Myanmar Business News

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First foreign insurance licence given for Thilawa

A japanese firm has been granted the first licence to a foreign company to run insurance in Myanmar.

The temporary licence issue on May 25 restricts Sompo Japan Nipponkoa insurance to Thilawa special economic zone. Company representatives say it will aim to provide services appropriate for investors building up facilities such as factories, warehouses and office buildings on the zone.

Thilawa interest coming from Japan

Over half of the 42 companies that have committed to building in Thilawa special economic zone are Japanese firms, according to U Myint Zaw, general manager of Myanmar Japan Thilawa Development.

While there are currently no factories up and running at the site, construction is moving forward and some of the factories ought to be finished by the end of the year, he said.

“There are still a lot more companies that will come in,” said U Myint Zaw, on the sidelines of BuildTech Yangon last week.

Thilawa economic zone to open in June

YANGON — The first special economic zone in Myanmar will be put into commercial operation by the end of June, an official said on Thursday.

"Construction of eight local and foreign factories on phase 1 of Thilawa SEZ is almost finished," said Thein Han, managing director of Myanmar Thilawa SEZ Holdings Public Limited.

Phase 1 occupies nearly 400 hectares southeast of the central city of Yangon, and will be the partly opened in June, he said.

After Decades of Decay, Burma Bets on Thilawa to Lead Industry Boom

THILAWA, Rangoon Division — From the banks of the Rangoon River rises Burma’s great economic hope, a $1.5 billion manufacturing complex designed to lure investment and help the impoverished country compete in the global marketplace.

The first phase of the 2,400-hectare (5900-acre) Thilawa Special Economic Zone (SEZ), an hour from the commercial capital Rangoon, is only months away from completion, and plans to host some 100 factories employing 50,000 people are being fast-tracked.

HPH's Myanmar port sees first call from MCC intra-Asia service

Hutchison Port Holdings port Myanmar International Terminals Thilawa (MITT) has seen the first call of MCC Transport's maiden service at the terminal with the arrival of the MV Frisia Alster.

The new weekly service is deployed on the Intra-Asia 5 (IA5) loop with a port rotation of Shanghai-Ningbo-Yangon. It is MCC Transport’s first China-Myanmar direct service as lines seek to tap the growing trade activities between China and the Asean region

New Intra Asia Container Freight Feeder Service Commences

First Myanmar Call for Chinese Port Loop Rotation

A milestone this week for the Myanmar International Terminals Thilawa (MITT) with the arrival of the MV Frisia Alster, a vessel of Singapore based MCC Transport and the first container feeder for the company deployed between China and Myanmar as the ASEAN/Chinese freight trade develops. This new weekly service is deployed on the Intra-Asia 5 (IA5) loop with a port rotation of Shanghai-Ningbo-Yangon.

Japanese firms apply to operate in SEZs

Among the international insurance firms that have representative offices in Myanmar, only Japanese firms have applied to operate in special economic zones, according to the supervisory board of Myanma Insurance.

Sixteen foreign insurance firms have opened representative offices in Myanmar, but they have not begun operations since regulations have not yet been fully disclosed.

"We will give them permits to begin operating as soon after the principles are issued," said Maung Maung Thein, the chairperson of the supervisory board.