Mobile Revolution in Myanmar (Burma)

Myanmar has seen massive growth in internet penetration, mobile phone adoption and social media usage in the past few years, spurred by the end of direct military rule and rapid opening up of its market after decades of isolation.

The consumer market in Myanmar has essentially bypassed the development stages seen in other economies and moved straight to digital and mobile, making the company a potentially interesting test bed for internet-enabled businesses.

The mobile phone penetration rate in Myanmar, which barely touched double digits in 2013, has now reached around 50% of its estimated 54 million population last year.

Myanmar Gold Price Leads World Market

The price of gold in Myanmar hit a record high this month, as global political and economic uncertainty pushes up the metal’s value on world markets, according to industry figures.

U Win Myint, secretary of the Yangon Region Gold Entrepreneurs Association said that the prices hit K812,000 per tical (0.576 ounces or 0.527 troy ounces) on June 16 – a new high.

The main factor behind the record was a strong rally on international markets, he said. The New York Spot Price for gold was below U$1100 per ounce in January, and finished last week above $1300.

Myanmar gold prices spent much of last year being driven by volatility in the kyat-dollar exchange rate. As the kyat fell sharply against the dollar people bought gold instead. Rather than track the price on global markets, as Myanmar gold usually does, prices in the local market skyrocketed.

Myanmar Company Registration Service

We provide Myanmar company registration services from either Bangkok or Yangon,
depending on your preference. Please contact us for a free consultation about your requirements of corporate secretarial service in Myanmar.

Myanmar offers two options to foreign investors registering a business entity in Myanmar. Such business activities that need substantial investments as manufacturing, construction, mining, hotels & resorts, agriculture and transportation have to be registered under the Myanmar Foreign Investment Law (MFIL) through the Myanmar Investment Council (MIC). The Myanmar Companies Act (MCA) allows foreign service providers to register companies for other services.

Aussie Miner Acquires Majority Stake in Sagaing Copper Project

Australian mining company Metro Mining has signed a joint venture agreement to acquire 80 percent of a copper project in Sagaing Region in Myanmar.

The Mahar San project is highly prospective for copper, gold and base metal mineralisation in Volcanic Massive Sulphide (VMS) settings, according to the company.

Google showing Myanmar Burma Map

Foreign Traders are being Encouraged to buy Gems and Jade

In what appears to be a bid to stimulate the market after last year’s disappointing results, foreign traders are being encouraged to buy gems and jade lots to be sold at the 53rd Myanmar Gems Emporium. The absence of Chinese buyers at last December’s emporium was linked to the poor sales, organizers said.

However, the foreign traders will also be asked to stump up bigger deposits, to help ensure that they complete the purchases they say they will make. Goods on sale also include gold and silver, pearls and sculptures.

U Than Zaw Oo, deputy director of the Ministry of Natural Resources and Environmental Conservation, told The Myanmar Times that local traders would have to deposit the same sum as last year for the emporium, to be held in Nay Pyi Taw’s Mani Yadana Jade Hall.