Myanmar affirms continuation of projects, resumption of business amid COVID-19

The newly formed State Administration Council met with members of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) earlier this week, according to state media. During the meeting, Commander-in-Chief of Defence Services Senior General Min Aung Hlaing, who chairs the council, told businesses from the agriculture, livestock, construction, trade and manufacturing sectors […]

UMFCCI Vice Chair says impact on economy uncertain

It is uncertain how the current state of emergency will impact the economy and investors will have to wait and see how the situation unfolds in the coming days, said U Maung Maung Lay vice-chair of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). “We cannot predict anything with certainty at […]

It is important to create favourable conditions for investments to flow in: State Counsellor Daw Aung San Suu Kyi

First of all, I would like to extend my warm greetings for the good health and well-being of all esteemed guests present on this occasion. Today we are holding the 29th annual meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). As you all know, the private sector is the […]

Myanmar to Start Joint Projects With Three Asian Countries

YANGON—Amid efforts to secure foreign investment to mitigate the impact of the COVID-19 pandemic on Myanmar’s economy, the government expects implementation of three major infrastructure projects planned for Yangon Region with the participation of South Korea, Singapore and Thailand to begin soon. Speaking at the annual meeting of the Union of Myanmar Federation of Chambers […]

Myanmar to establish MSME Association to support economy

The MSME Association of Myanmar will be established soon to support micro, small and medium enterprises (MSMEs), said U Zaw Min Win, president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). “The UMFCCI will establish the association, which includes businesses from various sectors across the country. We’ve already written the […]

Myanmar will strive to implement RCEP trade deal, says State Counsellor

The Regional Comprehensive Economic Partnership (RCEP) agreement will bring investments into Myanmar and create jobs but is expected to heighten competition for small enterprises, business people say. The RCEP, the world’s largest free trade agreement, was signed by Myanmar and 14 other Asia-Pacific countries on Sunday. It covers the 10 member states of the Association […]

China forecast to be top Myanmar investor this fiscal year: UMFCCI

With the bulk of Chinese capital invested in the infrastructure sector, China is likely to be the top foreign investor in Myanmar in fiscal 2020-21, according to the Union of Myanmar Federation of Chamber of Commerce and Industries (UMFCCI). “Investments are also likely to come from China as the country has already started to recover […]

Yangon factory workers given three days to withdraw salary

Factory workers in Yangon will be given three days during the stay-home period to leave their homes to withdraw their salaries. Cut-Make-Pack (CMP) workers will be able to withdraw their wages for September starting Thursday [October 8], according to the Confederation of Trade Unions Myanmar (CTUM). “The Union of Myanmar Federation of Chambers of Commerce […]

More than 100,000 apply for QR code to travel in Yangon

More than 100,000 have applied for the QR pass code in Yangon, which allows the holder to travel from one township to another amid a region-wide stayhome order. The QR code is issued only for businesses and there are more than hundreds of thousands of applicants to date, said U Aye Win, general secretary of […]

UMFCCI proposes delay in tax regulation changes to ease business conditions

A proposal to delay changes to the 2020 Union Tax Bill has been submitted to the government on behalf of local businesses, said U Aye Win, General Secretary of the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI). The changes include repealing a tax amnesty for Myanmar citizens with unassessed sources of income. […]