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Government Organizations and Agencies

The Myanmar Investment Commission (MIC) is the main government body for foreign investments.
MIC performs many duties, including investment promotion; screening, negotiating, and approving foreign and domestic investment applications; licensing; and monitoring investments. All prospective foreign investments are channeled through this organization, but in most cases the prospective investor must also deal with the respective ministry for that economic activity. For example, investors in the hotel and tourism sector will submit proposals and other requirements to the Ministry of Hotels and Tourism, and then go through the MIC's approval procedures. One of Myanmar's investment constraints is that it has not established any semblance of a one-stop service centre for prospective investors.

Contact information:
Myanmar Investment Commission
653/691 Merchant Street
Yangon
Tel: 951-282-101
Fax: 951-282-101
 
The Ministry of Commerce implements policies and regulations related to trade and commerce. Its main objectives are to 1) support internal and external trade activities; 2) facilitate commercial efficiency; and 3) promote export activities.

Contact information:
Ministry of Commerce
228-240 Strand Road
Yangon
Tel: 951-284-299; 284-184
Fax: 951-289-578; 284-823
 
Other useful contact information for government agencies is as follows:

Ministry of Agriculture 
Thirimingala Ln., Kaba Aye Pagoda Rd. 
Yankin Township, Yangon 
Tel: (951) 665-587
Ministry of Finance and Revenue 
26 A, Setmu Road 
Yankin Township, Yangon 
Tel: (951) 543-745
Ministry of Electric Power 
Theinbyu Road 
Botahtaung Township, Yangon 
Tel: (951) 220-923
Ministry of Energy
23 Pyay Road 
Lanmadaw Township, Yangon 
Tel: (951) 221-116
Ministry of Industry 1
192 Kaba Aye Road 
Bahan Township, Yangon 
Tel: (951) 566-066
Ministry Industry 
256 Kaba Aye Pagoda Road
Yankin Township, Yangon 
Tel: (951) 666-134
Ministry of Labour
Minister's Office, Theinbyu St.
Botahtaung Township, Yangon 
Tel: (951) 280-586
Ministry of Transport
363/421 Merchant Street
Botahtaung Township, Yangon 
Tel: (951) 296-815
Ministry of Hotels and Tourism
77-91 Sule Pagoda Road
Kyauktada Township, Yangon 
Tel: (951) 254-098
 


Chambers of Commerce and Other Business Associations
 
The largest and most dominant non-government agency responsible for the private sector in Myanmar is the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). It was established as the Burmese Chamber of Commerce in 1919 but became dormant during the socialist years when virtually all private enterprises were shut. The Union of Myanmar Chamber of Commerce was re-established in 1989 as a part of SLORC's first series of economic reforms, and then renamed once again in 1999 to its current form.
UMFCCI maintains four working committees: industry, agriculture, commerce, and administration/finance. Currently it has over 8,527 members comprising local and foreign firms and individuals. There are also 15 state and division chambers of commerce and industry under its umbrella and 17 business associations.
UMFCCI performs a wide array of activities and offers numerous services for its members and the private sector in general. Among its main activities are the following:
·  Articulate business news and views to the government and the public
·  Providing training courses on personnel, marketing, finance, and production management
·  Advising members about business opportunities at home and abroad
·  Sponsoring dispute settlement (arbitration)
·  Participation in government boards, councils, and committees
·  Interaction on day to day operations or on an ad-hoc basis to address issues affecting the private sector
·  Issuing commercial documents and certificate of origin for goods to be exported
·  Publishing newsletters, business directories, and trade inquiries
·  Organizing activities such as seminars, conferences, workshops, talks, and forums
The UMFCCI acts as the umbrella organization for all of Myanmar's business associations. The other 16 associations are:
1. Myanmar Rice Millers Association
2. Myanmar Rice and Paddy Wholesalers Association
3. Myanmar Edible Oil Dealers Association
4. Myanmar Forest Products and Timber Merchants Association
5. Myanmar Pulses, Beans and Sesame Seeds Merchants Association
6. Myanmar Fisheries Federation
7. Myanmar Industries Association
8. Myanmar Printers and Publishers Association
9. Myanmar Customs Clearing Agents Association
10. Myanmar Women Entrepreneurs Association
11. Myanmar Garment Manufacturers Association
12. Myanmar Mercantile Marine Development Association
13. Myanmar Computer Industry Association
14. Myanmar Pharmaceutical and Medical Equipment Entrepreneurs Association
15. Myanmar Construction Entrepreneurs Association
16. Myanmar Banks Association
I7. Myanmar Livestock Federation

Consulting, Accounting, and Law Firms

This section provides contact information for an assortment of consulting, accounting, and legal firms in Myanmar. However, the following information does not imply endorsement or recommendation.
As of 1999, there were 151 accounting firms, 104 business consulting firms, and 26 law firms in Myanmar, most of which are located in Yangon.

Consulting firms


Coopers & Lybrand 
Room #910 FMI Centre Pyay Road, 
61/2 mile Bogyoke Aung San Street Yangon 
Tel: (951) 664-993; 
Fax: (951) 665-209
SGV-Winthin Consulting Ltd 
Room #209, International Business Centre Yangon 
Tel: (951) 240-265, 240-400 Ext.1910 
Fax: (951) 246-867
Daw Khine Khine 
No. 299, Maha Bandoola Street 
Botataung P.O, Yangon 
Tel: (951) 245-876, 566-315
EDA Myanmar 
Kandawgyi Palace Hotel Kan Yeik Tha Road Yangon 
Tel: (951) 242-623; 
Fax: (951) 280-412

 

Law firms


Russin & Vecchi 
No.22 Wingaba Road, Bahan P.O 
Tel: (951) 541794/540995 
Fax: (951) 548835
LWA Consultants Ltd 
The Strand Yangon, 92, Strand Road, Kyauktada P.O 
Tel: (951) 254816/254817 
Fax: (951) 254818
Daw Khin Khin 
Advocate and Notary Public 
No.55, Maha Bandoola Garden St Yangon, 
Tel: (951) 286706
U Mya Thein, Central Court Advocate and Notary Public 
No.52, Maha Bandoola Garden St Yangon, 
Tel: (951) 277930

Financial Institutions

The legal and regulatory framework for Myanmar's banking and finance sector is contained in the Financial Institution of Myanmar Law. This law covers all financial institutions, including commercial banks, development and investment banks, finance companies, and credit associations.
Myanmar has four state-owned banks, 20 private banks, and 38 representative offices of foreign banks. Aside from the central bank, the state owned banks are set up to provide specialized services. The Myanmar Economic Bank offers conventional domestic banking services. The Myanmar Investment and Commercial Bank engages in domestic and foreign exchange transactions, while a third bank, the Myanmar Foreign Trade Bank, primarily handles foreign exchange transactions. The fourth bank is the Myanmar Agricultural and Rural Development Bank, which extends seasonal and term-loans for the agriculture and livestock sectors. Only the stateowned banks are allowed to deal in foreign exchange.

Central Bank of Myanmar

State-owned commercial banks

·  Myanma Agriculture and Rural Development Bank
·  Myanma Economic Bank
·  Myanma Foreign Trade Bank
·  Myanma Investment and Commercial Bank.

Private commercial banks

(i) Domestic banks (16)
·  Asia Wealth Bank Ltd.
·  Asia Yangon International Bank Ltd.
·  Co-operative Farmers Bank Ltd.
·  Co-operative Promoters Bank Ltd.
·  First Private Bank Ltd.
·  Innwa Bank Ltd.
·  Kanbawza Bank Ltd.
·  Myama Industrial Development Bank Ltd.
·  Myanmar Livestock and Fisheries Development Bank Ltd.
·  Myanmar May Flower Bank Ltd.
·  Myanmar Oriental Bank Ltd.
·  Myanmar Universal Bank Ltd.
·  Sibin Tharyar Yay Bank Ltd.
·  Tun Foundation Bank Ltd.
·  Yadanabon Bank Ltd. (Mandalay)
·  Yoma Bank Ltd.
(ii) Joint venture banks
·  Myawady Bank Ltd.
·  Myanma Citizens Bank Ltd.
·  Yangon City Bank Ltd.
·  Co-operative Bank Ltd.
(iii) Representative offices (38)
·  ABN-AMRO Bank N.V.
·  Arab Bangladesh Bank Ltd.
·  Bangkok Bank Plc.
·  Bank of Commerce (M) Berhad
·  Bank of Tokyo-Mitsubishi Ltd.
·  Banque Francaise du Commerce Exterieur
·  Banque Nationale de Paris
·  Brunei Investment Bank (BIB)
·  Credit Agricole Indesuez
·  Credit Lyonnaise
·  Daewoo Bank (Hungary) Ltd.
·  Dai-Ichi Kangyo Bank Ltd.
·  Deutsche Bank Aktiengesellschaft
·  Development Bank of Singapore Ltd.
·  First Commercial Bank, Singapore Branch
·  First Overseas Bank Ltd.
·  Global Commercial Bank.
·  Hana Bank
·  Hong Kong and Shanghai Banking Corp. Ltd.
·  ING Bank
·  Keppel Bank of Singapore Ltd.
·  Korea Long Term Credit Bank
·  Korea Exchange Bank
·  Krung Thai Bank Plc.
·  Malayan Banking Berhad
·  National Bank Ltd.
·  Natexis Banque
·  Overseas Union Bank Ltd.
·  Overseas-Chinese Banking Corp. Ltd.
·  Panin Bank International Inc., Nauru
·  Public Bank Berhad
·  RHB Bank Berhad
·  Societe Generale
·  Standard Chartered Bank
·  Sanwa Bank Ltd.
·  Sumitomo Bank Ltd.
·  The Tokai Bank Ltd.
·  United Overseas Bank Ltd.

Myanmar does not yet have a capital market, although some preliminary steps have been taken to explore the possibility of such a market.
With effect from March 1998, only two of the state-owned banks are allowed to engage in foreign exchange. Since the inception of the Foreign Investment Law in 1988, the official exchange rate has remained constant at 6 kyat to the US dollar for some business activities.
An important point about the financial sector in Myanmar is that in addition to the main currency, kyat, Myanmar also uses Foreign Exchange Certificates (FECs). FECs came into use in February 1993 and are exchangeable with US dollars, the British pound, or travellers' cheques.

Road network

Myanmar has over 27,800 kilometres of roads, but the quality of roads varies tremendously throughout the country. The major urban areas such as Yangon and Mandalay have suitable roads, but in many other parts of the country the roads are need of upgrading. However, numerous bridges are sprouting up in every region of the country to facilitate intra and international trade.

Air transportation

Myanmar has 4 international airports located in Yangon, Mandalay, Bagan, and Heho. Altogether there are 67 airfields/airports in the country. Myanmar Airways and Air Mandalay serve most of the domestic routes, and for international flights there are 15 carriers.

Railways

There is an extensive rail network in Myanmar. The 5,514-kilometre network links all of the major towns in Myanmar. The state-owned Myanmar Railways operates all passenger and cargo rail services through its fleet of 262 diesel locomotives, 42 steam engines, and thousands of coaches and wagons.

Waterways and ports

The country's extensive river network, which generally traverses in a north-south direction, enables large amounts of cargo and passengers to travel via the waterways. The main obstacle, though, is that many of the main rivers are not navigable through their entirety. The state-owned Inland Water Transport Company is the major carrier, but private companies also operate cargo and passenger transportation.
Yangon's port handles 90 per cent of the country’s cargo, but there are eight other ports as well in various parts of Myanmar. The others are located in the Rakhine State (3), Ayeyarwady Division (1), Mon State (1), and Tanintharyi (3). Aside from Yangon Port, only two other ports (one in Rakhine State and the other in Ayeyarwady Division) handle international cargo. All of the ports are under the authority of the Myanmar Port Authority.
Myanmar does not offer direct overseas shipping to the United States and Canada, but transshipment arrangements can be made with the Nippon Liner Service of Japan. In addition to the state-owned Myanmar Five Star Line, four foreign shipping lines enter Myanmar’s ports.

Telecommunications

The telecommunication system in Myanmar is still under-developed. As of 1999, Myanmar had 190,600 telephones, 82 telegraph offices, and only 1,600 fax machines, but it does offer international direct dialing (IDD).
Mobile telephones are not yet widely available. Likewise, the Ministry of Telecommunications, Post, and Telegraph offers e-mail service, but the Internet is still not available anywhere in the country.

 

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