Local Banks Cleared to Offer Unsecured Loans and Three-Year Mortgages

As of 1 February 2019, local banks in Myanmar will be permitted to extend credit to all businesses without the need for it to be guaranteed against existing assets (including land and property).  While financial institutions may charge a higher rate of interest rate on these unsecured loans than the national standard (13%), the applicable rate must not exceed 16% per annum. In a bid to boost the country’s residential property market, local banks have also been given approval to allocate up to 5% of their loan portfolio towards mortgages with a duration of three years or less.  All mortgages that extend above a 36-month period, however, must be approved by the Central Bank of Myanmar. Source: HKTDC

Myanmar Opens Up to Foreign Insurance Companies

The Ministry of Planning and Finance (MOPF) announced on 2 Jan that they are ready to grant permission to foreign companies wishing to operate businesses offering life and non-life insurance in Myanmar.  The move comes amid efforts to “accumulate the investment needed for the country’s economic development, and to develop the non-banking financial sector,” according to the official statement released by the ministry.  The ministry said it is now inviting expressions of interest and request for proposals from companies looking to operate here which will be assessed by Myanmar’s Financial Regulatory Department. The MOPF has specified that insurance companies must fall into one of two categories — life insurance and non-life insurance entities.  The ministry will allow up to three fully foreign-owned life insurance companies to operate here while life insurance companies with representative offices here are being encouraged to partner with local life insurers. Meanwhile, only companies offering non-life…

Myanmar Ambassador H.E. Thit Linn Ohn to China

Chamber's President Dr Lin accompanied Myanmar Ambassador H.E. Thit Linn Ohn to China in December, 2018. The group experienced HK-Zhuhai-Macau Bridge for round-trip and visited the bridge control centre situated in Zhuhai, China. H.E. Thit Linn Ohn, Myanmar Ambassador (5th from left); U Kyaw Zar Yar Lin, Consul of Myanmar Consulate General in Hong Kong (2nd from left); Dr K W Lin, President of HKMMCCI (3rd from left); Economic Counsellor of the Embassy of the Republic of the Union of Myanmar in Beijing (1st from left)  

HKMMCCI Annual General Meeting cum Luncheon 2018

Our Annual General Meeting cum Luncheon 2018 was held at Yat Tung Heen, Wan Chai on 6 December, 2018.  It's our honour to have Daw Myat Thuzar Than, Consul-General of the Consulate General of the Republic of the Union of Myanmar in HK and Macau SAR as our distinguished guest speaker. Distinguished guest speaker Daw Myat Thuzar Than, Consul-General of the Consulate General of the Republic of the Union of Myanmar in HKSAR. Representatives of Hong Kong Myanmar Manufacturers' Association ("HKMMA") including the Honorable Chairman and Director, Mr Ricky So, joined us to make new friends and connections.  Event participants broaden their access to new opportunities and gain different perspectives for future challenges in Myanmar.

Hong Kong’s Investment Promotion and Protection Agreements

A bilateral Investment Promotion and Protection Agreements (IPPA) between Myanmar and Hong Kong has been agreed, which is said to build on the country’s commitments under the terms of the multilateral Investment Agreement, which was signed alongside the Hong Kong, China – ASEAN Free Trade Agreement (HKAFTA).  The latest agreement, which comes into effect as of 1 January 2019, guarantees non-discriminatory treatment for Hong Kong-origin investments in a number of non-service sectors, as well as official protection for all other such investments. Investment Agreement: https://www.tid.gov.hk/english/ita/fta/hkasean/files/IPPAASEAN.pdf Source: Hong Kong Trade and Industry Department

China and Myanmar sign deal to develop new deep-sea port

China has signed a framework agreement with Myanmar to develop a new deep-sea port in Myanmar’s Kyaukpyu town, which is situated along the Bay of Bengal.  The deal follows years of negotiations associated with funding and other issues.  It was signed between a Chinese consortium led by state-owned conglomerate Citic Group and the Kyaukpyu Special Economic Zone Management Committee. The project will see the construction of two berths with a total cost of $1.3bn.  A new joint venture is set to be established to build and operate the planned port.  As part of the deal, China will provide 70% of the funding and Myanmar will provide a 30% investment in the project. Source: Ship Technology

Charity Exhibition of Myanmar contemporary artist U Aung Myint

We have the honour to work with leading Myanmar artist Aung Myint, whose works are collected by major institutions like Guggenheim and UBS collection, to put up the solo shows in Hong Kong to raise fund for the scholarship of Connecting Myanmar, an NGO in Hong Kong led by young professionals and students, which organizes various summer volunteer programs in Myanmar and the Thai-Myanmar border.  All profit from the sale go to the scholarship to fund students from Myanmar to study in Universities. Myanmar Consul-General in Hong Kong Daw Myat Thuzar Than, HKMMCCI, Hong Kong-Thai Business Council and Connecting Myanmar co-hosted a Cocktail Reception at Bonhams, One Pacific Place on 1 November, 2018. Richard Tao, Chairman of HKMMCCI gave his welcoming remarks to guests as a co-host (left) Mr Asi Mamanee, Consul-General of Thailand in Hong Kong and (right) Dr K W Lin, President of HKMMCCI Guest Diane Legge enjoyed U…

To mark the 40th Anniversary of China’s Reform and Opening-up, China Daily and Silk Road Economic Development Research Center jointly present the 4th edition of Belt and Road Conference which follows up on the theme of the new opportunities for Hong Kong in the Guangdong-Hong Kong-Macao Greater Bay Area development. The event was held on 29 Oct, 2018 at Grand Hyatt Hong Kong, which attracted more than 300 Consul-Generals, Government Officials, Business Leaders, CEOs, Academics and Media. Daw Myat Thuzar Than, Consul-General of Consulate General of the Republic of the Union of Myanmar in Hong Kong, Chamber's Chairman Richard Tao, President Dr Lin, Director Paul Tao, Ben Cheung, Organizaing Committee Member of Greater Bay Area Myanmar General Chamber of Commerce, together with members and friends represented the Chamber to attend. (Middle) Daw Myat Thuzar Than, Consul-General of Consulate General of the Republic of the Union of Myanmar  (Second from right) Mr Joseph Chan, Chairman of Silk Road…

Myanmar language on labels of imported goods soon a must

Imported goods in Myanmar face possible removal from the market if they don’t carry labels and instruction manuals in the country’s national language within six months, according to the Consumer Affairs Department. U Myint Lwin, director general of the department, said a directive will be released within a month requiring labels and instruction manuals of all imported products to be translated into Myanmar.  He told local media the directive is nearly ready and will be released as soon as some minor matters have been reviewed and finalized. The directive will take effect six months after its release.  Importers have a six-month grace period in which to work with their foreign suppliers to meet the new requirement. The directive is in line with the 2014 Consumer Protection Law, he said, adding that in the first stage, imported products can display instructions on a sticker but must eventually change the sticker to…

Hong Kong signs MOU with Myanmar on education co-operation and launches Belt and Road Scholarship (Myanmar)

The Education Bureau (EDB) of the Government of the HKSAR signed a Memorandum of Understanding (MOU) with the Ministry of Education of Myanmar on education co-operation on 26 October to enhance education collaboration between the two places.  The MOU was signed by the Under Secretary for Education, Dr Choi Yuk-lin, and the Deputy Minister of Education of Myanmar, Mr Win Maw Tun, by means of exchange of documents. The MOU provides a framework to facilitate strategic collaboration between the education communities of Hong Kong and Myanmar.  It covers initiatives including the provision of scholarships for students; exchange of expertise and experience; exchange of educational literature, teaching aids and demonstration materials; and exchanges of scholars, teachers, experts, students and other education personnel.  The main text of the MOU is available on the EDB website (www.edb.gov.hk/en/edu-system/postsecondary/policy-doc/index.html). The EDB also announced the launch of the Belt and Road Scholarship (Myanmar) with a view to attracting outstanding…