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BUSINESS WEEKLY 14 NOVEMBER 2014

 

Ups & downs

The Burmese kyat was selling on Friday at 1024 to the US dollar, while buying at 1015. The price of gold stands at 640,000 kyat per tical. Fuel prices remain constant: petrol 820 kyat; diesel 950 kyat; octane 950 kyat per litre.

 

Thein Sein discusses development with Japanese PM Abe

Burma’s President Thein Sein held bilateral talks on Wednesday with Japanese Prime Minister Shinzo Abe as part of the East Asia Summit, which is running parallel to the 25th ASEAN Summit in the Burmese capital. According to an ASEAN spokesperson, negotiations centered on bilateral cooperation, as well as Japanese efforts to boost Burma’s education, human resources development, the construction sector, telecoms, SMEs, the Thilawa project, and Rangoon city transportation plans.

 

India –Burma talk business in Naypyidaw

Burmese President Thein Sein and Indian Prime Minister Narendra Modi discussed furthering bilateral trade between the neighbouring countries. India and Burma have agreed to cooperate in energy and natural gas sectors, small-scale industries development, human resource development, rural development as also socio-economic development in the Chin State and Sagaing region, which share borders with India.

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Japan to lend $285 million for development projects 

Japan has agreed to lend Burma US$ 285 million for development projects. This was affirmed by Japanese Prime Minister Shinzo Abe in a meeting with Burmese President Thein Sein in Naypyidaw, where the ASEAN summit is in progress. At the ASEAN- Japan summit held on 12 November, talks were held on promotion of trade and tourism, establishing a free ASEAN- Japan trade zone. Leaders also discussed the progress of the Thilawa SEZ zone, in which Japan is a major partner.

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Burma, WHO partner in Measles-Rubella vaccination campaign

The Burmese Ministry of Health announced on Sunday its plan to launch a nationwide measles-rubella vaccination campaign in January. Partnering with the World Health Organisation’s aim to eradicate measles in South East Asian countries by 2020, the Burmese health ministry is expected to provide vaccinations to more than 17 million people in the country.

 

Obama impressed with Burma’s ASEAN chairmanship

At the ASEAN-United States Summit in Naypyidaw, President Barack Obama lauded Burma’s chairmanship of ASEAN, claiming the country has “shown solid leadership on issues of critical importance to the entire region”. Heralding cooperation between the United States and ASEAN, he affirmed Washington’s commitment to the ten-country bloc, “both as an institution and as a community of nations bound by our shared interests and values.” On Friday Obama flies to Rangoon, where he will also meet Aung San Suu Kyi.

 

GE to help Burma improve gas power plants.

General Electric International Inc (GE) has signed a memorandum of understanding with the Myanmar Electric Power Enterprise under the Ministry of Electric Power, on the improvement of gas power plants. Currently the Burmese ministry operates18 GE built power plants, 7 Hitachi plants and 2 Mitsubishi plants.

 

TEEMA to invest $456 million in southern Burma

Taiwan’s Electrical and Electronic Manufacturers Association (TEEMA) will invest US$456 million to develop an industrial park in Southern Burma. TEEMA has already signed an agreement with its Burmese counterpart to obtain 1,400 hectares of land from the government, reported the Economic Daily News.