PWC MYANMAR WEEKLY BUSINESS INTELLIGENCE - ISSUE NO. 231 - 20 SEPTEMBER 2020
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PwC Myanmar Weekly Business Intelligence Issue No. 231 20 September 2020
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
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20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 2
PwC Myanmar Weekly Business Intelligence
MIC
Financial and Policy and Tender Upcoming
Issue - 231, 20 Sep 2020 Business
Infrastructure
Regulation Opportunities
Permitted
Events
Projects
Infrastructure
Infrastructure
Highlights
• “A second stock exchange, or pre-listing board, will be set up for the purpose of trading shares in
Transport
public companies that have yet to list on the Yangon Stock Exchange (YSX), said U Maung Maung
Win, who is Deputy Minister for Planning, Finance, and Industry” • Dala bridge construction suspended over COVID-19 cases
• “The Union Election Commission (UEC) on Monday rejected calls to postpone the November 8 • UK launches $3.4 million project to redesign two major streets in Yangon
general elections amid the worsening COVID-19 pandemic in the country.” • Daw Suu under pressure to drop car import licences for govt officials
• “Deutsche Bank is providing a US$43mn accounts receivable purchase facility to China National Energy
Technical Import & Export Corporation (CNTIC) for the construction of a power generation project
in Myanmar. • Half of CNG stations to be closed in Yangon amid COVID infection spike
• “Myanmar will extend a 2 percent withholding tax exemption on exported goods and import license • Deutsche Bank provides Sinosure-backed facility for Myanmar power project
fees until December to allow companies to manage their cash flows.“ • Myanmar, S. Korea Pledge to Step Up Cooperation on Trade, Investment, Energy
Real Estate
Financial and Business • Myanmar races to build field hospital as coronavirus surge stretches health system
• YCDC plans to implement Htantabin Industrial Park Project in year-end
• Myanmar to set up second stock exchange for public companies
• SEZs rake in $1.34 bln under incumbent government
• Withholding tax exemption extended until December in Myanmar
Waste and Water
• Border trade on hold as Myanmar, Thailand add restrictions
• Potable water, sanitation access improved in Myanmar
• Despite Current Economic Fallout in Myanmar, ADB Forecasts a Bounce
• Myanmar’s fintech firm NearMe raises 7-digit funding from Sumitomo Corporation
Other Infra
• Myanmar to focus on building up post-COVID-19 economy
Policy and Regulation • Fibre service providers see strong market amidst coronavirus crisis
• Carter Center Launches Election Monitoring Mission in Myanmar
• UEC rejects calls to postpone Myanmar elections
• No plans to delay tax hikes on unassessed income, Myanmar govt says
• Myanmar’s NLD Says Postponing November Election Would Lead to Chaos
20 September 2020
• As cases decline in Rakhine, residents hope for end to restrictions
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Financial and Business
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Financial and Business
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Myanmar to set up second stock exchange for public Myanmar aviation sector expected to become
companies profitable, but more pain ahead first
15 Sep 2020 27 Jan 2020
A second stock exchange, or pre-listing board, be established to fill this gap. Establishing this Myanmar’s aviation industry is betting on a more tourist attractions in the future,” U Kyaw Nyein.
will be set up for the purpose of trading shares in market creates the right environment for unlisted profitable future with the number of airlines now Air KBZ has also been expanding. Last year, it
public companies that have yet to list on the public companies and exposes them to new reduced to half compared to 2017 and demand upgraded its fleet of planes and announced new
Yangon Stock Exchange (YSX), said U Maung challenges and opportunities that raise their for domestic air travel expected to catch up with destinations to Dawei , Kaw Thaung , Myeik,
Maung Win, who is Deputy Minister for Planning, potential of listing on the YSX in the future," said supply. However, they will have to swallow more Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
Finance, and Industry as well as Chair of the U Yin Zaw Myo, Managing Director of the YSX. losses in the short term before things get better. airline, Myanmar Airways International, added a
Securities and Exchange Commission of The new board will be established with the There are currently five airlines in Myanmar, new Airbus A319 to its fleet, expanding its
Myanmar (SECM). However, no further details approval of the Ministry of Planning, Finance, down from ten three years ago. But even though capacity by 144 passengers.
were provided on when this would take place. and Industry and under the supervision of the there are fewer players now in the market, the Tanes Kumar, commercial director for Air KBZ,
"The pre-listing board is for investors to buy and SECM. volume of passengers flying domestic remains said even though the new routes are not yet
sell the shares of Myanmar public companies Although less stringent than listing on the YSX, below three million, according to government profitable, the main aim of adding new
that have yet to meet the criteria to be listed on public companies will also need to meet the data. destinations is to expand the airline’s network
the YSX," U Maung Maung Win said, adding that requirements of the second board before their At those levels, demand is not sufficient to cover and connectivity. “This gives passengers more
in other countries, secondary listing boards are shares are open for trading. the industry’s losses, U Kyaw Nyein, CEO of options and allows employees to learn new skills
common to enable companies that have yet to Discussions to establish a second stock Golden Myanmar Airlines (GMA), told The for more expansion in the future,” he said.
meet main board listing criteria to raise capital by exchange for public companies commenced last Myanmar Times in a recent interview.
selling their shares. year. The move is also expected to create an But profitability is possible in the years ahead,
This will be beneficial to small and medium-sized official platform for the trading of shares in making it a good time for the remaining airlines to Source: Myanmar Times
enterprises (SMEs) in particular, a they will have public companies. Currently, the shares are accelerate their plans for expansion to capitalise
https://www.mmtimes.com/news/myanma
the opportunity to raise capital, U Maung Maung traded in the over the counter (OTC) market, on future demand, according to a 2019 report by
r-aviation-sector-expected-become-
Win said. which is loosely regulated. the Centre for Asia Pacific Aviation.
There are currently more than 260 public Last year, GMA took delivery of a new aircraft, profitable-more-pain-ahead-first.html
companies registered under the Myanmar taking its current fleet of ATR-72s to three. “With
Companies Law. Only six public companies are the additional seats, we can now fly daily
listed on the YSX. Source: Myanmar Times compared to alternate days before. We will also
“Most public companies do not meet the criteria https://www.mmtimes.com/news/myanmar-set- extend our destinations to include more flights to
for listing on the YSX. So, a pre-listing board will second-stock-exchange-public-companies.html Dawei and Kaw Thaung, which could be potential
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Financial and Business
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Withholding tax exemption extended until December Border trade on hold as Myanmar, Thailand add
in Myanmar restrictions
17 Sep 2020 18 Sep 2020
Myanmar will extend a 2 percent withholding tax Trade at Tachileik, Shan State, the border town enter Myanmar, hundreds of vehicles are now
exemption on exported goods and import license between Myanmar and Thailand, has come to a stranded on the Thai side since September 17.
fees until December to allow companies to standstill now that Thai authorities are allowing “More than 200 small vehicles and more than
manage their cash flows. just six vehicles with a Myanmar number plate to 100 trucks are now stranded in Thailand. As we
The National Level Central Committee on enter Mae Sai in Thailand. export less goods to Thailand, it does not affect
Prevention, Control and treatment of COVID-19 The move was announced and made effective by us as much. However, their side is facing
has decided to extend the exemptions and reliefs Thai authorities on September 17 as part of difficulty as Thai exports to Myanmar are worth
until December. The Ministry of Planning and measures to prevent the spread of COVID-19. more than THB1billion per month,” he said.
Finance has also extended the deadline on Initially, the Thai authorities had said 168 trucks Although both sides had agreed in principle to
paying income and commercial taxes. The and one driver per vehicle will be allowed to implement COVID-19 restrictions simultaneously
Central Committee will issue instructions based cross the No.2 Friendship Bridge between the and only after negotiations, Thailand appears to
on the COVID-19 situation,” said U Khin Maung two countries. have set unilateral rules which Myanmar has
Lwin, assistant secretary of the Ministry of But as it will allow only six Myanmar cars to enter since reciprocated.
Commerce. Mae Sai a day, traders from Myanmar are “While border trade was going smoothly, they
The 2pc withholding tax exemption on exports planning to do the same. [Thai side] have started to break the agreement.
will be extended from September until December "To reciprocate, we’ll allow only six vehicles from Now, the Myanmar side is likely to ease the
and fees to renew import and export licenses the Thai side to cross over to Myanmar,” said U restrictions only when the Thais come and
nearing expiry will be temporarily extended until Sai Sai, chair of the Kyaing Tong-Tachileik negotiate after relaxing their measures,” said U
December, according to the Ministry of Border Trade Chambers of Commerce in Sai Sai.
Commerce in a September 15 announcement. Myanmar. Previously, an estimate of around 200 Toyota
Applications can be done online. Tachileik authorities have also issued new HiAce vehicles from Myanmar and more than
License extension applications for up to five restrictions and checks on Thai drivers at the 100 Thai trucks pass through the Mae Sai-
years will be made available although license border, such as requiring Thai vehicles to Tarchileik border trade gate on a daily basis.
extension fees will remain the same. Source: Myanmar Times register and obtain approval from the Myanmar
Import license application fees will be capped at https://www.mmtimes.com/news/withholding-tax- authorities before being permitted to trade in the Source: Myanmar Times
K 30,000 to the end of December as well. exemption-extended-until-december- country at a fixed date. https://www.mmtimes.com/news/border-trade-
Usually, the fees are K 30,000 to K 90,000 myanmar.html U Sai Sai said as Thai drivers are not allowed to hold-myanmar-thailand-add-restrictions.html
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PwC PwC Myanmar Weekly Business Intelligence 6
Financial and Business
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Despite Current Economic Fallout in Myanmar, ADB Myanmar’s fintech firm NearMe raises 7-digit funding
Forecasts a Bounce from Sumitomo Corporation
15 Sep 2020 16 Sep 2020
Although Myanmar’s GDP growth has fallen to year on year, said ADB. Myanmar fintech startup NearMe has raised a 7- NearMe was rebranded from 1-Stop, initially an
1.8 percent due to the effects of COVID-19, the It said manufacturing, especially garment digit US dollar funding from Japanese e-commerce platform for rural Myanmar
Asian Development Bank (ADB) has reported production, has been affected in both demand conglomerate Sumitomo Corporation to enhance launched by B2B fintech firm 2C2P.
that growth is forecast to bounce back to 6 and supplies. Cuts in new orders, supply delays digital payments access for its SMEs clients. 2C2P raised $52 million in equity funding from a
percent in 2021. and reduction of the workforce pushed the Founded in 2015, NearMe (formerly known as 1- consortium of investors including the
The bank’s Wellness in Worrying Times: Asian purchasing managers’ index down in April to the Stop) provides a retail digital services platform International Finance Corporation, Cento
Development Outlook 2020 forecasts Myanmar’s lowest reading recorded, the report said. for its retailers and agents, mostly SMEs, to do Ventures and Arbor Ventures last year. The
GDP growth for the fiscal year ending Sept. 30 It said agriculture is less effected by COVID-19 transactions such as goods purchases, loan company has set aside $15 million from the
will fall by more than a half due to COVID-19. than other sectors and has been supported by repayment, public utilities and flight and bus proceeds to make its own venture capital
However, the projected GDP would bounce back strong domestic and international demand. tickets, among others. The company claims to investments.
almost as dramatically, ADB said. “Growth in agricultural exports — mainly rice, have over 50,000 retail partners nationwide. Financial services in Myanmar are increasingly
It said growth will be supported by a stable beans and other pulses — accelerated by 19.5 The funding will enable NearMe to expand its evincing investor attention. This year, Wave
performance in agriculture, higher government percent in the first three quarters of the current digital solutions to help its retail partners adopt Money snapped up investments worth $150
spending and expansion in the fiscal year, from October 2019 to June 2020, and accelerate their digitisation process and million from Yoma Strategic Holdings and
telecommunications sector. over the same period of the previous fiscal year,” growth post-COVID-19, the startup said in a Alibaba‘s financial arm Ant Group. Meanwhile,
ADB reported Myanmar’s GDP growth at 6.7 it said. statement. DAWN Microfinance has secured a $7.5 million
percent in the last fiscal year before falling to 4.2 However, the bank warned that exposure to “We are seeing an accelerated digitisation of the commitment from Dutch development bank FMO
percent in April and 1.8 percent since June. extreme weather, such as flooding, still poses Myanmar economy during this time. The and Yoma Bank is raising almost $89 million
Since March, Myanmar’s economy has risks to growth. pandemic is spurring many small and medium- from GIC and Norfund.
significantly slowed down due to travel It reported on the sharp contraction in the sized companies to adopt digitisation much
restrictions and supply chain blockages. The garment industry as manufacturing exports in the quicker in order to grow their business and
garment industry, small- and medium-sized first three quarters of the fiscal year dropped year service their customers better,” said Lynn Htaik
enterprises, hotel and tourism and trade have on year by 4.4 percent. Aung, CEO at NearMe.
been hit badly by the pandemic. Source: The Irrawaddy The startup also said it will leverage Sumitomo’s
The tourism industry has been severely affected https://www.irrawaddy.com/news/burma/despite- network of affiliates to support NearMe’s retail Source: Deal Street Asia
since April. From October 2019 to July 2020, current-economic-fallout-myanmar-adb- partners, especially for digital payment https://www.dealstreetasia.com/stories/myanmar-
international tourist arrivals fell by 60.7 percent forecasts-bounce.html acceptance and B2B distribution. nearme-206948/
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Infrastructure
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Infrastructure Transport
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Dala bridge construction suspended over COVID-19 Myanmar aviation sector expected to become
cases profitable, but more pain ahead first
17 Sep 2020 27 Jan 2020
Construction works on the Dala bridge will be “Although the Korean company prohibited the Myanmar’s aviation industry is betting on a more tourist attractions in the future,” U Kyaw Nyein.
suspended after four Myanmar engineers from sick employees from doing work, the Myanmar profitable future with the number of airlines now Air KBZ has also been expanding. Last year, it
the construction team tested positive for COVID- company allowed them to continue on the site,” reduced to half compared to 2017 and demand upgraded its fleet of planes and announced new
19, U Tun Yin, regional Hluttaw MP from Dala, he said for domestic air travel expected to catch up with destinations to Dawei , Kaw Thaung , Myeik,
said. “The four positive cases are Myanmar engineers. supply. However, they will have to swallow more Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
“It is impossible to continue the construction We don’t know how many workers are at the site, losses in the short term before things get better. airline, Myanmar Airways International, added a
work. If we do not suspend work now, the virus and we’re not allowed to enter and we haven’t There are currently five airlines in Myanmar, new Airbus A319 to its fleet, expanding its
will spread to everyone. We decided to halt work seen anyone in quarantine yet. The site has down from ten three years ago. But even though capacity by 144 passengers.
on the bridge,” he said. been covered with 20-foot corrugated zinc there are fewer players now in the market, the Tanes Kumar, commercial director for Air KBZ,
“Three people had fallen sick last week, and sheets,” U Tun Win, head of People’s Hospital in volume of passengers flying domestic remains said even though the new routes are not yet
were encouraged to take the test. They initially Dala, said. below three million, according to government profitable, the main aim of adding new
didn’t want to take the test, and said they were "They [site workers] have no contact with the data. destinations is to expand the airline’s network
just feeling tired. Three days later the people. They have their own designated doctors At those levels, demand is not sufficient to cover and connectivity. “This gives passengers more
number of people complaining of symptoms and health care arranged by their company and the industry’s losses, U Kyaw Nyein, CEO of options and allows employees to learn new skills
increased to fifteen. We cannot confirm the exact they are not related to us. In short, we don't know Golden Myanmar Airlines (GMA), told The for more expansion in the future,” he said.
number of infections at this stage though,” he anything about them," he continued. Myanmar Times in a recent interview.
added. On the morning of September 16, nine more But profitability is possible in the years ahead,
Four out of a team of 15 have so far tested positive patients including those four Dala bridge making it a good time for the remaining airlines to Source: Myanmar Times
positive. engineers, tested positive. The number of accelerate their plans for expansion to capitalise https://www.mmtimes.com/news/myanmar-
“If these people had been tested early, it wouldn’t COVID-19-positive people in that township now on future demand, according to a 2019 report by aviation-sector-expected-become-profitable-
have been less of a problem. Although only four totals 30. the Centre for Asia Pacific Aviation. more-pain-ahead-first.html
workers have tested positive, the number may Last year, GMA took delivery of a new aircraft,
increase,” he added. taking its current fleet of ATR-72s to three. “With
The constructions project involves a Korean and Source: Myanmar Times the additional seats, we can now fly daily
a local company. U Tun Yin said that the https://www.mmtimes.com/news/dala-bridge- compared to alternate days before. We will also
Myanmar company may face legal action under construction-suspended-over-covid-19- extend our destinations to include more flights to
the Natural Disaster Management Law. cases.html Dawei and Kaw Thaung, which could be potential
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 9Infrastructure Transport
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
UK launches $3.4 million project to redesign two major Daw Suu under pressure to drop car import licences for
streets in Yangon govt officials
17 Sep 2020 17 Sep 2020
The British Embassy in Yangon has announced The engineering and consultancy firm, Mott Exclusive: Daw Aung San Suu Kyi’s government Pyi Taw.
a US$3.4 million project of the UK government to MacDonald, will lead the project with a team of is under renewed pressure to drop plans to If confirmed, the scheme would raise fresh
redesign two prominent streets in the city local and international specialists working in award tax-exempt car import licences to senior questions in the run-up to November’s general
yesterday. Under the ‘Myoe Lann Thar project’, close collaboration with YCDC and other officials. elections over the National League for
Pansodan street and Kyun Taw road will be government partners. The project team has now The Automotive Association, which is Myanmar’s Democracy (NLD) government’s willingness or
upgraded in close collaboration with the Yangon started its engagement with local residents, top industry body, and six European chambers of ability to reform a vast and powerful bureaucracy
City Development Committee. Consultations will distributing a newsletter in the communities commerce, have written to the State Counsellor which has had a reputation for opacity and been
also be held with local residents, businesses and around the chosen streets and launching the directly to complain about the possible revival of accused of corruption under decades of military
street users before implementing the project MyoeLannThar Facebook page to share updates the licence scheme. The letter, seen by The rule.
which will focus on gender equality and and gather feedback. Myanmar Times, warns of “unprecedented Association chair U Aung Win estimated that
inclusivity for ensuring that changes benefit all Daw Hlaing Maw Oo, the Secretary of YCDC, disruption” in the automotive industry and about 100,000 of permits would be issued if the
communities including people with disabilities, said, “YCDC is very happy to be part of Myoe damage to Myanmar’s foreign investment NLD government pressed ahead with the plan.
women, girls and those of all ages, according to Lann Thar. This project provides us the prospects if approved. Granting potentially 100,000 tax-free licences
the embassy’s press release. opportunity to work together to solve problems Under the controversial scheme, issued as a runs counter to the government’s stated priority
The assessments were conducted in selecting that we cannot do alone. In addition to the reward for long serving civil servants, imported to boost tax revenues, which was its justification
these two roads for the project. Pansodan street, support from the project, our city can gain vehicles would be exempted from custom duties, for its recent legalisation of illicit alcohol stocks.
in the downtown grid, is an important historic site, benefits by closely working with experienced income tax and road tax, bypassing car dealers With two months before voting, the timing also
while Kyun Taw road is a typical suburban road. local and international organizations as well as and showrooms. There were also no limits set by suggests that the licences could represent an
British Ambassador to Myanmar, Mr Dan Chugg, individuals. We hope we can all work together to the authorities in regard to the number of cars attempt by the ruling party to win over
said, “I am delighted that the UK will be using its solve the problems we face.” one permit holder could import. bureaucrats with a “carrot and stick” approach,
expertise in urban development to help The scheme was suspended earlier this year implying a combination of reward and
Myanmar’s cities grow sustainably, for the benefit following backlash from the public and business punishment in their reform agenda.
of all local communities. We hope this project groups.
can act as a model for the future of Myanmar’s Source: The Global New Light of Myanmar But the Automotive Association of Myanmar and Source: Myanmar Times
cities, and will demonstrate how urban https://www.gnlm.com.mm/uk-launches-3-4- EuroCham Myanmar told this newspaper that the https://www.mmtimes.com/news/daw-suu-under-
development can go hand in hand with social million-project-to-redesign-two-major-streets-in- government intends to implement the scheme pressure-drop-car-import-licences-govt-
inclusion and environmental sustainability.” yangon/ “any time soon”, citing unnamed sources in Nay officials.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 10Infrastructure Energy
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Half of CNG stations to be closed in Yangon amid Grab says it pumped $100M into Myanmar in
COVID infection spike four years
16 Sep 2020 12 Feb 2020
About half of Yangon CNG stations will be closed 1, Mingala Taungnyunt, Dagon Myothit Ride-sharing company Grab has invested over across the country this year, Toh said. GrabFood
because there is a high rate of infection of (Seikkan), Parami, Hlawga, Hlinethaya-2, US$100 million (K143.5 billion) in Myanmar in will be launched for local restaurants and
COVID-19 in Yangon Region, according to Shwepyitha-2 and Htauk Kyant. The shops will the past four years to strengthen its position on transportation partners in Mandalay this year.
Myanma Oil and Gas Enterprise in Yangon be open from 6 am to 6 pm. the local taxi market, a senior company official “Although food delivery is increasing locally, it
Region (MOGE). As per data provided by the CNG Division of the said Tuesday. still lags behind other countries. We have many
With positively spreading of COVID-19 in Yangon MOGE, Yangon Region has over 6,500 CNG Cindy Toh, country manager for Grab, said the opportunities,” said U Myat Kaung Min, head of
Region, only 21 out of 41 CNG stations will be buses, but only 4,000 buses come to fill the gas company will continue investing to further GrabFood Myanmar.
open while the remaining stations will be closed at the stations. The daily CNG consumption in improve the quality of its service in Myanmar. Grab For Good will be launched in Myanmar
temporarily. Yangon is 24.14 million cubic feet, and YBS “Grab will emphasise service quality and safety, soon.
The rest 21 CNG stations will be open from 6 am buses account for 13.41 million cubic feet of the not only technology,” she told a briefing. “We will In 2018, Grab launched its Grab Thone Bane
to 6 pm starting from today. total consumption. continue investing in expansion and partnerships (three-wheeler) service in Bagan and Mandalay
“We are giving priority to our public transport. to better the platform and expand the city, and Grab TaxiPlus service.
Previously, 35 shops were open 16 hours a day ecosystem.” More than 166 million people in 339 cities in
while six shops were open eight hours a day. Grab launched its service in Myanmar in July Myanmar, Vietnam, the Philippines, Thailand,
Now, only a few people are travelling inside the 2017, and has since introduced Grab Taxi Call Cambodia, Malaysia, Singapore and Indonesia
country and no foreigners because of COVID-19 service, Premium Rentals (Beat), and Grab have downloaded the Grab app on their mobile
outbreak. So, the consumption of the CNG has Food. phones. – Translated
dropped 50 per cent in a week. To be able to The company’s taxi service is popular and
prevent the spreading of COVID-19, only 50 per experiencing an increase of 10 percent in daily
cent of the staff are assigned at the stations. This rides in 2019 from the previous year, and adding
is the reason why these 21 CNG stations will more than 196,000 more precise location points
only be open from 6 am to 6 pm,” said an official in the Grab application.
from Yangon Region Transport Authority (YRTA). The number of businesses using Grab for
The 21 CNG stations are Insein, Ahlone-1, Source: The Global New Light of Myanmar Business doubled in 2019, and the most popular Source: Myanmar Times
Kyaikkalo, Thakayta-1, Dagon Myothit, https://www.gnlm.com.mm/half-of-cng-stations- destinations for rides were Myanmar Plaza, https://www.mmtimes.com/news/myanmar-
Bayintnaung, Pale, Hlinethaya, Danyingone, to-be-closed-in-yangon-amid-covid-infection- Junction City, and Yangon Airport. aviation-sector-expected-become-profitable-
Ahlone-2, Dagon East-1, Kyimyindine, Thanlyin- spike/ Grab will expand its services to other key cities more-pain-ahead-first.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 11Infrastructure Energy
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Deutsche Bank provides Sinosure-backed facility for Myanmar, S. Korea Pledge to Step Up Cooperation on
Myanmar power project Trade, Investment, Energy
15 Sep 2020 17 Sep 2020
Deutsche Bank is providing a US$43mn “We are proud to be involved in financing this Myanmar and South Korea have agreed to economic agreements on finance, trade and
accounts receivable purchase facility to China project, which represents essential electricity cement their economic cooperation, particularly investment cooperation, as well as on setting up
National Technical Import & Export Corporation supply to the electricity-challenged state of in the trade, investment and energy sectors, to the Korea desk and infrastructure projects.
(CNTIC) for the construction of a power Myingyan,” says David Lynne, Apac head of help Myanmar overcome the economic fallout However, implementation of some major projects
generation project in Myanmar. corporate banking at Deutsche Bank. “We look from the coronavirus pandemic. and activities has been delayed due to the
Backed by Sinosure, the facility will support a 90- forward to continuing to work with CNTIC and Speaking via videoconference during pandemic.
megawatt gas-fired plant in the Mandalay region VPower and to helping more corporations in this Wednesday’s first meeting of the two countries’ One of Myanmar’s largest economic partners,
of the country, for which CNTIC has been sector.” Joint Commission for Trade and Industrial South Korean investment in the country stood at
appointed as engineering, procurement and Cooperation, South Korean Trade, Industry and more than US$4 billion (5.3 trillion kyats) as of
construction (EPC) contractor. The plant is being Energy Minister Sung Yun-mo said his country August, according to the Directorate of
developed and operated by Hong Kong-based would boost investment and trade relations with Investment and Company Administration (DICA),
VPower under a five-year power purchase Myanmar despite COVID-19’s hampering of the the Myanmar government’s investment agency.
agreement with Electric Power Generation economy. Union Minister for Commerce U Than Myint said
Enterprise (EPGE), Myanmar’s state-owned The meeting aimed at finding ways for Myanmar he hoped economic cooperation with South
electricity company. This is not the first to expand economic ties with South Korea. The Korea would help Myanmar overcome its current
collaboration for CNTIC and VPower, who have a two sides exchanged ideas on pressing economic crisis.
long track record in executing power projects on economic issues between the two countries He added that Myanmar is willing to work closely
an expedited basis in the countries covered by relating to COVID-19. with South Korea in the trade, investment and
China’s Belt and Road Initiative (BRI). Sung said Seoul would help Myanmar’s products energy sectors.
The signing of the facility comes two years after reach the global consumer market by setting up
Evert-Jan Zondag, then-Apac head of structured a Korea desk in Myanmar, a single-window
and export trade finance at Deutsche Bank, system designed to help South Korean
signed a memorandum of understanding with companies and investors deal with administrative
Sinosure to strengthen co-operation between Source: Global Trade Review issues. Source: The Irrawaddy
both organisations on Sinosure’s guaranteed https://www.gtreview.com/news/asia/deutsche- The meeting follows South Korean President https://www.irrawaddy.com/news/burma/myanma
products, which support cross-border trade for bank-provides-sinosure-backed-facility-for- Moon Jae-in’s visit to Myanmar in September last r-s-korea-pledge-step-cooperation-trade-
Chinese companies in line with the BRI. myanmar-power-project/ year, during which the two sides reached major investment-energy.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 12Infrastructure Real Estate
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Myanmar races to build field hospital as coronavirus Grab says it pumped $100M into Myanmar in
surge stretches health system four years
16 Sep 2020 12 Feb 2020
Myanmar authorities are racing to build a field Decades of neglect by Myanmar’s formerly ruling Ride-sharing company Grab has invested over across the country this year, Toh said. GrabFood
hospital in the commercial capital of Yangon to military junta led the health system to be ranked US$100 million (K143.5 billion) in Myanmar in will be launched for local restaurants and
cope with a surge of coronavirus infections that the worst in the world by the World Health the past four years to strengthen its position on transportation partners in Mandalay this year.
doctors fear threatens to overwhelm the Organization in 2000, the last time it published the local taxi market, a senior company official “Although food delivery is increasing locally, it
country’s fragile health system. ratings. The health budget was around 0.3% of said Tuesday. still lags behind other countries. We have many
The Southeast Asian nation reported 307 new GDP prior to the start of democratic reforms in Cindy Toh, country manager for Grab, said the opportunities,” said U Myat Kaung Min, head of
cases of COVID-19 on Tuesday, its highest daily 2011. company will continue investing to further GrabFood Myanmar.
toll since the start of the pandemic in March, and As of March, the World Bank said Myanmar had improve the quality of its service in Myanmar. Grab For Good will be launched in Myanmar
another 134 on Wednesday morning, taking the just 383 ICU beds for a population of 51 million “Grab will emphasise service quality and safety, soon.
total to 3,636 cases and 39 deaths. and 249 ventilators, compared with 6,000 beds not only technology,” she told a briefing. “We will In 2018, Grab launched its Grab Thone Bane
Myanmar had gone weeks without a case of local and more than 10,000 ventilators in neighboring continue investing in expansion and partnerships (three-wheeler) service in Bagan and Mandalay
transmission before an outbreak in mid-August in Thailand, a country of 69 million. More ventilators to better the platform and expand the city, and Grab TaxiPlus service.
the western region of Rakhine that has spread have since been donated to Myanmar. ecosystem.” More than 166 million people in 339 cities in
across the country. Some Yangon doctors said the government’s Grab launched its service in Myanmar in July Myanmar, Vietnam, the Philippines, Thailand,
Three hospitals in Yangon, the site of most of the response had contributed to the shortage of 2017, and has since introduced Grab Taxi Call Cambodia, Malaysia, Singapore and Indonesia
cases and now under a second lockdown, have hospital space and treatment options. service, Premium Rentals (Beat), and Grab have downloaded the Grab app on their mobile
been repurposed to treat COVID-19 patients and Officials have asked people who want to be Food. phones. – Translated
the government is building a field hospital with tested to be hospitalised before undergoing swab The company’s taxi service is popular and
500 beds on a football pitch. tests, contributing to a shortage of patient beds, experiencing an increase of 10 percent in daily
“We have no more space to accommodate a said Kyaw Min Tun, who runs a fever clinic in the rides in 2019 from the previous year, and adding
huge outbreak,” Kaung Myat Soe, the chief of the city. “That is not necessary,” he said. more than 196,000 more precise location points
new temporary hospital, told Reuters on in the Grab application.
Tuesday, as construction workers labored on the Source: Reuters The number of businesses using Grab for
field. https://www.reuters.com/article/us-health- Business doubled in 2019, and the most popular Source: Myanmar Times
“The situation will get worse if we can’t accept coronavirus-myanmar/myanmar-races-to-build- destinations for rides were Myanmar Plaza, https://www.mmtimes.com/news/myanmar-
patients, that’s why we are building the shelters field-hospital-as-coronavirus-surge-stretches- Junction City, and Yangon Airport. aviation-sector-expected-become-profitable-
urgently,” he said. health-system-idUKKBN2671HO Grab will expand its services to other key cities more-pain-ahead-first.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 13Infrastructure Real Estate
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
YCDC plans to implement Htantabin Industrial Park SEZs rake in $1.34 bln under incumbent government
Project in year-end
18 Sep 2020 20 Aug 2020
The Yangon City Development Committee Foreign investments of US$1.348 billion have Economic Zones — Thilawa, Kyaukpyu, and
(YCDC) has planned to develop the Htantabin flowed into the Special Economic Zones (SEZs), Dawei. Out of the three, Thilawa is leading to
Industrial Park and Floating Market, which will be under the Special Economic Zone Law, over the better infrastructure and successful businesses.
constructed by 14 companies, at the end of this four years under the incumbent government, At present, more than 80 businesses are
year. “YCDC implemented the Htantabin according to the figures released by the operating in the Thilawa SEZ. The SEZ has
Industrial Park and Floating Market Project, and Directorate of Investment and Company employed more than 12,000 permanent workers,
the works of changing farmland documents of Administration (DICA). including permanent and construction workers,
remaining 11 farmers into Form-7 certificates are Between 2016-2017 financial year and as of according to the management committee.
underway,” said Htantabin Township Hluttaw July-end in the 2019-2020FY, 58 enterprises More than 60 per cent of businesses in Thilawa
Representative U Htay Maw. He added a total of from 17 countries have ploughed in $1.348 is domestic-oriented manufacturing enterprises.
210 factories will be constructed in the project’s billion, including $12 million valued domestic In comparison, 40 per cent are export-oriented
first two years according to MoU. investments by existing businesses, the DICA’s manufacturers, according to a press statement
The project will enable create job opportunities statistics indicated. issued by Myanmar Thilawa SEZ Holdings Public
that are needed during COVID-19 and will While the manufacturing sector has absorbed the Ltd in June 2019.
completely change the development progress of largest share of foreign investments, FDI has A company exporting at least 75 per cent of the
Htantabin Township, he added. The 2,237-acre also flowed into the trading, other services, production in value has registered as a Free
project will be implemented after the farmland logistics, hotel and tourism, and real estate Zone investor. It is exempt from paying corporate
documents of 11 farmers are changed into Form- sectors. tax for seven years from the time it starts
7 certificates. Japan has topped the list of foreign investors so commercial operations. Companies such as
The industrial park project will become a driving far, accounting for over 33 per cent of the overall logistics, which support export-oriented
force for economic growth of Yangon and will investment, followed by Singapore and Thailand. manufacturing, can also be listed as free zone
assist socio-economic development of the rural FDI has also flowed into the SEZs from the companies.
area by creating job opportunities. Republic of Korea, Hong Kong (SAR), the UK,
Source: The Global New Light of Myanmar Australia, the UAE, Malaysia, Austria, China
https://www.gnlm.com.mm/ycdc-plans-to- (Taipei), Denmark, Brunei Darussalam, Viet Source: The Global New Light of Myanmar
implement-htantabin-industrial-park-project-in- Nam, France, Switzerland, and the Netherlands. https://www.gnlm.com.mm/sezs-rake-in-1-34-bln-
year-end/ / Myanmar is currently implementing three Special under-incumbent-government/
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 14Infrastructure Waste and Water
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Potable water, sanitation access improved in Myanmar Grab says it pumped $100M into Myanmar in
four years
15 Sep 2020 12 Feb 2020
Myanmar people have better access to clean Daw Khine Khine Soe said the number of Ride-sharing company Grab has invested over across the country this year, Toh said. GrabFood
drinking water and flush toilets, according to a households with no toilet declined to 5pc in 2019 US$100 million (K143.5 billion) in Myanmar in will be launched for local restaurants and
government survey. from 14.4pc in 2014. the past four years to strengthen its position on transportation partners in Mandalay this year.
The 2019 census, conducted by the Ministry of The 2014 census said that Myanmar’s access to the local taxi market, a senior company official “Although food delivery is increasing locally, it
Labour Immigration and Population, found that improved sanitation slightly exceeded the said Tuesday. still lags behind other countries. We have many
82 percent of households had access to clean Southeast Asian regional average of 72pc. Cindy Toh, country manager for Grab, said the opportunities,” said U Myat Kaung Min, head of
drinking water, while 91.4pc had access to In the country’s states and regions, Yangon company will continue investing to further GrabFood Myanmar.
hygienic toilets. reported the highest access rate (91.1pc) and improve the quality of its service in Myanmar. Grab For Good will be launched in Myanmar
The survey results, released on August 31, Rakhine the lowest (31.8pc), the census found. “Grab will emphasise service quality and safety, soon.
defined clean drinking water as coming from It noted that while there may have been not only technology,” she told a briefing. “We will In 2018, Grab launched its Grab Thone Bane
protected sources, free of contamination, such as significant progress in access to potable water continue investing in expansion and partnerships (three-wheeler) service in Bagan and Mandalay
from pipelines, ground water, protected wells or and sanitation, much remains to be done to to better the platform and expand the city, and Grab TaxiPlus service.
springs, rainwater and purified water. achieve universal and equitable access to safe ecosystem.” More than 166 million people in 339 cities in
It said that the remaining 18 percent of and affordable drinking water for all by 2030. Grab launched its service in Myanmar in July Myanmar, Vietnam, the Philippines, Thailand,
households got their water from rivers, dams, Water, sanitation and hygiene urgently need to 2017, and has since introduced Grab Taxi Call Cambodia, Malaysia, Singapore and Indonesia
ponds, canals, water distribution drains, or other be prioritised globally, according to Olga service, Premium Rentals (Beat), and Grab have downloaded the Grab app on their mobile
sources. Ghazaryan, director of international programmes Food. phones. – Translated
Daw Khine Khine Soe, director of the for Water Aid. "Water, sanitation and hygiene are The company’s taxi service is popular and
Department of Population, said it was the first fundamental to all aspects of human experiencing an increase of 10 percent in daily
time that safely managed water and sanitation development," she said, adding it is also critical rides in 2019 from the previous year, and adding
indicators had been included in the census. to public health. more than 196,000 more precise location points
She said pipe water usage had increased from in the Grab application.
9pc to almost 17pc, and purified water had The number of businesses using Grab for
increased from 10pc to 22pc. Business doubled in 2019, and the most popular Source: Myanmar Times
"Total improved water usage rose from 72pc in Source: Myanmar Times destinations for rides were Myanmar Plaza, https://www.mmtimes.com/news/myanmar-
2014 to 82pc in 2019,” she added. Usage of flush https://www.mmtimes.com/news/potable-water- Junction City, and Yangon Airport. aviation-sector-expected-become-profitable-
toilets increased from 74pc to 85pc.” sanitation-access-improved-myanmar.html Grab will expand its services to other key cities more-pain-ahead-first.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 15Infrastructure Other Infra
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Myanmar to focus on building up post-COVID-19 Grab says it pumped $100M into Myanmar in
economy four years
18 Sep 2020 12 Feb 2020
Myanmar will focus on promoting and building up future investment plans and it could have an Ride-sharing company Grab has invested over across the country this year, Toh said. GrabFood
four sectors of the economy to weather the impact on the inflow of foreign direct investments US$100 million (K143.5 billion) in Myanmar in will be launched for local restaurants and
aftermath of COVID-19 and its impact on the into Myanmar, the ADB said in its report. the past four years to strengthen its position on transportation partners in Mandalay this year.
economy. Myanmar FDI approvals increased to US$4.3 the local taxi market, a senior company official “Although food delivery is increasing locally, it
U Thaung Tun, Union Minister for Investment billion for the three quarters ending June 2020 said Tuesday. still lags behind other countries. We have many
and Foreign Economic Relations and Chair of the from US$3.2 billion in the same period last year, Cindy Toh, country manager for Grab, said the opportunities,” said U Myat Kaung Min, head of
Myanmar Investment Commission (MIC), said with investors focused on power generation, real company will continue investing to further GrabFood Myanmar.
the country can respond effectively to the estate development, and manufacturing. improve the quality of its service in Myanmar. Grab For Good will be launched in Myanmar
economic fallout from the pandemic. But as developing Asia's GDP is now expected “Grab will emphasise service quality and safety, soon.
This can be done by promoting investments in to contract by 0.7pc in 2020, the region's first not only technology,” she told a briefing. “We will In 2018, Grab launched its Grab Thone Bane
new industrial zones, agriculture-based recession in nearly six decades, this could continue investing in expansion and partnerships (three-wheeler) service in Bagan and Mandalay
industries which support the whole supply chain, dampen future investment inflows into Myanmar, to better the platform and expand the city, and Grab TaxiPlus service.
health-related product manufacturing and the the ADB warned. ecosystem.” More than 166 million people in 339 cities in
digitisation of the economy, he said at a meeting The ADB forecasts that COVID-19 could slow Grab launched its service in Myanmar in July Myanmar, Vietnam, the Philippines, Thailand,
of the Investment Promotion Committee held on Myanmar’s economic growth to just 1.8 percent 2017, and has since introduced Grab Taxi Call Cambodia, Malaysia, Singapore and Indonesia
September 15. in fiscal 2019-20 compared to 4.2pc forecasted service, Premium Rentals (Beat), and Grab have downloaded the Grab app on their mobile
U Thaung Tun said there is a need to review the April. Food. phones. – Translated
Myanmar Investment Promotion Plan (MIPP) - a If all goes well though, Myanmar’s economic The company’s taxi service is popular and
long term national blueprint to draw investments growth is expected to recover to 6pc in the experiencing an increase of 10 percent in daily
into the country - in light of the adverse effects of coming 2020-21 fiscal year. rides in 2019 from the previous year, and adding
COVID-19 on the economy. more than 196,000 more precise location points
The meeting comes after the Asian Development in the Grab application.
Bank (ADB) warned that future investment The number of businesses using Grab for
inflows to Myanmar could disappoint Business doubled in 2019, and the most popular Source: Myanmar Times
expectations as a result of a weaker global Source: Myanmar Times destinations for rides were Myanmar Plaza, https://www.mmtimes.com/news/myanmar-
economy in the aftermath of the pandemic. https://www.mmtimes.com/news/myanmar-focus- Junction City, and Yangon Airport. aviation-sector-expected-become-profitable-
The COVID – 19 pandemic will affect investors’ building-post-covid-19-economy.html Grab will expand its services to other key cities more-pain-ahead-first.html
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 16Infrastructure Other Infra
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Fibre service providers see strong market amidst
coronavirus crisis
14 Sep 2020
The coronavirus pandemic has made the fibre- in the country, and only three to four are
optic market stronger, and the fibre internet successful.
usage has remarkably surged in Myanmar, The coronavirus made the peak internet usage
internet service providers in Myanmar said. into the new normal, in response to social
“Mobile internet usage had tremendously distancing requirements. The internet usage has
increased when the number of mobile users surged due to video conferencing, webinar,
started to rise. It outpowered fibre-optic internet online learning, online sales, real-time
then. Also, fibre internet was less popular than information access and service businesses,
mobile internet. During the coronavirus crisis, stated the internet service providers.
fibre internet usage sharply increased. It has
become essential for online learning and
businesses,” said U Thein Than Toe, CEO of
5BB Broadband.
Earlier, only four telecom operators were allowed
to provide fibre internet service. After the new
Telecommunications Law was enacted, private
fibre providers entered the market. That is why
fibre internet usage has increased. The benefits
of fibre internet are faster internet speed, and
unlimited data offers, while the mobile internet
costs as much as you use, said a fibre service
provider.
At present, about 200 companies have been
granted the licences to be engaged in the Source: The Global New Light of Myanmar
telecommunications industry, and 100 of them https://www.gnlm.com.mm/fibre-service-
are engaged in network service. However, there providers-see-strong-market-amidst-coronavirus-
are just about 25-30 broadband service providers crisis/
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 17Policy and Regulation
20 September 2020
18Policy and Regulation
Financial and Business Infrastructure Policy and Regulation Tender Opportunities MIC Permitted Projects Upcoming Events
Carter Center Launches Election Monitoring Mission Myanmar aviation sector expected to become
in Myanmar profitable, but more pain ahead first
18 Sep 2020 27 Jan 2020
The Carter Center, formed by the former US COVID-19 on the electoral process. Myanmar’s aviation industry is betting on a more tourist attractions in the future,” U Kyaw Nyein.
president Jimmy Carter, has launched its The center also plans to dispatch a delegation of profitable future with the number of airlines now Air KBZ has also been expanding. Last year, it
observation mission for Myanmar’s general short-term observers who will help assess the reduced to half compared to 2017 and demand upgraded its fleet of planes and announced new
election, although its specialist staff are currently voting, counting and tabulation processes if for domestic air travel expected to catch up with destinations to Dawei , Kaw Thaung , Myeik,
based outside the country because of COVID-19 travel and security permits are granted. supply. However, they will have to swallow more Sittwe, Kyaingtong, Hkamti and Loikaw. its sister
restrictions. In early September, the UEC approved 8,120 losses in the short term before things get better. airline, Myanmar Airways International, added a
The organization said its mission began when it domestic observers from eight civil society There are currently five airlines in Myanmar, new Airbus A319 to its fleet, expanding its
received accreditation from the Union Election groups and two international NGOs to observe down from ten three years ago. But even though capacity by 144 passengers.
Commission (UEC). On Nov. 8, Myanmar is set the November election. there are fewer players now in the market, the Tanes Kumar, commercial director for Air KBZ,
to hold its third general election – where the The UEC said it certified the People’s Alliance for volume of passengers flying domestic remains said even though the new routes are not yet
results are recognized – in nearly six decades. Credible Elections, Phan Tee Eain (Creative below three million, according to government profitable, the main aim of adding new
It said the monitoring operation will include a Home), New Myanmar Foundation, Rainmaker, data. destinations is to expand the airline’s network
core team of six specialists and 24 long-term Bago Observer group, Hornbill Organization, At those levels, demand is not sufficient to cover and connectivity. “This gives passengers more
observers. Kadu Youth Development Association, Election the industry’s losses, U Kyaw Nyein, CEO of options and allows employees to learn new skills
“Because of the exceptional circumstances Education and Observation Partners. The Golden Myanmar Airlines (GMA), told The for more expansion in the future,” he said.
created by COVID-19 travel restrictions, several international observers are from the Carter Myanmar Times in a recent interview.
core team experts are currently working remotely Center and Asian Network for Free Elections. But profitability is possible in the years ahead,
and Myanmar nationals will serve as long-term Some organizations reduced their election making it a good time for the remaining airlines to Source: Myanmar Times
observers,” the Carter Center said. observers due to COVID-19. During the 2015 accelerate their plans for expansion to capitalise
https://www.mmtimes.com/news/myanma
The monitoring and reporting by the long-term election, more than 11,400 domestic observers on future demand, according to a 2019 report by
r-aviation-sector-expected-become-
observers will be overseen and managed by the from 53 organizations and 764 international the Centre for Asia Pacific Aviation.
international specialists, according to the center. observers from six groups monitored the Last year, GMA took delivery of a new aircraft, profitable-more-pain-ahead-first.html
It said the mission will observe the electoral process. taking its current fleet of ATR-72s to three. “With
preparations and environment, including the Source: The Irrawaddy the additional seats, we can now fly daily
election administration, campaigning, openness https://www.irrawaddy.com/elections/carter- compared to alternate days before. We will also
of the political space, participation of women and center-launches-election-monitoring-mission- extend our destinations to include more flights to
ethnic minorities, social media and impact of myanmar.html Dawei and Kaw Thaung, which could be potential
20 September 2020
PwC PwC Myanmar Weekly Business Intelligence 19You can also read
