PwC MyanmarWeekly Business Intelligence

Issue 13623 November 2018

www.pwc.com/mm

PwC | November 2018

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PwC | November 2018

1. Weekly Key Financial & Business News

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PwC | November 2018

Weekly Key Financial & Business NewsHeadlines

YACL to work with govt in effort to lure European tourists as growth slows

Minbu solar power project commences in time for summer 2019

Online shopping picks up momentum in Myanmar

Time to weigh business engagement in Myanmar

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Yangon Circular Railway Line Upgrades to Finish in 2023: Deputy Minister

PwC | November 2018

Weekly Key Financial & Business NewsHeadlines

Inclusive Business New Concept for Myanmar

New Mandalay Resort City Expected to Start in 2019

Industry signs agreement on helping to boost automotive sector

Myanmar Credit Bureau to be Operational in Two Years

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Doing Good Index 2020 will show Myanmar’s reform progress

PwC | November 2018

Weekly Key Financial & Business NewsHeadlines

NYDC – Stay Tuned to the details of the Pre-Project Documents

Yangon-Mandalay railway upgrade breaks ground

VPower’s Myingyan plant to start operation next year

Singapore, Hong Kong lead talent competitiveness in Asia

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Hong Kong Firm Close to Finalizing New Yangon City Proposal

PwC | November 2018 7

Minbu solar power project commences in time for summer 2019

A 170MW solar power plant in Minbu Township,Magwe Region, will start producing electricity intime for summer next year, said U Lin Naing Oo,business development department generalmanager of GEP (Myanmar) Co Ltd.The Thailand-based company is investing US$297million in the solar project, which is Myanmar’sfirst. Electricity generated from the plant will belinked to 230-kV transmission lines and supplypower to the national grid.The Ministry of Electricity and Energy (MOEE)has signed a power purchase agreement with GEP(Myanmar) to purchase electricity from thecompany at K150 per unit, said U Lin Naing Oo.Currently, construction work is being carried outat the site of the plant, will be built in four phases,starting with 40MW in the first phase, he added.Separately, Synergy Business Development CoLtd (SBD), a local firm, together with its foreignpartner have submitted a proposal to construct a200MW solar power plant Meiktila Township,Mandalay Region to the MOEE, said U Lin NaingOo, managing director of SBD.If approved, construction of the plant will

commence in 2020.The MOEE is aiming to generate 8 percent of thecountry’s electricity through renewable sources ofenergy by 2021. By 2025, the target is for 12pc ofall electricity generated in Myanmar to berenewable.

Source: Myanmar Timeshttps://www.mmtimes.com/news/minbu-solar-power-project-commences-time-summer-2019.html

NewspapersMyanmar Times

19 Nov 2018

PwC | November 2018 8

YACL to work with govt in effort to lure European tourists as growth slows

Yangon Aerodrome Company Ltd (YACL) is innegotiations with Lufthansa for the Germanairline to operate a direct flight betweenFrankfurt and Yangon. The move is part of effortsto lure European visitors back to Myanmar, Mr.Jose Angeja, chief operating officer of YACL, toldThe Myanmar Times on November 15 during apress conference at the Yangon InternationalAirport (YIA).“We have been in conservation withLufthansa for at least nine months. It’s takingsome time because they also need to understandthe Myanmar market,” Mr Angeja said. He addedthat negotiations are likely to result in a stopoverflight from Frankfurt at a Vietnamese city, as thenumber of passengers for a direct flight to Yangonis still insufficient to justify the costs.On November 1, the Italian airline Neos Spabegan operating a scheduled Boeing 767 flightfrom Milan to Yangon every Wednesday. Theflight will stop over in Phu Quoc, Vietnam beforelanding at Yangon International Airport. Neos isfirst airline to fly from Europe to Myanmar.YACL is also in talks with Turkish Airlines andQantas Airways to establish direct flights between

Yangon and Istanbul and Sydney, respectively, inthe near future. Yangon International Airport,which is managed by YACL, currently serves 31international airlines from 25 in October 2015.The most recent is Sichuan Airlines from China,which completed its first flight to YIA onNovember 13. YIA now connects to 29international destinations, compared to 21previously. “We are doing our best to bring moreairlines to Yangon. We are targeting the Europeanmarket because visitors from Europe have higherspending power,” Mr Angeja said.YACL is working on raising the capacity of YIA asgrowth in air passenger traffic dips to its lowestlevel in five years. While tourist arrivals fromAsian markets have continued to grow this year,travelers from the European and North Americanmarkets appear to have been impacted byinternational media reports on the Rakhine crisisin Myanmar.Source: Myanmar Timeshttps://www.mmtimes.com/news/yacl-work-govt-effort-lure-european-tourists-growth-slows.html

NewspapersMyanmar Times

19 Nov 2018

PwC | November 2018 9

Online shopping picks up momentum in Myanmar

Shop.com.mm, the Myanmar arm of China’slargest e-commerce company Alibaba Group,generated sales of over US$90,000 (K143million)in the first hour of its first-ever SinglesDay online sale on November 11. The occasion,also known as 11.11, is the biggest shopping eventin China.Shop which is the largest online shoppingplatform in Myanmar, received more than 1500orders in the first hour of the day, most of whichwere placed via mobile phones, the company saidin a statement. Over 150,000 shoppers accessedits app on the day after Shop offered discounts onsome 50,000 items, including mobile phonesfrom Samsung, Xiaomi, Huawei, make-up andcosmetics and sports gear from Nike and Adidas.Alibaba Group, which hit a record US$1billion in11.11 sales in 85 seconds and almost $US10 billionin the first hour of the 24-hour spree, placed itsbets on the Myanmar e-commerce market when itacquired Shop from Daraz Group in May.The strong response to Shop’s 11.11 online sale, itsfirst such project under Alibaba, underscores therising demand and potential for e-commerce in

Myanmar.“Myanmar has mostly leapfrogged the era ofshopping malls and other modern trade platformsinto the digital age. In Myanmar, the modernretail trade will expand according to GDP but e-commerce will grow exponentially,” Daw Win WinTint, chair of the Myanmar Retailers Association,told The Myanmar Times in a recent interview.In fact, the authorities are now racing to roll outproper legislation to govern the realm of e-commerce as more online users emerge.Myanmar has a mobile penetration rate of 105pc,while 80pc of people are accessing the internet viasmart phones, according to Telenor. Things coulddevelop even faster if the forthcoming legislationis aligned with the ASEAN e-commerceagreement signed in Singapore on November 12.The agreement, finalised after nine rounds ofnegotiations which started last June, aims tofacilitate cross-border e-commerce transactionsand foster greater regional growth…Source: Myanmar Timeshttps://www.mmtimes.com/news/online-shopping-picks-momentum-myanmar.html

NewspapersMyanmar Times

20 Nov 2018

PwC | November 2018 10

Time to weigh business engagement in Myanmar

Myanmar’s political and economic developmenthas become more fragile. International headlinesare dominated by state-directed violence againstthe country’s Rohingya population and a bevy ofother issues, including the jailing of journalistsand armed conflict between the country’s militaryforces and insurgent ethnic-minority armies. Callsfor fresh sanctions, curbs on military ties andtravel visa bans are growing.Against this backdrop, international engagementin Myanmar can be difficult to defend. But thepeople of Myanmar need development andeconomic growth, and the private sector can tohelp to shape the national conversation on issuesof equity, leadership and democracy.Transparent and responsible investment providesjobs, income growth, access to quality goods andservices, skills development, managementtraining and, in many cases, a model of corporategovernance that local companies can incorporateor use to reform problematic industries. In amarket like Myanmar, how can this best be done?Firstly, international investors should considerpotential local partners carefully. With sanctions

mostly removed, and as local companies becomebetter known, foreign businesses can make moreinformed decisions, finding partners that sharetheir values and approaches to regulatorycompliance and employment. Both sides have alot to offer: A good local partner can help innavigating the complex domestic businessenvironment, while foreign partners can assist inraising work and ethical standards in line withinternational guidelines and legal frameworks, inhiring and labor standards, and by providingexpertise, training and/or capital. There is also agrowing and exciting new startup scene, withmany companies free from questionable ties orcorruption that could benefit from investorengagement.Though Myanmar law is moving slowly in openingsome sectors to foreign investors there aregrowing opportunities in the retail, health,energy, electrification, infrastructure, andgarments and apparel sectors.Source: Consult Myanmarhttps://consult-myanmar.com/2018/11/20/time-to-weigh-business-engagement-in-myanmar/

NewspapersConsult Myanmar

20 Nov 2018

PwC | November 2018 11

Yangon Circular Railway Line Upgrades to Finish in 2023: Deputy Minister

YANGON — Upgrades to the Yangon Circularrailway line aimed at easing the commercialcapital’s traffic congestion are expected to becompleted in 2023, Deputy Transport andCommunications Minister U Kyaw Myo said onTuesday. Speaking to lawmakers in the YangonParliament, he said work could not begin in 2017as planned because negotiations with thecontractors took longer than expected andcommenced only this year. The delay has alsopushed the expected date of completion back ayear. The upgrades, planned since 2014, are partof the Japan International Cooperation Agency’sStrategic Urban Development Plan for GreaterYangon. The work includes modernizing the line’sstations, tracks, trains and management.U Kyaw Myo said the upgrades were needed toreplace decades-old tracks, deteriorating facilitiesand equipment and outdated practices.He told lawmakers that the ministry carried out afeasibility study with Japan’s help in 2014 andthat environmental and social impact assessmentreports were submitted to the Environment andConservation Ministry, which approved the

project in June. Public consultations were heldfour times over two years, the deputy ministeradded. The Yangon Circular, managed andoperated by Myanma Railways, is 46 kilometerslong with 38 stations and runs 221 times a day.Some 73,000 commuters ride the line daily.To upgrade the system, the Transport andCommunications Ministry divided the line intohalves — the western half from Phayarlan Stationto Danyingone Station, and the eastern half fromDanyingone Station to Pazundaung Station. Theministry awarded each half to a differentconsortium. U Kyaw Myo said both consortiumsstarted work in early 2018.The project is being funded by a $207.8 millionloan from Japan and 54.5 billion kyats ($34.3million) from the nation budget, the deputyminister said. Once finished, he added, theupgrades are expected to cut the time of a roundtrip from 170 minutes to 105 minutes.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/yangon-circular-railway-line-upgrades-finish-2023-deputy-minister.html

NewspapersThe Irrawaddy

20 Nov 2018

PwC | November 2018 12

New Mandalay Resort City Expected to Start in 2019

Department of Urban and Housing Department ofMandalay Region hopes to implement the NewMandalay Resort in early 2019.The project will be implemented on over 10,000acres of land in Pyin Oo Lwin located nearMandalay on Mandalay-Lasho Road, mile post 21.The department has chosen three investors forimplementation, marketing, investment andmanagement.The supervisory committee invited proposals forthe project in May of this year, they chose KhinMyanmar Development Co., Ltd, CentralIrrawaddy Development Com., Ltd and ShweTaung Development Co., Ltd.“We have been holding monthly meetings for theproject with the union government. At the end ofthis month, we will have a concept plan for theproject. We hope the implementation process willstart in early 2019,”U Thet Naing, Director of thedepartment, said.The project will focus on different sectors such asinformation technology, agriculture, economic,health, education, hotels and tourism. It will beimplemented in three phases.

The Union Government will implement phase 1and 3 of the project, which total 7,057 acres.Mandalay Regional Government will implementphase 2 with the remaining total area of 3,059acres.Dr. Zaw Myint Maung, Chief Minister ofMandalay, has requested foreign investors whoattended the Mandalay Economic Forum held onNovember 10, to invent in Mandalay.The Military junta, with the goal of promoting thetelecommunications and technology sector,started the project in 2006 under the name of“Yadanarpon Cyber City”, but it was halted in2010. Now the ruling administration is trying toimplement the project changing the name toMandalay Resort City.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/new-mandalay-resort-city-expected-start-2019

NewspapersMyanmar Business Today

21 Nov 2018

PwC | November 2018 13

Inclusive Business New Concept for Myanmar

The DaNa Facility, supported by the Directorateof Investment and Company Administration(DICA) and the Directorate of IndustrialSupervision and Inspection (DISI), published areport on Inclusive Business in Myanmar. Thereport, an assessment of Inclusive Business inMyanmar, offers an opportunity for businesses,investors, NGOs and the government to examinethe transformational potential of InclusiveBusiness in the country and start to map a wayforward to a more inclusive and sustainablebusiness environment in Myanmar.Inclusive Business is an innovative approach topromoting growth in an economy with the privatesector contributing to inclusive economic growthby creating and expanding opportunities for thepoor. Inclusive Business is a relatively newconcept in Myanmar and while there are agrowing number of social enterprises andcorporate social responsibility activities in thecountry, the notion of engaging the poor throughcore business activities is still emerging.U Aung Naing Oo, Director General of theDirectorate of Investment and Company

Administration said, “Inclusive business is a newand relevant concept for Myanmar. Inclusivebusinesses are businesses that provide scalable,innovative, and systemic solutions for problemsexperienced by the poor and marginalised. Theycan create new income opportunities for the poorby engaging them in the value chains of profitablebusinesses while paying better than market rates.Inclusive businesses create triple wins: for thepoor, for companies, and for government andcontribute to the government’s agendas ofreducing poverty, making a more inclusiveeconomy, and achieving Sustainable DevelopmentGoals.” The report explores the potential forInclusive Business in Myanmar with the aim ofimproving understanding of the market whileexamining the potential of inclusive businesses toattract investment from impact investment funds.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/inclusive-business-new-concept-myanmar

NewspapersMyanmar Business Today

21 Nov 2018

PwC | November 2018 14

Industry signs agreement on helping to boost automotive sector

The European Chamber of Commerce Myanmar(EuroCham) and local industry organisationMyanmar Automotive Group (MAG) have signedan agreement to cooperate on efforts to advocatefor a stronger automotive industry in Myanmar.The agreement signed by EuroCham’s AutomotiveAdvocacy Group and MAG last week is expectedto work on suggestions for the government tohelp boost the country’s automotive sector. Thesigning ceremony also provided a platform todiscuss the recent publication of the World’s BankEase of Doing Business Index and how it relatesto Myanmar’s automotive sector.The main topics discussed at the event were thedelays in the implementation of the YangonVehicle Quota (YVQ) system and the plight ofvehicle importers.“The current delays in implementing the YVQ,after multiple announcement about it this year, isworsening the conditions of business in Yangon,the biggest sales hub for the automotive sector.New investors refrain from entering the market,while current investors have a difficult task ofexplaining to their head offices how they have

been welcomed to import and sell new vehicles inYangon, but these vehicles cannot be registered inthe city once they are sold,” said Carlo Chiozzi,EuroCham automotive advocacy officer.“Moreover, because of the current taxationsystem, the government is losing a large amountof revenue that could boost funding for betterroad infrastructure and public transport by notallowing imported vehicles to be registered inYangon,” Chiozzi added.“The government has already allowed the openingof car showrooms in the country and manyinvestors have done so. The point of openingshowrooms in Yangon, which costs a lot of moneyto do, is to sell cars in Yangon. However, thecurrent regulatory landscape is hampering thesale of cars, and this shouldn’t be so,” said U AungWin, chair of the Automotive Association ofMyanmar.

Source: Myanmar Timeshttps://www.mmtimes.com/news/industry-signs-agreement-helping-boost-automotive-sector.html

NewspapersMyanmar Times

21 Nov 2018

PwC | November 2018 15

Myanmar Credit Bureau to be Operational in Two Years

Having been granted a license on May 17 of thisyear, Myanmar Credit Bureau Limited, a jointventure between the Myanmar Bank Associationand Singapore’s Asian Credit Bureau Holdings,will be operational in the next two years, U SoeThein, Vice President of Central Bank ofMyanmar, said.“It would be very beneficial if we have creditbureau. A credit bureau will be operational in thenext two years. However, not having a bureaudoes not mean that financial services can’tlend,”he told Myanmar Business Today at thepress conference at Central Bank.On November 8, Central Bank started allowingforeign banks and branches to provide wholesalefinancial services to local corporations the sameas local banks do.However, local businessmen pointed out that nothaving a credit bureau that can providebackground information of potential borrowerscould delay granting loans.“When you don’t have a credit bureau, banks needto do a background check themselves, it’s calledCDT. This causes delays,” U Soe Thein said.

Myanmar Credit Bureau Limited nominated oneof Central Banks officials as a member on theboard of directors, he added.When the credit bureau is operational, banks willgrant loans based on the information provided bythe credit bureau instead of lending on collateral.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/myanmar-credit-bureau-be-operational-two-years

NewspapersMyanmar Business Today

21 Nov 2018

PwC | November 2018 16

Doing Good Index 2020 will show Myanmar’s reform progress

Yangon-based Myanmar Centre for ResponsibleBusiness (MCRB) will take part in an Asian “doinggood” index, which examines fiscal, cultural andsocial incentives to donate to charitable causes.The process will be helpful to clear up theregulatory environment for social enterprises andphilanthropic activities in Myanmar.The centre this month signed a Memorandum ofUnderstanding with the Centre for AsianPhilanthropy and Society (CAPS). According tothe MoU, MCRB will be the research partner forMyanmar for the second edition of the DoingGood Index 2020 (DGI2020), which will bepublished in January 2020.Hong Kong-headquartered CAPS is an action-oriented research and advisory organisationcommitted to improving the quantity and qualityof private social investment in Asia.In 2018, CAPS produced a multi-countrycomparative study on policy and environmentalfactors affecting the giving and receiving ofphilanthropy in Asia known as the “Doing GoodIndex 2018” (DGI). The inaugural Doing GoodIndex examined the enabling environment for

philanthropy and private social investment across15 Asian economies. Composed of four areas – taxand fiscal policy, regulatory regimes, socio-cultural ecosystem, and government procurement– the Index discloses how Asian economies areboosting philanthropic giving.MCRB has volunteered to partner with the Indexdue to its interest in corporate governance,particularly concerning philanthropic giving bycompanies and related issues concerning businessintegrity, tax and transparency.In addition, MCRB has an interest in using theDGI process to clarify Myanmar’s regulatoryframework for social enterprises, which under the2017 Companies Law are now able to register ascompanies limited by guarantee. However, taxtreatment for those organisations and those thatcontribute to them remains unclear. The DGIpresents an opportunity to build links with otherAsian countries and learn from their experiences.Source: Myanmar Timeshttps://www.mmtimes.com/news/doing-good-index-2020-will-show-myanmars-reform-progress.html

NewspapersMyanmar Times

22 Nov 2018

PwC | November 2018 17

Yangon-Mandalay railway upgrade breaks ground

Work on the first phase of the Yangon-MandalayRailway Improvement Project has begun, theMinistry of Transportation and Communicationsannounced.The ground-breaking ceremony for the projectwas held at the Nyaunglebin Railway Station inBago Region on November 11.The funding for the upgrading of the railwaymeasuring 620 kilometres will come courtesy ofan Official Development Assistance (ODA) loanfrom Japan.Divided into two phases, the first phase of theproject covers the Yangon-Taungoo section of theroute while the second phase will cover Taungooto Mandalay. The first phase will involve work on267km of track.Expected to be completed over four years, theproject will shorten train journeys from Yangon toBago to one hour and from Bago to Mandalay toseven hours.Yangon – Mandalay Railway ImprovementProject Phase 1 covers 166 miles. Among the 166miles, 70pc of Bagon region including 46 miles ofBag –Nyaunglebin (CP 102) and 73 miles of

Nyaunglebin–Taungoo (CP 103). This projectwith Japan ODA rehabilitate within 4 years. Afterthat, Yangon – Bagon Train has 1 hour of timeperiod and Bago–Mandalay has 7 hour of timeperiod.Earlier this Max Myanmar Construction Co Ltdand Japan’s Tekken – Rinkai Nissan ConstructionCo Ltd signed an agreement for a joint venture towork on 74km of track from Bago to Nyaunglebinunder the first phase of the project.The objectives of the project are to renovate andmodernise the old facilities and equipment alongthe rail route between Yangon and Taungoo of theexisting railway that connects Myanmar’s largestand second largest cities (Yangon and Mandalay),and to promote safer and faster train service,enhance the capacity for passenger and cargotransport, and thus to contribute to Myanmar’seconomic growth.

Source: Myanmar Timeshttps://www.mmtimes.com/news/yangon-mandalay-railway-upgrade-breaks-ground.html

NewspapersMyanmar Times

22 Nov 2018

PwC | November 2018 18

NYDC – Stay Tuned to the details of the Pre-Project Documents

The past weeks have been hectic as we approachthe final stage of negotiations with ChinaCommunications Construction Company Ltd.,(CCCC) for the preparation of the Pre-ProjectDocuments (PPD). These documents will pave theway for the first stage of the NYDC Challenge. Thedetails of the PPD would be announced soon andit includes the following scope of works:1. The construction of a 6-lane Bridge-1

spanning the Hlaing River fromKyinmyindine Kannar Road near BargayaRoad to the new city;

2. The construction of a 2-lane Bridge-2crossing Pan Hlaing River alongside theexisting Pan Hlaing River Bridge;

3. The construction of 26 km of artery roads toreach the various major nodes of the new city;

4. The construction of basic infrastructure andutilities for the five new Resettlement VillageTowns;

5. The construction of infrastructure for the first10 sq km of Industrial Estate;

6. The construction of a Water Treatment plantwith a capacity to serve the entire new city;

7. The construction of a Waste Water Treatmentplant with the capacity to serve the entire newcity.

8. The construction of Water Intake Facility nearToe River located approximate 32 km fromNew Yangon City and the construction ofWater Main Distribution Line;

9. The construction of Power Distribution &Transmission facilities.

The Yangon Regional Government held a specialCabinet Meeting on 14 November 2018 to reviewthe terms of the various Agreements. We are veryencouraged by how receptive the CabinetMinisters were and there will be more discussionsin the near future.I am sure the general public will be anxious toknow the details of the proposed PPD. This willnaturally be fully disclosed when the requisiteapprovals are obtained and the NYDC Challengeis launched.Source: Consult Myanmarhttps://consult-myanmar.com/2018/11/22/nydc-ceo-serge-pun-blog-stay-tuned-to-the-details-of-the-pre-project-documents/

NewspapersConsult Myanmar

22 Nov 2018

PwC | November 2018 19

VPower’s Myingyan plant to start operation next year

Hong Kong-listed VPower Group inked a dealwith the government to operate a rental powerproject in Mandalay Region. The company signeda power purchase agreement with the Ministry ofElectricity and Energy’s Electric PowerGeneration Enterprise to run a 90MW gas enginepower plant in Myingyan for five years.The company said it plans to build the powerplant with an installed capacity of 109.7MW andexpects to start commercial operation nextFebruary. The first portion of the project willinvolve installing an Organic Rankine Cycle(ORC) system for residual heat to powerconversion, in order to enhance energy efficiencyand reduce cost. VPower’s CEO Rorce Au-Yeungcommented that the deal is the company’s fourthproject in Myanmar. It already operates threepower rental contracts in the country, amountingto more than 220MW.“Applying ORC technology in our solution for theMyingyan II project represents a new page in ourtechnological advancement,” he said.MOEE launched a tender in January this year fortwo Mandalay plants to replace existing rental

power projects operated by Glasgow-headquartered utilities firm Aggreko and US-based APR Energy. The tender’s deadline,originally scheduled to be February 19, waspostponed to March 6.While VPower was selectedto operate the Myingyan plant, the NationalInfrastructure Holding-led consortium (NIHC),comprising three firms, will run a plant at nearbyKyaukse. Both will be fuelled by Shwe field’snatural gas. Within the consortium, Yangon-headquartered infrastructure conglomerateNational Infrastructure Holding Co owns thelargest number of the shares, followed byMyanmar Chemical & Machinery (MCM) andthen a Chinese firm, according to an official fromMCM. The 145MW gas power plant will involveUS$100-120 million investment over a span offive years, the official added.

Source: Myanmar Timeshttps://www.mmtimes.com/news/vpowers-myingyan-plant-start-operation-next-year.html

NewspapersMyanmar Times

22 Nov 2018

PwC | November 2018 20

Singapore, Hong Kong lead talent competitiveness in Asia

The two city-states of Singapore and Hong Kong,a Special Administrative Region in China, lead theIMD World Talent Ranking 2018 in Asia Pacific,while Malaysia has made significantimprovements in developing a domestic talentpool.The IMD World Talent Ranking 2018 rankedcountries based on three factors - workplacetraining, education, and language skills.Evaluating the capability of 63 countries indeveloping, attracting and retaining talent, thereport shows that countries successful in talentcompetitiveness usually share high levels ofinvestment in education and quality of life.Myanmar is not included in the ranking.Singapore (13th), Hong Kong SAR (18th) andMalaysia (22nd) achieve the best placements interms of talent competitiveness. Compared to lastyear, Singapore keeps the same position in theranking, Hong Kong declines by six places andMalaysia moves up by the same number. The twocities continue to excel in tapping into theinternational talent pool to sustain their top-tiertalent pool, but lag behind in terms of public

investment in education. Conversely, Malaysia’sprogress in the ranking is rooted in investmentsin education to develop its homegrown skilledworkforce, in addition to improved perceptions ofthe quality of the talent pool available in thecountry.In East Asia, Taiwan (27th) prioritises theattraction and retention of talent, Japan improves(29th) due to the availability of skilled labour andthe effectiveness of its education system andSouth Korea advances (33rd) partly due toincreased state expenditure on education andimprovements in the implementation ofapprenticeships programmes and employeetraining.China (39th) places in the second half of theranking because of its difficulties in attractingforeign skilled workers paired with a level ofpublic expenditure in education that is below theaverage of other advanced economies.

Source: Myanmar Timeshttps://www.mmtimes.com/news/singapore-hong-kong-lead-talent-competitiveness-asia.html

NewspapersMyanmar Times

23 Nov 2018

PwC | November 2018 21

Hong Kong Firm Close to Finalizing New Yangon City Proposal

YANGON—Hong Kong-listed ChinaCommunications Construction Co. Ltd (CCCC)has nearly finalized its proposal for thedevelopment of US$1.5 billion (2.4 trillion kyats)worth of initial infrastructure for the controversial“New Yangon City” project across the YangonRiver from Myanmar’s commercial capital,according to a government body established tooversee the project.New Yangon Development Company announcedon Sunday that the final stage of negotiations withCCCC for the preparation of the Pre-ProjectDocuments (PPD) including technicalspecifications, a financial proposal, a businessmodel and related documents are now under way.Upon the submission of the documents andapproval by NYDC, CCCC will be able to enter thefirst stage of the NYDC Challenge Model, anadaptation of the global model of the SwissChallenge for fair competition and transparency,according to NYDC chief executive Serge Pun.The documents are expected to define the scopeof nine initial infrastructure projects in the firstphase of the mega-project.

They are: a six-lane bridge spanning the HlaingRiver from Kyinmyindine Kannar Road nearBargaya Road to the New City; a two-lane bridgespanning the Pan Hlaing River alongside theexisting Pan Hlaing River Bridge; 26 km ofarterial roads connecting the major nodes of thenew city; basic infrastructure and utilities for thefive new Resettlement Village Towns;infrastructure for the first 10 sq. km of a plannedindustrial Estate; power distribution andtransmission facilities; a water-treatment plantfor the entire New City; a wastewater-treatmentplant; and a water intake facility near the ToeRiver approximately 32 km from New YangonCity plus a water main distribution line.NYDC plans to develop 20,000 acres of land inthe first phase of the project, and claims this willgenerate 2 million jobs. The company says thecost of initial infrastructure work in the firstphase is expected to exceed $1.5 billion.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/hong-kong-firm-close-finalizing-new-yangon-city-proposal.html

NewspapersThe Irrawaddy

23 Nov 2018

PwC | November 2018

2. Weekly Key Policy News

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PwC | November 2018

Weekly Key Policy NewsHeadlines

Ministries to hold monthly dialogues to improve private economic sector

Myanmar to Grant License to New Foreign Banks by Next Year

MIC chair U Thaung Tun to lead new foreign economic relations ministry

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Myanmar makes efforts to strengthen kyat against USD

Budget spending for Social Media Monitoring Team in line with policy

$

PwC | November 2018 24

Ministries to hold monthly dialogues to improve private economic sector

The Republic of the Union of MyanmarFederation of Chambers of Commerce andIndustry (UMFCCI) has submitted that regulardialogues will be organized in respectiveministries and sectors on a monthly basis to helpimprove private economic sector and expeditebusiness transactions, according to the 27thAnnual General Meeting of UMFCCI."It is true that regular dialogue is held with theVice President. It happens monthly. One moreregular dialogue we want to hold is for respectiveministries and sectors. They are now coordinatingwith each other. Ministries have to take timebecause they are busy. We have submitted theproposal to hold regular dialogues monthly," saidUMFCCI President Zaw Min Win.Another matter submitted is for requirements inpromoting export and survival of small businessesfor importing substitute goods.Zaw Min Win said, “the major issue we raised isforeign exchange rate and things we should do topromote export and to ensure continued survivalof small businesses.”Myanmar has formed Private Sector Development

Committee under the leadership of Vice President(1) Myint Swe.Under the leadership of the Vice President, thecommittee holds regular monthly meetings withlocal private businesspeople at the UMFCCIoffice. The meeting has been held for the 21sttime so far.According to the report of the 2018 AGM, privateentrepreneurs discussed and submitted over 100matters within eight rounds of meetings from12th to 19th.Those matters were dealt with relevant unionministries and regional governments.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/ministries-to-hold-monthly-dialogues-to-improve-private-economic-sector

NewspapersEleven Myanmar

19 Nov 2018

PwC | November 2018 25

Myanmar to Grant License to New Foreign Banks by Next Year

Central Bank of Myanmar, which has a greatmarket potential in the banking sector, will grantbanking licenses to new foreign banks allowingthem to provide services in the domestic market.“We are considering allowing more foreign banks.We have plans to start granting license to themost suitable foreign banks,”U Soe Thein, VicePresident of Central Bank, said.So far, there are 13 foreign banks in Myanmar,which have been operating over the last 4-5 years.On November 8, Central Bank allowed them toprovide wholesale banking services to localcorporations with the aim of widening access tofinance for local businesses and to control Kyatdepreciation by allowing more currency inflow.Now, Myanmar has four state-run banks, 24private banks and 13 foreign banks. Allowingforeign banks to provide financial services to localcorporations is making many worried that localbanks will not be able to compete with foreignbanks that have stronger assets and a widespreadnetwork, but U Soe Thein reassured the localbanks that there is nothing to worry aboutconcerning this decision. Getting funds from

foreign banks will be ten times harder thangetting loans from local banks, he added.“For local corporates, they need to behave in thesame way other corporations do. They need toprepare, have business strategies, compliances,budget and pay tax. You can’t borrow from foreignbanks without meeting their requirements andexpect to get loan which you can’t get from localbanks,’’he added.Since, foreign banks can provide loans not only inforeign currency but also in local currency,demand for Kyat can get stronger bringingreserved Kyat at local banks into investment,economists stated.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/node/8363

NewspapersMyanmar Business Today

21 Nov 2018

PwC | November 2018 26

MIC chair U Thaung Tun to lead new foreign economic relations ministry

YANGON — Myanmar Investment Commissionchair U Thaung Tun will lead a new Ministry forInvestment and Foreign Economic Relations thatwill be formed from two existing departments, asparliamentarians ask whether another ministry isreally needed.President U Win Myint announced Thaung Tun’sappointment and the formation of the newministry on November 19. The investmentministry will take over the Directorate ofInvestment and Company Administration and theForeign Economic Relations Department from theMinistry of Planning and Finance.Win Myint had informed parliament of hisintention to create the ministry on November 12and on November 15 nine representativesdiscussed its formation.A former diplomat, Thaung Tun has risen quicklywithin the government since his appointment inJanuary 2017 as National Security Adviser. InNovember 2017 he became Minister for the Officeof the Union Government, one of two newministries created that month. Since hisappointment as MIC chair on June 5, 2018 he has

travelled extensively overseas to promoteinvestment. Analysts told Frontier they believethat U Min Thu, Deputy Minister for the Office ofthe Union Government, will be promoted toreplace Thaung Tun as minister for that office, butas of November 21 the government has made noannouncement regarding the position.According to two officials who requestedanonymity, the new investment ministry will workclosely with the Ministry for Planning andFinance, the Ministry for Commerce and theMyanmar Investment Commission. Additionaldepartments from the existing ministries could betransferred to the new ministry, they said, orwould work closely with it through the creation ofjoint departments. U Sein Win, Pyithu Hluttawrepresentative for Maubin said at the November15 session that the government should submitdetails of the ministry’s structure and itsobjectives to parliament.Source: Frontier Myanmarhttps://frontiermyanmar.net/en/mic-chair-u-thaung-tun-to-lead-new-foreign-economic-relations-ministry

NewspapersFrontier Myanmar

21 Nov 2018

PwC | November 2018 27

Myanmar makes efforts to strengthen kyat against USD

The Central Bank of Myanmar (CBM) is makingefforts to raise the value of kyat and preventdollarization by making use of Myanmar currencycompulsory for all transactions across the countryto make the kyat stronger and to curb illegalhoarding of money, CBM Deputy Governor U BoBo Nge said.U Bo Bo Nge made the remarks at a session of theHouse of Nationalities (Upper House) Tuesdaywhen asked, the official Global New Light ofMynamar reported Wednesday.U Bo Bo Nge recalled that the government hasallowed the opening of foreign currency exchangecounters across the country.However, it has been found that cash paymentsare being made using foreign currencies at hotels,restaurants, private schools established by foreigninvestors, flat rentals to foreigners and souvenirshops.He pointed out even in the ministries, U.S. dollaris being used for land lease and joint ventureinvestments.He quoted the foreign exchange management lawas saying that ordinary account holders are

permitted to pay only in Myanmar currency andnot foreign currency unless permitted by the CBMfor special case.The CBM deputy governor warned of takingaction against those who do not abide by theprescribed law.The U.S. dollar exchange rate once roseunprecedentedly to 1,630 kyats per U.S. dollar inthe country's domestic market in mid-Septemberbut fluctuated between 1,500 kyats and 1,600kyats per U.S. dollar in the following months untilnow.The authorities are investigating illegal currencytrading which is manipulating the foreigncurrency market in the country.Over a recent period, the Central Bank ofMyanmar (CBM) announced removing tradingband of +/- 0.8 percent on exchange of Myanmarkyat against U.S. dollar to control marketfluctuation in the wake of continuous kyatdepreciation.Source: Xinhuanewshttp://www.xinhuanet.com/english/asiapacific/2018-11/21/c_137621608.htm

NewspapersXinhuanews

21 Nov 2018

PwC | November 2018 28

Budget spending for Social Media Monitoring Team in line with policy

The spending of Ks 6,426 million from thePresident Office’s special fund for the purchase ofnecessary technologies and machines for SocialMedia Monitoring Team, is in accord with thepolicy of spending emergency fund, said KyawMyo, Deputy Minister for Transport andCommunications.At the session of the Lower House parliament onNovember 20, the deputy minister replied to aquestion raised by Lower House MP Dr. MaungThin from Meiktila Constituency about the budgetspending for Social Media Monitoring Team.“The Ks 6,426 million spent for Social MediaMonitoring Team is not included in the budget for2017-2018 fiscal year. According to Section 27,Subsection (b) and (c) of the Union Budget Law,the President Office sought the approval ofbudget spending from the Union government forthe team which helps support security, peace andtranquility and rule of law. The formation ofSocial Media Monitoring Team and its subsequentefforts are in conformity with the existing lawsand the Constitution and the purchase ofnecessary machines, the rule for the emergency

budget spending,” he added.On August 22, 2017, Ministry of Transport andCommunications submitted a plan to form SocialMedia Monitoring Team in order to monitorfacebook and other social media in accord withthe law. On August 23, 2017, the ministry got thegreenlight at the cabinet meeting. The ministryformed it on February 7, 2018, he added.Section 219 of the Constitution says the UnionGovernment preserves stability of the Union,community peace and tranquility and prevalenceof law and order.The Deputy Minister continued, “Section 75 of theTelecommunications Law says the UnionGovernment may, as may be necessary, direct tothe relevant organization for enabling to obtainany information and telecommunications whichcauses harm to national security and prevalenceof law without affecting the fundamental rights ofthe citizens.Source: Eleven Myanmarhttps://elevenmyanmar.com/news/budget-spending-for-social-media-monitoring-team-in-line-with-policy

NewspapersEleven Myanmar

22 Nov 2018

PwC | November 2018

3. Weekly Investment News

29

PwC | November 2018

Weekly Key Investment NewsHeadlines

PTTEP to invest in new Myanmar gas fields next year

More foreign investments boost three sectors in 2017-18 FY

Work on Muse-Ruili Economic Cooperation Zone to Begin Soon

30

Thilawa SEZ receives US$1.352 B worth of investments by the end of March

Foreign investment reaches to US$6,119 M in 2017-18 FY

PwC | November 2018 31

PTTEP to invest in new Myanmar gas fields next year

With fresh oil and gas reserves at Myanmar’soffshore blocks now approved for commercialactivities, the Ministry of Energy and Electricity(MOEE) will invite international tenders for up to31 oil and gas exploration fields in early 2019.The last round of exploration and productiontenders was held under the former government in2014.The aim is to rejuvenate gas production andexports as well as foreign direct investments(FDI). Last year, Myanmar received more thanUS$3 billion for gas exports, according to theMinistry of Commerce.Over the same period, FDI decreased to US$900million to US$5.8 billion due to a lack ofinvestments in the oil and gas sector.This year though, around 20 oil majors includingThailand’s PTT Exploration and ProductionPublic Company Ltd (PTTEP), Italy’s ENI, SouthKorea’s Daewoo and Australia’s Woodside willcommence seismic surveys and exploratorydrilling in several onshore and offshore blocks.Myanmar is expected to produce 653,300 millionstandard cubic feet (MMscf) of gas from its four

existing gas fields – Shwe, Zawtika, Yetagun andYadana – this fiscal year, according togovernment data.During an exclusive interview with The MyanmarTimes last week, Piya Sukhum-Panumet, generalmanager of PTTEP Myanmar Asset, revealed theThai oil company’s plans in Myanmar for the yearahead:What are the current projects PTTEP has inMyanmar?The company currently has five projects inMyanmar. The first is the Zawtika project in theM-9 offshore block which has started producinggas. The second one is in the M-3 block which isin development stage. The remaining projects:MOGE-3, MD-7 and M-11 are in explorationstage.

Source: Myanmar Timeshttps://www.mmtimes.com/news/pttep-invest-new-myanmar-gas-fields-next-year.html

NewspapersMyanmar Times

19 Nov 2018

PwC | November 2018 32

More foreign investments boost three sectors in 2017-18 FY

More foreign investments entered industry, hoteland tourism and housing development sectors in2017-18 FY and due to insufficient electricitysupply, expensive transportation costs, rareskilled workers and difficulties obtaining land forlong term investment are setbacks to attractingmore foreign investments, according toInvestment Report of 2017-18 FY released byMyanmar Investment Commission (MIC).The report said more foreign investments enteredMyanmar as it set priority sector for foreigninvestment, announced instructions to facilitateinvestment in line with the time and negotiatedbetween government departments for theinvestment.Investments from China, Hong Kong, SouthKorea, Japan and Asean countries such asSingapore, Thailand, Vietnam and Malaysia aremainly made. Establishment of new investment isslower in this year due to the United States andChina tension in business sector. Asean countriesincluding Myanmar are facing the difficulties, itsaid.The report said Myanmar earned US$4.43 billion

worth investments from 28 countries whichincluded US$1.29 billion from Singapore, US$791million from the United States, US$418 millionfrom Thailand, US$302 million from China andUS$677 million from the United Kingdom.It also said that the industrial sector receivedUS$711 million worth of investment in ThilawaSEZ from November in 2014-15 FY to 2016-17 FYand US$328 million worth of investment in 2017-18 FY. In housing development sector, it receivedUS$22 million worth of investment fromNovember in 2014-15 FY to 2016-17 FY and US$8million worth of investment in 2017-18 FY. Inhotel and tourism sector, it received US$12million worth of investment from November in2014-15 FY to 2016-17 FY and it didn’t receive anyinvestment in 2017-18 FY.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/more-foreign-investments-boost-three-sectors-in-2017-18-fy

NewspapersEleven Myanmar

19 Nov 2018

PwC | November 2018 33

Work on Muse-Ruili Economic Cooperation Zone to Begin Soon

YANGON—The first of three projected economiczones along the Myanmar-China border will beimplemented soon between Shan State’s Museand China’s Ruili, Deputy Commerce Minister UAung Htoo said.Under an agreement between Naypyitaw andBeijing, three “economic cooperation zones” willbe established in Kachin and Shan states alongthe border as part of Beijing’s ambitious Belt andRoad Initiative.The two others will be built in Kanpiketi town, inKachin State’s Special Region 1, which is underthe control of the New Democratic Army-Kachinmilitia; and Chinshwehaw in Shan State’s LaukkaiTownship, part of the Kokang Self-AdministeredZone. The two governments have already starteddiscussions on implementation of the economiczones, said U Aung Htoo.“We will implement the zone between Muse andRuili first, and China has also begun fencing off [alocation in] Jiegao in China’s Yunnan Province,”the deputy minister said at a press conference onMonday. Government officials and businessmenof the two countries are set to hold further talks at

a border trade expo to be held in December inMuse. “We’ll discuss what type of industry will beestablished there. Private companies that arerecognized by the government will be allowed toparticipate. We’ll invite expressions of interestfrom private companies soon and examinewhether they are capable or not [of developing thezones],” U Aung Htoo said.While economic zones will boost border trade,they will also provide job opportunities for localsand more business opportunities for small andmedium-sized enterprises, while increasingforeign investment, he said.Dr. Maung Maung Lay, vice president of theUnion of Myanmar Federation of Chambers ofCommerce and Industry, was more optimisticabout the zones. “They will enable Myanmarmigrant workers to come back and work in theircountry. And we can also import technologies,” hesaid.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/work-muse-ruili-economic-cooperation-zone-begin-soon.html

NewspapersThe Irrawaddy

20 Nov 2018

PwC | November 2018 34

Thilawa SEZ receives US$1.352 B worth of investments by the end of March

A total of 93 companies put in US$1.52 billionworth of investments from November 25 2014 toMarch 31 2018 in Thilawa Special Economic Zone(SEZ), according a financial report of MyanmarInvestment Commission (MIC) for 2017-18 FY.Foreign investments in the SEZ are as perfollowing: US$483 million in 24 investmentsfrom Singapore, US$425 million in 32investments from Japan, US$168 million in 13investments from Thailand, US$54 million in 4investments from South Korea, US$47 million in5 investments from Hong Kong, US$36 million in3 investments from Myanmar, US$20 million inone investment from the United Kingdom, US$19million in one investment from United ArabEmirates, US$16 million in one investment fromTaiwan, US$15 million in one investment fromMalaysia, US$15 million in one investment fromAustria, US$12 million in one investment fromPamana, US$8 million in one investment fromBrunei, US$7 million in two investments fromVietnam, US$7 million in one investment fromAustralia and US$1 million in one investmentfrom Netherlands respectively.

Investments in sectors made in the SEZ are as perfollowing: US$1.039 billion in 70 businesses inindustrial sector, US$111 million in six businessesin trading sector, US$82 million in sevenbusinesses in services sector, US$77 million ineight businesses in transportation and logisticssector, US$30 million in one business in housingdevelopment sector and US$12 million in onebusiness in hotel sector respectively.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/thilawa-sez-receives-us1352-b-worth-of-investments-by-the-end-of-march

NewspapersEleven Myanmar

23 Nov 2018

PwC | November 2018 35

Foreign investment reaches to US$6,119 M in 2017-18 FY

Foreign investment reached to over US$6,119million in 2017-18 FY and more than US$2,100million of them are invested in industrial sector,according a financial report of MyanmarInvestment Commission (MIC) for 2017-18 FY.The MIC allowed 222 businesses in 12 sectors inthis fiscal year.Foreign investors put in US$2,100 million worthof investment in 149 businesses in industrialsector and about US$1,270 million worth offoreign investments entered Myanmar in housingdevelopment sector, said the report.The investments allowed by the MIC are as perfollowing: US$1,772 million for 138 businesses inindustrial sector, US$1,261 million for 10businesses in housing development sector,US$1,004 million for 39 businesses in otherservices sector, US$901 million for 8 businessesin transportation and communications sector,US$405 million for 5 businesses in electricityproduction sector, US$132 million for 6businesses in farming sector, US$176 million for 5businesses in hotel and tourism sector, US$34million for one business to build industrial zone,

US$27 million for 10 businesses in livestockbreeding and fishery sectors and US$1 million inmining sector respectively.Moreover the investments in Thilawa SEZ are asper following: US$328 million for 11 businesses inindustrial sector, US$57 million for one businessin trading sector, US$1 million in services sector,US$7 million in transportation and logisticssector and US$8 million in housing developmentsector.A total of 28 countries invested in Myanmar andSingapore topped the list with US$2,263 millionin 44 businesses followed by China with US$1,397million in 67 businesses. Moreover investors from13 countries have put in their investment inThilawa SEZ, it said.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/foreign-investment-reaches-to-us6119-m-in-2017-18-fy

NewspapersEleven Myanmar

23 Nov 2018

PwC | November 2018

3. Weekly New Tenders

36

PwC | November 2018

Tenders (Myanmar)List

Note: tenders information are collected from http://www.mmtimes.com/, https://tender.yangon.gove.mm, http://consult-myanmar.com/, and http://www.myanmar-opportunities.org/mm/tenders http://www.buildersguide.com.mm/en/ .

37

No applicable Tenders announced for the week ending 23 November 2018

PwC | November 2018

Tenders (Multilateral organizations) List

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

38

No applicable Tenders announced for the week ending 23 November 2018

PwC | November 2018

4. MIC Permitted Projects

39

PwC | November 2018

MIC Permitted Projects (Meeting 19, 2018)

40

No. Name of Company Type of Investment Form of Investment

1 Ngwe Yi Pale Sugar Co., Ltd Production and sale of sugar Wholly Myanmar Owned

2 Green Palm Oil Plantation Co., LtdCultivation of oil palm nursery, oil palm plantation and sale of oil palm fruit

Joint Venture Investment

Source: DICA

PwC | November 2018

5. Upcoming Events

41

PwC | November 2018

Upcoming Events (December 2018) List

Date Location Name of Event Sector Price Focus Points

29 Nov - 01 Dec 2018

Yangon Myanwater Water Free

“an international water and wastewatertechnology show which discusses varioustechnologies relating to the water andwastewater management…”

06-08 Dec 2018

Yangon Agrilivestock MyanmarAgriculture and livestock

Free

“economists are anticipating huge growthwithin Myanmar's livestock and agricultureindustry over the course of the next decadeas rising domestic demand as well as acompetitive export market pave the way forincreased investment in the sector…”

06-09 Dec 2018

Yangon

Myanmar International Textile & Garment Industry Exhibition

Textile and Garment

Free

“an international exhibition whichshowcases machinery for man-made fibreproduction, machinery for winding,texturing, twisting, knitting machines, textilechemicals, etc”

42

Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

PwC | November 2018

Upcoming Events (January 2019) List

Date Location Name of Event Sector Price Focus Points

28 - 29 Jan2019

Naypyitaw Invest Myanmar Summit

Manufacturing, Garment,Power, Tourism, Education, Food Processing & Fishery, Healthcare, Infra & property

500/person

“ to provide international and local investorsthe opportunity to discover businesspotential of Myanmar as well as a platform tomeet with the Central and RegionalGovernment officials”

43

Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

© 2018 PricewaterhouseCoopers Myanmar Co Ltd. All rights reserved. In this

document, “PwC” refers to PricewaterhouseCoopers Myanmar Co Ltd, which is

part of the network of member firms of PricewaterhouseCoopers International

Limited, each of which is a separate and independent legal entity.

www.pwc.com/mm

PwC Myanmar Weekly Business Intelligence Publication

For further information please contact:

Jovi SeetSenior Executive Directorjovi.seet@sg.pwc.com

Brandon LyeDirectorbrandon.ys.lye@sg.pwc.com

44