Business news from Myanmar (24 Sept

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Subject: Business news from Myanmar (24 September 1999) 

MyaBuzz
Business news from Myanmar (24 September 1999)

C O N T E N T S
0924-01 Interest Rates Cut
0924-02 Regional Seminar On Economic Cooperation
0924-03 Myanmar-Belarus Diplomatic Ties
0924-04 Season Of Exhibits In Yangon
0924-05 Local Co. Forks Over US$ 300,000 for Community Dev't
0924-06 German Industrialist Ass'n Holds Workshop
0924-07 Myanmar Statistics
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0924-01 Interest Rates Cut
**Myanmar Industrial Development Bank is cutting its interest rate by 2% on
loans starting from 1st October this year.

The current interest rate is 17% on long and intermediate term loans. The
interest rate cut is particularly welcoming for the industrialists.

0924-02 Regional Seminar On Economic Cooperation
**Thai Foreign Ministry and two Thai universities, Thammasat and
Chulalongkorn are sponsoring a 2 days seminar on economic cooperation and
future task for member nations of the BIMST-EC. The seminar will start in
the Thai capital Bangkok on 23rd September. Myanmar has sent an Information
Ministry Official to attend the seminar.

The BIMST-EC group is formed by Bangladesh, India, Myanmar, Sri Lanka and
Thailand.

Myanmar is also posed to join the proposed economic growth zone together
with the
Bangladesh, India, Myanmar, Nepal and Bhutan. Main concept of the
establishing growth zone is for greater cross-border cooperation amongst
the countries in the zone.

0924-03 Myanmar-Belarus Diplomatic Ties
**Myanmar and the former Soviet Republic of Belarus established diplomatic
relations at Ambassadorial level from 22nd September, a press communiqué by
the Myanmar's Foreign Ministry states.

Belarus is a traditionally industrial state; its main exports are
industrial goods, foodstuffs and chemicals. It imports mainly fuel, natural
gas, industrial raw materials and textiles. Myanmar imports mainly
machineries from abroad and its chief exports are teak, pulses, marine
products and textiles.

Earlier this month Myanmar and another European country Croatia established
diplomatic ties. Also recently Myanmar and three other former Soviet
republics Azerbaijan, Turkmenistan and Georgia started diplomatic relations
at the Ambassadorial level.

0924-04 Season Of Exhibits In Yangon
**After receiving encouraging signals from the earlier trade fairs,
organizers are arranging for a range of trade exhibitions in Yangon.

The exhibition organizer, Quartz International Company Limited is arranging
for Fashion Wear, Design & Consumer Products Fair '99 in Yangon on November
4 to 7,1999. The exhibition will display the range of design wear and
consumer products in 123 booths. Companies from Japan, Singapore, Taiwan,
China and India are expected to participate in the event.

This September, Yangon staged two International trade fairs: International
Cosmetic & Consumer Products Expo'99 and International Exhibition
Yangon'99.  Both fairs were deemed highly successful based on the high
attendance it gathered.

0924-05 Local Co. Forks Over US$ 300,000 for Community Dev't
**International Fisheries (Taninthayi) Limited, participated in road
pavement works in the southern coastal province of Taninthayi. On 20th
September, the company inaugurated 12 bridges on the highway linking
Launglon to Kyauknimaw in the Taninthayi province. For the construction of
bridges the company spent over 10 million Kyats (US$ 312,500).

The Launglon - Kyauknimaw Highway will be the part of the national highway
linking Yangon and the southern most town of Kawthaung. Kawthaung is
Myanmar's southern border town to southern Thailand.

0924-06 German Industrialist Ass'n Holds Workshop
**A 3 days planning workshop on the business information and database
management system was started in Yangon on 22nd September. The workshop is
jointly sponsored by Myanmar's Chamber of Commerce and Singapore based
German Small Industrialists Association.

0924-07 Myanmar Statistics
**Every Friday Myabuzz will feature figures related to investment & trade.
>From time to time, Myabuzz will also include general Myanmar statistics
that will aid the investor in his decision-making duties:

1. Over 1,200 megawatts of electricity will be generated from the four
power plants in (1) Shweli northern Shan province bordering China; (2) Mon
province at the south and (3) Bago and (4) Mandalay provinces at the
central part of the country.

2. Forest Products Joint Venture Corporation Ltd is selling over 3,700 tons
of teak logs through sealed bidding.   Myanmar teak is internationally
popular for its quality. There are about 1.5 million acres of teak forest
in Myanmar.  Teak products are equally popular among local buyers.
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