Border Trade Activities Resumed
Border trade activities between Myanmar’s northeastern Shan state and China has resumed following a several days’ hiatus due to the recent clashes between armed minority groups and the Myanmar military. The fighting was launched by four ethnic groups who assaulted border checkpoints in heavy coordinated attacks.
Ministry Delays Spectrum Auction
The Ministry of Transport and Communications has postponed a planned spectrum auction to 2017, originally scheduled to hold in December 2016. Deputy Director at the Ministry of Posts and Telecommunications, Myo Swe said the all the current operators will be able to acquire equal share of spectrum at the upcoming auction.
MAI to Fly Kolkata
Myanmar Airways International, a privately owned airline from Myanmar, will soon commence twice a week flights from Kolkata on Mondays and Fridays. Up to now, Air India, the third largest airline in India by passengers carried, has been the only carrier to fly from Kolkata to Yangon.
FMI Revenue Increases
FMI (First Myanmar Investment), a major conglomerate in Myanmar, saw significant increases in revenue for the first half of the financial year that ended September 30, according to a statement by the business group on November 29. Total revenue reached 74.6 billion Kyats with a 49.4% rise compared to the similar period of previous fiscal year. Its net profit surged by 51.9 percent year on year. FMI is the holding company of Yoma Bank, a long-standing leading bank in Myanmar.
South Korean Firms Visited Myanmar to Explore Opportunities
A group of South Korean firms arrived in Myanmar in mid-November to explore business and investment opportunities, according to the Korea International Trade Association (KITA). A total of 37 representatives from 31 South Korean companies paid a four-day trip to Myanmar. The group’s itinerary included a joint conference on economic cooperation between the two countries. They also visited Thilawa Special Economic Zone in Thanlyin and Kyauk Tan Townships, 25 kilometres south of
