Vice President paid his visit to India
Myanmar’s first Vice President Dr. Sai Mauk Kham paid a five-day visit to India accompanied by high-level delegation and discussed with Prime Minister Naredra Modi during a meeting held in New Delhi in order to develop bilateral ties between two countries. The two nations look forward to more cooperation focused on trade, infrastructure, connectivity and education. Prime Minister Modi officially stated the importance of cultural and civilizational ties between India and Myanmar, trying to prove the former’s reformed foreign policy of “Act East” from “Look East” and to appreciate its eastern neighbors. The trade volume between the two countries reached to a figure of US$2.8 billion in 2013-2014 fiscal year. Myanmar stands as a key factor in linking Cambodia, Laos and Vietnam to India-Myanmar-Thailand Highway, being the only ASEAN nation sharing a border with India.
Two SEZs discussed during Thai Deputy Minister’s visit
Thai Deputy Minister of Commerce Apiradi Tantraporn focused on establishing two special economic zones (SEZs) at two Thai-Myanmar border areas of Mae Sot and Myawaddy, Thai media report. During her two-day stay in Myanmar, Ms. Apiradi discussed about bilateral trade between the two countries with Myanmar officials from the Ministry of Commerce and opened Thailand Week 2015 fair in Yangon at the Myanmar Event Park which was held from January 14 to 18. Thailand ranks second after China in terms of Myanmar’s trading partner.
Government to start selling treasury bonds
Treasury bonds will be electronically auctioned in Yangon as to develop state funds and economy, announced by the Central Bank of Myanmar. The interest rates are fixed but there will be changes depends on demand and supply when the market opens – which is tentatively to be on 28th of January, said the Deputy Governor of the Central Bank of Myanmar; U Set Aung. Interest rates are currently 8.75 percent for two-year, 9 percent for three-year and 9.5 percent for five-year bonds. The central bank has so far issued a total of 65.4 billion kyat ($63.8 mil- lion) worth of five-year bonds, 23.9 billion kyat in three-year bonds and 5.55 billion kyat in two-year bonds.
Tenders announced for new flyovers in Yangon
Tenders for three new flyovers in Yangon have been announced by the Regional Government. For the three new projects to be built at 8-mile, Tamwe and Kokkine junctions, the govern- ment has allowed 54.35 billion kyats (US$54.5 million) allocating 16.45 billion kyats for the 8-mile junction flyover project, 22.5 billion kyats for Tamwe project and 15.4 billion kyats to be spent on Kokkine project respectively. There have been three flyover projects constructed so far that are Hledan flyover commissioned to Shwe Taung Group, Shwe Gong Dine flyover constructed by Capital Development Co and the Bayintnaung flyover by FMI Co and currently Myaynigone flyover is under construction by Capital Development Co, the second time the latter is commissioned for a flyover project.
Investments invited to Build Yangon-Mandalay Highway
A tender to upgrade the Yangon-Mandalay Highway has been announced by the Ministry of Construction inviting local and foreign investments. Applications are to be submitted by 30th January and the bidder is to increase the highway to eight lanes as well as to improve the road’s infrastructure to install CCTV cameras, to have highway police and to build subsidiary roads linked to nearby towns and villages. The highway was first constructed in 2005 and Yangon – Nay Pyi Taw section was opened in 2009 and Nay-Pyi-Taw –Mandalay Highway in 2010 respectively. This 586.7 km long Highway now has reduced the travel time to 7 hours linking the two of the largest cities in the country.