A significant development has opened in Yankin. The Golden City Business Center (GCBC) is a four-storey, high grade office tower and was officially opened by the developers in Yankin township, Yangon on 17 October.
The development has an area available to lease to businesses that measures about 150,000 square feet. There are office suites and rooms available on long term leases. The offices available to rent are about 1,044 square feet to 12,755 square feet, giving an exciting range of options to businesses.
Various experts from the world of banking, along with representatives from the International Council of Small Business (ICSB) have recently said that Myanmar must alter its loan policy to allow businesses to access funds to grow.
At the moment, business loans in Myanmar are only approved short term and based on collateral.
As part of the annual 14th World Chinese Entrepreneurs Convention (WCEC), a prestigious Myanmar – China business summit was held in Yangon in mid-September.
Hosted at the Sule Shangri-La Hotel in Yangon, the summit further strengthened the business and economic relationship between the two countries.
The summit was sponsored by the China Federation of Overseas Chinese Entrepreneurs (CFOCE) and was titled “The Belt and Road Promotes Cooperation and Mutual Benefits”.
Myanmar’s GDP has risen by around 7% during the last decade, making it one of the fastest growing economies in the region.
Driving the expansion of the economy is trade. Since 2010, three times as many containers arrive in the country’s ports. The figure now stands at 1 million 20-foot equivalent units (TEUs).
Insurance is rare in Myanmar, with very few businesses insuring their lives, goods or vehicles.
Dr Sandar Oo, MD of Myanmar Insurance Enterprise (MIE) says: “There are very few people who are covered by insurance, which can protect against losses. For example, during floods or bad storms, those who are not covered by insurance will not be protected from any losses as a result of those events.”
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.