percent more admin-istrative procedures than the OECD average. While legal systems in the devel-oping world are generally more complex than those of advanced countries, in


Of the $3.6 billion invested last year, about 50 percent was directed into manufacturing enterprises such as garment making, automobile assembly and food processing factories.

Lam T

huy Vo/R

euters


mmbiztoday.comLOCAL BIZ 4

Myanmar Summary

Myanmar Summary

¥24b in Fresh Loans

Japan has pledged to pro-vide Myanmar ¥24 billion yen ($234.8 million) in

plant and electricity networks.Japanese Foreign Minister

Fumio Kishida made the pledge for the loan at his meeting Pres-ident U Thein Sein, state-run daily New Light of Myanmar reported.

Kishida, during another meet-ing with his counterpart, U

Japan’s plan to provide an ad-ditional aid of about ¥8 billion ($7.8 million) to build a train operation monitoring system and to provide advanced medi-cal equipment to hospitals.

Since Prime Minister of Ja-pan Shinzo Abe came to power in December 2012, his govern-ment has pledged assistance totalling more than ¥160 billion ($1.56 billion) to Myanmar, in a bid to make way for Japanese companies to foray into the

Kyaw Min Myanmar market and beat out competitors from the United States, the EU and China.

During their meeting, dis-cussions were made on imple-mentation of Thilawa Special Economic Zone (SEZ) by Japa-nese companies, research on repair of Yangon-Nay Pyi Taw-Mandalay railways, extension of Mandalay International Air-port, assistance for Myanmar’s information and TV sector, hu-man resources development, health and education, water supply for Yangon region, and food security for farmers, the report said.

Kishida also made a request

collect the remains of Japanese soldiers who died in what was then known as Burma during World War II. A study has in-dicated that the remains of as many as 45,000 Japanese sol-diers are in the country. The two foreign ministers also agreed to continue to conduct military ex-changes.

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Indonesian Cement Maker to Tap Myanmar’s Construction Boom

Indonesian cement producer PT Semen Indonesia is mov-ing closer to its plan to ex-

pand its business to Myanmar.Semen Indonesia’s president

director, Dwi Soetjipto, said the

the acquisition of a local cement -

sia media reported last week.“The value is the same as we

previously announced, name-ly between $200 million and $300 million,” Dwi said after an annual general shareholders meeting in Jakarta.

was conducting due diligence regarding two cement produc-ers in Myanmar.

He admitted that neither pro-ducer’s production capacity was

million tons of cement per year.“If they are interesting,

though, there’s a good chance that we will acquire both of the companies,” he said.

-nesia is likely to become a mi-

-

Aye Myat trial market and political situa-tion in the country.

The company will be seeking bank loans and issuing bonds if, in the end, they decide to ac-quire both producers.

“We have not yet decided which way we are going to take. Right now, we are concentrat-

-gence process,” he said.

Soe

Zey

a Tu

n/R

eute

rs

Reuters



Myanmar Summary


Myanmar Eyes to Fix Crumbling Transport Infrastructure

Michael Nesbitt

With a number of ongoing pro-jects and more

in the pipeline, Myanmar looks set to reduce its transport infrastructure gap, although a shortage of labour and materials could drive up costs.

While progress to date has been slow in part due

tions, local players be-lieve the investment en-vironment is improving as a result of recent legal changes.

“The government’s drive to improve the legal

will widen the range of funding options going for-ward,” U Aung Zaw Na-ing, group CEO of Shwe Taung Development Co, told OBG.

“We expect this process of economic and legal re-forms, together with the

eign investors, to facilitate

velopers and contractors in the near future.”

The expansion of local capital markets is expect-ed to help, as well. The

of the Thilawa Special Economic Zone (SEZ), a project jointly led by the Myanmar and Japanese governments, is set to be

fering in March. Situated 20 kilometres outside the commercial hub Yan-gon, the SEZ aims to raise $21 million from the sale of shares, which will be available only to local citi-zens and businesses.

have improved, the surge in building activity has raised new challenges. With construction of in-frastructure and indus-trial facilities on the rise, including three major airport projects, numer-ous industrial zones, and large areas of the coun-try being explored for oil

and gas, the demand for resources has pushed up prices.

“The cost of labour and raw materials has in-creased as the result of greater competition,” minister for construction U Kyaw Lwin told OBG.

“However, the price

vere than those we expe-rienced prior to the lifting of sanctions.”

Rail, air, seaDespite the problems

ment of U Thein Sein ap-pears eager to address the infrastructure shortage, with a particular focus on the transport sector.

The Japan Internation-al Cooperation Agency (JICA) is working with the Yangon City Development Committee to improve the urban rail network in the country’s commer-cial centre. According to JICA, Yangon is one of the most promising cit-ies in the region for de-veloping train networks. Because a circular railway line already exists, land acquisition will be less of an issue than it is in other major metropolitan areas, such as Jakarta.

The existing 45.9-km, 39-station loop line car-ries about 130,000 pas-sengers each day. The goal is to establish a sys-tem with faster and more frequent trains, lifting ridership to around 3 mil-lion by 2040. The plan is to extend the railway to cover 350km, with at least eight main lines, includ-ing an extension to the Thilawa SEZ.

Another major pro-ject in the works is the $1.1-billion Hanthawaddy International Airport, on a site located around 80km from Yangon. Upon completion, the new facil-ity will be able to accom-modate 12 million pas-sengers a year, with room to increase to 30 million, compared to the 2.7 mil-lion capacity of Yangon International Airport, which will continue to op-erate as the city’s second airport.

Last year South Korea’s Incheon International Airport Corp was identi-

der for the 30-year pub-lic-private partnership to build, run and maintain Hanthawaddy, but those

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Thilawa outside Yangon.

Soe Z

eya Tun/Reuters



Myanmar Summary

The government recent-ly announced it would re-tender the project, in-viting all four short-listed competitors to submit

-clude a group comprising Singapore’s Changi Air-port Planners, Yongnam Holdings and Japan’s JGC Corp, as well as a consortium made up of Taisei Corp of Japan and Vinci Airport of France.

Myanmar’s maritime ports are also seriously in need of an upgrade, fol-lowing years of isolation and poor management, which let facilities fall into disrepair. At present, ma-jor global lines dock their motherships in Malaysia or Singapore, and send feeder vessels to Yan-gon Port. Located in the city’s downtown, the port

has a draught of just 8-9

navigate due to two semi-submerged sandbars.

Yangon has a second, smaller port, located at Thilawa, which is more easily accessible for ships. Built in the 1990s, the port is now being enlarged as part of the Thilawa SEZ project. In December, the Ministry of Transport announced that Japan will provide a $205-million loan for construction of two new general cargo wharves at Thilawa. The government is also looking to build new deep-water ports at the SEZs located in Dawei and Kyaukpyu, although both of these projects have experienced delays.

Michael Nesbitt, edi-torial manager for My-anmar at Oxford Busi-ness Group (OBG), is

in charge of producing

in Myanmar. Based in Yangon he works along-side a team of analysts to

annual reports.

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Myanmar Illegal Timber Exports Worth $5.7b in 14 Years

Why don’t Myanmar log trade figures add up? Corruption, says NGO

Global imports of timber from Myanmar between 2000 and 2013 were

three and a half times as large -

ported, proof of serious ‘crimi-nality and corruption’ in the country’s timber sector, accord-ing to a UK-based watchdog that analysed the numbers.

-lier this month showed that Myanmar exported 6.5 million cubic metres of timber from its forests between 2000 and 2013.

In the same period, countries around the world imported 22.8 million cubic metres of logs from Myanmar.

The Environmental Investiga-tion Agency (EIA) discovered the multibillion-dollar “black

-

timber exports – published on March 10 by Myanmar’s pri-vately owned Eleven Media Group – with data from a UN database and the Global Trade Atlas.

already indicates unsustainable exploitation of the country’s forests, the reality appears to be far worse, the EIA said in a re-port released last week.

under-report the true volume -

anmar’s ports and across its land borders,” the EIA said in

Alisa Tang

-

percent of all recorded interna-tional trade in Myanmar logs, suggesting 72 percent of log shipments were illicit.

“Such a gap is indicative of widespread criminality and cor-ruption in Myanmar’s timber sector.”

The EIA estimated the value of the 2000-2013 illegal exports at $5.7 billion - four times the country’s combined education and health budget for 2013-14.

Haemorrhaging resources -

thorised timber harvest – 11.2 million cubic metres – also falls

-port volumes reported by My-anmar’s trade partners, “which

-tor than the Myanmar Govern-ment’s suspect data”, the report said.

data on forestry and timber exports reveals endemic illegal logging and timber smuggling - crimes only possible through institutional corruption on a huge scale,” the EIA’s Faith Do-herty said in a statement.

from the illicit timber exports, the EIA said, “The clear con-cern is that, regardless of wider political reforms, opaque and unaccountable forest resource allocations mean Myanmar still continues to haemorrhage valu-able natural resources for the

Myanmar has some of Asia’s largest remaining expanses of forest, but its forest cover shrank from 58 percent of the land area in 1990 to 47 percent in 2010, according to Forestry Ministry data.

-ing forests, Myanmar’s new re-formist government has said it will ban log exports from April

that provided crucial funding to the country’s former military rulers for decades.

The EIA said the ban in itself was not enough and called on the government to: stop favour-ing its cronies in forest resource

prosecute companies or gov--

legal logging and timber smug-

in the management of forest -

ety involvement in the planned restructuring of the Forestry Ministry.

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A woman walks with children near logs at a timber yard in Yangon.

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Myanmar Summary

Myanmar Developer Yoma Sees Long Road to ASEAN Integration

Myanmar-focused c o n g l o m e r a t e Yoma Strategic

Holdings Ltd said South-east Asia needs to work exceptionally hard to real-ise a balanced, European Union-style integration of such disparate economies.

Yoma is listed in Asso-ciation of Southeast Asian Nations (ASEAN) mem-ber Singapore whose ad-vanced island-state econ-omy contrasts with that of fellow member Myanmar, rich in gems and natural gas but paralysed by dec-ades of military rule and isolating sanctions.

Elsewhere in ASEAN, communist Laos has an economy that is less than 3 percent the size of that of monarchist neighbour Thailand, according to The World Bank. The popula-

gest a size of 10 percent.“That we will all share

is beyond dispute,” Yoma Chairman Serge Pun said at the Reuters ASEAN Summit. But a “lopsided” result where some mem-

ers “is not sustainable.”“I think we will make it

happen,” Pun said. But “I feel that there has been ... over expectation of what ASEAN integration will do for all of us.”

Myanmar’s potentialThe ASEAN chairman-

ship this year resides with Pun’s native Myanmar, which has been looking to attract foreign investment since a quasi-civilian gov-

2011.Asia’s second-poorest

country after Afghanistan has no functioning stock market from which com-panies can raise funds, and foreign banks cannot open branches, just main-

companies nothing be-yond advice.

“I think we have a fairly long way to go to develop

always is the most impor-tant sector to support the growth of an economy,” Pun said.

The government plans to permit limited foreign

Aung Hla Tun

bank activity this year – good news for Singa-pore’s Overseas-Chinese Banking Corp Ltd which has had a representative

around 20 years.“When it opens up we

are quite interested to establish a business pres-ence there,” chief execu-tive Samuel Tsien said at the summit, at the Reu-

“We think that’s a mar-ket in which many Sin-gaporean companies have engaged with for quite some time. There are quite a lot of Myan-mar businessmen in Sin-gapore who are already doing business with us,” Tsein said.

Sectors in Myanmar of-fering investors the high-est growth include infra-structure, transportation, tourism and agriculture, Pun said.

His Yoma conglomerate earns almost all of its rev-enue in Myanmar from property. It also leases vehicles and runs balloon tours as it aims to diversi-fy by raising non-property revenue to 50 percent.

Last month, Yoma said it would spend $20 mil-lion to set up what could become Myanmar’s big-

also said it would diver-sify by investing $46 mil-lion in dairy, $12 million in cold storage and $1.3 million in vehicle rental.

“I think we are very fo-cused on Myanmar,” Pun

said Southeast Asia needs to work exceptionally hard to realise a balanced, European Union-style integration of such disparate economies.

Soe Z

eya Tun/Reuters

said. “For the moment, I don’t think we have any plans to do anything out-side of Myanmar.”

“We think this is a once-in-a-life-time opportu-

nity and we intend to fully capitalise on the major re-forms that have been go-ing on, fully capitalise on the good prospects of the economy,” Pun said.

Shares of Yoma have fallen 5.3 percent so far this year compared with a 2.0 percent decline in the benchmark stock index.

Reuters

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Myanmar Summary

comparison to economies of similar sophistication, contractual agreements in Myanmar are harder to enforce and intellectual property enjoys less pro-tection.

As these issues high-light, Myanmar’s huge investment potential has many costly caveats. Poor infrastructure, corrup-tion, skills shortages and a burdensome legal sys-

-ability and threatening the newly established stream of modernising investments of the last twelve months. If the current rates of FDI are to be maintained, busi-ness needs will require more careful considera-

tion from policy-makers when setting their reform priorities. Alternatively, if these issues remain unad-dressed, Myanmar could once again be left with only Chinese investors for company.

Josh Wood was a Vis-iting Research Fellow at the Myanmar Develop-ment Research Institute’s Centre for Economic and Social Development (MDRI-CESD) and is a postgraduate student at the Australian National University.

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AirAsia Opens New Travel and Service Centre in Yangon

Malaysia-based low cost carrier AirAsia has opened a one-

stop travel and service center (ATSC) in Yangon.

Wun Plaza on Alanpya Pagoda road in Yangon.

Tassapon Bijleveld, CEO of Thai Air Asia, said, “In mar-kets like Myanmar where credit cards are not as widely used, it is important for us to provide facilities to suit the needs of our consumers which is why we have the centre.”

from 9am-5pm from Monday through Friday and from 9am- 2pm on Saturdays.

“We are very excited to be able -

vice facility to our passengers in Yangon. The new location is centrally located and equipped

Wai Linn Kyaw -vide more convenience for Air Asia travelers,” Tassapon add-ed.

centre include ticket booking, travel insurance, and adding on items such as baggage weight and pre-booked meals.

On this occasion, the airline

Yangon to Bangkok and Kua-la Lumpur starting from $30 per way at the centre until 25 March.

Lumpur to Yangon as well as -

lay to Bangkok.

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Myanmar Summary

Myanmar to Run Over $2.6b

TMarch 14 during 2013-14

amounted to over $2.6 billion,

said.Total exports and imports

during that period were $10.58 billion and $13.19 billion re-spectively, Toe Aung Myint, director general from the Min-istry of Commerce, said. He at-

imports of capital goods.

(April-February) of the current

-cording to the Central Statisti-cal Organization (CSO).

During the period, foreign trade totalled $22.75 billion, with exports amounting to $10.22 billion and imports standing at $12.53 billion, CSO’s statistics showed.

Of the total export, overseas trade accounted for $7.6 bil-lion, while border trade made up $2.59 billion. Of the total

Shein Thu Aung import, regular trade accounted for $10.88 billion, and border trade $1.6 billion.

In February, foreign trade amounted to $1.96 billion – ex-ports stood at $673.37 million while imports were $1.28 bil-lion.

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Myanmar Summary

BSF to Open British International School Yangon Wai Linn Kyaw

UK-based British Schools Founda-tion (BSF), the

governing body of a world-wide network of British International Schools, has launched the British In-ternational School Yangon in a bid to tap Myanmar’s burgeoning education sec-tor.

“The foundation has a long tradition of promot-ing quality British style education worldwide,” said Stewart Fry, chair-man of the British Schools Foundation.

“We strive to ensure all the schools within the or-ganisation stand out for the quality of education being provided, and we are determined to ensure that these qualities are re-

in Yangon from the out-set.”

The British School will open in Yangon in August 2014. The campus is lo-cated close to Inya Lake on the Yangon-Insein road and will provide education for children in Early Years and Primary

project in Myanmar. “We’ve recognised that

there is an acute shortage of quality international style schooling here. As the need for school plac-es from multinationals and diplomatic missions mounts our initial priority

campus as quickly as pos-sible,” Fry said.

ish School Yangon will host around 100-150 students. With the move into a purpose-built facil-ity the school expects to eventually grow to a pop-ulation of more than 1000 students, BSF said.

“We are working on a purpose built facility to accommodate 1000-plus students. Further down the line as the country continues to develop we will be looking at needs in other cities,” Fry added.

Adam Johnson, head-master of the British School Yangon, said, “The school will follow the Eng-lish National Curriculum, adapted to the schools context in Myanmar.”

He said, however, the school will “go beyond the requirements of the standardised curriculum” and provide many addi-tional opportunities for personal development.

“Sports, music, drama and educational trips are all an integral part of the

school.”BSF said small class siz-

es allow teachers to focus

on the individual needs of each pupil, and all Brit-ish School Yangon teach-ers will have professional credentials from the UK with relevant experience in delivering the English National Curriculum. Native English speaking teaching assistants will also support each class, it added.

“The level of interest from parents has been fantastic,” said Johnson.

“The shortage of high quality international schools is apparent and we are very excited to

school group in Yangon to

Curriculum.”BSF is a UK registered

tion established for the purpose of promoting British-style education worldwide. Its network of schools is one of the larg-est in the world today, with 10 schools spanning 3 continents and 9 coun-tries.

“BSF has an outstand-ing record of attracting

tivated teachers, support-ed by the reputation of the foundation. BSY will

tablished schools to make sure quality standards are quickly embedded in the school,” said Johnson, who has 10 years of ex-perience within the BSF as teacher, deputy Head Teacher and Headmaster.

“The hallmark of a good school is that it goes be-yond the focus on aca-demic study and empha-

sises the development of the character of each child. We aren’t just pre-paring pupils for further education but for success in life as a whole. Many BSF pupils expect to pur-sue highly successful ca-reers, some even as lead-ers in society. We see it as our duty to ensure they leave us well prepared and with a good set of val-ues.”

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u ajymMum;cJhonf/BSF tzGJUtpnf;rS aqmif&Guf

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sis of each and every bid inevitably takes time,” Nomita said.

“When the tenders were

MOGE did say that the awards could take up to year. Investors are ad-vised to remain patient and not expect things to happen overnight.”

The ministry said it would receive $226.1 million as a “signature bonus” from

begins on the 10 shallow water and 10 deep water blocks – $91 million will come from shallow water block signings and $135.1 million from the deepwater block signings.

“This amount is the largest we have received in history,” the ministry said in a statement.

Myanmar’s oil and gas

sector attracts the larg-est share of foreign in-vestment, accounting for $13.6 billion, or 40 percent, of total accumu-lated foreign investment through September, ac-cording to the Central Statistical Organisation (CSO).

Most of Myanmar’s cur-rent hydrocarbon pro-duction is natural gas.

tistics, the country ex-ported $3.7 billion worth

2013, mostly to Thailand, up from $3.5 billion the year before.

The country’s proven natural gas reserves to-talled 7.8 trillion cubic feet (tcf) at the end of 2012, according to BP’s Statistical Review of World Energy.

A total of 160 local com-panies have registered

with the Ministry of En-ergy as potential part-ners for winners of the shallow-water blocks, but industry sources say only a few of them have any oil and gas experience.

Contracts winners will have to complete environ-mental and social impact assessments and submit reports to the Investment Commission before start-ing operation.

“This award is in line with BG Group’s strategy to focus on securing pro-spective frontier acreage and enter, on average, one new basin each year,” Britain’s BG Group, which teamed up with Woodside and won four blocks, said in a statement.

Myanmar’s energy ministry said a total of 68 companies from across the world origi-nally expressed interest

in the auction, which was launched in April, with 30

ting proposals.

blocks were originally up for auction and it is un-clear when the remaining 10 sites will be awarded.

George Kirkland, vice chairman and executive vice president, Chevron Corp, said: “The explora-tion of this block is aligned with Chevron’s long-term strategy to seek opportu-nities to provide energy to a growing region.”

“We are pleased with the result of this bid round and the opportu-nity to evaluate the poten-tial of this strategic acre-age,” said Melody Meyer, president of Chevron Asia

Production Company. “We have a 20-year his-

tory in Myanmar, and we

look forward to support-ing the continued devel-opment of the nation’s energy sector through the exploration of this pro-spective block.”

Troy Hayden, managing director and CEO of Tap Oil, which teamed up with

ROC Oil and won the M-7 shallow water block, said, “Myanmar is potentially a world class hydrocar-bons province and as part of Tap’s Southeast Asian growth strategy.”

Erling Vagnes, Statoil’s senior vice president for the region, said he was optimistic about the pe-troleum potential in an area that he said was “vir-tually unexplored.”

“With this award, we have accessed at scale in another frontier acreage

line with our exploration

strategy,” he said. The Myanmar contract is Sta-

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Students at British School Kuala Lumpur.

BS

KL

BS

KL



Myanmar Summary

A New Eastern Axis?

Myanmar’s democrati-sation is leading to its opening up and grow-

ing importance for existing and newer regional powers. Recent Japanese assertiveness in the country also sends a clear sig-nal against China’s growing

the tension spilling over from World War II, both countries share the common ground of wanting to maintain a safe dis-tance from China, which is why Japan-Myanmar relations are at an all-time high.

Japan’s assistance in helping build up Myanmar has deep-

-cantly, Japan has appointed a special envoy for national reconciliation in Myanmar to facilitate dialogue between the government there and ethnic minorities. Japan’s support to ethnic groups by supplying them with essential food com-modities and medical stocks is commendable.

Japan’s geopolitical ambi-tions and expanding economic footprint pose a serious chal-lenge to the traditional regional powers in Myanmar. It has of-fered economic aid to support the development of the coun-try’s infrastructure in the hopes of improving the investment climate there. Its total invest-ment up to 2013 stands at $292 million, which is nowhere close to China’s $14 billion. Never-theless, its engagement strategy attempts to counter China’s in-

Myanmar will use Japanese

loans to the tune of $610 mil-lion for the implementation of

Sonu Trivedi four projects – upgrading the Yangon-Mandalay railroad and Yangon’s water supply, and de-veloping the Thilawa port and irrigation facilities in the west-ern Bago region. Moreover, Japan has been providing as-sistance for the development of Myanmar’s communication and

-ing to train Myanmar police by conducting technical courses. The Japanese government is also involved in grassroots hu-man security projects in Bago and Taninthayi regions as well as in Kachin state.

The visit of Japanese Prime Minister Shinzo Abe to Myan-

1977 – was noteworthy. This was followed by the cancella-tion of $3.7 billion of debt. Ja-pan has further pledged to de-velop a special economic zone in Thilawa, which is expected to promote industrial develop-ment and create employment opportunities. Japan has also shown willingness to help in de-veloping the Dawei port along with Thailand. There has also been a request for help to pro-mote vocational training and agronomy education in Myan-mar. Further, Japanese com-panies also participated in the Japan festival held recently in Yangon. But they must make responsible investments and be careful not to follow China’s example of partnering with for-mer junta cronies.

So far as India is concerned, it’s stepping up its development cooperation with Myanmar, in light of the latter’s continuing reform process and their his-torical and cultural ties. India is trying to leverage its “soft” power and foster deeper eco-

nomic and business links with Myanmar. Compared to China’s mostly commercial involvement in the country, India and Japan have focused on infrastructure development, capacity building and humanitarian assistance. This is in line with Nobel lau-reate Aung San Suu Kyi’s vi-sion. According to her, “when you help either in the form of development programmes or humanitarian programmes, I want the people involved to gain skills so that they earn and they learn”.

India has been particularly instrumental in setting up cen-tres for industrial training and enhancement of IT skills, and other such capacity-building programmes. Prime Minister Manmohan Singh’s visit to My-anmar earlier this month, the second in the last two years, is evidence of the countries’ closer ties. India’s mega project to de-velop the Sittwe port along the same lines as Japan’s Thilawa and Thailand’s Dawei projects must also be acknowledged. The project envisages enhanc-ing connectivity between India and Myanmar, which will lead to the development of trade be-

tween the two countries. It will also contribute to the economic development of Mizoram and other Northeastern states. The ambitious trilateral highway linking India, Myanmar and Thailand, likely to be completed by 2016, adds another dimen-sion to the emerging security architecture in the region.

this growing alliance has deeper consequences for the region as well. The coming together of Japan and Thailand in Myan-mar, and now India’s invitation to Japan to invest in and build overland infrastructure in the Northeast, is going to outplay Chinese dominance in the re-gion. Furthermore, Japanese development of the Chennai port and plans to link it with Dawei are indications of Japan, India and Thailand coming to-gether and forming an axis in a bid to confront China in Myan-mar. India’s growing closeness to Japan and recent maritime security exchanges have been viewed as a strategic attempt to challenge Chinese dominance and gain an advantage, which

architecture of the region.The writer teaches political

science at Zakir Husain Col-lege, University of Delhi.

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"Recent Japanese assertiveness in the country also sends a clear signal against China’s growing influence there. Setting aside the tension spilling over from World War II, both countries share the common ground of wanting to maintain a safe distance from China, which is why Japan-Myan-

mar relations are at an all-time high."

Reu

ters



Myanmar Summary

Myanmar Summary

Gov’t to Spend Over $26m in

Myanmar will spend over $26 million on hydropower projects

according to the Union Budget Bill 2014.

The Hydropower Implemen-tation Department under the Ministry of Electric Power will spend about $8 million for equipment for the upper Yeywa hydropower project, $8 million for Thahtay hydropower project and $4 million for the upper Kengtung project, according to the budget bill.

The funding will come from

Kyaw Min China and other aid agencies. A total of $2 million in Chi-

nese loans will be provided to Golden Energy Co, which op-erates Thayyaykhat (2) project, and over $3 million will go to Future Energy Co, which will implement Beluchaung (3) pro-ject.

The state-owned enterprises will spend more than $243 mil-lion on various projects, while Japan will assist with the ren-ovation of Beluchaung No.2 power plant, the bill said.

Yangon City Electricity Sup-ply Board (YESB) will also use loans from other international aid agencies such as Japan In-

ternational Cooperation Agency (JICA) and Asian Development Bank (ADB).

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Business Partnerships Will Help Growth in Myanmar in 2015: KPMGPositive local and foreign business partnerships could be a win-win

Business partnerships through merger and ac-quisition, joint-ventures

or strategic alliances will be a driver for business expansion in Myanmar going forward into 2015, said Managing Partner of KPMG in Myanmar Yasuhide Fujii.

“Opportunities in Myanmar are increasing for business, but so is competition. Looking for-

the pinch as international com-panies move in on their turf,” said Fujii.

Wai Linn Kyaw “We’re starting to see cases where it would make more busi-ness sense for local and inter-

and complement each other, in-stead of competing, in order to become sustainable in the long term. Local and international

their distinct strengths. We could see some positive part-nerships down the road.”

-tered Myanmar after the easing of international sanctions, has assisted a number of interna-tional clients to successfully

set up businesses in the once-closed economy.

The auditing giant said the government is continuing to

-ing the legal system following the enactment of the Foreign Investment Law in 2012. At the very beginning of this year, the government enacted the Spe-cial Economic Zone law which grants income tax exemptions for 7 years and 5 years to busi-nesses in the free zone and the promotion zone respectively.

Other important bills have been proposed, including amendments to the land laws,

the foreign investment law, the Small Medium Enterprises De-velopment bill, the Condomini-um bill, an amendment to the Mining Law.

“We are well aware of the pace of change in Myanmar. One way that we can help the busi-ness community is by holding The KPMG Myanmar Business Forum on a quarterly basis to keep business people up to date about what’s going on, what to look forward to and how to deal with the challenges in Myan-mar,” said Fujii at KPMG’s third Myanmar Business Forum

The forum discussed on key points for doing business in Myanmar through merger and acquisition, joint-ventures and strategic alliances. The panel discussion featured business-people with experience of the trends relating to their business activities in Myanmar.

“The KPMG Myanmar Busi-ness Forum attracts both local and foreign business people who come together to share ideas and experiences. The business environment in My-anmar is changing very fast and we are keen to play our part in equipping business leaders with knowledge that will help them navigate the evolving business environment,” added Fujii.

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Wai

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Myanmar Summary

Myanmar Summary

Myanmar Summary

Brunei’s Sultan to Visit Myanmar to Boost Ties

Brunei’s Sultan Haji Has-sanal Bolkiah Muizzad-din Waddaulah will pay a

state visit to Myanmar in a bid to boost bilateral ties between

-nouncement said without speci-fying the date of his visit.

The sultan’s upcoming Myan-mar visit comes after President U Thein Sein visited Brunei in December 2012.

The small island nation of Brunei is the 7th largest trade partner of Myanmar among ASEAN nations, and mostly trade gems, jade and jewellery with Myanmar.

In July 2007, Brunei exempt-

products imported from My-anmar under the ASEAN Inte-

Shein Thu Aung gration System of Preference program in a bid to boost the country’s textile production.

Myanmar and Brunei estab-lished diplomatic ties between the two countries in 1993.

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Thai Beverage Subsidiary Establishes JV in Myanmar

Aims to expand restaurant business

Thai Beverage has an-nounced that its sub-sidiary, Oishi Group

Public Company Limited, has approved the project of invest-ment in expansion of restaurant business in Myanmar.

Oishi’s board of directors has also approved the investment in the joint venture company between Oishi F&B (Singapore) Pte Ltd (OSPL), an indirect subsidiary of Oishi Group in Singapore, and CM Foods Co Ltd (CM Foods) in Myanmar to serve the expansion of restau-rant business.

The investment proportion of OSPL will not exceed 40 million baht ($1.29 million), the com-pany said.

Pann Nu The JV is set to be incorpo-rated by May.

President Wants GDP Growth “No Less Than 5pc”

Myanmar President U Thein Sein last week

realise the country’s annual Gross Domestic Product (GDP) growth target of no less than 5 percent.

U Thein Sein made the re-marks in the parliament on the occasion of the third anniver-

government.He underlined that achieve-

ments have been made to some extent in economic market pol-icy, attracting foreign invest-ment and establishing Special Economic Zones which resulted in creating job opportunities and possessing higher technol-ogies.

On attracting foreign direct investment into the country, Myanmar’s new Foreign In-vestment Law was enacted in November 2012, replacing the 1988 version.

Foreign investors mainly in-vested Myanmar’s mining sec-tor before lifting sanctions on the country, he said, adding that nowadays the ratio of in-vestment has changed and the

-tion and industrial sectors.

He pointed out that in 2013, Myanmar’s FDI amounted to

Aye Myat $3.5 billion which was injected into manufacturing, hotel and tourist sectors, up from $1.4 bil-lion in 2012.

It is expected that investment will be high in such sectors as telecom, airport projects, spe-cial economic zones and gar-ment.

As for tourist sector invest-ment, he said Myanmar attract-ed over 2 million tourists last

to reach over 3 million in 2014 and 5 million in 2015.

He pledged that the govern-ment will help to develop com-modity production of ethnic en-trepreneurs in the country.

Dealing with Framework of Economic Social Reform (FESR) which was completely drawn at the end of 2012, he said that Myanmar has won support from international or-ganisations and most foreign countries.

Myanmar secured $6-billion debt relief from Norway, Japan, Germany and other Paris Club creditor countries due to the vigorous reform process under the Framework of Economic Social Reform (FESR), he said.

The president added that gov-ernment and private entrepre-neurs would cooperate in Small and Medium Enterprises (SME) sector development.

-rd

ASEAN Summit in Bandar Seri Begawan, capital of Brunei.

Ma

Pin

g/X

inhu

a

th regular session of the union parliament in Nay Pyi Taw.

U A

ung/Xinhua


mmbiztoday.comREGIONAL BIZ 13

Myanmar Summary

Myanmar Summary

China Economic Growth on Track, No Immediate Need for Stimulus: ADB

China’s growth seen around govt target of 7.5pc this year

Kevin Yao

China’s economy may still grow around 7.5 percent this year despite signs of a

slowdown, and there is no imme-diate need for the government to roll out fresh stimulus measures, Asian Development Bank (ADB) President Takehiko Nakao said.

-nance minister for international

China’s annual economic growth to be still roughly in line with the government’s target, although there may be “ups and downs”.

ADB is revising its forecast on China’s growth for 2014, current-ly at 7.5 percent, he said, but did not elaborate.

Chinese leaders face a chal-lenge to keep the world’s second-largest economy on an even keel while forging ahead with a long list of market-based reforms an-nounced at a key party meeting late last year, he said.

He said that some short-term stimulus might be necessary to smooth out volatility in the econ-omy, but there was no immediate need as growth remains healthy due to the country’s ongoing ur-banisation and rising consump-tion.

“At this moment, I don’t think China needs to resort to a stimu-lus package,” he said, adding that the economy will likely grow at a rate of around 7.5 percent.

“China is still in the process of urbanisation, and people need places to live. Consumption is growing very fast, more than growth of the economy,” he said.

Concerns about the health of the Chinese economy are mount-ing after a string of data showed growth is slowing more sharply

than expected in early 2014, rais-ing doubts if the growth target can be met in the absence of fresh stimulus.

Activity in China’s factories

in March, a preliminary private survey showed on Monday, rais-ing market expectations of gov-ernment stimulus to arrest a loss of momentum in the world’s sec-ond-largest economy this year.

Economists in a Reuters poll had earlier predicted China’s growth will slow gradually over the next two years as the govern-ment forges ahead with struc-tural reforms and seeks to curb elevated debt levels to help create long-term sustainable growth. The economy expanded 7.7 per-cent in 2013, hovering near its weakest pace since the late 1990s.

Debt problems manageableNakao said he was impressed

by Chinese leaders’ commitment to market-oriented reforms to

help put the economy on a more sustainable footing, but they needed time to implement them.

Liberalising interest rates and the currency regime in China should “go hand in hand”, and in-terest rate liberalisation could be carried out in a step by step man-

risks, he said.China’s debt problems remain

manageable as the economy

reforms – including giving prov-inces more revenues to match their responsibilities – will be vi-tal for dealing with the root cause of the issue, he said.

“Some companies or local gov-

go bankrupt if their management is not strong enough, this can happen in any country, but the issue is whether it becomes a sys-temic issue for the economy or not,” he said.

Earlier this month, loss-making Shanghai Chaori Solar Energy

Science and Technology Co Ltd missed a bond interest payment,

-fault of its kind and an event seen as a landmark for market disci-pline in the economy.

He said Asian economies were more prepared to cope with any economic turbulence and the re-gion’s fundamentals were much stronger than there were during

late 1990s.“They are more prepared to

take action quickly if there are signs of instability,” he said.

“Fragility? I don’t buy that idea. Of course, we cannot be compla-cent, we should always be pre-pared.”

Japan’s monetary policy eas-ing, which has supported the economy and boosted the coun-try’s foreign direct investment

withdrawal of US monetary stim-ulus, Nakao said. Reuters

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Reuters

Japan Steel Makers to Study Imports Amid Dumping FearsYuka Obayashi

Japan’s steel industry will examine a surge in im-ports from its Asian neigh-

bours for any signs of dumping, with concerns the rising ship-ments will halt a recovery in domestic steel prices and crimp

Steel product imports into Japan jumped 44 percent year-on-year in January to 487,000 tonnes, the highest in 16 years, led by a big jump in imports from South Korea, Taiwan and China.

“Imports from South Korea have increased sharply while

supply from China has also climbed,” Hiroshi Tomono, chairman of the Japan Iron and Steel Federation told a news conference.

“With the current foreign ex-change levels, it is strange to see such a jump in imports,” he added, pointing to the weaken-ing of the yen over the past 18 months.

Asked whether Japan should take anti-dumping action, To-mono, who is also president of world No.2 steel maker Nippon Steel & Sumitomo Metal Corp, said the federation planned to

closely and more frequently”.

“Before we talk about anti-dumping action, we need to

step.”Demand for steel products

in Japan has risen in line with the government’s stimulatory economic measures, boosting

but also opening a door for oth-

from low margins amid a re-gional oversupply.

Tomono cautioned that the trend could continue.

“Given strengthening over-supply pressure due to higher steel outputs in East Asia and

slack demand in China, we need to be prepared for a further in-crease in imports,” he said. Reuters

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Myanmar Summary

WSS Invests to Support Increased

Wilhelmsen Ships Service (WSS) is expanding its

network of supply points across Asia as it responds to an increasing level of

-ploration and production.

supply point, at Song-khla, southern Thailand opened in January 2014 and other locations have

WSS to work closer to ar-eas of emerging demand. New supply sites are un-der consideration in Ke-maman, Malaysia, Balik-papan, Indonesia and in Myanmar, the company said.

Countries including Malaysia, Indonesia and

Wai Linn Kyaw Myanmar present strong regional growth potential, with marginal and deep-

drive the investment in upstream assets.

-count manager Asia-Pa-

-pany’s focus on safety and its strong network are natural advantages in a

sector is still growing.“This is a complex mar-

ket with a diverse cus-tomer base, ranging from

contractors, production -

port companies.“Close engagement

over the past 12 months enables us to understand their challenges of oper-ating in such a diverse

and often remote geo-graphical location. Their top three concerns are safety, logistics issues and reliability, subjects where WSS can bring value and vast knowledge.”

A surge in spending on exploration and produc-tion globally is also driv-ing new building orders at shipyards in China, South Korea and Singapore, as

-newed with higher speci-

South Korea Boosts Air Defences with $6.8b Budget for F-35s

South Korea expects to pay around 7.34 tril-lion won ($6.79 billion)

for 40 Lockheed Martin F-35

knowledge of the matter said, as Seoul boosts its air defences amid simmering tensions in the region.

plans to buy four Northrop Grumman Global Hawk un-manned aircraft to monitor its prickly neighbour North Korea. The drones will cost about 880 billion won and will be deliv-ered starting 2018, one of the sources said.

The defence deals also come

Joyce Lee as ties between Japan, China and South Korea have chilled over the past year, and the re-gion’s three powers look to beef up their defensive capabilities.

Seoul’s arms procurement agency reported the estimated budget of around 7.34 trillion won to buy the radar-evading F-35s plus support systems to a committee overseeing military purchases earlier on Monday, the second source said.

South Korea says the F-35

in 2018.The budget has received the

ministry, Defense Acquisi-tion Program Administration

(DAPA) spokesman Baek Youn-hyeong said.

Lockheed said in a statement it welcomed South Korea’s an-nouncement and it would sup-port discussions between Seoul

order this year.South Korea decided to re-

draw the terms of an 8.3-trillion

last year after dropping an op-tion to buy Boeing Co’s F-15s in

with stealth capabilities.In December, Seoul reduced

the purchase to an initial 40 jets.

“Lockheed Martin agrees ... that the cost of the F-35 is on a downward path that will lead

to a Unit Recurring Flyaway (URF) cost for an F-35A of be-tween $80-85 million,” said Randy Howard, Director of Lockheed Martin’s F-35 Korea Business Development in an emailed statement.

A separate South Korean mili-tary source briefed on the buy cautioned that although F-35

Lockheed’s projections might not fully apply to South Korea as the estimate “paints a rosy picture” that appears to presup-pose “the best scenario” for the progress of the F-35 program.

The announcement provided some good news for Lockheed after a spate of critical reports on challenges with software de-

emergence of additional bulk-head cracks during long-term durability testing, and news that Italy could further scale back its plans to buy 90 F-35s.

Italy had already cut its planned order by 30 percent two years ago.

South Korea is the 10th coun-

-er, joining the United States, Britain, Australia, Norway, Italy, the Netherlands, Japan, Israel and Turkey.

Canada and Denmark, which help fund development of the F-35, are still deciding whether

Singapore has also expressed interest in the planes.

South Korea was the eighth largest importer of major weap-ons in the world between 2009 and 2013, with 80 percent of the imports supplied from the United States, according to think tank Stockholm Interna-tional Peace Research Institute (SIPRI). Reuters

Myanmar Summary

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A Lockheed Martin F-35. South Korea expects to pay around 7.34 trillion won ($6.79 billion) for 40 Lockheed Martin F-35

Nea

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pman



Myanmar Summary

Myanmar Summary

Singapore’s Tigerair Orders Airbus Jets Worth $3.8bAirbus announces 37 firm A320neo orders plus 13 options

Anshuman Daga

Singapore’s Tiger Airways Holdings Ltd has placed an order for 37 Airbus

A320neo aircraft worth $3.8 billion at list prices, taking de-livery of the planes from 2018 to 2025, the carrier said.

Tigerair said an existing order for nine Airbus A320 aircraft, part of a larger order agreed in 2007, will now be cancelled. These aircraft were originally scheduled for delivery in 2014 and 2015.

Airbus said in a separate statement Tigerair had also tak-en options on an additional 13 A320neo aircraft.

and expansion comes as Tigerair, which is about 40 percent-owned by Singapore Airlines Ltd , takes steps to try to prevent a third straight year of losses.

In January it sold its Tigerair Philippines business to Cebu

-

gest airline, cutting its losses in a market where a sharp in-crease in available seats pushed down ticket prices.

“We have re-calibrated our strategy and taken the neces-sary steps to re-position Tige-rair,” Tigerair chief executive Koay Peng Yen said.

-pates some concerns over a po-tential capacity overhang in the next couple of years.”

Tigerair said the negotiated price for the new order was

list price. The jets will be pow-ered by engines from Pratt & Whitney. Reuters

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Russia’s Leading Role in The Indonesian Mining Revolution

Randy Fabi and Fergus Jensen

Russia’s two metal giants have emerged as big win-ners from Indonesia’s

new mining law, after leading a drive to get Jakarta to stick to its controversial mineral ore export ban in the face of oppo-sition from miners and Asian buyers.

In its six-month lobbying campaign last year, United Company Rusal and Norilsk Nickel delivered a blunt mes-

will only invest billions of dol-lars in smelters if you ban baux-ite and nickel ore exports.

-

this year, Indonesia enforced a water-tight export ban for only two major minerals – nickel ore and bauxite.

The halting of $3 billion of annual nickel ore and bauxite exports has already lifted the price of nickel and helped sup-port aluminum, boosting the fortunes of Rusal and Norilsk, the world’s top aluminum and nickel producers, respectively.

At the same time, it has strengthened the case for the pair to invest billions of dollars in Indonesia to build smelt-ers to replace costly capacity in Russia, a key part of a recovery plan for struggling Rusal and in line with Indonesia’s own aims to earn more from its minerals resources.

The mineral ore export ban is aimed at forcing miners to move up the value chain by process-ing the minerals they dig up.

Rusal CEO Oleg Deripaska travelled repeatedly to Jakarta last year as signs emerged that the government might water down the ban under pressure from miners, and concerns over its impact on Southeast Asia’s largest economy.

“They made the export ban policy the main requirement for them to invest here,” Indus-try Minister Mohamad Hidayat told Reuters.

on January 12, Indonesia con-ceded to pressure from miners and made last-minute changes to the policy to allow shipments of most metals to go on, but it

did not relax the policy for nick-el ore and bauxite.

The supply cuts have al-ready been a game changer for nickel, with benchmark nickel prices soaring 17 percent to an 11-month high after the ban, while starving global markets of bauxite that should help curb China’s huge aluminum expan-sion and support global prices.

Norilsk, whose shares have ris-en more than 11 percent since the ban, though it has been at the expense of big buyers such as China and Japan. It has also come at a price for Indonesia which, despite gaining a pledge

“Behind all of this is Rusal,” said Tjandra Irawan, director of Indonesia’s Mineral Entrepre-neurs Association. “What Rusal always wanted was a total ban ... only then would they invest.”

Indonesia’s industry minister

role in how the ban was imple-

such a big economic policy is sensitive in Indonesia, particu-larly with elections looming in a few months.

involved like no other foreign companies in pushing their case – repeatedly sending executives to Jakarta, organising a confer-

-

players to push their case.

When asked about its lobby-ing strategy, Rusal said it was “closely following the develop-ments” in the months leading up to the ban because of the un-certainty over how the govern-ment would implement the law.

Reuters

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Reuters


mmbiztoday.comINTERNATIONAL BIZ 16

Myanmar Summary

Myanmar Summary

How Qatar’s World Cup Could End Up Killing 4,000 Migrant Workers

Arecent report sug-gests that unless Qatar issues and

enforces sweeping labour reforms soon, more than 4,000 migrant workers in the country will die before it hosts the 2022 World Cup.

“The Case Against Qa-tar,” published earlier this month by the Internation-al Trade Union Confed-eration, is a damning one, citing a long list of issues that persist thanks to an archaic immigrant spon-sor system.

Mark Byrnes The organisation’s pro-jected death toll is based on mortality trend data from the Indian and Nep-alese embassies provided since 2010, when Qatar won its bid to host the World Cup. An estimated 1,200 Indian and Nepa-lese migrant workers have died in Qatar over the last three years from work-related causes (which include accidents on the job, heart attacks from heat stress, and illness connected to substandard living conditions). The two countries are esti-mated to supply near half

of Qatar’s 1.4 million mi-grant workers.

The ITUC report says that many of these deaths can be attributed to the country’s kafala system, which grants migrant workers very few rights. Under current law, mi-grant workers must have domestic sponsorship (their employer) who then has control over work conditions, compensa-tion, and the labourer’s ability to change jobs or leave the country.

The report goes on to share personal stories of workers enduring drawn

out processes with la-bour courts, working without pay, and having

supervisors. Qatar has established new legal protections for migrant construction workers in the past year, including a mandatory but self-au-dited “welfare adherence plan” by contractors, but the ITUC says there’s no evidence to suggest these new provisions can actu-

-cating passports, for ex-ample, is already illegal in Qatar but still happens anyway according to not only the ITUC report, but a Guardian investigation last fall.

Despite the many testi-monials on top of similar, previous investigations, Qatar’s Supreme Commit-tee for Delivery & Legacy (which oversees World Cup-related develop-ment) told the Wall Street Journal recently that the

-tered with factual errors and attempts to discredit the positive work we are undertaking.”

The country is building up an estimated $140 bil-lion worth of new infra-structure in time for the World Cup, including new

stadiums, new roads, an airport, and multiple rail projects. A FIFA execu-tive, Theo Zwanzinger, has previously said that working conditions in the host country are unaccep-table but that it’s neither anything new nor some-thing FIFA has any con-trol over.

“This feudal system ex-isted before the World Cup,” said Zwanzinger. “FIFA is not the lawmak-er in Qatar.”

The ITUC met with FIFA to discuss their re-port recently. At a press conference last week, the soccer organisation did acknowledge some re-sponsibility in the matter, but FIFA president Sepp Blatter added, “we cannot interfere in the rights of workers.”

For comparison, the re-port states that 60 people died from work-related incidents in Sochi prior to the Olympic Games. Sev-en workers in Brazil have died so far in preparation for this summer’s World Cup.

Foreign laborers work at the site of a new road in Doha, Qatar. According to recent media reports, im-

conditions.

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US Law Firm Plans to Bring Suit Against Boeing, Malaysia Airlines

Asaid it expects to represent families

of more than half of the passengers on board the missing Malaysian Air-

against the carriers and Boeing Co, alleging the plane had crashed due to mechanical failure.

MH370 disappeared more than two weeks ago, and was announced to have crashed into the remote southern Indian ocean with all 239 on board pre-sumed to have died.

Chicago-based Ribbeck

for discovery against Boe-

Dena Aubin and Rujun Shen

ing Co, manufacturer of the aircraft, and Malay-sian Airlines, operator of the plane in a Cook Coun-ty, Illinois Circuit Court. The petition is meant to secure evidence of possi-ble design and manufac-turing defects that may have contributed to the

Though both Boeing and Malaysian Airlines

the focus of the case will be on Boeing, Ribbeck’s lawyers told reporters, as they believe that the inci-dent was caused by me-chanical failure.

“Our theory of the case is that there was a fail-ure of the equipment in the cockpit that may

rendered the crew un-conscious, or perhaps be-cause of the defects in the fuselage which had been reported before there was some loss in the cabin pressure that also made the pilot and co-pilot un-conscious,” Monica Kelly, head of Global Aviation Litigation at Ribbeck Law, told reporters.

“That plane was actually a ghost plane for several hours until it ran out of fuel.”

Kelly said the conclu-sion was made based on experience on previous incidents, dismissing the possibilities of hijacking or pilot suicide.

The lawsuit, soon to be

of dollars of compensa-

tion for each passenger and ask Boeing to repair

-pected to represent fami-lies of more than 50 per-cent of the passengers on

-clined to give details on how many families have sought their representa-tion in the case. Reuters

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Reuters


mmbiztoday.comINTERNATIONAL BIZ 17

Myanmar Summary

Standard & Poor’s cut Brazil’s sovereign debt rating closer

to speculative territory last week in a blow to

economy from a years-long slump have eroded

Brazil had its long-term debt rating downgraded to BBB minus, the agency’s lowest investment-grade rating. S&P changed its outlook to stable from negative, meaning further downgrades are unlikely for now, which will come as a relief for both politi-

-nancial markets.

The move was widely expected but the timing surprised some investors.

As it came ahead of an October election in which

-ond term, the downgrade will expose her left-lean-ing government to further accusations that it has squandered the goodwill built during a long eco-

Alonso Soto nomic boom last decade.

slow growth that aver-aged about 2 percent in

tried to revive the econ-omy with tax cuts and social spending but has been widely criticised for intervening too much and resorting to sometimes opaque accounting moves to meet budget targets.

-cal slippage, the prospect

remain weak amid sub-dued growth in the com-ing years, a constrained ability to adjust policy ahead of the October presidential elections, and some weakening in Brazil’s external ac-counts,” S&P said.

-cal credibility had been “systematically weak-ened” following cuts in the government’s main budget target, and that loans by state-run banks had “undermined policy credibility and transpar-ency.”

A central bank spokes-man declined comment on the downgrade. A

referred comment to the

did not immediately re-spond to phone calls.

markets was unclear, ana-lysts said. Some investors could sell Brazilian assets because of policies forc-ing them to hold higher-

quality stocks and bonds, while others may focus on the fact that S&P is un-likely to downgrade Brazil any further.

However, S&P’s move could prompt peers Moody’s Investors Service and Fitch Ratings to sig-nal they may follow with a downgrade of their own.

“The natural tendency for markets tomorrow is the fear that there could be a chain reaction and

other agencies may do the same,” said Ariovaldo

-ing-rate assets at H Com-mcor in Sao Paulo.

has worked to restore its credibility on budget tar-gets in recent months, but investors are worried that she will resort to more unorthodox accounting moves and raise spending as she seeks re-election. Reuters

GM Sued Over Fatal Crash Tied to Ignition Defect

General Motors Co has been hit with what is believed

death lawsuit over igni-tion switch problems since it recalled 1.6 mil-lion vehicles in February.

late last month in Min-nesota state court on be-half of three teenage girls who were severely injured or killed in a 2006 crash involving a 2005 Chevy

Jessica Dye Cobalt, one of the models GM recalled over ignition problems.

GM announced the re-call in February, despite learning of problems with the ignition switch in 2001 and issuing related service bulletins to deal-ers with suggested rem-edies in 2005. GM has apologised for how it han-dled the recall.

The lawsuit accuses GM of knowing about the de-fect for a decade but fail-

the roads.“GM hid this dangerous,

life-threatening defect from my clients and all other Cobalt drivers for over a decade just to avoid the cost of a recall,” said a lawyer for the families, Robert Hilliard of Hill-iard Munoz Gonzales, in a statement. “GM is guilty of betraying our trust.”

A spokesman for GM, Jim Cain, said the com-pany would respond to the lawsuit in due course.

“Right now, our biggest focus is on getting these vehicles recalled as quick-ly as we can with as little inconvenience to custom-ers as possible.”

According to the law-suit, the Chevy Cobalt’s ignition switch suddenly turned from the “run” to “accessory” position, causing the steering, breaking and airbag sys-tems to lose power. The car’s driver, 19-year-old Megan Phillips, lost con-trol of the car, which ca-

struck a telephone junc-tion box and two trees, the lawsuit said.

The crash killed Amy Rademaker, 15, and Natasha Weigel, 18, and caused Phillips to sus-tain severe injuries to her brain and body, according to the lawsuit.

The surviving family members of Rademaker and Weigel, as well as Phillips, are each seeking more than $50,000, said Hilliard.

The 2006 accident oc-curred before GM’s 2009

-

ent legal entity from the “old” GM, is not responsi-ble under the terms of its bankruptcy exit for acci-dents or incidents arising before July 2009. Those claims must be brought against what remains of the pre-bankruptcy com-pany.

The lawsuit, however, names new GM as a de-fendant.

GM has faced several lawsuits in the wake of the recall. It has been hit

class actions by custom-ers who say their vehicles lost value. On Friday, the company also was sued by an investor who said the recalls wiped billions of

shares.GM has said it received

reports of 12 deaths and 34 crashes in the re-called cars. The recall has prompted investiga-tions by federal prosecu-tors and regulators, and GM has opened its own internal investigation. Congress also is planning to hold hearings over the recall. Reuters

Myanmar Summary

Dav

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mmbiztoday.comINVESTMENT & FINANCE 18

David Mayes

Iam often asked how to es-timate the fair price to pay for a property, stock, a busi-

ness, etc. What we really need -

mine the value. Once we have a value estimate of some sort, we can compare it to the market or asking price to determine if it is relatively undervalued or over-valued. Alternatively we can use our estimate of value to deter-mine the level at which we place a bid.

Value estimates generally come in three forms. All three stem from a similar concept that looks at the asset’s future earning potential or cash distri-butions. The simplest is a rela-tive approach, where we simply compare a ratio of price to earn-ings or price to the book value of assets. This approach works well for an actively traded as-set where there is lots of easily accessible public information such as stocks and housing in many developed countries. The main drawback is that even if an asset is relatively underval-ued when compared to its peers based on a P/E ratio when the entire asset class is in a bub-ble period, the real underlying fundamental value may still be quite less than the current market price (you are still over-paying).

A dividend discounting mod-el of some sort is usually the best approach to value a hold-ing where you will be a minor-ity shareholder, for example a stock that pays a dividend. While income properties use

concept is the same. You look at the future dividends, assuming you can determine that they are

The Basics of Valuationlikely to be stable, and discount the stream back to obtain a net present value. The simplest form of this assumes constant growth rate of dividends. Thus you simple divide next year’s expected dividend (which is this year’s dividend multiplied by 1 plus the historical growth rate) by your required return minus the growth rate. Your required rate of return is best estimated by using what you could expect to average in the long term by

-posits. While they are low right now, I would expect over the coming 15 years to be able to average a nominal return of at least 4-5 percent, likely a little more. I know this may be hard to believe as we continue to live in a near zero interest rate world, but many Fed members are already publicly mentioning raising rates in the not too dis-tant future.

A more complicated method, in which you gain control of an entity and thus can control

they get re-invested or distrib-uted) is to discount the future

are a much better proxy than dividends, especially during

not paying dividends or mak-

a bit heavy but if you are con-templating a serious business acquisition it is not too expen-sive to hire someone to do this analysis for you.

Regardless of which route you take to arrive at an estimated value, usually with an ongoing concern in the long run returns are mean reverting (this is actu-ally a very big assumption, re-member that many companies fail). Thus if you buy an asset af-ter a period of low returns when you determine it to be trading at a discount to its fundamen-tal value, you will likely experi-ence above average returns as it swings to the other side of the pendulum and trades at prices above its intrinsic value. Obvi-ously the time to sell is when the asset is trading above its intrin-sic value. In practice most peo-ple invest in what they simply believe to be good companies at a time when they feel the econo-my is safe and they pay little at-

Myanmar Summary

tention to value. Unfortunately when the economy feels safe is usually when stocks or proper-ties are trading at premiums, whereas when the economy is in the gutters the value buys are plentiful. Doing even a simple relative valuation analysis can prevent serious timing errors and greatly increase the success of your overall investing experi-ence.

David Mayes MBA provides wealth management servic-es to expatriates throughout Southeast Asia, focusing on UK Pension Transfers. He can be reached at [email protected]. Faramond UK is regulated by the FCA and pro-vides advice on pensions and taxation.

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-

Reuters

Myanmar-Thailand Border Trade Hits $670m

Border trade between My-anmar and Thailand has reached about $680 mil-

year (April-March), according

Most of the trade took place at the Myawaddy border point and comprise imports from Thailand, the Customs Depart-ment under the Ministry of

Phyu Thit Lwin Commerce, said.Most border trade transac-

tions occurred through the Tachilek border trading camp in Shan State, Myawady camp in Kayin State, and the Kaw Thoung, Myeik, Nabule/Htikhi, and Maw Taung camps in Tan-inthayi Region.

The trading volume in Myawaddy border point was $278.5 million, while in Tachil-eik, Kawthaung, Myeik, Htikhi

and Mawtaung border points trade volumes were $86.15 mil-lion, $115.2 million, $147 mil-lion, $51.92 million and $36.7 million respectively.

Last year saw Myanmar open-ing a host of new border trade points with Thailand and China in a bid to boost trade with its neighbours. More border trade points are on the way to be opened such as Maila trading camp on the Myanmar-China

border and Mese, Hpayatho-nesu and Ponpakyin camps on the Myanmar-Thailand border.

Myanmar has border trading camps along the borders with Bangladesh, China, India and Thailand.

Myanmar Summary

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Myanmar Summary

Contd. P 20...

Developing Myanmar’s Stockmarket: Sate the Dire Need for Capital

The upcoming stock mar-ket in Myanmar in 2015 is part of a comprehen-

sive capital market, which con-sists of stocks and, in the later stage of the capital market de-velopment, bonds. The fun-damental of capital market is about organising fragmented

-try into a system that will fund

-ment and business organisa-tions and contribute to the eco-nomic development and growth of a country.

Like all living organisms, a country as well as business needs growth, and growth de-

-cient capital long-term growth cannot be sustained. The im-mediate question that fol-lows is: “Why not borrow such capital from banks around the world for development and growth?” The answer is that we can borrow from the banks but too much of debt (loan) is po-tentially risky and this was the

crisis.Capital comprises both debt

(loan) and equity (share), and their ratio must be closely monitored and maintained at optimal level while a business pursues growth. This is why a business organisation needs not only debt (bank loan) but also equity (stockmarket).

The most critical aspect of it is the ratio between debt and eq-uity – known as “capital struc-ture”. The optimal ratio of eq-uity to debt is 70 to 30, which means in every 100 percent capital, equity is 70 percent and debt compose the rest. Further-more, this is the ideal “capital structure” that attracts atten-tion from the world’s most suc-cessful investors like Warren

companies. A company or a country with too much debt is like an unhealthy person carry-ing too much fat and waiting for disaster to strike.

All the above facts indicate that development of Myanmar’s

has become critical. But do not hold your breath for Myanmar stockmarket yet since all devel-opment in life takes some time. Stockmarket capitalisation to GDP ratio is the best yardstick to measure depth and liquidity (development) of stockmarket

Kyaw Myo Htoon

in a country. Stockmarket capitalisation

is the total monetary value of stock companies sold through stockmarket. The more liquid the stockmarket, the higher the stockmarket capitalisation to GDP ratio. For example, Singa-pore stockmarket ratio of stock-market capitalisation to GDP is 150 and for Thailand it’s around 100, while Vietnam’s is around 20 even after more than a dec-ade of existence. For Zambia’s stockmarket the ratio is only 14 after more than 15 years of operation, according to World Bank data.

Vietnam’s stockmarket capi-talisation to GDP was very minimal after they started op-eration in 2000 and till 2005 the ratio was less than 1 percent of GDP. The development of a new stockmarket involves sev-eral factors and parties such as government, business organisa-tions and the public.

Another example is China, China’s two stock exchanges in Shanghai and Shenzhen, launched around 1990, grew by leaps and bounds in the 1990s. The capitalisation of the domestic equity market rose from virtually zero in 1990 to $31 billion, or equivalent to 53 percent of GDP, at the end of 2000. But the poor accounting standards, weak corporate gov-ernance and lack of transpar-ency made China’s stockmarket capitalisation ratio to slump from its peak of 53 percent of GDP in 2000 to below 20 per-cent of GDP in 2005. Moreover, Chinese authorities halt IPO process since 2012 (term used when a company comes for the

more than one year after series of scandals about companies falsifying their IPO documents

investors (retail investors).On the other hand, Myan-

mar business organisation

training and accountability for raising capital through Myan-mar’s stockmarket. In short, Myanmar business organisa-tions need practices of good corporate governance in order to avoid similar pitfalls as the Chinese stockmarket.

We all should be mindful of the old saying “Rome was not built in a day”. It will take some time for Myanmar’s stockmar-ket to become a liquid market like Vietnam’s. Less liquid mar-ket means less trading (buying and selling stock), less trading causes low stockmarket value (price). Therefore, even for the same company listed in Yangon Stock Exchange and Singapore Stock Exchange, valuation of the listed company in Singapore will be higher than the company listed in the newly-opened Yan-gon Stock Exchange. The com-pany listed in Singapore will then be able to raise more capi-tal to invest and expand their business because of the higher valuation.

Since new Myanmar stock-market is not liquid, Myanmar companies’ value will be less, so the equity capital they can raise from the stockmarket will be limited. Consequently, Myan-mar companies with less capital will face hard time competing with international businesses.

In the meantime, thriving lo-cal business like CityMart, KBZ Bank, Shwe Taung should be al-lowed to get listed on overseas stockmarket like Thailand or Singapore while local stockmar-ket is building up for some time.

Putting growing businesses like KBZ Bank in startup Myanmar stockmarket is like putting a big

will eventually become weak. That is why Chinese authori-

ties allowed their SMEs to get funding from overseas stock-market in early 2000s when their capital market wasn’t very liquid (they still face challenges and problems). Their objectives are not only for capital for the companies but also for Chinese companies to acquire interna-tional practice of corporate gov-ernance.

Only when Myanmar stock-market becomes liquid, Cit-yMart or KBZ can do listing in Myanmar stockmarket again as dual listing between Myan-mar and Singapore. But such holistic approach will not af-fect development of Myanmar’s new stockmarket because not all Myanmar companies will be able to meet the rigid list-ing requirements of Singapore stock market nor do they have ample resources to restructure their businesses to meet such requirements. So, majority of Myanmar companies will re-main in Myanmar stockmarket.

The very objective of stock-market in Myanmar is to inject capital to Myanmar’s business organisations in order to fuel their growth that will create more job opportunities and tax revenue stream for the country. Setting up a stock exchange in Myanmar is only one of the op-tions to raise capital for Myan-mar business organisations and stock exchange itself should not be the objective.

On the other hand, authori-ties must strive to make My-

anmar stock exchange liquid by conducting massive public educational campaign about investment in public compa-nies. Simultaneously corporate

-nancial education and busi-ness related training must be provided to business organisa-tions so that they can prepare to list their business on Myan-mar stock exchange in the near future.

Such holistic and compre-hensive approach is the key to success for the upcoming Stock Exchange as well as thriving Myanmar business organisa-tions to stay ahead of compe-tition. One can only capitalise

-vantages” when they are willing to learn from the previous mis-takes of others.

Kyaw Myo Htoon (John) is the managing director at My-anmar Pinnacle Financial.

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Dam

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euters

"Not all Myanmar companies will be able to meet the rigid listing requirements of Sin-

gapore stock market nor do they have am-ple resources to restructure their

businesses to meet such requirements."



Myanmar Summary

Myanmar Tells Australia It’s Open for Business

Karon Snowdon

Myanmar has extended the welcome mat and the world is beating a

path its door.But not many companies from

Australia are joining the rush.Glenn Robinson, the chair-

man of the Australia-Myanmar Chamber of Commerce, was with the largest commercial delega-tion to yet visit Myanmar from Australia.

He says even Australian min-ing companies which are used to

-cult countries are being cautious.

“They’re here learning what’s go-ing on, talking to a whole series of people, working out who would be sensible to work with and who it would be sensible to avoid.”

Australia’s Department of For-

caution.

Australian business still cautious

That’s because the problems are real – there’s lots of new laws but many more are in the works, the judicial system is untested,

-

of New York City, work skills are low and corruption remains high.

Per capita income is less than $1,000 a year.

Trade Commissioner Mark Wood says only 20 percent of the country is connected to the pow-

a factory.Wood says his view might be

seen as “bleak” but it’s realistic. “I think there’s been some re-porting recently about here being a gold rush in Myanmar. I think that is overstating the opportuni-ties there,” he said

“There is a lot of potential but there are a lot of issues that still need to be sorted out in the coun-

issues, probity issues I guess, is-sues around corruption and brib-ery and so on.”

Austrade is especially focussing on encouraging Australian busi-nesses interested in education, as well as agribusiness, oil and gas development and infrastructure.

Bluescope Steel and Woodside Energy were among the Austral-ian companies showing interest early.

Tory Shenstone has been work-ing in Myanmar since 2008 in her capacity as a Director of the oil and gas service company, El-gen Energy.

She told an Austrade business

companies are doing well in gain-ing licences to explore.

Australia needs to ‘make decision it wants to invest

“Myanmar is used to doing business with Asian countries

and I think they might be just having a gentle approach to do-ing business with western coun-tries particularly in the oil and gas space as well,” she said.

The Myanmar government estimates its energy reserves as high as 2.5 trillion cubic metres of natural gas and over three bil-lion barrels of crude oil.

-ment licences are up for grabs this year.

With some of the biggest names in the business, Australian com-panies, including Woodside are lining up for a share.

--

son. “We’re almost at the point now of being too late. It’s no good saying the regulations are not good enough, we’ll wait till they’re changed. By the time they are changed the Swedes, Nor-wegians, Fins, Danes, Germans, Italians, French, they will all be here and we’ll have no show of

getting in.”The signing last month of a

cooperation agreement between the Australian Chamber and its Myanmar counterpart should help prospective investors, espe-cially smaller ones.

Service industries in Myanmar will need foreign investors but of about thirty international banks

the ANZ, is Australian.Glenn Robinson says the ANZ

has only recently opened a repre-

“But to get a banking licence they will have to elbow 30 other banks aside and those other 30 banks have been here a year and know who to talk to and who to stay away from.

“Commercial Australia has to make a decision it wants to in-

that decision. Australian busi-nesses have to regard themselves as global and start operating that way.” ABC

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International Schools Bet on Myanmar’s Transition

HIS

B

Myanmar Summary

Myanmar Summary

Leading international schools have launched

Myanmar in a bet that the po-litical risks of the fast-opening country’s transition will be out-weighed by an economic boom and surging foreign arrivals.

Harrow International Man-agement Services and Dulwich College International have teamed up with a company chaired by one of Myanmar’s richest men, while the British International School plans to open a near $20,000 a year in-stitution in August.

The expansion ahead of elec-

draw of this frontier market and a chronic lack of services that is deterring some wealthy return-ee Myanmar business people and foreign executives and their families.

Ola Natvig, a director of the British Schools Foundation, which is setting up the British International School in Yan-gon, said he foresaw a “huge de-mand” in a market where there is a small number of education-

Micahel Peel al institutions catering to the Myanmar and expatriate elite.

“When I talked to companies they all said the same thing: ‘We have a real problem bringing

-tions here, and a key challenge is schools,’” Natvig said.

“Because Myanmar has been so closed and so suddenly opened, what is going to be spe-cial here is the rapid growth.”

The British International School plans to start in August with 100-150 pupils. It will have a purpose-built campus in two years and expects to expand to more than 1,000 students a few years after that.

As well as the $19,300 annual fees, parents will pay a $5,000 enrolment charge, of which $1,500 is refundable if they give three months’ notice of their departure.

Dulwich College International and Harrow International Man-agement Services have chosen

route by partnering Yoma Stra-tegic Holdings, a Singapore-listed conglomerate whose larg-est shareholder is Serge Pun,

-

trepreneur.The bulk of the funding for

Harrow’s early years venture and the $40 million Dulwich College school – neither of which will initially be branded with the British institutions’ names – will come from Yoma and other Serge Pun-linked companies.

Dulwich, whose alumni in-clude Tin Tut, deputy to the 1940s prime minister, Aung San, Aung San Suu Kyi’s fa-ther, said the target market was not just westerners, but also wealthy Myanmar nationals and expatriates from countries that have moved in more quick-ly commercially than some of their US and European coun-terparts.

“We see in particular Japa-nese, Korean and Chinese mas-sively coming into Myanmar,” said Christian Guertler, chief

College International, which is due to open its seventh school in Asia in Singapore in August. “Myanmar is one of the rising stars in Asia – and it’s certainly

longstanding strategic goals.”

Harrow did not respond to a request for comment.

While big western multina-tionals, including Coca-Cola, Unilever and British American Tobacco, have launched or re-started operations in Myanmar after western sanctions were eased, others have held back, to the frustration of some govern-

Pyi Taw.Foreign businesses complain

of property shortages and soar-ing rental prices, while the lack of high-quality hospitals means

for emergencies, complex oper-ations and maternity care.

Some companies are nervous about the political situation,

-ing in parts of the country and questions remaining about the intentions of the quasi-civilian government that took power three years ago after decades of military dictatorship.

Andrew Rickards, Yoma’s

was comfortable with the ex-pected $36 million investment the company is making in the international schools and a pri-

vate local school, even though Myanmar was “probably on the cusp” politically and “could go either way” once next year’s deadline for elections passed.

“If there is a military govern-ment that might not look so good,” he said. “We don’t think there will be.” FT

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Ambassador Suggests Thai Investors Look for Opportunities in Myanmar

The Thai Ambassador to Myanmar has suggested that Thai investors shift

focus to the Myanmar market as more developed countries have shown a great deal of in-terest in the country.

Pisanu Suvanajata said My-anmar nowadays is more open to the world than it has been in

politics is becoming more and more stabilised, resulting in ris-

Thammarat Pramotmaneerat ing foreign direct investments in the country as evinced by the fact that two Asian powers, Japan and Korea, have already shown their presence there.

“Thailand needs to seize this opportunity by investing more in its own neighbouring coun-try,” said the ambassador.

Myanmar has also made it easier for foreign entrepreneurs by restructuring its investment

investors.

As Myanmar has been improv-ing its basic infrastructure and computer system, the ambas-sador said Thai investors have as good a chance as anyone else

especially in three industries: hotel, beauty and health.

Insurance sector also has po-tential, given that the purchas-ing power of the locals has been increasing steadily for the past years, he said.

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Myanmar Summary

An Introduction to Fine Wine Investments

Fine wine investments have become a global phenom-enon. Shrewd investors

seeking more safety than stocks and commodities coupled with

yielding bonds and banks have -

market.Some of the most renowned

and expensive wines in the world, such as the Chateau

started turning investors heads as the En-Primeur (meaning the wine was not bottled at that stage) 2008 vintage increased in price by almost 150 percent throughout 2009. Such aston-ishing returns in such short time are simply not possible in any other market, especially with such a low level of risk.

However, not all stocks in-crease by such staggering lev-els, but only a distinct selection

luxurious wines. Most impor-

investment and investors can-not lose their money as it is a tangible asset which can be sold at any time in the global wine market.

These high worth luxury wines are valuable tangible assets in a highly liquid market, and the importance of stock selection remains crucial. Maximum re-turns can only be achieved by sourcing the right wine at the right time (and the right price) and similarly, knowing exactly

The reason for the current ex-plosion in popularity and the

-

demand. The ever-increasing global demand for such high

called blue-chip wines) and the very limited supply thereof, make these wines very rare and

Robin Khanna need and requirement for pro-fessional advice and market reach/scope. It is important to point out that the most expen-sive and prestigious Bordeaux Chateaux in the world only pro-duce a very limited amount of their wines each year. That is because French law strictly reg-ulates and controls their output, which means that they are not allowed to produce more than

rarity factor and a reason why these luxury products have be-come so desirable for the rich-est people in the world.

Imagine there are only a cer-tain number of bottles of a cer-tain blue-chip wine. Someone, somewhere will open the bottle and enjoy it, meaning that the number of available bottles of that particular wine and vin-tage will decrease. As a conse-quence, the price for that par-

especially if it is a good vintage and has been scored and graded accordingly.

have literally become a rescue investment. Even conservative investors who don’t like to take too much of a risk have been astonished with the returns achievable through intelligent

Moreover, we always recom-mend that our investors dedi-

-tion is key and the idea of not putting all your eggs in one basket has been fundamental to successfully investing your own money. Numbers and facts speak for themselves and all data and past performance his-

is why we recommend that our investors do some of their own research into the market, to get a comfortable feel for the indus-try. Furthermore, most inves-tors have come back for more

once it became clear what kind of lucrative returns are achiev-

market.However, it is also very im-

wines are usually a medium to long term investment. A mini-mum of 2-3 years must be an-ticipated in order to achieve the highest possible returns, which does not seem to be an issue, es-pecially for HNI’s. When trying this market with the minimum required investment capital, most investors tend to stock up again during their initial invest-ment term when realising how their wine portfolios are grow-ing in value.

There are also opportuni-ties for short-term gains in the Bordeaux Futures market (En-Primeur), but those are obvi-ously coupled with higher risk and for our more speculative clients.

Robin Khanna is managing director at Bordeaux Traders,

-age house.

Bordeaux Traders

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Infrastructure And Accessibility Myanmar’s Stumbling Blocks

Tourism is one of the seven priority areas for infra-structure development in

Myanmar as the surge of arriv-als in recent times threatens to overwhelm the country’s exist-ing capacity.

Speaking at Myanmar Infra-structure Summit 2014 in Trad-ers Hotel, Yangon, Hlaing Maw Oo, project director of Ministry of Hotels and Tourism, said: “Ac-cessibility is the most important

Sid Dhartha for the tourism sector and thus investors need to look at (putting their money there). Since the last two years, the number of inter-

to Myanmar is increasing rapidly but when we say accessibility, we also need to think about bet-ter road conditions. Our current road conditions are not favour-able for tourism and infrastruc-ture development needs to be upgraded.”

Infrastructure such as hotels, electricity, telecommunications

and water supply were other ar-eas Myanmar urgently needs to improve, he added.

“As the huge number of tourists

improve our hotels services and increase the number of hotels in our country… In terms of product development, we need to make sure attractions are easy to ac-cess and tourist-friendly,” Hlaing Maw Oo said.

Currently, three major air-ports are slated to undergo ren-ovation and construction works

– Yangon International Airport, Mandalay International Airport and Hanthawaddy Internation-al Airport.

In order to solve the hotel shortages in the country, the ministry aims to issue more ho-

-tions, though mostly in Yangon, Mandalay, Bagan and Inle.

Figures from the ministry as of December 2013 shows that Myanmar has 923 licenced ho-tels and approximately 34,834 rooms throughout the country.

Myanmar SummaryjrefrmEdkifiH\tajccHtaqmufttHkzGHU

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mmbiztoday.comPROPERTY & REAL ESTATE 23

Myanmar Summary

Green Living on The Rise in MyanmarReal estate marketplace House.com.mm predicts growth in eco-friendly property listings

Myanmar’s online real estate marketplace, House.com.mm, said

it predicts strong growth in the number of eco-friendly prop-erties listed on its platform following the publication of a report outlining green con-struction trends.

The most recent World Green Building Trends report from industry intelligence company McGraw Hill said 51 percent of the worldwide construction in-dustry expects to be developing more than 60 percent of their properties in an eco-friendly way by 2015, compared with only 28 percent of industry

in 2012. The most substantial increas-

es in green construction activity are expected to be seen in the emerging markets – more than doubling their green construc-tion activity by 2015, the report said.

Currently, the 31 percent average construction rate for green housing in South Asia, where House.com.mm’s parent company Lamudi operates, is higher than the global average of 28 percent.

Michiel Bakker, Myanmar country manager at House.com.mm, which was launched in May 2012 in Myanmar and

Phyu Thit Lwin

homes, land and commercial properties online, said: “The

what we already believe – that demand for green living is not just a Western but a global trend.

“The fact that the construc-tion of green housing in emerg-ing markets is due to double by 2015 makes it easy for us to predict that the number of eco-friendly property listings on our platform will increase exponen-tially in the coming years.”

Bakker said the green con-struction trend has already established itself in the Mexi-can property market, where

the availability of eco-friendly properties has increased dra-matically since the introduction of Green Mortgage Programs in 2007, which made eco-friendly

larger share of the population. “We can only expect that in a

short time this will be replicat-ed in Myanmar,” Bakker said.

However, the real estate mar-ketplace said government will play a crucial role in the de-velopment while Myanmar is frequently touted as one of the most promising markets in Asia which has potential to boom as Asia’s next real estate giant.

Foreign companies already have to meet strict environmen-tal regulations to be allowed

into some industrial zones in-cluding controlling emission generated and correctly treat-ing wastewater.

Bakker said: “For Myanmar and large cities as Yangon and Mandalay it is important to act now. We have seen in other markets Lamudi is operating in that green planning policies should be implemented at an early stage. In Indonesia we have seen a lack of eco-friendly urban planning, while real es-tate developments have rock-eted.

“Yangon is currently among South Asia’s greenest cities and policy should be shaped to pre-serve this status. Thereby we see a huge potential for green

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development in renovating the numerous – often ran-down – historic buildings.”

House.com.mm is part of German online startup incuba-tor Rocket Internet’s real estate platfroms, which are globally branded by the name Lamudi. Besides House, in Myanmar Rocket Internet operates the platforms Motors.com.mm, Ads.com.mm, Work.com.mm and Kaymu.com.mm.

The Construction and Housing De-velopment Bank

(CHDB) will open 12 new branches in the major cit-ies in Myanmar in a bid to provide cheap capital for house buyers, the bank’s

CHDB provides long-term personal loans for

Pann Nu buying houses, condos and apartments. The bank said that loans are also available for local

land owners who do not have enough funds to build their own houses.

“Under the supervision of the Ministry of Con-struction, our bank was founded after combining the shares of government

and constructors. Later, we will make sure so that everyone can get in-volved,” said CHDB’s vice chairman U Thein Zaw.

CHDB, directly super-vised by the Ministry of Construction, was li-censed by the Central Bank of Myanmar last July. It was launched with an initial capital of K100 billion ($103 million).

The bank’s branch of-

respective states and re-

year 2014-2015. Its Nay

March and the Mandalay branch is expected to be opened in May.

Myanmar Summary

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mmbiztoday.com

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Myanmar Summary

PROPERTY & REAL ESTATE

Myanmar Summary

Sekisui House Agrees to Buy Tokyo Property for $720mLand prices up in big Japan cities for 1st time in 6 years

Junko Fujita

Japan’s Sekisui House Ltd

central Tokyo for 74 billion yen ($720 million), as property prices rise to levels that allow lenders to recoup losses from a bust that followed the global

The Osaka-based home builder has agreed to buy the 20-storey, 41-year-old Kokusai Akasaka Building in an upscale commercial and business dis-trict, according to four people briefed on the deal. The tower is

NTT DoCoMo Inc, Japan’s larg-est mobile phone operator.

revival in Tokyo’s prime com-mercial property market after an ill-fated series of highly lev-eraged investments that failed spectacularly after a 2006-2007 real estate boom collapsed.

The value of the Kokusai Aka-saka property had cratered after it was bought in 2006 by then-aggressive property investor KK daVinci Holdings for about 100

nanced by debt.Another daVinci property,

central Tokyo’s Shiba district, was bought last year by a group including United States insur-ance magnate Maurice “Hank” Greenberg’s CV Starr & Co and

Investors are returning to the property market in Japan, where Prime Minister Shinzo Abe’s aggressive government spending and loose-money policies have started to pull the economy out of 15 years of de-

Land prices in Japan’s three largest cities – Tokyo, Osaka

time in six years last year and declines slowed elsewhere, a government survey showed in March.

The debt behind the 2006 Kokusai Akasaka deal was pack-aged into 97.5 billion yen of commercial mortgage-backed securities arranged by Lehman Brothers, the investment bank whose failure triggered the global crisis.

When the market collapsed in 2008, investors could not make payments on the loans and the building’s ownership shifted to a group of lenders.

A Sekisui House spokesman declined to comment.

The company largely relies on housing property for its reve-nue, earning just 2.4 percent of its 1.8 trillion yen in sales from

It owns the Osaka landmark Hommachi Garden City, To-kyo’s Garden City Shinagawa Gotenyama and the Ritz-Car-ton, Kyoto building in Japan’s ancient capital of Kyoto.

Reuters

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Yasumasa Hisada

Southeast Asian cities led

in the fourth quarter of 2013, most notably a recovery in Singapore, according to the latest index from Knight Frank.

The international real estate

Jakarta and in Bangkok despite uncertainty due to unrest in the Thai capital.

Overall Knight Frank’s Asia

dex edged up 0.8 percent and

only six markets saw rental de-clines over the period, as net ab-sorption bounced back, increas-ing 19 percent on the previous quarter to give a strong end to the year.

The index now sits 3.1 per-cent above its pre-crisis peak of 2008 and 13 of the 19 prime of-

rents increase or remain steady in the last three months of 2013.

Region wide vacancy rate in-creased slightly to 12 percent on

tion completions.

Jakarta and Tokyo’s Grade-A

and 4.2 percent rental growth respectively, the two highest growth rates in the region over the quarter and in Bangkok Grade-A rents grew by 1.7 per-cent over the quarter.

The index report says that al-though the uncertainty caused by ongoing events in Bangkok is likely to soften demand over the coming months, the lack of new supply is likely to underpin further rental growth in 2014.

Jakarta is likely to see contin-ued rental growth, the report points out that the upcoming

supply coming to the mar-ket in 2014 are likely to slow this growth over the coming months.

Elsewhere in Southeast Asia, Malaysia and Vietnam look to be at the bottom of cycle, and while there is a feeling that things can only get better in Vi-

market is likely to remain slug-gish, with a high vacancy rate.

ket continued in Tokyo, as prime rents increased 4.2 per-cent, with corporate earnings boosted, leasing activity up and vacancy rates down across all

wards.The report also says that Chi-

na’s slowdown has led to mixed performance across its Tier-1 cities. Beijing and Guangzhou saw prime rents soften slight-ly while Shanghai saw rents increased by 0.7 percent, al-

of new supply scheduled be-tween 2014 and 2020 continues to fuel worries of future over-supply in some areas.

Meanwhile, Hong Kong cen-

to soften as occupiers remain costs conscious and net absorp-tion remains subdued. Looking

is set to remain stable through-out 2014.

India saw rental stagnation in the three main cities tracked,

the upcoming election continu-ing to cause some uncertainty. Knight Frank’s inaugural Real Estate Sentiment Index showed that stakeholders are sceptical and anticipate a contraction in demand over the next six months.

Australia continued to see the rental market soften with rising incentives in all major CBDs. With GDP growth below trend and the investment phase of the

mining boom having passed its peak, a key concern is how the country can encourage broader based growth.

“While the global economy is showing more green shoots of recovery, with a strengthening of western economies likely to stimulate multinational occu-pier demand in the region, the tightening of monetary condi-tions still poses a threat in cer-tain markets,” said Nicholas Holt, Knight Frank head of re-

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mmbiztoday.comAUTOMOBILE 25

Myanmar Summary

Myanmar Summary

Astra says Indonesia can be SE Asia’s top car market in 2 yrs

Indonesia’s auto market will probably overtake Thailand as Southeast Asia’s biggest

in 1-2 years, the CEO of its big-gest auto distributor PT Astra International said.

Prijono Sugiarto also predict-ed that total Indonesian sales next year could hit 1.4 million

year, and he expects a growing share to be so-called low cost green cars (LCGC), which his country’s car makers started producing last year.

“For LCGC, we are trying to increase production facilities. We are now at about 10-12,000 units per month. That would be nice to increase to 15-20,000 per month,” he told the Reuters ASEAN Summit.

The chief of Astra Interna-tional noted that car penetra-tion in Indonesia is still only 40 cars per thousand people in a country whose population tops 240 million. The fast emerging middle class is the chief target for LCGC cars.

Sugiarto also predicted that total Indonesian auto sales could be 1.4 million vehicles in 2015, which would be a 17 per-cent increase from about 1.2 million this year. Low-cost cars could account for up to 20 per-cent of sales this year, he added.

Astra, Indonesia’s biggest listed company by market capi-talisation, distributes cars for Toyota, Daihatsu and Honda, and is controlled by Singapore-

Fathiyah Dahrul and Andjarsari Paramaditha

listed Jardine Cycle & Carriage Ltd.

Astra accounts for more than 50 percent of all auto sales in Indonesia.

Eyeing new marketsAround 15-20 percent of As-

tra’s car production is exported to other Southeast Asian coun-tries, as well as the Middle East, South Africa, Mexico and Ven-ezuela.

Indonesia aim to eventually supplant Thailand as Southeast Asia’s biggest automotive pro-duction base. Investors from South Korea and Japan are bullish about the outlook for the Indonesian industry, according to Mahendra Siregar, head of the country’s investment board.

Astra also said it is eyeing ex-pansion to Cambodia, Myan-mar and Vietnam, focusing on

-vices industries.

“We have a special team to evaluate business opportunities in Myanmar, Cambodia and Vi-etnam,” Sugiarto said.

Jardine Cycle & Carriage has entered Myanmar as a distribu-tor for Mazda and Mercedes Benz.

Jemmy Paul, head of invest-ment at Jakarta-based Sucorin-vest Asset Management, said sales to other ASEAN countries should drive Astra’s revenue higher.

“I think the idea of export-ing the (LCGC) cars is already considered since the Japanese principals have made a huge investment in Indonesia,” said

Paul.

Astra Sedaya Finance plans to sell 2 trillion rupiah ($175.55 million) in bonds and seek bank loans totalling $330 million as

this year. Another unit, Federal International Finance, plans to issue three-year bonds worth 1.55 trillion rupiah next month.

“The room for improvement in

there, however, we believe the impact to the ASII auto division performance will be limited, said Frederick Daniel, an equity analyst at Trimegah Securities.

“Nonetheless, it is worth not--

ings contributed 22 percent of ASII’s total earnings in 2013.” Reuters

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Mazda to Launch Car Workshop in YangonJapanese automaker Maz-

da is planning to launch an auto workshop in Yangon

Kyaw Min this year, a spokesperson of the company’s local partner said.

The workshop will be open within this year on Ywama Kyaung Road, Insein township,

Yangon, said Thet Su Mon, Cy-cle & Carriage Automobile My-anmar (CCAM) Co Ltd, which is also the dealer of German car-maker Mercedes Benz in My-anmar. CCAM is Mazda’s sole distributor of its spare parts in Myanmar.

Mazda has recently bolstered -

mar through organising Family Road Show and Test Drive pro-grams in Yangon.

-ment in February in the coun-try, where a customer have to pay 20 percent of a car’s price as down payment and the rest can be settled through Ayeyar-wady Bank by instalments.

Mazda’s opened its temporary showroom in Yangon on Kaba Aye Pagoda road, Bahan town-

ship last November. Mazda

sold there.Established in 1920, Mazda

Motor Corp is now ranked as the 15th largest automaker by production in the world, with an annual sale of nearly 1.3 mil-lion vehicles.

Reu

ters

Enny N

uraheni/Reuters

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mmbiztoday.com

26

INTERNATIONAL AND DOMESTIC FLIGHT SCHEDULEFligghhtss ffroom Yanggon (RGNN) to Bangkok ((BKK) Fligghhtss ffroom Banggkok (BKKK) to Yaangon (RGN)

Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:PG 706 1 2 3 4 5 6 7 RGN BKK 7:15 9:30 Bangkok Airways DD4230 1 2 3 4 5 6 7 DMK RGN 06:30 07:55 NOK AirlinesDD4231 1 2 3 4 5 6 7 RGN DMK 8:00 9:45 NOK Airlines 8M336 1 2 3 4 5 6 7 BKK RGN 6:40 7:25 MAIFD2752 1 2 3 4 5 6 7 RGN DMK 8:30 10:15 Thai AirAsia FD2751 1 2 3 4 5 6 7 DMK RGN 7:15 8:00 Thai AirAsia8M335 1 2 3 4 5 6 7 RGN BKK 8:40 10:25 MAI TG303 1 2 3 4 5 6 7 BKK RGN 8:00 8:45 Thai AirwaysTG304 1 2 3 4 5 6 7 RGN BKK 9:50 11:45 Thai Airways PG701 1 2 3 4 5 6 7 BKK RGN 8:50 9:40 Bangkok AirwaysPG702 1 2 3 4 5 6 7 RGN BKK 10:45 12:40 Bangkok Airways FD2755 1 2 3 4 5 6 7 DMK RGN 11:35 12:20 Thai AirAsiaY5-237 1 2 3 4 5 6 7 RGN BKK 18:05 19:50 Golden Myanmar Airlines PG707 1 2 3 4 5 6 7 BKK RGN 13:40 14:30 Bangkok AirwaysTG302 1 2 3 4 5 6 7 RGN BKK 14:45 16:40 Thai Airways Y5-238 1 2 3 4 5 6 7 BKK RGN 21:10 21:55 Golden Myanmar AirlinesPG703 1 2 3 4 5 6 7 RGN BKK 15:20 17:15 Bangkok Airways FD2753 1 2 3 4 5 6 7 DMK RGN 16:35 17:20 Thai AirAsia8M331 1 2 3 4 5 6 7 RGN BKK 16:30 18:15 MAI PG703 1 2 3 4 5 6 7 BKK RGN 16:45 17:35 Bangkok AirwaysFD2754 1 2 3 4 5 6 7 RGN DMK 17:50 19:35 Thai AirAsia TG305 1 2 3 4 5 6 7 BKK RGN 17:55 18:40 Thai AirwaysPG704 1 2 3 4 5 6 7 RGN BKK 18:25 20:20 Bangkok Airways DD4238 1 2 3 4 5 6 7 BKK RGN 19:30 20:15 NOK AirlinesTG306 1 2 3 4 5 6 7 RGN BKK 19:40 21:35 Thai Airways 8M332 1 2 3 4 5 6 7 BKK RGN 19:20 20:05 MAI

DD4239 1 2 3 4 5 6 7 RGN DMK 21:00 22:45 NOK Airlines PG705 1 2 3 4 5 6 7 BKK RGN 20:00 21:15 Bangkok Airways

FFligghhtss ffroomm Yangoon (RGN)) to Chiaang Maii (CNX) FFligghhtss ffroomm Chiangg Mai (CCNX) to YYangon (RGN)W9-9607 4 7 RGN CNX 14:50 16:20 Air Bagan W9-9608 4 7 CNX RGN 17:20 17:50 Air Bagan

Flligghtss ffroom Yanggon (RGNN) to Sinngapore (SIN) Flligghtss ffroom Singaapore (SIN) to Yangon ((RGN) Y5-233 1 2 3 4 5 6 7 RGN SIN 10:10 14:40 Golden Myanmar Airlines Y5-234 1 2 3 4 5 6 7 SIN RGN 15:35 17:05 Golden Myanmar AirlinesMI509 1 6 RGN SIN 0:25 5;00 SilkAir SQ998 1 2 3 4 5 6 7 SIN RGN 7:55 9:20 Singapore Airline8M231 1 2 3 4 5 6 7 RGN SIN 8:30 13:00 MAI 8M6231/3K585 1 3 4 5 6 SIN RGN 9:10 10:40 Jetstar AsiaSQ997 1 2 3 4 5 6 7 RGN SIN 10:25 14:45 Singapore Airline 8M232 1 2 3 4 5 6 7 SIN RGN 14:10 15:40 MAI

8M6232/3K586 1 3 4 5 6 RGN SIN 11:30 16:05 Jetstar Asia MI518 1 2 3 4 5 6 7 SIN RGN 14:20 15:45 SilkAir8M233 5 6 7 RGN SIN 13:45 18:15 MAI 8M235 5 6 7 SIN RGN 19:15 20:45 MAITR2827 1 6 7 RGN SIN 15:10 19:35 TigerAir TR2826 1 6 7 SIN RGN 13:00 14:30 TigerAirTR2827 2 3 4 5 RGN SIN 17:10 21:35 TigerAir TR2826 2 3 4 5 SIN RGN 15:00 16:30 TigerAirMI517 1 2 3 4 5 6 7 RGN SIN 16:40 21:15 SilkAir MI520 5 7 SIN RGN 22:10 23:35 SilkAir

FFliightts frromm Yangonn (RGN) tto Kualaa Lumpuur (KUL) Fligghtts frroomm Kuala LLumpur (KUL)too Yangonn (RGN)AK1427 1 2 3 4 5 6 7 RGN KUL 8:30 12:50 AirAsia AK1426 1 2 3 4 5 6 7 KUL RGN 6:55 8:00 AirAsia8M501 1 2 3 4 5 6 7 RGN KUL 8:55 12:55 MAI MH740 1 2 3 4 5 6 7 KUL RGN 10:05 11:15 Malaysia AirlinesMH741 1 2 3 4 5 6 7 RGN KUL 12:15 16:30 Malaysia Airlines 8M502 1 2 3 4 5 6 7 KUL RGN 14:00 15:00 MAI

Fligghtts frrom Yanngon (RGGN) to HHanoi (HHAN) Fligghtts frrom Hannoi (HANN) to Yanngon (RRGN) VN956 1 3 5 6 7 RGN HAN 19:10 21:30 Vietnam Airlines VN957 1 3 5 6 7 HAN RGN 16:35 18:10 Vietnam Airlines

Flligghhtss ffroomm Yangon (RGN) to Ho CChi Minhh (SGN) Flligghhtss ffroomm Ho Chii Minh (SSGN) to Yangonn (RGN) VN942 2 4 7 RGN SGN 14:25 17:10 Vietnam Airlines VN943 2 4 7 SGN RGN 11:40 13:25 Vietnam Airlines

Flligghtss ffrom Yanngon (RGGN) to TTaipei (TTPE) Flligghtss ffrom Taipei (TPEE) to Yanngon (RGN)CI7916 1 2 3 4 5 6 RGN TPE 10:50 16:10 China Airline CI7915 1 2 3 4 5 6 7 TPE RGN 7:15 10:05 China AirlineBR288 2 5 6 RGN TPE 11:35 17:20 EVA Air BR287 2 5 6 TPE RGN 7:30 10:35 EVA Air

Flligghhtss ffroom Yanggon (RGNN) to Kunming(KMG) Flligghhtss ffroom Kunmming(KMMG) to Yangon ((RGN)CA906 2 3 4 6 7 RGN KMG 14:15 17:35 Air China CA905 2 3 4 6 7 KMG RGN 12:40 13:15 Air China

MU2032 1 2 3 4 5 6 7 RGN KMG 14:40 17:55 China Eastern MU2031 1 2 3 4 5 6 7 KMG RGN 13:30 14:00 China EasternMU2012 3 6 RGN KMG 12:20 18:10 China Eastern (via NNG) MU2011 3 6 KMG RGN 8:25 11:30 China Eastern (via NNG)

Flligghtss from Yanngon (RGGN) to BBeijing (BJS) Flligghtss from Beijjing (BJSS) to Yanngon (RRGN)CA906 2 3 4 6 7 RGN BJS 14:15 21:55 Air China (via KMG) CA905 2 3 4 6 7 BJS RGN 8:05 13:15 Air China (via KMG)

Fligghhtss ffroom Yanggon (RGNN) to Naanning (NNG) Fligghhtss ffroom Nannning (NNNG) to Yaangon ((RGN)Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:MU2012 3 6 RGN NNG 12:20 16:25 China Eastern MU2011 3 6 NNG RGN 10:15 11:30 China Eastern

FFligghhtss ffroomm Yangoon (RGN)) to Honng Kong (HKG) HHonngg KKoong (HKG) Flights from Yaangon ((RGN) KA251 1 2 4 6 RGN HKG 1:10 5:35 Dragon Air KA250 1 3 5 7 HKG RGN 21:50 23:45 Dragon Air

*PPleaasee noote thee dday change for the deparrture time too Hong Kongg.

Flligghhtss ffroomm Yangon (RGN) to Guanng Zhouu (CAN) Flligghhtss ffroomm Guang Zhou (CCAN) to Yangonn (RGN) 8M711 2 4 7 RGN CAN 8:40 13:15 MAI CZ3055 3 6 CAN RGN 8:40 10:30 China Southern AirlinesCZ3056 3 6 RGN CAN 11:20 15:50 China Southern Airline 8M712 2 4 7 CAN RGN 14:15 15:45 MAICZ3056 1 5 RGN CAN 17:40 22:15 China Southern Airline CZ3055 1 5 CAN RGN 14:45 16:35 China Southern Airlines

FFlighhts ffroom Yanggon (RGN) to Koolkata (CCCU) FFlighhts ffroom Kolkkata (CCUU) to Yaangon (RRGN) Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:

AI228 5 RGN CCU 18:45 19:45 Air India AI227 1 5 CCU RGN 10:35 13:20 Air IndiaAI234 1 5 RGN CCU 13:40 16:55 Air India (via GAY) AI233 5 CCU RGN 13:30 18:00 Air India (via GAY)

Fligghhtss ffrom Yanngon (RGGN) to GGaya (GAAY) Fligghhtss ffrom Gayya (GAY) to Yanngon (RGGN) 8M 601 1 3 5 6 RGN GAY 10:30 11:50 MAI 8M 602 1 3 5 6 GAY RGN 12:50 16:00 MAIAI234 1 5 RGN GAY 13:40 15:00 Air India AI233 5 GAY RGN 15:00 18:00 Air India

Fligghtts frrom Yanngon (RGGN) to TTokyo (NNRT) FFliightts frrom Tokkyo (NRTT) to Yaangon (RRGN)NH914 1 3 6 RGN NRT 22:00 06:40+1 ALL NIPPON Airways NH913 1 3 6 NRT RGN 11:10 17:05 ALL NIPPON Airways

FFligghhtss ffrom Yanngon (RGGN) to SSeoul (ICCN) FFligghhtss ffrom Seooul (ICN)) to Yanngon (RGGN)KE472 1 3 5 7 RGN ICN 0:05 8:00 Korean Air KE471 1 2 3 4 5 6 7 ICN RGN 18:40 22:55 Korean Air

OZ7463 4 7 RGN ICN 0:50 8:50 Asiana OZ4753 3 6 ICN RGN 19:30 23:40 Asiana

Flligghtss ffrom Yanngon (RGGN) to DDoha (DOOH) Flightts frrom Dohha (DOH) to Yangon (RRGN)QR619 1 2 3 4 5 6 7 RGN DOH 8:00 11:45 Qatar Airways QR618 1 2 3 4 5 6 7 DOH RGN 21:05 06:29+1 Qatar Airways

Flligghhtss ffroomm Yangon (RGN) to Nay Pyi Taww (NYT) Flligghhtss ffroomm Nay Pyyi Taw (NNYT) to Yangonn (RGN)Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:FMI-A1 1 2 3 4 5 RGN NYT 7:30 8:30 FMI Air Charter FMI-A2 1 2 3 4 5 NYT RGN 8:50 9:50 FMI Air CharterFMI-B1 1 2 3 4 5 RGN NYT 11:30 12:30 FMI Air Charter FMI-B2 1 2 3 4 5 NYT RGN 13:00 14:00 FMI Air CharterFMI-C1 1 2 3 4 5 RGN NYT 16:30 17:30 FMI Air Charter FMI-C2 1 2 3 4 5 NYT RGN 18:00 19:00 FMI Air CharterFMI-A1 6 RGN NYT 8:00 9:00 FMI Air Charter FMI-A2 6 NYT RGN 10:00 11:00 FMI Air CharterFMI-A1 7 RGN NYT 15:30 16:30 FMI Air Charter FMI-A2 7 NYT RGN 17:00 18:00 FMI Air Charter

FFliightts frrom Yangoon (RGN) to Manndalay ((MDY) FFliightts frrom Manddalay (MDDY) to YYangon (RGN)Y5-234 1 2 3 4 5 6 7 RGN MDY 6:15 7:30 Golden Myanmar Airlines Y5-233 1 2 3 4 5 6 7 MDY RGN 8:10 9:25 Golden Myanmar AirlinesYH 909 2 4 6 7 RGN MDY 6:30 8:10 Yangon Airways YH 910 1 3 MDY RGN 7:40 10:30 Yangon AirwaysYH 917 1 2 3 4 5 6 7 RGN MDY 6:10 8:30 Yangon Airways YH 918 1 2 3 4 6 7 MDY RGN 8:30 10:25 Yangon AirwaysYH 727 1 5 RGN MDY 11:15 13:25 Yangon Airways YH 728 1 5 MDY RGN 9:10 11:05 Yangon AirwaysYH 731 1 2 3 4 5 6 7 RGN MDY 15:00 17:10 Yangon Airways YH 732 1 2 3 4 5 6 MDY RGN 17:10 19:15 Yangon AirwaysW9 501 1 2 3 4 RGN MDY 6:00 7:25 Air Bagan W9 502 1 2 3 4 MDY RGN 16:10 18:15 Air BaganK7 222 1 2 3 4 5 6 7 RGN MDY 6:30 8:40 Air KBZ K7 223 1 2 3 4 5 6 7 MDY RGN 9:00 11:05 Air KBZYJ 201 1 2 3 4 5 6 7 RGN MDY 11:30 12:55 Asian Wings YJ 202 1 2 3 4 5 6 7 MDY RGN 16:00 17:25 Asian Wings

Days - (1) Monday (2) TTueesdaay (33) WWeddnessdaay (4) Thursdayy (5) Friday (6) SSaturday (7) Suunday Days - (1) Monday (2) TTueesdaay (33) WWeddnessdaay (4) Thursdayy (5) Friday (6) SSaturday (7) Suunday


mmbiztoday.comAUTOMOBILE 27

Myanmar Summary

Myanmar Summary

China’s SAIC Sees Slower Growth in Fragile Car Industry Recovery

China’s biggest automaker SAIC Motor Corp forecast revenue growth would

halve in 2014 from last year to about 8 percent and warned a recovery in the industry re-mained fragile due to overca-pacity and cut-throat competi-tion.

SAIC, which owns ventures with Volkswagen AG and Gen-eral Motors Co, said it aimed to generate 609 billion yuan ($98.08 billion) in revenue this

Samuel Shen and Kazunori Takada

year, against 563 billion yuan last year.

“In the next few years, China’s auto industry will continue to

price competition and rising la-bour and other costs,” SAIC said in a statement via the Shanghai Stock Exchange.

China’s vehicle market, the world’s biggest, slumped to near-zero growth between 2011 and 2012 as government sales incentives introduced during

-pired. A recovery in the domes-tic economy helped sales rise

expected to grow 8-10 percent in 2014, says the China Asso-ciation of Automobile Manufac-turers.

But SAIC warned the market was still unsteady.

“The company may face chal-

in the macro-economy, the market, as well as changes in policies,” it said, referring to an increasing number of cities imposing car sales restrictions in an escalating battle against pollution.

SAIC posted a 19.5 percent

yuan ($3.99 billion), helped by robust sales at its ventures with Volkswagen and General Mo-tors. Analysts polled by Reu-

23.25 billion yuan.It said it sold 5.1 million ve-

hicles last year, up 13.7 percent year on year, bolstered by a 21.7 percent sales rise at its venture with Volkswagen and a 15.5 percent increase at its car mak-ing venture with GM. It aims to sell 5.6 million vehicles in 2014.

SAIC has been funnelling cash generated from its joint ven-tures, which accounted for over 90 percent of total vehicle sales by volume in 2013, into devel-oping its own brands, includ-ing Roewe and Morris Garages (MG).

The Roewe brand was devel-oped based on technology from MG Rover while the MG brand was indirectly purchased from the now-bankrupt British car-maker.

SAIC’s new energy car busi-ness was given a boost last month after the Roewe E50 electric car was granted access to the Beijing and Tianjin mar-kets. Buyers of Roewe 550 plug-in electric vehicles in Shang-hai became eligible for free car plates as well as subsidies worth 60,000 yuan. However, revenue from electric cars will be likely remain negligible for now. Reuters

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Traders and buyers of high-end and luxury cars will now be able to save

registration fees, according to the authorities’ new tax relief program announced last week.

According to the regulations, buyers of high-class cars will be able to save up to K20 million ($20,600). The changes will also be felt at the bottom end of the market, as even the cheap-est imports will receive tax re-lief of K300,000 ($300), mean-ing the more expensive the car

or the owner will get.The Myanmar Road Transport

Administration Department (RTAD) made the announce-ment on Tuesday last week through the state-run newspa-pers. The new rules are mainly applicable to private cars only.

Aye Myat New car regis-tration fees have also dropped from 30 percent up to 80 percent. Reg-istration fees for 1,350cc engine cars and below has been reduced

cars with 1,351 to 2,000 cc engines

fees for cars with 2,001 to 5,000 cc engines will now see an 80 percent fee cut.

Cars which were imported in ex-change of old cars will receive a cut between K300,000 and K5 million. However, most brand new cars will receive a tax reduction of up to K20 million.

Myanmar’s emerging econo-

my has paved the way for global carmakers as car purchases drastically shot up in the last couple of years. Luxury and high-end carmakers have al-ready forayed into Myanmar with German luxury car mak-

ers Mercedes and BMW both having presence in the coun-try. General Motors’ Chevrolet, Britain’s Jaguar Land Rover and America’s Ford also have showrooms in the Southeast Asian nation.

Phyu T

hit Lwin

county, Shandong province, China.

Chi

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aily

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28IT & TELECOM

Myanmar Summary

Launch MobileMonday in Myanmar

Ooredoo Myanmar has launched a logo design competition in a bid to

global networking forum Mo-bile Monday (MoMo).

Earlier in March, the telecoms

in Myanmar through its Ide-abox programme.

Open to all people in Myan-mar, Ooredoo said the chal-lenge is to design a MobileM-

local Myanmar customs and values.

The winning logo will earn its designer K500,000 ($515) and a new iPad.

Ooredoo said MobileMonday

Phyu Thit Lwin is expected to bring a range of

ing helping to foster an inno-vation platform within the mo-bile sector, facilitating industry networking between small and large companies and individu-als, bridging partnership ex-changes between domestic and international organisations, and presenting innovative vi-sions, trends, studies and fore-casts from the mobile market-place.

Ross Cormack, CEO of Oore-doo Myanmar, said bringing concepts like MobileMonday to Myanmar “will pay dividends for the ICT sector and wider economy for years to come.”

MoMo is an open community platform of mobile industry

visionaries, developers and in-

brand neutral cooperation and cross-border P2P business op-portunities through live net-

working events to demo prod-ucts, share ideas and discuss trends from both local and global markets.

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Myanmar Summary

Facebook to Use Satellites, Drones to Spread The Internet

Facebook Inc is harnessing satellite, drone and other technology as part of an

beam Internet connectivity to people in underdeveloped parts of the world.

The world’s No. 1 social net-work said last week it has hired aerospace and communications experts from NASA’s Jet Pro-pulsion Lab and its Ames Re-search Center for the new “Con-nectivity Lab” project.

“Today, we’re sharing some

Alexei Oreskovic details of the work Facebook’s Connectivity Lab is doing to build drones, satellites and la-sers to deliver the internet to everyone,” Facebook Chief Ex-ecutive Mark Zuckerberg said in a post on Facebook.

not specify a time frame.The move extends the social

networking company’s Inter-

necting billions of people who do not currently have Internet access in places such as Africa and Asia. Facebook has been working with telecommunica-

tions carriers to make Internet access more available and af-fordable.

“We’re going to continue building these partnerships, but connecting the whole world will require inventing new technol-ogy too,” Zuckerberg said in his post.

solar-powered drones as well as low-earth orbit and geosyn-chronous satellites delivering

gions of the world. Invisible, in-frared laser beams could allow Facebook to dramatically boost

the speed of the Internet con-nections provided by the vari-ous aircraft, Facebook said on a Web page that explaining the project.

Facebook’s plans to take to the skies underscore the company’s rising ambitions to exert its in-

its 1.2 billion-member social network and to set the pace for new technology that will shape society. On Tuesday, Facebook announced plans to acquire Oc-ulus VR Inc, a maker of virtual reality goggles that Facebook hopes could become the com-puting platform of the future.

Facebook is following in the steps of Google Inc, the world’s largest Internet search

sion is working on a variety of so-called “moonshot” projects including self-driving cars and wearable computers.

Google announced plans last year to use solar-powered bal-loons to deliver Internet access to remote regions of the world.

Among the jobs openings posted on Facebook’s website on Thursday last week were roles such as Antenna Systems Engineer and Electro-Optical Network Access Hardware En-gineer.

Facebook also said it had

worked at Ascenta, a British company whose founders cre-ated early versions of the Zeph-

yr, which Facebook said held

solar-powered unmanned air-craft. Reuters

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mmbiztoday.comIT & TELECOM 29

Myanmar Summary

Telecom to Drive Myanmar Investment Surge in 2014-15

Telecommunications sec-

investments into Myan-

have said. The Myanmar Investment

Commission (MIC) projects foreign direct investment (FDI) numbers between $4 billion and $5 billion by 2015 as a re-sult of the country’s initiatives in its emerging telecommuni-cations industry, Directorate of Investment and Company Ad-ministration Director General U Aung Naing Oo said.

The telecom sector has the highest potential to attract FDI into Myanmar, and will rake in a total of 20 percent FDI in 2014, U Aung Naing Oo, who is also a member of Myanmar Investment Commission (MIC), said.

U Thaung Tin, deputy min-ister for communications and information technology, at a recent seminar said: “The lib-eralisation of the sector will give more opportunities for in-vestment. The market with less than 12 percent penetration is undoubtedly a very attractive market for all potential inves-tors.

“The government is commit-ted to establish investment-friendly policy and regulatory frameworks for the sector.”

The minister said 2014 will be a “very interesting year” to watch for Myanmar’s telecom-munications industry.

“With the new telecom law and giving out integrated na-

Phyu Thit Lwin tion-wide licence to two new entrants … the days of mo-nopoly in the telecoms sector in Myanmar are over. 2014 will be the year of execution and im-plementation from the private sector.”

According to MIC statistics, manufacturing industry still re-mains at the top spot in terms of FDI, accounting for 50 percent of the total $3.5 billion in FDI

by hotels and tourism, then tel-ecommunications. MIC expects the telecommunications sector to move a rank higher in the

revenue of at least $4 billion.U Aung Naing Oo said telecom-

munications sector has the po-tential to even grab the highest amount of FDI in 2014-2015.

Telenor and Ooredoo, the

licence winners, are now rolling out their networks around the country. Telenor has promised

network coverage for 90 percent of the population, with a target to break even in three years for the $500 million it paid for its 15-year licence. Ooredoo, on the other hand, has gotten its 3G network underway.

Ross Cormack, CEO of Oore-doo Myanmar, said: “We have a set of promises we have made the country through the bid-ding process which is now part of our licence and are now busy rolling out the very latest in 3G technology.”

Following the awarding of li-cences, Ericsson, along with other telecom companies from

Japan and Singapore, also ex-pressed their interest in Myan-mar.

The licence holders will still need support from other tel-ecom companies in strength-ening the telecommunication infrastructure, such as build-

around the country, which is bound to contribute to the in-

-ing Oo said.

“In telecom sector, many ser-vice providers are now in talks to make investment in their as-

While the foreign companies are seen as a boon to local play-ers to help them gain traction in

the government should create -

nancial incentives to help estab-lish the local telecom sector’s competitiveness.

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Soe Z

eya Tun/Reuters

An illustration picture shows the logo of the US National Security Agency on the display of an iPhone in Berlin.

China to Strengthen Internet Security After US Spying Report

China will beef up its inter-net security after recent reports that the US gov-

ernment spied on a major tel--

Megha Rajagopalan and Li Hui

fence Ministry said last week.Reports that the US Nation-

servers at the headquarters of Huawei Technologies Co “lay bare the United States’s hypoc-risy and despotic rule,” ministry spokesman Geng Yansheng told

“For a while now, some Amer-icans have jabbered on and on, condemning Chinese hacking attacks,” he said. “But the truth is that this is without any basis in fact, it’s simply a thief crying ‘Stop, thief!’”

The ministry did not say what steps would be taken to strengthen internet security.

The White House has said that the US does not spy to gain commercial advantage. Cyber-espionage has cast a shadow over China-US ties, with each side accusing the other of spy-ing.

Recently, The New York Times and German magazine Der Spiegel published articles on information about Huawei

-

ments given to journalists by former NSA contractor Edward Snowden.

warned the United States not to sell arms to Taiwan, which Chi-na sees as a rogue province. US sales of weapons to the demo-cratic and self-ruled island have long incensed Beijing.

He added that US Secretary of Defense Chuck Hagel would visit China April 7-10, a trip that would take in a People’s Libera-tion Army academy.

US President Barack Obama is visiting Japan, South Korea, Malaysia and the Philippines in April.

Asked about a mass stabbing at a train station in a southwest-ern city in March that left 29 dead and about 140 wounded,

Geng said that the military was well prepared to “strike back at all kinds of violent terrorist ac-tivities”. Reuters

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Myanmar Summary

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mmbiztoday.comSOCIAL SCENES 30

Deputy Union Minister Dr. Tin Shwe - Ministry of Hotel & Tour-sim. Wai Linn Kyaw

Ribbon cutting. Wai Linn Kyaw Th e opening. Wai Linn Kyaw

Guests arrive. Wai Linn KyawDelegates at the event. Wai Linn Kyaw

U Wynn Tin - MD, Asia Global Travels & Tours & AirAsia Sales Center. Wai Linn Kyaw

Kenny Wong - Country Head of Commercial, AirAsia. Wai Linn Kyaw

Yasuhide Fujii, Managing Part-ner, KPMG in Myanmar. Wai Linn Kyaw

U Win Aung , President of UMF-CCI. Wai Linn Kyaw

Ian Th ornhill, Executive Direc-tor, KPMG in Th ailand. Wai Linn Kyaw

Delegates pose for a photo. Wai Linn Kyaw

Staff pose for a photo. Wai Linn Kyaw

Th e panel. Wai Linn Kyaw

Signal Signs Letter of Co-Operation with FDI, MDA, Ministry of Health and Ministry of Education to Give Myanmar Children a Cavity-free Future

A child giving two fi ngers pledge. Signal Children entertaining guests with Signal song. Signal Children singing Signal song. Signal Dr Pwint Phoo giving speech. Signal

Dr Pwint Phoo, Dr TC Wong and Paul Polman with children two fi ngers pledge. Signal

(L-R) Ko Zaw Myo Hlaing, Dr Pwint Phoo, Dr TC Wong, Paul Polman, U Th an Win, U Win Myint Maung. Signal

Letter of cooperation signing between Signal and part-ners. Signal

Signal and partners giving two fi ngers pledge to im-prove oral health in Myanmar. Signal

Signal and partners with school children. Signal Two fi ngers pledge. Signal Two fi ngers pledge. Signal(L-R) U Th an Win, Dr TC Wong, U Win Myint Maung and Paul Polman. Signal

KPMG’s Th ird Myanmar Business Forum "Th e Road to the AEC: Creating Positive Business Partnerships" AirAsia Sales Centre Opening Ceremony


mmbiztoday.comCLASSIFIEDS 31


mmbiztoday.com

32ENTERTAINMENTCoca-Cola to Debut International Music

Collaboration, Launch 2014 “Happiness Journey”

Coca-Cola Myanmar will unleash its “Happiness Journey” program with the launch of the Coca-Cola song for the 2014 FIFA World Cup campaign, “The World is Ours,” featuring Sai Sai and Bobby Soxer.

its FIFA World Cup campaign, will bring together the voices of internationally famous recording artist David Correy, with Coca-Cola ambassadors and Myanmar celebrities Sai Sai and Bobby Soxer.

The local version of “The World Is Ours” will debut in Myanmar during the 2014 Happiness Journey in the lead-up to Thingyan.

“The objective of the localized Coca-Cola song for FIFA World Cup campaign is to highlight the power football has around the world in bringing people and nations to-gether,” says Rommel Fuentebella, director of marketing at Coca-Cola Myanmar.

“We wanted the music of the song to stay very authentic to Brazil, but in an original way that would also resonate with Myanmar audiences and include them in the cel-

ebrations and happiness sur-rounding the FIFA World Cup this sum-mer.”

The original English version of the song was popularised by artist David Correy, who burst onto

During Thingyan 2014, the Happiness Journey, a mini-carnival “road-trip”, will be active in both Yangon and Mandalay.

val 2014 at Myanmar Event Park from 12-16 April. The summer celebration will bring together water activities, adventure games, a foam party, live music, great food and refreshing ice-cold Coca-Cola, the beverage giant said. In addition, an indoor air-conditioned rest area will be available to escape the heat of the hot summer days.

In Mandalay, the Happiness Journey will include a convoy of especially-created Coca-Cola vehi-cles, bringing the opportunity to sample free Coca-Cola and a chance for people to win exclusive Coca-Cola prizes after performing their best rendition of the Coca-Cola “Brrr” as seen on the Coca-Cola “Brrr” television commercial.

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Daivd Correy.

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Sai Sai Kham Leng & Bobby Soxer

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Over 4,000 Women Participate in Myanmar’s First Walkathon

Mwalkathon for women jointly organised by

Ministry of Sports and Ferrovit from Mega Lifesciences Ltd. brought a crowd of more than 4,000 women to People’s Park recently.

The walkathon was held in a bid to spread awareness on anemia and eradicate a nutri-tional problem highly prevalent among Myanmar women and children. The 5-km women walkathon was opened by Vice Minister U Thaung Htaik.

The participants started the walk from Pyay Road, Innya Kan Baung and crossed the

Encouraged by the sounds of drums, cheerleaders and

where they entered into an “Anemia-free Zone” and received medals and ate breakfast.

Ferrovit, the largest iron supplement brand in the

non-pregnant women, 71 percent of pregnant women

Kyaw Min

Winners of the walkathon.

Fer

rovi

t

Ferrovit

The opening ceremony.

Myanmar. Over more than 900 women tested in free anemia checkup program.

President of Mega Life Sciences Girish Wadhwa said,

prevalence rate of anemia. It’s a public health problem that needs to be addressed and addressed urgently. We see this walkathon as a big step in educating people and creating awareness on anemia.”

Nutritionist Dr Hla Kyi and celebrity Dr Chit Thu Wai gave informative health talks on the common blood condition after the event. Dr U Hla Kyi said, “Food rich in iron should be carefully consumed to prevent anemia. Furthermore, anemia can be eradicat-ed by taking iron supplements and commercially iron- enriched food. Also, please continue to walk regularly to maintain good health.” Celebrity Ma Tin Moe Lwin also participated in Ferrovit walkathon encouraged women and also gave health talk.