PwC MyanmarWeekly Business Intelligence

Issue 11606 July 2018

www.pwc.com/mm

PwC | July 2018

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PwC | July 2018

1. Weekly Key Financial & Business News

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PwC | July 2018

Weekly Key Financial & Business NewsHeadlines

Execution, tech skills essential for incoming central bank governor

Oil and gas responsible for half of Myanmar’s debt

Htoo Group may build zip line at Yangon zoo

Angumaw-Maungdaw upgrading road project already completed 33 km long

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Fuel prices, protectionism hobble Myanmar airline industry

PwC | July 2018

Weekly Key Financial & Business NewsHeadlines

Bago’s Regional Parliament Approved Bypass Road Project

Businesses warn govt not to backtrack on retail and wholesale reform

Affordable Housing Project in Mandalay to Start Soon

Japanese aid for Bagan airport upgrade

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Concern among traders mounts as dollar continues rise against kyat

PwC | July 2018

Weekly Key Financial & Business NewsHeadlines

Myanmar on the right track for EITI process

Myanmar throws weight behind Hong Kong as Belt and Road “superconnector”

Pun fields questions on multi-billion dollar Yangon New City project

World Bank executive to visit Myanmar following president’s visit to Cox’s Bazaar

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53 companies express interest in building Yangon’s ring road

PwC | July 2018 7

Oil and gas responsible for half of Myanmar’s debt

While being the highest generator of revenue forthe country, the oil and gas industry is alsoresponsible for accepting half of the loans takenby the country, said Daw Moe Moe Tun, civilsociety representative of the Extractive IndustriesTransparency Initiative (EITI) during the releaseof its report on Myanmar.“The contribution of revenue by Myanma OIl andGas Enterprise (MOGE) to the State is the highestat 47.5 percent. But it is also responsible for halfthe country’s debt. Myanmar has taken loans formany offshore projects such as pipelineconstruction, mostly from China,” she said.Myanmar currently owes China $850 million forthe South East Asia Crude Oil Pipeline project, $560 million for the South East Asia Gas Pipelineand Shwe Offshore Development projects, $ 243million for the Yadana-Yangon domestic pipelineproject and $ 80 million for an onshore oilexploration project, according to debt list.“The main reason for accepting loans from theChinese for the China pipeline is that the countrywas under US sanctions at the time. The loanswere taken at an interest rate of 4.5percent with a

five-year grace period and 30 years payback,” saidU Than Htay Aung, MOGE technician andgovernment representative of the MyanmarExtractive Industries Transparency Initiative.So far, MOGE has taken loans of up to $1.9 billionfrom China as well as Japan, Thailand and India.As at March 2016, MOGE had repaid $137.4million of its total debt.Myanmar began repaying its loans to China in2015 and will continue to be indebted to theChinese until 2031, assuming it is consistent withits repayments.Myanmar will start repaying a loan from theJapan International Cooperation Agency from2023 onwards until 2053.

Source: Myanmar Timeshttps://www.mmtimes.com/news/oil-and-gas-responsible-half-myanmars-debt.html

NewspapersMyanmar Times

29 June 2018

PwC | July 2018 8

Execution, tech skills essential for incoming central bank governor

The five-year term of the current governor of theCentral Bank of Myanmar (CBM) will come to anend on July 31 and the question of who will fill theposition is on the minds of many in the country.As the CBM plays an influential role in setting thedirection of Myanmar’s economy, the person whotakes over the position will play a crucial role inthe country’s development.Local economists and businesses say thatMyanmar’s financial sector requires huge change,including how the governor of the central bank isselected.Some local economists reckon a new governorcould do the economy some good. “In my opinion,skillful young people who are able to performshould be appointed to positions in banking,finance and economics,” said economist Dr NaingKo Ko.U Than Lwin, former vice chairman of CBM, saidthe new governor should be “an expert ineconomics and banking and who has worked inthe banking industry before. Such a person wouldbe better equipped to steer the CBM as it overseesaspects of the country’s economy,” he told The

Myanmar Times.Under existing regulations, the current governor,U Kyaw Kyaw Maung, has the opportunity to beselected for a second five-year term if he is re-elected. However, some are critical of the 79-year-old’s will to execute much needed change at theCBM.“Currently, there is weakness in the performanceof the central bank in relation to the nation’seconomic policy. The nation’s policy states it willhead towards a free and fair economic model. Inorder to get there, we need more competition.So only those who are capable of implementingthis should be selected as the new governor,” saidDr Naing Ko Ko.U Ye Min Oo, a member of the NLD government’sEconomic Development Committee, saidtechnology and the banking and financial sectorsnow go hand in hand.

Source: Myanmar Timeshttps://www.mmtimes.com/news/execution-tech-skills-essential-incoming-central-bank-governor.html

NewspapersMyanmar Times

02 July 2018

PwC | July 2018 9

Htoo Group may build zip line at Yangon zoo

The Htoo Group of Companies is planning toconstruct a zip line in the Yangon ZoologicalGarden, U Thi Ha, vice chairman of Htoo Groupof Companies, told The Myanmar Times.Htoo Group’s Zoos and Gardens Business Unitcurrently manages the Yangon Zoological Garden,which is owned by the Forest Department underthe Ministry of Natural Resources andEnvironmental Conservation.On June 28, a representative of the company metU Phyo Min Thein, chief minister of the YangonRegion Government, to discuss the building of thezip line.“The construction of the zip line in the zoorequires meeting many requirements. To build itaccording to regulations we have to apply forpermission from the regional government,Yangon City Development Corporation, andForest Department among others. Work on theproject will start only after receiving the properauthorisation even though the regionalgovernment has agreed to the project inprinciple,” U Thi Ha said.Yangon Zoological Garden, which was opened in

1906, is located near Shwedagon Pagoda. The23.5 hectare (58 acres) facility is visited by 1.5million people annually, according to the websitof Htoo Zoos and Gardens Business Unit.The Htoo Group of Companies manages threezoos in Yangon, Mandalay and Nay Pyi Taw, onesafari park and one planetarium in Nay Pyi Taw.The company also manages three parks: NationalKandawgyi Garden in Yangon, Hlawga NationalPark near Yangon and National Landmarks Parkin Pyi Oo Lwin.

Source: Myanmar Timeshttps://www.mmtimes.com/news/htoo-group-may-build-zip-line-yangon-zoo.html

NewspapersMyanmar Times

02 July 2018

PwC | July 2018 10

Angumaw-Maungdaw upgrading road project already completed 33 km long

YANGON- The US$22 million upgrade ofAngumaw-Maungdaw road by Asia WorldFoundation has finished up to 33 kilometers,according to the Asia World Foundation.The Angumaw-Maungdaw concrete road is acrucial contributor towards multiple economicand social sectors. The natural size of the roadspans 20 ft in width with a height of 6 inches. Theconcrete poured above is 18 feet wide and 9inches high.The road began its upgrade since November 30thin 2017 and had managed to complete works on33 kilometers worth of road. The expenditure ofthe road comes from 20 partner companies whichthat reportedly only rendered assistance withoutseeking profits.The first phase of the 21km long Angumaw-Koedankauk road section was opened on May 1st.Asia World Foundation had also constructed anew jetty where three cargo vessels can docksimultaneously as to facilitate the transport ofconstruction materials and machineries to theroad construction site.“We would like to invite well-wishers that wants

to participate in the construction of Angumaw-Maungdaw road project. We, Asia WorldFoundation, donated the cost of the constructionof the road,” said an unidentified official fromAsia World Foundation. At present, there are1,231 workers and 170 machineries working onthe road project.“The project aims for regionaldevelopment. No foreign assistance is needed.The construction of the road will cost more thanKs 22 billion and is expected to complete 2020.The road needs 85 conduits and bridges whichthat are 10 to 220 feet long. A conduit is 10 feetlong. Other companies have been invited to be apart of the project just like our current partners,”said Nay Lin, Project Director for Angumaw-Maungdaw Road. Upon completion, theAngumaw-Maungdaw road will become a greatlybeneficial primary route connecting to SittweTownship, requiring only two hours to travel fromMaungdaw and Angumaw. It also connects with alarge number of villages.Source: Eleven Myanmarhttp://www.elevenmyanmar.com/business/14255

NewspapersEleven Myanmar

02 July 2018

PwC | July 2018 11

Fuel prices, protectionism hobble Myanmar airline industry

Myanmar’s once lucrative airline industry isstruggling to stay afloat with many carriersalready halving their fares to draw morepassengers. A shortage of modern infrastructureand high import bill is driving up the price of jetfuel, making it exceedingly difficult for many localairlines to keep their fleets airborne.Already, the Department of Civil Aviation (DCA)has in the past year clawed back the air operatorcertificates (AOC) of two local airlines. “Air Baganstopped its operations for years. APEX Airlineshad stopped running since six months agobecause it did not have any aircraft,” said U YeHtut Aung, deputy director general of the DCA.In Myanmar, the DCA has authority under theMyanmar Aircraft Act to revoke the AOC of anairline that stops operations for 60 days. “Adomestic airline should also operate at least fouraircraft. But there are some airlines operatingwith only one or two aircraft, which is not goodfor travelers because if there is a breakdown, theywill not have spare aircraft allowing them to keepto the flight schedules,” said U Ye Htut Aung.The DCA is cracking down on the industry at a

time when many local carriers are struggling tostay profitable. U Zaw Min Aung, deputy CEO ofGolden Myanmar Airlines, said his airlinerecently halved fares on certain routes due todeclines in the number of passengers travelingduring the monsoon season. “At that level ofpricing, even if our flights are full, we will stillmake losses,” he said.To be sure, the government says it has alreadyasked the loss-making carriers to merge with theirstronger peers to stay viable. Yet, despite havingopened up the industry to foreign participation in2013-2014, in May, it rejected a JV proposalbetween local tycoon Serge Pun’s FMI Airlinesand Malaysia’s AirAsia to set up a budget airlinecovering Myanmar.

Source: Myanmar Timeshttps://www.mmtimes.com/news/fuel-prices-protectionism-hobble-myanmar-airline-industry.html

NewspapersMyanmar Times

03 July 2018

PwC | July 2018 12

Businesses warn govt not to backtrack on retail and wholesale reform

AMID news that the commerce ministry mightbacktrack on the retail and wholesale sectorreform and impose further restrictions on foreigninvestments, business leaders warn that any suchretraction will be “extremely disappointing” andseriously derail efforts to attract foreigninvestments for the country. The ministry insistedthat they currently have no plans for additionalrestrictions and that a review put in place for thereform is only intended to clarify the regulation.Information from one of the major chambers inthe country reveals that the government isconsidering backtracking the liberalisation for theretail and wholesale sector by limiting the scopeof foreign investors and/or joint-ventures (JVs)by imposing restrictions additional to those laidout in the Directive 25/2018 -- namely thesubstantial capital requirement and restriction onretail size.The Directive 25/2018, released by the Ministryof Commerce (MOC) on May 9, authorises 100percent foreign-owned companies as well as JVsbetween international and domestic investors tocarry out retail and wholesale businesses.

Domestic companies, foreign firms and JVs are allpermitted to operate businesses in the sector,with the exception that foreign investments andJVs are not allowed to operate mini-markets,convenience stores and any retail distributionwhere the floor area is smaller than 929m2.Business groups have been widely supportive ofthe reform.Another internal memo circulated on June 27stated that “The MOC is considering to amend thenotification because Myanmar local companieshave been opposing the measure. The ministry isconsidering limiting the type of business butthey’ve also said they have not confirmed the saidamendments or the details or the date they planto issue the amendments.”

Source: Myanmar Timeshttps://www.mmtimes.com/news/businesses-warn-govt-not-backtrack-retail-and-wholesale-reform.html

NewspapersMyanmar Times

03 July 2018

PwC | July 2018 13

Bago’s Regional Parliament Approved Bypass Road Project

The Bago Regional Parliament approved a bypassroad project that will connect Bago Region toThilawa Special Economic Zone in YangonRegion.The Regional government will use K500 millionfor the nearly six mile long road project, whichstarts close to the Sein Thar Liaung pagoda inBago. Having approval from parliament, theregional government has submitted the proposalto the Union level government for approval,according a parliamentary committee forindustry, electricity and transport.The government will first settle land acquisitionissues as soon as the approval is granted by Unionlevel government.The Government’s original proposed road startednear the Largamoe Village, but it was longer andcost as much as K1,500 million more. Therefore,lawmakers favored having a road start near thepagoda.The officials will conduct a feasibility study for theproject that is expected to streamlinetransportation to Thilawa Port via Kha Yan andThone Gwa when finished.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/bago-s-regional-parliament-approved-bypass-road-project

NewspapersMyanmar Business Today

03 July 2018

PwC | July 2018 14

Affordable Housing Project in Mandalay to Start Soon

Without using state funds, a cluster of affordablehousing called ‘Aung Myay Mandalar’ will bedeveloped near Me-gone Village, Pathein GyiTownship, Mandalay Region, using 70 percent offunds from Construction, Housing andInfrastructure Development Bank and 30 percentof funds from savings provided by the customerswho are purchasing the homes.Department of Urban and Housing Development(Mandalay Region) has prepared and submittedthe project to Chief Minister of Yangon and theMinistry of Urban and Housing Development fortheir approval.“We have done Master Plan and designs and alsocalculated the estimate costs per apartment.CHID Bank will invest in the project and thecontractor will be chosen in line with the regionalgovernment instruction,” U Thet Naing, Managerof the department, said.In the project, there are 27 five story buildingswith four 740 foot wide flats per floor includingparking lots and concrete paved roads.When finished, CHID Bank’s customers will besold by priority and there will also be long term

installment payment programs with the interestrate of 10.5 percent annually.So far, there are over 1,700 people who haveopened saving accounts at CHID Bank with thegoal to buy affordable housing.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/affordable-housing-project-mandalay-start-soon

NewspapersMyanmar Business Today

03 July 2018

PwC | July 2018 15

Japanese aid for Bagan airport upgrade

The Japanese government is expected to decide inSeptember to provide financing for the upgrade ofNyaung U Airport in Mandalay, Deputy DirectorGeneral of the Department of Civil Aviation U YeHtut Aung told The Myanmar Times.The governments of Japan and Myanmar haveagreed to a project to upgrade the airport, whichserves tourists visiting the ancient sites of Baganand surrounding areas, and a grant for the projectmay be issued by the end of this year if theJapanese Cabinet approves the project, he said.“Once approval is received, the Japanesegovernment will grant ¥4.8 billion (K60.4 billion)to construct air facilities, including runways andaprons. A private Japanese company will investUS$30 million (K41.8 billion) in the airportbuilding,” U Ye Htut Aung said.He added that the project will have two phases,with the first phase focusing on work to increasethe airport’s capacity to handle more passengers.Phase two will involve the building of a newrunway and terminal.The Japanese company will manage the airportafter the improvements are made, similar to the

way Yangon, Mandalay and Nay Pyi Tawinternational airports are run, he said, addingthat Myanmar will receive a portion of the profitsfrom the airport, while the department will playits normal supervisory role.“Bagan airport will be the first eco-friendlyairport in Southeast Asia, as we have requestedthat construction of the airport take intoconsideration economic and environmentalimpacts,” U Ye Htut Aung said, adding that thiswas done to address the concerns raised by theMinistry of Religious Affairs and Culture aboutthe possible damage to ancient heritage sites inthe area from vibrations, noise and exhaustemissions from the larger aircraft and greaternumber of flights that the airport is expected tohandle.

Source: Myanmar Timeshttps://www.mmtimes.com/news/japanese-aid-bagan-airport-upgrade.html

NewspapersMyanmar Times

05 July 2018

PwC | July 2018 16

Concern among traders mounts as dollar continues rise against kyat

Local traders who import goods are concernedabout the recent spike in the value of US dollarversus the Myanmar kyat. The exchange rate,which recently rose above K1,400, was fixed bythe Central Bank of Myanmar (CBM) at K1,399yesterday. The last time the dollar reached similarlevels against the kyat was in 2016.Traders are worried that the rising value of thedollar versus the local currency will soon result inmore expensive imports of goods like petrol,medicines, basic foods and consumer goods.“The appreciation of the dollar will mainly havean effect on importers, who will now have to paymore local currency in exchange for importingdollar-denominated goods,” said U Soe Tun, alocal trader.Goods like petrol and cooking oil, which areimported in bulk, will be the worst affected. “Also,if transportation costs rise as a result of higherpetrol prices, the cost of goods in general,including commodities, will rise too,” U Soe Tunsaid.Daw Saw Nay Nwe, deputy managing director ofAA Medical Product, said the appreciation of the

dollar will have a large impact on the price ofimported medicines. “The rising value of thedollar will hugely impact medicine importers aswe buy in dollars and pay duties in dollar terms aswell,” she said.But that’s not all. Imported medicines andmedical equipment are typically purchased oncredit. “So when local merchants pay up for thegoods a month later, they are forced to shoulderthe foreign exchange losses suffered when thedollar appreciates,” Daw Saw Naw Nwe said.Why is the dollar rising? More importantly, is ittemporary? Are traders looking at a strongerdollar over the long term?

Source: Myanmar Timeshttps://www.mmtimes.com/news/concern-among-traders-mounts-dollar-continues-rise-against-kyat.html

NewspapersMyanmar Times

05 July 2018

PwC | July 2018 17

Myanmar throws weight behind Hong Kong as Belt and Road “superconnector”

Myanmar recognises Hong Kong’s “distinctiverole” as the Belt and Road Initiative’s“superconnector”, a cabinet minister said lastweek during an official visit to the city, whilebusinesses urged Nay Pyi Taw to draw up its ownpriorities in the Initiative and proactively reachout to investors.Newly appointed chair of the MyanmarInvestment Commission (MIC) U Thaung Tun,who is also a cabinet minister, led a delegationincluding U Aung Naing Oo from the Directorateof Investment and Company Administration(DICA) and Daw Nilar Kyaw from the Yangongovernment as well as business leaders to takepart in the third Belt and Road Summit organisedby the Hong Kong Trade Development Council(HKTDC) last week.“Myanmar has always attached and continues toattach great importance to Hong Kong. We areaware that Hong Kong is one of the best places inthe world to do business.“Myanmar recognises Hong Kong’s distinctiverole as the superconnector in the BRI,” heremarked at the welcoming reception. Trade

between the two regions reached US$386 millionlast year, while the city accounted for more than10pc of the total approved FDI flow in thecountry. Numerous multinationals associatedwith Hong Kong, including Hutchison Ports,Jardine Matheson, Kerry Logistics, Shangri-LaHotels and Resorts and Hongkong and ShanghaiHotels, are active in Myanmar.“Our relations go way back to the colonial times.We want to provide a mutually beneficialrelationship.U Thaung Tun, along with the UK’s trade ministerBaroness Fairhead and other officials, spoke atthe Summit’s luncheon plenary. He said thatclosing Myanmar’s infrastructure gap can“contribute to the ongoing peace process” andwooed the audience to invest in transport andenergy infrastructure, vowing to provide “a level-playing field” for foreign investors.

Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-throws-weight-behind-hong-kong-belt-and-road-superconnector.html

NewspapersMyanmar Times

05 July 2018

PwC | July 2018 18

Myanmar on the right track for EITI process

IN an effort to improve transparency and goodgovernance in extractive industries such asmining, gems and jade, oil and gas, Myanmar onThursday launched two reports on its extractiveindustries.“These reports were prepared to strengthen theimplementation of the Extractive IndustriesTransparency Initiative (EITI) in Myanmar. Weare eager to make all our extractive sectorsresponsible and transparent so the nation cangenerate more income for the good of the people,”said KyawThet, deputy director general at theDepartment of Mining and governmentrepresentative of Myanmar EITI Multi-stakeholder Group (MSG).He believes Myanmar would yield a good result inthe validation process which will start from July 1.“For our country, it is a very important process tobecome a compliant country for EITI. We are nowpreparing to develop the Open Data Policy whichwas described in EITI Standard 2016,” he said.“Since we began our efforts to join this initiative afew years ago, we have set our heart on havinggood governance in every single company that is

doing business in all the extractive industrieshere. For developed nations like the United Statesand the United Kingdom, their institutions arestrong enough and well-established so they do notneed to be involved in the initiative. But on thecontrary, we need to be active in this regard.”He admitted it was really hard to lure companiesto be actively involved in the EITI process, asthere was no mandatory regulation for that. Yet,he seems proud to manage to finalise the reportswithin seven months.“We want to cover all the extractive companiesacross the nation. But quite a few of them wereinvolved. Some companies refused to take part inour research works, provided that it is notmandatory. Anyhow, we managed to cover all themajor companies here,” he said.

Source: Eleven Myanmarhttp://www.elevenmyanmar.com/business/14274

NewspapersEleven Myanmar

05 July 2018

PwC | July 2018 19

Pun fields questions on multi-billion dollar Yangon New City project

WHILE HUNDREDS of people gathered inYangon on June 23 for a town hall meetingconcerning the multi-billion-dollar Yangon NewCity, villagers in the project area were also keenlyfollowing events at the Union of MyanmarFederation of Chambers of Commerce andIndustry.If you were in the conference hall at UMFCCI,though, you could be mistaken for thinking thatlocals from Twante Township weren’t interested.Few, if any, showed up – but that’s only becausethey could follow a FB Live feed on theirsmartphones.“We were really interested in the meeting, this so-called town hall. But we didn’t bother to gobecause we knew [the organisers] or someone elsewould do a Facebook live,” said Ko Myint NaingKyaw, a real estate agent and farmer from TwanteTownship’s Tamatakaw village.Myint Naing Kyaw even watched the event fromthe comfort of his living room, on an Android TVBox that he bought earlier in June after hearingabout the device from a Chinese worker on theNew Yangon City project. Curious, Myint Naing

Kyaw searched on Facebook and ordered onefrom an online shop for K55,000, plus K3,000delivery fee.About 30 minutes before proceedings began, adozen Tamatkaw residents had already gatheredat Myint Naing Kyaw’s home to watch thebroadcast on his TV. And the verdict?He said they didn’t know what to expect, butthought that officials would probably just talk fora while and not take any questions. “That’s whatthey normally do in meetings like this. But it wasa bit interactive,” he said. “We liked it eventhough we didn’t understand most of thediscussions.” There were some disappointingaspects, though, Myint Naing Kyaw said, such asthe lack of any senior regional governmentofficials at the meeting, including NYDC chairDaw Nilar Kyaw. “We were also expecting to learnmore about land compensation, but we didn’thear any new information.”Source: Frontier Myanmarhttps://frontiermyanmar.net/en/pun-fields-questions-on-multi-billion-dollar-yangon-new-city-project

NewspapersFrontier Myanmar

05 July 2018

PwC | July 2018 20

World Bank executive to visit Myanmar following president’s visit to Cox’s Bazaar

World Bank Vice President for East Asia andPacific Victoria Kwakwa will visit Myanmar fromJuly 8 to 10, World Bank Myanmar said today.The purpose of the visit is to discuss with StateCounsellor Daw Aung San Suu Kyi the bank’spartnership with Myanmar, focusing onprogrammes that promote peace across the Statesand Regions.The World Bank was keen to stress that it remainsengaged in supporting Myanmar’s journeytowards ensuring peace and vowed to increaseefforts to foster “social inclusion in conflict areas.”The announcement follows a slew of mediareports quoting Bangladesh Finance MinisterAMA Muhith as saying that the World Bank hadstopped approving projects for Myanmar.World Bank Group President Jim Yong Kim,along with the United Nations Secretary GeneralAntónio Guterres, had visited refugee camps inCox’s Bazaar, Bangladesh on July 1-2.In fact, the World Bank has announced close tohalf-a-billion dollars in grant-based support tohelp Bangladesh address the needs of displacedrefugees in areas such as health, education, water

and sanitation, disaster risk management, andsocial protection.This will include programmes aimed at fosteringpeace, particularly in Northern Rakhine, as wellas supporting the government in implementing anMOU with the UN and recommendations by theAnnan Commission Report on Rakhine State.The World Bank Board of Directors also approveda $50 million additional grant to an existingHealth Sector Support Project in Bangladesh thatis the first in a series that could total as much as$480 million.

Source: Myanmar Timeshttps://www.mmtimes.com/news/world-bank-executive-visit-myanmar-following-presidents-visit-coxs-bazaar.html

NewspapersMyanmar Times

05 July 2018

PwC | July 2018 21

53 companies express interest in building Yangon’s ring road

A total of 53 local and international companies/consortiums are interested in the 47.5-kilometreelevated ring road in Yangon, the Ministry ofConstruction announced on July 4.On May 18 last year, the Ministry of Construction(MOC) invited local and foreign investors tosubmit Expressions of Interest (EOI) for theconstruction of an elevated four-lane ring roadunder a Public-Private Partnership (PPP) inYangon.The ministry, together with the Yangon regionalgovernment, is planning to build a 47.5-kilometrefour-lane elevated ring road, which is expected toconnect downtown Yangon, Yangon Port, YangonInternational Airport, Mingalardon IndustrialPark and Yangon-Mandalay highway.Local and international companies have alreadysubmitted EOIs, covering areas such as designing,engineering, financing, construction, operationsand maintenance before the end of June.A total 17 local companies have submitted an EOIfor this project, including Capital Development,Max Myanmar, MTSH, Shwe Taung and others.Others who have applied include 13 Chinese

companies such as China Harbour EngineeringCompany, China Railway International Group aswell as China Road and Bridge Corporation.Among the seven Japanese companies whoapplied, there are JFE Engineering Corporation,Marubeni, Sojitz Corporation and SumitomoCorporation. Three Korean firms - DaewooEngineering & Construction, Korea ExpresswayCorporation, SK Engineering & Construction -submitted an EOI. Others include three Indiancompanies, two Thai companies, two Turkishfirms and one each from Malaysia, thePhilippines, Indonesia, Vietnam and France aswell as a The invitation for EOIs is a first step ofthe tender process, which enables the ministry tomeasure the rate of market interest, MOC said.The ministry is planning to issue the Request forQualifications in August and the issuance of theRequest for Proposals is expected to be issuedwithin the final quarter of this year.Myanmar-Malaysia consortium.Source: Myanmar Timeshttps://www.mmtimes.com/news/53-companies-express-interest-building-yangons-ring-road.html

NewspapersMyanmar Times

06 July 2018

PwC | July 2018

2. Weekly Key Policy News

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PwC | July 2018

Weekly Key Policy NewsHeadlines

Yangon Parliament Approves New Municipal Law

Director of Govt Investment Body Bullish on New Companies Law

Resident foreigners will be permitted to trade on YSX

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World Bank Denies Blocking Myanmar Projects to Pressure Govt on Rohingya Return

China, Myanmar Agree 15-Point MoU on Economic Corridor

PwC | July 2018 24

Yangon Parliament Approves New Municipal Law

YANGON — The Yangon regional Parliamentapproved the new municipal law on Wednesday,successfully barring the Yangon City DevelopmentCommittee (YCDC) from engaging in business.The draft law included dozens of controversialprovisions including the formation of YCDC-runbusiness parties responsible for construction, theservice industry, recreation and others.“Parliament was able to successfully remove thewhole chapter regarding the formation of YCDC-run businesses. YCDC is not allowed to dobusiness. It will only continue to perform in itsoriginal duty of providing services to the public,”said lawmaker U Hla Htay of Mingalar TaungNyunt Township.Experts appointed by the regional governmentand the Yangon municipality drafted the newYCDC Law following a request by State CounselorDaw Aung San Suu Kyi in late 2016. The law wasintended to replace the existing 1922 City ofRangoon Municipal Act and to supplement the2013 YCDC Law.The bill amending the 2013 YCDC Law was putforward to the regional Parliament on Feb. 2. It

will be presented in a week to Yangon ChiefMinister U Phyo Min Thein, who will sign it intolaw.“It is against democracy for a democraticgovernment to engage in business. Themunicipality is only intended to provide servicesto the public and all of the lawmakers do not wantit to do business,” said Daw Kyi Pyar, a lawmakerfrom Kyauktada Township.It will be difficult for small and mediumenterprises to survive in the market economy ifthe government engages in business, she said.The regional government asked for nearly 7billion kyats in its budget proposal for the 2018-19 fiscal year for the municipality’s city bank toexpand its banking services.The new YCDC law also creates a vice mayorposition to assist the mayor in managing Yangon.It also abolishes district-level committees andonly keeps township-level committees.

Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/yangon-parliament-approves-new-municipal-law.html

NewspapersThe Irrawaddy

28 June 2018

PwC | July 2018 25

Director of Govt Investment Body Bullish on New Companies Law

YANGON — The new Myanmar Companies Lawtakes effect on Aug. 1 and is intended toencourage foreign investment in Myanmar.Despite strong GDP growth, however, recentsurveys suggest the business community is losingfaith in the government’s economic reformagenda.Replacing and incorporating elements to twoolder laws, the Myanmar Companies Law aims tomake it easier for foreigners to invest in Myanmarvia joint ventures while making businessregulation more efficient and effective.U Aung Naing Oo, Director General of theDirectorate of Investment and CompanyAdministration (DICA), spoke with TheIrrawaddy’s Nan Lwin about the main changesthe new law and accompanying regulations willbring about, his views on the future of Westerninvestment in Myanmar, and the country’sbusiness landscape heading forward.Do you firmly believe the Myanmar CompaniesLaw will encourage foreign investment after Aug.1?Yes, I expect it. The new Myanmar Companies

Law will allow foreign investors to own up to 35percent of local companies. I believe foreigninvestors have been waiting for this chance andfor the law to take effect. The law will take effectin August. However, we have a [six month]reregistration period. I can say that we cannotexpect a huge amount of foreign investmentduring the reregistration period. But investmentwill definitely increase after we pass thereregistration period.What are the key aspects of the MyanmarCompanies Law that will encourage foreigninvestment?We have sectors that are off limits to foreigninvestors. For example, foreign investors are notallowed to invest in the trade sector or theinsurance sector. Once the Myanmar CompaniesLaw takes effect, they can invest in localcompanies in those sectors. The law creates newopportunities for them.Source: The Irrawaddyhttps://www.irrawaddy.com/in-person/director-govt-investment-body-bullish-new-companies-law.html

NewspapersThe Irrawaddy

03 July 2018

PwC | July 2018 26

Resident foreigners will be permitted to trade on YSX

Foreigners residing in Myanmar will be permittedto buy shares on the Yangon Stock Exchange(YSX) from August 1, when the MyanmarCompanies Law is scheduled to be enforced, UThet Tun Oo, senior executive manager at theYSX, told The Myanmar Times on Monday.The Securities and Exchange CommissionMyanmar (SECM) will release a notification onthe details involved when the MyanmarCompanies Law becomes effective on August 1“Resident foreigners will be able trade the sharesof all five firms listed on the YSX. Trading byforeigners will begin with those residing in thecountry. For overseas foreigners, the proceduresinvolve cooperation with the Central Bank ofMyanmar and will be rolled in due course,” UThet Tun Oo said.The development should clear questions manyhave regarding a stipulation under the lawallowing foreigners to invest up to 35 percent inthe share capital of a Myanmar company.It also marks a step forward for the YSX, onwhich trading volumes have been steadily falling.In June, a total of 131,120 shares worth K666

million were traded on the bourse, which is downfrom 157,666 shares worth K869 million traded inMay. Trade volumes appear to still be on thedowntrend so far in July, with the shares of eachof the five companies all falling in value. Thecompanies listed on the YSX are First MyanmarInvestment Co (FMI), Myanmar Thilawa SEZHoldings, Myanmar Citizens Bank, First PrivateBank and TMH Telecom Public Co.“In order for these companies to expand theirbusinesses, more capital from shareholders isneeded. As such, foreign participation on the YSXis expected to lift share prices to a stronger level,”said U Tun Tun, CEO of FMI. “With only a fewlisted firms and limited trading in the share ofthose firms, allowing foreigners to trade on theYSX can lead to higher trading volumes andliquidity, which in turn, will draw more firms tolist, resulting in a deeper capital market inYangon, said U Htay Chun, member of the SECM.Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-throws-weight-behind-hong-kong-belt-and-road-superconnector.html

NewspapersMyanmar Times

04 July 2018

PwC | July 2018 27

World Bank Denies Blocking Myanmar Projects to Pressure Govt on Rohingya Return

YANGON — The World Bank has denied a reportfrom Bangladesh that it has stopped approvingprojects in Myanmar in order to pressureNaypyitaw to peacefully repatriate displacedRohingya to Rakhine State in accordance with anMoU signed between the government and two UNagencies.“We have no plans to halt ongoing projects inMyanmar. We confirm that we will continue tosupport new projects in Myanmar, especially inRakhine State,” said the World Bank’s Myanmarcommunications officer, U Kyaw Soe Lynn.On July 2, Bangladesh’s The Independentnewspaper reported that the World Bank hadstopped approving projects for Myanmar as partof international moves to pressure Naypyitaw tofacilitate the peaceful return of Rohingya peoplecurrently sheltering in refugee camps inBangladesh. The story quoted BangladeshFinance Minister AMA Muhith after his meetingwith World Bank Group president Jim Yong Kimin Dhaka.Kim and UN Secretary General Antonio Guterresvisited a Rohingya camp in southeast Bangladesh

near the Myanmar border on July 2. More than700,000 Rohingya have fled to camps in the areafrom Myanmar since a security crackdown waslaunched by the Myanmar military last August.The World Bank last week promised to provideUS$480 million to Bangladesh to support itsRohingya assistance operations.The false report of a suspension of World Bankactivity in Myanmar spread rapidly on socialmedia after some local media outlets translatedthe Independent’s story and published it on theirwebsites in Burmese.“There might be some misunderstanding,” said UKyaw Soe Lynn regarding the Bangladesh financeminister’s comment.“I have received phone calls from governmentofficials asking whether we had really stoppedapproving projects in Myanmar,” he told TheIrrawaddy.

Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/world-bank-denies-blocking-myanmar-projects-pressure-govt-rohingya-return.html

NewspapersThe Irrawaddy

04 July 2018

PwC | July 2018 28

China, Myanmar Agree 15-Point MoU on Economic Corridor

YANGON — Chinese and Myanmar officialsagreed a 15-point Memorandum ofUnderstanding (MoU) on building a China-Myanmar Economic Corridor, part of China’s OneBelt One Road Initiative, said U Min Zaw Oo, thedirector of the Directorate of Investment andCompany Administration (DICA).“The agreements have been reached. The 15-pointMoU is ready,” U Min Zaw Oo told TheIrrawaddy.“We hope both countries will sign it this year,” hesaid.The MoU on the China-Myanmar EconomicCorridor was finalized at the working-group levelin February. The Cabinet then reviewed it, headded.The corridor will run from China’s YunnanProvince to Mandalay in central Myanmar, andthen east to Yangon and west to the KyaukphyuSpecial Economic Zone (SEZ), according to DICA.Under the MoU, the governments agree tocollaborate on many sectors including basicinfrastructure, construction, manufacturing,agriculture, transport, finance, human resources

development, telecommunications, and researchand technology in order to develop the China-Myanmar Economic Corridor, U Min Zaw Oosaid.For the implementation of the economiccorridors, related ministries are required to formworking groups and joint committees between thetwo countries, so that the ministries can setpriorities in terms of infrastructure developmentprojects.“Infrastructure development projects [SEZ,railways, road projects and industrial zones] willbe undertaken by the related ministries. We needto propose the establishment of working groupsand joint committees [Myanmar/Chinese] to thegovernment’s Economic Committee,” U Min ZawOo said.Officials of at least the deputy minister level fromboth sides need to discuss the infrastructureprojects, he said.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/china-myanmar-agree-15-point-mou-economic-corridor.html

NewspapersThe Irrawaddy

06 July 2018

PwC | July 2018

3. Weekly Investment News

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PwC | July 2018

Weekly Key Investment NewsHeadlines

GDP expands to 7.4pc as more companies are cleared for business

Basic Energy buys stake in 2 Thai EPC firms working on 220 MW Myanmar PV project

Puma Energy Earns 20 Percent of Myanmar’s Asphalt Market Share

30

Yamato launches cross-border trucking, relocation services

New bus stops to give Yangon much needed facelift

PwC | July 2018 31

GDP expands to 7.4pc as more companies are cleared for business

Mandalay Region, Myanmar’s second largest city,has permitted the opening of 14 local and foreignbusinesses in the 2017-2018 fiscal year, said DrZaw Myint Maung, chair of the MandalayRegional Investment Committee.Nine foreign companies will contribute foreigndirect investments totaling $13.6 million, whilethe remaining six companies will contribute K23.1billion in local investments.“By reducing the administrative proceduresinvolved in the approval process, we can now givethe companies permission to do business inMandalay on the spot if the applicant’sdocuments are complete,” Dr Zaw Myint Maungsaid.The move is part of a wider push to expedite theapproval process for companies seeking to investin the states and regions of Myanmar under theNew Investment Law enacted in October 2016.Under that law, investment committees wereformed in each of the states and regions todecentralise decision-making and facilitateinvestments.Under the new law, regional and state investment

committees can approve investments of up to $ 5million or K6 billion, according to a March 2017statement from Myanmar InvestmentCommission (MIC).As a result, economic growth in Mandalay rose to7.4 percent in 2017-18, up from 6.1pc in theprevious fiscal year. Over the period, the numberof jobs created also doubled to 10,000 as newinvestments in the region translated into jobopportunities.A total of 62 foreign direct investments worth$3.2 billion has been permitted so far, while 154Myanmar citizen investments worth K4.9 trillionhas also been approved under the MIC.

Source: Myanmar Timeshttps://www.mmtimes.com/news/gdp-expands-74pc-more-companies-are-cleared-business.html

NewspapersMyanmar Times

02 July 2018

PwC | July 2018 32

Basic Energy buys stake in 2 Thai EPC firms working on 220 MW Myanmar PV project

The Philippines-based energy company hassigned the share purchase agreements to acquirea 15% stake in two Thai companies, which arebuilding a 220 MW utility-scale solar powerproject in Myanmar.Philippine-listed energy developer Basic Energyhas purchased a 15% stake in two Thai EPCcontractors, Vintage EPC Co. Ltd (VEPC) and VTEInternational Construction Co. Ltd (Vinter), basedon an agreement inked with their parentcompany, Meta Corporation, thus marking itsforay into solar energy overseas.VEPC and Vinter are acting as the EPC supplierand construction service contractor, respectively,for a 220 MW solar power plant located in Minbu,in Myanmar’s Magway region.The two subsidiaries of renewable energy projectdeveloper, Meta Corporation, formerly known asVintage Engineering Public Company Limited(VTE), were awarded EPC contracts for the firstphase of the US$275 million project by Thairenewable developer, Green Earth Power (GEP)in May 2016.“We signed [for] the entry of Basic [Energy] into

two EPC companies that are based in Thailand.They’re doing the EPC contract for the 220 MWsolar project in Myanmar,” Basic EnergyPresident and Chief Executive, Oscar L. deVenecia, Jr. told reporters after the company’sannual stockholders meeting on Wednesday.The 220 MW was first announced in May 2013.The plan, design and construction of the projectcommenced in 2016 and is expected to bedelivered across three 50 MW phases, and a final,70 MW, phase.The first phase, which is under construction, isexpected to be completed by the first quarter of2019, after which it will start feeding electricityinto the grid, based on a 30-year power purchaseagreement that GEP signed with the Myanmar’sMinistry of Electricity and Energy.In August 2016, GEP revealed that it had chosenChina Triumph International Engineering GroupSource: Consult Myanmarhttps://consult-myanmar.com/2018/07/03/basic-energy-buys-stake-in-2-thai-epc-firms-working-on-220-mw-myanmar-pv-project/

NewspapersConsult Myanmar

03 July 2018

PwC | July 2018 33

Puma Energy Earns 20 Percent of Myanmar’s Asphalt Market Share

Puma Energy stated it has obtained over 20percent of Myanmar’s asphalt market for pavingroads in Myanmar.The company received license for wholesale andretail fuel business in February 2017 and is sellingasphalt, various grades of oils, and jet fuel; amongwhich, asphalt sales is the most successful,according to Wai Hlyan Min, CommercialManager of Puma Energy.“We sell asphalt bulk. Currently, asphalt drumfrom Iran is commonly used. But as it needs to beheated when used, it is harmful to theenvironment. We sell it by competing in biddingby the ministry and other private enterprises,’’stated Hlyan Min.Asphalt specification of drum’s grade is 80/100while bulk’s grade is 60/70 and is said to be morecompatible with the country’s weather condition,he said. “We sell and distribute asphalt with 21trucks and are also expanding our market toMandalay, in addition to Yangon,’’continuedHylan Min.Puma Energy, which is selling asphalt inMyanmar using three asphalt tanks with the

capacity of storing 8,000 tons each, estimates theasphalt demand in Myanmar will reach up to100,000 tons every year.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/puma-energy-earns-20-percent-myanmar-s-asphalt-market-share

NewspapersMyanmar Business Today

03 July 2018

PwC | July 2018 34

Yamato launches cross-border trucking, relocation services

Japan's largest package delivery company has setup a US$500,000 joint venture in Myanmar tospecialise in Thai-Myanmar cross-border tradeand small-cargo delivery for households andbusinesses. Yamato Group through its Singapore-based subsidiary formed a joint venture (JV) withMyanmar firm Aye International Group Co (AIG)last December. Total capital for Yamato GlobalLogistics Myanmar Co (Yamato Myanmar) isUS$500,000, with Yamato owning 80 percent ofthe shares and AIG taking the remaining 20pc.Right now, the services offered in Myanmarinclude import/ export forwarding and cross-border truck transport from other Asiancountries. Inland logistics service and courierservice are in the pipeline “very soon”, accordingto Yamato’s President Masaki Yamauchi. YoheiKubo, managing director of Yamato Myanmar,added that the courier service will allow productsto be transported to retail shops and automobilespare parts to be distributed, as well as facilitatinge-commerce. The Tokyo-headquartered deliverygiant held the opening ceremony of theirMyanmar business unit in Yangon’s Melia Hotel

last month. Mr Yamauchi highlighted in hiskeynote speech that, as the company isapproaching its centenary in 2019, they arelooking for new markets to expand their businessbeyond Japan. ASEAN is a priority market andYamato already has a presence in Singapore,Malaysia, Thailand, Vietnam and Indonesia.Myanmar is the sixth country it enters.Mr Kubo explained that they will focus oninternational forwarding, “overseas movingservices” and cross-border logistics. “The corecompetence of Yamato Group is the fast transportof goods and products to all around the world andto the whole ASEAN. Therefore, there should becompanies around the globe which will combineexport services and tax clearance service,” he said.In addition, with more Japanese investmentsflowing into the country, Yamato targets thegrowing need for employees and businesses tomanage their relocation.Source: Myanmar Timeshttps://www.mmtimes.com/news/yamato-launches-cross-border-trucking-relocation-services.html

NewspapersMyanmar Times

06 July 2018

PwC | July 2018 35

New bus stops to give Yangon much needed facelift

FMIDecaux has commenced construction of aslew of new bus stops in Yangon, U Maung Aung,secretary of the Yangon Region TransportAuthority (YRTA) said this week. The first ofthese bus stops, located near Myanmar Plaza, isalready complete and open to the public.FMIDecaux, which is cooperating with theYangon City Development Committee (YCDC),will build a total of 350 bus stops for a totalinvestment of $13 million. “The government willalso be involved in relocating the new bus stops,”said U Maung Aung.FMIDecaux is a joint venture between firstMyanmar Investment Co, which is listed on theYangon Stock Exchange and advertising companyJCDecaux Asia(S). YCDC has granted FMIDecauxexclusive rights to advertise at the 500 bus stopsfor a period of 20 years.FMI will hold a 40 percent stake in the JV, whileJC Decaux will hold the remaining 60pc.The first contract in Myanmar will cover thedesign, installation, operation and maintenance of500 brand new bus shelters equipped with USBports and LED screens displaying the Estimated

Time of Arrival for public buses. It will alsoinclude Yangon city information signboards anddrinking fountains, according to FMIDecaux.All downtown bus shelters will be replaced within18 months.Importantly, the move will help give Yangon amuch needed facelift as the new bus stopsgradually replace many older ones. ‘’Because ofthis new bus stop project, we will need to movesome old bus stops elsewhere,” said U MaungAung.‘’This agreement will be the first of its kind inYangon. The cooperation of FMI and JCDecauxcan support the development and help themodernisation of Yangon after transforming thepublic transportation buses,” Yangon chiefminister U Phyo Min Thein said earlier this year.

Source: Myanmar Timeshttps://www.mmtimes.com/news/new-bus-stops-give-yangon-much-needed-facelift.html

NewspapersMyanmar Times

06 July 2018

PwC | July 2018

3. Weekly New Tenders

36

PwC | July 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 06 July 2018

PwC | July 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

ADB: Greater Mekong Subregion Health Security Project: Gender and Social Safeguards Expert -ICS5 Gender and Social Safeguards Expert (48118-002), Closing Date: 16 July 2018 (Individual)

ADB: Project Management Support for Southeast Asia Transport Projects, Closing Date: 11 July 2018 (Individual)

WB: Local Consulting Firm hiring - Training for Inle Professional Women’s Network, Closing Date: 11 July 2018

ADB: Financial Management Specialist - ICS9 Financial Management Specialist (48118-002), Closing Date: 16 July 2018 (Individual)

PwC | July 2018

4. MIC Permitted Projects

39

PwC | July 2018

MIC Permitted Projects (Meeting 8, 2018)

40

No. Name of Company Type of Investment Form of Investment

1 Summit SPA Motors Limited (Japan)Assembly, manufacturing and sales of container boxes

Joint Venture

2 Great Wall-Zhong Neng Co., Ltd (China)Manufacturing and sale of organic fertilizer and all kinds of fertilizer

Joint Venture

3Khin Maung Nyunt Steel Products & Galvanizing Co Ltd (Vietnam)

Production and marketing of galvanized products

Joint Venture

4 Myanmar Electrical Business Group Public Co., LtdManufacturing and distribution of porcelainand polymer insulators for high voltage electrical applications

Myanmar Citizen Investment

Source: DICA

PwC | July 2018

5. Upcoming Events

41

PwC | July 2018

Upcoming Events (July 2018) List

Date Location Name of Event Sector Price Focus Points

20-22 July 2018 YangonMyanmar International Tourism Expo

Hospitality Free

“The first edition of Myanmar International Tourism Expo (MITE) is organized by ICVeX, a professional exhibition organizer in Southeast Asia. It will be a platform for foreign tourism organizations or all related business to source Myanmar partners and for Myanmar people to discover new overseas destinations as well as limited-time exclusive offers.

42

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

PwC | July 2018

Upcoming Events (August 2018) List

Date Location Name of Event Sector Price Focus Points

02-04 Aug 2018 Yangon Builders MyanmarBuilding and Construction

Free

The event “features the presence of construction equipment, construction materials and goods, construction machines and tools, construction essentials, building materials and products, building equipment, building essentials and requirements and all products and services that are associated with the building and construction industry.”

17-19 Aug 2018 YangonMyanmar Retail Sourcing Expo

Retail Free

The event “features an exhibit of architecture, interiors, light & sound, window showcase, furniture, flooring, wall and ceiling, barcode, RFID, labelling, automation, internet retailing, safety equipment and material handling, cosmetics, personal care, fragrances, adult wear, kid wear, leather wear, shoes & footwear, accessories, electrical appliances, home decorative items, and much more.”

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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 Business Intelligence Publication

For further information please contact:

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

Brandon LyeDirectorbrandon.lye@sg.pwc.com

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