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Business news from Myanmar (20 Augu



Subject: Business news from Myanmar (20 August 1999) 


MyaBuzz
Business news from Myanmar (20 August 1999)

C O N T E N T S
0820-01 Manufacturing Boom in Myanmar
0820-02 Japanese Business Presence In Myanmar Going Higher
0820-03 Textile Attracts Korean Investors to Put Up Factories in Myanmar
0820-04 Russia Explores Energy Business in Myanmar
0820-05 Myanmar Imports More Wheat
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0820-01 Manufacturing Boom in Myanmar
**In Myanmar, quite a number of foreign investments are poured into the
manufacturing sector. According to statistics, 31 foreign manufacturing
companies have already invested more than US$319 million.

The Myanmar manufacturing sector is expected to grow as more agriculture,
fishing and oil and natural gas developments take shape.

0820-02 Japanese Business Presence In Myanmar Going Higher
**4 Japanese Diet members who are currently on their visit to Myanmar paid
a courtesy call to Secretary-1, Khin Nyunt on 17 August accompanied by
Japanese Ambassador in country.

Myanmar and Japan enjoy good and friendly relationship for many decades and
economic ties have been settled for a long time.

6 Japanese enterprises invested over US$ 26 million in livestock and
fisheries, cultured pearls, and in other sectors such as hotels,
construction, and manufacturing.  Yangon International Hotel is 100%
Japanese while Mitsui Corporation established an Industrial Estate outside
Yangon.

0820-03 Textile Attracts Korean Investors to Put Up Factories in Myanmar
**The Director and President of ITT Engineering Textile Co, Ltd of Republic
of Korea on 17th August met with the Minister for Industry-1 in Yangon.

The Ministry of Industry-1 is composed of the following industries:
ceramics, foodstuff, jute, metal, paper and chemical industry,
pharmaceuticals, wheat, and textiles.

With the massive influx of foreign investment companies from the Republic
of Korea invested in 4 garment factories, boosting local production and
export

The Central Myanmar arid region produces sizable amounts of cotton yearly.
Traditional weaving of cotton produces excellent quality of garments.
Myanmar cotton production and consumer potentials are encouraging other
companies in the region for investment. Most notable are Singapore,
Bangladesh, Sri Lanka, and Hong Kong who already set up their ready-made
garments factories in Myanmar.

Korean garment companies as Daewoo and Segye have their own factories in
one of the city's suburbs. They produce ready-made garments mainly for
exportation to Korea and elsewhere.

0820-04 Russia Explores Energy Business in Myanmar
**A delegation led by Deputy Director of Russian Foreign Economic
Association on 17 August met with the Energy Minister in Yangon.

Economic cooperation can be greatly enhanced by bilateral discussion.
Myanmar have rich oil and gas reserves and more than 12 international oil
companies invested over US$ 172 million operating production sharing
contract in onshore and offshore areas. French oil company TOTAL has
drilled a number of appraisal well in block M5 and M6 in the Gulf of
Mottama about 180 km south of Yangon, resulting in discovery and
development of Yadana gas field.

0820-05 Myanmar Imports More Wheat
Last year wheat production nationwide was 90,000 tons.  Nowadays the demand
is growing mainly because of changes in people's eating preferences.
Further, the growing number of hotels and restaurants annually require
30,000 tons. The total consumption now is up to 150,000 tons per year.

Importation is also done from the Indian border through Mandalay and Monywa
of the Myanmar central states.
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