The Eden Group has announced investment of around US$100 million into the Hilton hotel chain. This will be used for two Hilton hotels in Inle Lake and Bagan.
The two hotels will be going ahead into development despite the fact that the Hilton Nay Pyi Taw has not yet been as successful as anticipated.
Both domestic and foreign investments have increased during the new government’s first complete fiscal year.
The first full financial year of the National League for Democracy (NLD)’s government in Myanmar has shown an upward trend in investment.
Local investment came to K1.57 trillion while overseas investment came to a total of US$7.44 billion. The figures were announced by the Deputy Minister of Planning and Finance at the Pyidaungu Hluttaw on 31 August 2017.
A Malaysian business leader, Tan Sri Datuk Yong Poh Kon, has stated that Myanmar’s people need to become proficient in English in order to work successfully with the international economy.
Tan Sri Tan Sri Datuk Yong Poh Kon is chair of Royal Selangor International, which is headquartered in Kuala Lumpur. Speaking at Myanmar’s Private Sector Development Committee meeting, he pointed out that Myanmar and the wider ASEAN community needs to plug in to the international economy. He believes that speaking proficient English is essential for this to happen.
With just 16 months left before the deadline for joining the ASEAN Economic Community (AEC), Myanmar has a lot left to do.
The AEC is aiming to create a single market with a single production base and free flowing trade and the deadline for joining is 31 December 2018.
Technology is fundamentally changing the taxi industry in Myanmar’s capital, with Uber and Grab the latest tech based companies to compete for market share.
This competition is good news for both local drivers and passengers in Yangon who will benefit from competitive rates and service.
Recently, the World Bank published its ‘Doing Business’ report for Myanmar in 2017. This marks countries based on specific criteria to work out how easy it is to do business in that country, and recommends improvements.
The report states that Myanmar ranks at number 170 in ‘ease of doing business’. It’s an improvement of one place on 2016.
On 21 July, a brand-new Ford assembly plant opened in Yangon, allowing the company to sell cheaper models locally. The US car maker will be selling two new models at lower prices to eager customers in Yangon. As well as being assembled locally, they will also be distributed locally and Ford customers will be able to get Yangon licence plates.
The new plant is situated at the East Dagon Industrial Zone, and will assemble a range of vehicles. These include Ford 4WD Ranger and Everest models. They’re priced at between US$30,400 for the Ford Ranger Double Cab and $49,500 for the 7-seat Ford Everest SUV.