PwC Myanmar Weekly Business Intelligence Issue October 2017

Transcription

1 PwC Myanmar Weekly Business Intelligence Issue October 2017

2 1. Weekly Key Financial & Business News PwC October

3 Weekly Key Financial & Business News Headlines Frustration mounts as Kyaukphyu port negotiations stall Central Bank of Myanmar approves loans without collateral MCRB launches transparency initiative for construction sector MCRB director discusses Myanmar FDI and development in light of the Rakhine crisis Labour confederation wants new K6600 minimum wage PwC October

4 Weekly Key Financial & Business News Headlines Government to borrow K1 trillion from CBM to fund budget deficit 20,000 Applications Received For Government Housing Project Golden City opens grade-a office tower in Yankin New Laws on Employing Foreign Skilled Workers Change in fiscal year insufficient to address shortfalls in budget process PwC October

5 Myanmar Times Frustration mounts as Kyaukphyu port negotiations stall 16 Oct 2017 Kyaukphyu s Chinese investors have hit back at criticisms over their majority stake in a proposed deep-sea port in Rakhine. They emphasised that it was the Myanmar government who drew up the shareholder structure and that the ball is in Nay Pyi Taw's court to break the inertia and move the negotiations forward. Kyaukphyu is the location for a proposed Special Economic Zone (SEZ) which consists of an industrial park and a deep-sea port in Rakhine State. This mega project was dubbed as the "mini Singapore" by the Financial Times. In 2015, a consortium led by CITIC the won bid to develop both the port and the park. The consortium includes China Harbor Engineering, China Merchants, TEDA Investment, Yunnan Construction Engineering Group and Thailand s Charoen Pokphand Group. Consulted by Singapore Jurong and PwC, the consortium took part in the bidding and won the tender. Under the shareholder structure permitted by the government under U Thein Sein, China is to have an 85 percent stake in the deep-sea port, with Myanmar holding the remaining 15pc. The Chinese consortium, led by Chinese stateowned CITIC Group, is currently in negotiations with Nay Pyi Taw on the framework agreements of both components of the SEZ the industrial park and the deep-sea port. In an exclusive interview on October 12, Yuan Shaobin, executive president of CITIC Myanmar, expressed frustration over the negotiations, telling The Myanmar Times that talks have been ongoing for two years with little progress. The agreement for the framework is nearly ready, it just needs some progress to be approved, he said. But Mr Yuan stressed that the framework agreement merely serves as a small step forward and is not the target. The ultimate aim is to sign all the transaction documents which will enable work at the SEZ to commence. Source: Myanmar Times PwC October

6 Myanmar Times Central Bank of Myanmar approves loans without collateral 16 Oct 2017 Local banks are now permitted to extend loans without the need for collaterals, U Set Aung, Deputy Minister at the Ministry of Planning and Finance, told The Myanmar Times at the 5th Asia SME Conference in Naypyitaw on October 14. The Central Bank of Myanmar (CBM) has allowed local banks to provide loans without movable and resalable assets as collaterals provided the banks set the suitable risk management policies in place. The loan process will become complete when the banks can implement proper risk management, U Set Aung said. The development should serve as a welcome reprieve for many cash-strapped SMEs. In Myanmar, access to funds is the main barrier in the way of growth and development of small and medium enterprises (SMEs). This is because loans issued to businesses are approved based on collateral typically property or land - and are mostly over periods of just one year. As such, relaxing the loan collateral system is necessary to help more SMEs qualify for loans. Fund limitations Many SMEs say they are still hampered by the many limitations imposed when applying for loans though. For example, only those who have paid off existing loans and interest payments are able to apply for a second loan. It is like buying a car without fuel and it is impossible to drive without fuel. U Ngwe Tun, chair of Aung Nay Lin Tun Company which produces Nyan Gyi Shin coffee, told The Myanmar Times. Without capital, one small business cannot develop and expand. Today s world famous Apple Co. started as a small business. But they had the financial support which we don t have, said U Kyaw Win, president of Sinma, a furniture export firm. Source: Myanmar Times PwC October

7 Myanmar Times MCRB launches transparency initiative for construction sector 16 Oct 2017 The Myanmar Centre for Responsible Business (MCRB) has introduced the Construction Sector Transparency Initiative (CoST) to encourage more transparent practices and dealings in the construction sector. The CoST was established with input from the government, civil groups and businesses. For a nation to develop there needs to be transparency in every sector, MCRB Programme and Communications Officer Daw Phyu Phyu Zin told The Myanmar Times. Under the initiative, all tenders for public construction projects by the government will be scrutinised. The quality and cost of such projects will also be reviewed in accordance to standards set by the CoST to ensure transparency, she said. The regional government is showing interest in the establishment of CoST and Yangon Region Chief Minister U Phyo Min Thein has in the past said that it is a desired project. If the construction sector were to be transparent, it would bring benefits to the government, businesses and the citizens as fiscal spending will be openly conducted. It will bring many more foreign investments into the country when it is seen as transparent, Daw Phyu Phyu Zin said. Businesses will be able to compete openly for tenders without the need for bribes. Meanwhile, the tax revenues collected from the people can be used effectively and they will directly benefit from better roads and bridges, explained Daw Phyu Phyu Zin. Businesses will be able to compete openly for tenders without the need for bribes. Meanwhile, the tax revenues collected from the people can be used effectively and they will directly benefit from better roads and bridges, explained Daw Phyu Phyu Zin. Other projects currently being carried out by the MCRB include the Pwint Thit Sa project, also known as Transparency in Myanmar Enterprises, which was launched in Source: Myanmar Times PwC October

8 Mizzima MCRB director discusses Myanmar FDI and development in light of the Rakhine crisis 18 Oct 2017 Vicky Bowman is Director of the Myanmar Centre for Responsible Business and was previously a British diplomat in the country. Mizzima s Aung Thura sat down with Ms Bowman to discuss the FDI, development in light ofthe Rakhine crisis. You have witnessed Myanmar s transition, and you were also a diplomat to the country. Are you concerned now? I am concerned about the current situation and for the half million people who have left their homes to go to Bangladesh. I am also concerned for what it does to the transition in the country and we know that the government has very limited capacity to deal with the most pressing problems around economic reform and peace. On top of that there is the problem in Rakhine which they have really to focus on. So, it is a concern for people who want to see sustainable development in the country. Are you worried about the Myanmar investment climate because of the Rakhine situation? So, I think that there will be an impact on investment, but I think there will also be an impact on the more immediate situation like whether or not to people want to come and source their garments from Myanmar. And the garment sector is a big employer as is tourism because these are the kinds of decisions made in very short timeframes. I do not think it will have an impact on existing investment like oil and gas which is much more long term. But in terms of people looking to source products from Myanmar whereas two or three years ago it was we would say flavour of the month, very popular, some people have even said to me we don t want want to source Myanmar garments at all in our shops at the moment as it is too sensitive. The World Bank said that Myanmar s economy is expected to recover with some growth but also it worries about FDI because of the country s recent deterioration in security in Rakhine State. Does it negatively affect the investment flow? Source: Mizzima PwC October

9 Myanmar Times Labour confederation wants new K6600 minimum wage 19 Oct 2017 The Confederation of Trade Unions in Myanmar (CTUM), the country s largest workers organisation, will fight for K6600 daily minimum wages despite warnings by some businessmen that a minimum wage of K4800 could lead to closures of some businesses, said a senior CTUM official. U Win Zaw, a CTUM executive member said Tuesday, that workers could only keep up with the high cost of living if they are paid daily minimum wages of K6600. According to our survey, information and strategy, K6600 must be set up as the minimum wages in order to cover the daily cost of living of workers, he told reporters during a press conference in Yangon. This is what we will propose in the tripartite meeting on the minimum wages among representatives of the government, workers and employers, he said. U Win Zaw is the representative of the labour sector at the National Committee for New Minimum Wages, which was tasked to determine the next minimum wages in the country. The country s daily minimum wages, which was set in August 2015, was pegged at K3600 or K450 per hour. Union Labour Minister U Thein Swe said state and regional committees have proposed the new minimum wages to be between K4000 and K4800 during the meeting of the National Committee for New Minimum Wages held on October 2. But U Win Zaw said the proposed rate favour the employers and did not consider the difficulties faced by the workers due to high cost of living. We at CTUM will stick to our policy that the new minimum wage should be set at K6600, U Win Zaw said6. CTUM said it conducted a survey about the daily cost of workers from June to August in 2017 in order to determine the daily minimum wages. Source: Myanmar Times PwC October

10 Myanmar Times Government to borrow K1 trillion from CBM to fund budget deficit 19 Oct 2017 The government has requested for a loan of more than K1 trillion from the Central Bank of Myanmar (CBM) to fund the budget deficit for the fiscal year. The request was submitted to the Pyidaungsu Hluttaw on October 17. It also submitted a K.2.5 trillion supplementary budget proposal for the remaining months of the current fiscal year. In February, it had proposed spending of K20.9 trillion and revenues of K16.8 trillion in , leaving the fiscal deficit at an estimated K4.1 trillion. Currently, that deficit is around 4.38 percent of GDP, down from 4.94 pc in the previous fiscal year. The government must keep the deficit below the benchmark threshold of 5pc GDP. To fund the current deficit, it can borrow from both domestic and foreign sources. It is estimated that some K5.2 trillion will be needed, of which 66pc, or K3.4 trillion, is expected to be borrowed domestically, said U Maung Maung Win, deputy minister for Ministry of Planning and Finance. Up until 2015, the government turned mainly to the CBM for the domestic portion of the loan. Since then though, it has begun issuing bonds to raise debt to cover the deficit and lessen its reliance on the CBM. This is because inflation is pushed up when the CBM prints more money. When we borrow from the CBM, it has to print new notes. So, we have been trying to borrow more from the public since 2015, said U Kin Cho, Pyithu Hluttaw MP from Hlaingbwe constituency, Kayin State. Of the K3.4 trillion in domestic borrowings required, the government is aiming to cover up to 70pc, or around K2.trillion, through the sale of bonds and treasury bills. It will borrow the remaining 30 pc, which is at least K1 trillion, from the CBM, said U Maung Maung Win. U Soe Thein, deputy governor of the CBM, reaffirmed that the deficit will be fulfilled mainly through the sale of bonds and treasury bills to the public. He said the government will borrow from the CBM only if the funds raised from the public are insufficient. Source: Myanmar Times PwC October

11 Myanmar Business Today 20,000 Applications Received For Government Housing Project 19 Oct 2017 More than 20,000 public servants who are scheduled to retire in the next three years, have submitted applications to buy apartments in housing projects being built by the Department of Urban and Housing Development (DUHD) under the Ministry of Construction. The project is exclusively for public servants and will be completed in two years from the ground breaking ceremony which was held on August 27, 2017, U Min Htein, Director General of Department of Urban and Housing Development, told Myanmar Business Today last week. The Ministry of Planning and Finance has designated regions in Nay Pyi Taw, Mandalay, Yangon, and a few other states and regions as areas to receive government housing, according to the Department of Urban and Housing Development under the Ministry of Construction. The Yangon project area will occupy 183 acres between Shwe Li Road and Mya Nandar Road in Dagon Seikan township, while the Mandalay project takes up 30 acres in Magin village, and Nay Pyi Taw has 20 acres of land in Dakhinathiri township. The whole housing project will consist of 100 units with each unit having approximately 40 apartments for a total of 4,000 apartments to be constructed. In addition to the housing project in Yangon, schools, clinics, and markets will also be constructed. The Ministry of Construction will contribute to the cost of leasing units from their national budget and the Myanmar Construction Entrepreneurs Association will invest in for-purchase units. Ministry of Construction instructed the department to complete the housing project in Yangon for public servants by March of next year. Public servants who will retire in the fiscal year will be given first priority to buy apartments, Of the total number of applications received, 18,000 public servants applied for Yangon s housing project and the other 2,000 candidates applied for housing projects in other areas. Source: Myanmar Business Today applications-received-government-housingproject PwC October

12 Myanmar Times Golden City opens grade-a office tower in Yankin 19 Oct 2017 Golden City officially opened Golden City Business Center (GCBC),which is a four-storey office tower in Yankin township, Yangon, on October 17. The development has a net leasable area of around 150, 000 sq ft. Office rooms of around 1,044 sq ft to 12,755 sq ft in size are available for long term leases. Golden City is a $290 million luxury condominium project which commenced development in March It is the first completed luxury condominium in Yangon. Phase 1 of the Golden City project comprising four residential towers was successfully completed and handed over in December GCBC will be added to this phase of the development. Phase 2 of the development, comprising three residential towers, are currently under construction and expected to be completed during the first quarter of Developed by Golden Land Real Estate Development Co, the grade-a GCBC is already 70 percent rented out to tenants including China International Trust Investment Corporation (CITIC) and Myanmar Fiber Option Communication Network. GCBC is openng at a time of a growing demand for office buildings in Myanmar. As the economy develops, existing firms are scaling up their operations and seeking new and bigger offices to expand. This has been evident among large office occupiers such as IT companies, legal and accounting firms or banking and finance, according to Colliers International. Meanwhile, small and medium-size enterprises are moving from non-office spaces such as condos or housing units and relocating to proper offices. GCBC is also ideally located in Yakin township, which is targeted by the Yangon City Development Committee (YCDC) as a proposed new business district in accordance with the Yangon City Master Plan s guidelines. Source: Myanmar Times PwC October

13 Myanmar Business Today New Laws on Employing Foreign Skilled Workers 19 Oct 2017 Companies wishing to employ foreign experts and technicians must submit a list of employees to the Myanmar Investment Commission (MIC) before seven days of their employment, according to the direction the Directorate of Investment and Company Administration (DICA) gave on October 3, Foreign Experts and technicians would include things like: engineering, consultants management level employees, etc. Companies are legally required to seek approval from the Myanmar Investment Commission before employing foreign experts and technicians. This list must include the work permit application form. Foreign experts and technicians personal information like passport number, nationality, occupation, employment duration; educational background, certifications and curriculum vitae (CV); the number of foreigners and locals employed by the company; and the company s most recent quarterly report, are all required information on the application form. Any company who employs foreign experts and technicians needs MIC s permission before they have confirmed the employment agreement with the foreigner, U San Myint, Deputy Director General of Directorate of Investment and Company Administration, said. After the approval from MIC, a company must submit the work permit to the Ministry of Labour, Immigration and Population. A stay permit is also required from the Township Administrator as well as visas, which can be obtained from the Immigration and National Registration Department, U San Myint said. The Departmental Coordination Team, which was established and is located at DICA in Yangon, provides one stop services, including the management of the procedures for employing foreign experts and technicians. The notification will be effective from October 21, 2017, and all foreign and local companies have to abide the notification, according to DICA. Source: Myanmar Business Today PwC October

14 Myanmar Times Change in fiscal year insufficient to address shortfalls in budget process 20 Oct 2017 While seen as positive, Nay Pyi Taw s proposed change of fiscal year alone cannot address the lack of flexibility in the annual budgeting process, according to businesses. The adoption of multiyear budgeting should be implemented instead. Lawyers, investors and financiers told The Myanmar Times that while changing the fiscal year could bring some advantage to the economy, changing the dates without improving the budgetary process or tax approach does not solve the major problems faced by the private sector. Last week, the government proposed to adopt an October 1-September 30 timeframe beginning from the fiscal year, while keeping the outdated single-year budgeting system. This would place Myanmar s fiscal year in line with that of the US, Thailand and Laos. A fiscal year is a period that a company or government uses for accounting purposes and preparing financial statements. Dating back to 1974, Myanmar s current fiscal year starts from April 1 and ends on March 31. Budget process While the proposed change will improve the situation for some companies in sectors like construction, it does not solve the wider budgeting issue. The lack of flexibility caused by annual budgeting is a significant problem prevalent among public construction projects. This is because ministries and departments pay them before March 31 every year, even if they have not completed their work. Otherwise the construction companies will not be paid until much later in the following fiscal year. That will delay projects and cause wastage. Changing the date cannot resolve this entirely. Nishant Choudhary, co-chair of legal advocacy group at EuroCham, said this affects the larger infrastructure projects in particular, as they probably cannot be completed within a year s span and are thus delayed under a new budget. Source: Myanmar Times PwC October

15 2. Weekly Investment News PwC October

16 Weekly Key Investment News Headlines M-development Corp signs Chanmyashwepyay project in Mandalay Chinese developer to invest US$390m in Mandalay project China s CITIC-led consortium to take 70% stake in Myanmar s $7.2b sea port EMIA scouts for strategic partners for co-investments, hits final close of $64m CLMDF II Japanese Investors Interested in Myanmar s Energy Needs PwC October

17 Myanmar Times M-development Corp signs Chanmyashwepyay project in Mandalay 16 Oct 2017 M-development Corporation (Myanmar) Co has signed a Build, Operate and Transfer agreement with the Mandalay City Development Committee (MCDC) to upgrade the Chanmyashwepyay (Kywesekan) Bus Terminal over a period of 50 years, at K3 billion per year. The terminal will be upgraded in accordance with international standards and built to function like an airport. Targeted to be complete in 2020, it will not only be equipped with new lounges, ticket sales centers and restaurants. The project will also include supermarkets, shops, hotels and condominium units, said U Myo Ko Ko, general manager of M-Development Corporation. The condominium will comprise of just five levels compared to the 12 levels originally allowed when the project was mooted in The condo will be permitted to be built up to 23.5 meters; or five levels now as there are also flight routes and airport activities to consider, he said. M-development Corp will invest up to $150 million in the project. Our company will pay K3 billion per year for 50 years for land rental. The land will be returned to MCDC when the term ends. So far, K20 billion for land rental has already been paid. However, we will enjoy a return on investment from the hotels and condo, said U Myo Ko Ko. Situated in Chanmyathazi township in Mandalay, the Chanmyashwepyay terminal is the main bus terminal in the region, connecting travel to all major destinations in the country including Yangon, Taunggyi, Kalaw, Nay Pyi Taw, Monywa, Hpa-An, Pyay, Bago and Lashio. As thousands of vehicles stop at the terminal on a daily basis, its yearly income is over K6 billion, said U Thet Naing Htin, joint secretary of MCDC. There are 245 gates at the terminal which covers an area of acres. The terminal is always busy with people and commodities transported by over 350express buses from 156 bus lines. Source: Myanmar Times PwC October

18 Consult Myanmar Chinese developer to invest US$390m in Mandalay project 17 Oct 2017 The Myotha Garden town project is being developed with the aim of attracting foreign investment. China s Mandalay Boashang Myotha Development Co Ltd plans to invest US$390 million in the Myotha Garden town project that is being jointly developed by the Mandalay regional government and Mandalay Myotha Industrial Development Public Co. Ltd. (MMID), sources said. The project near Myotha, in Nganzun township, Myingyan district is being developed on 10,000 acres of farmland and pastures acquired in 14 villages since The Mandalay Boashang Myotha Development company will invest US$390 million in the project, said Aung Win Khaing, chairman of MMID. The company is trustworthy and rich. We expected the project to finish in June next year. The investors will face difficulties if they have to lease land where they can build factories. They will build factories and will rent them to foreign investors such as those from Thailand, China and Malaysia. This will attract foreign investment. It had been planned that the project will be finished within three years, but the Myanmar Investment Commission increased the project time span to five years. The company will build 22 factories, including those for consumer products and farm products. The regional government has allocated 40 megawatts of electricity for the project and the company is now using 20 megawatts for the construction process. Five factories are already up and running at the complex for food processing, plywood production, biscuit production, cement production and for shoemaking. Source: Consult Myanmar PwC October

19 Deal Street Asia China s CITIC-led consortium to take 70% stake in Myanmar s $7.2b sea port 18 Oct 2017 China has agreed take a 70 percent stake in a strategically important sea port in Myanmar, at the lower end of a proposed range amid local concerns about Beijing s growing economic clout in the country, a senior government official said. Oo Maung, vice chairman of a government-led committee overseeing the project, said Myanmar had pushed for a bigger slice of the roughly $7.2 billion deep sea port, in western Rakhine state, in negotiations with a consortium led by China s CITIC Group. Agreement was reached in September, he said. Locals from Rakhine and communities across Myanmar think that the previous 85/15 percent agreement is unfair to Myanmar. People disagree with the plan and the government is now trying to make a better deal, he said. The new proposal has been sent to the office of Myanmar s Vice President Henry Van Thio for approval, Oo Maung said. But the two sides have not yet reached an agreement on financing details, he added, saying further negotiations were needed to move the project forward. Beijing-based CITIC, China s biggest and oldest financial conglomerate, did not immediately respond to requests for comment. Yuan Shaobin, executive president of CITIC Myanmar, told the Myanmar Times in an interview published on Monday that the company had agreed to a 30 percent stake, but also said more negotiations were needed to iron out the financing details. Reuters in May reported that state-owned CITIC had proposed taking a percent stake in the Kyauk Pyu port, a part of China s ambitious Belt and Road infrastructure investment plan to deepen its links with economies throughout Asia and beyond. China has been pushing for preferential access to the deep sea port of Kyauk Pyu on the Bay of Bengal, an entry point for a Chinese oil and gas pipeline that gives it an alternative route for energy imports from the Middle East that avoids the Malacca Strait, a shipping chokepoint. The port is part of two projects, which also include an industrial park, to develop a special economic zone in Rakhine. Source: Deal Street Asia 70-stake-myanmar-sea-port-84455/ PwC October

20 Deal Street Asia EMIA scouts for strategic partners for coinvestments, hits final close of $64m CLMDF II 18 Oct 2017 Emerging Markets Investment Advisers Pte Ltd (EMIA) is betting on investing in operating businesses as well as greenfield opportunities following its final close of $64 million for its latest fund, the Cambodia-Laos-Myanmar Development Fund II (CLMDF II). EMIA is pursuing experienced strategic partners for coinvestment opportunities, where it seeks to take a minority stake (25-40 per cent) in businesses. We look for companies with excellent growth potential that our investment and support can help to unlock, and which are profitable or nearly so, said Trent Eddy, chief investment officer of Emerging Markets Investment Advisers and founder of Emerging Markets Group Holding. We seek meaningful minority stakes, so per cent is probably the sweet spot. We want stakes where we have a role to play in governance, he added. So far, it has made six investments in Cambodia, Laos and Myanmar from the CLMDF II. EMIA is formed under Emerging Markets Group Holding, a Mekongfocused business consulting and investment firm. EMIA is currently in active discussions with several companies as they seek a longer term (10- year plus) commitment for a country like Myanmar before reaping the benefits of its PE investment. We have a long-term view a good market for PE investments will evolve over that time with like-minded PE players, said Eddy. However, EMIA has not yet specified the number of companies from Myanmar the second vehicle is looking at investing into. One of its investee companies in Myanmar is Oway, an online travel platform including an app-based ride hailing business. We can in principle invest in tickets up to about $9 million but our target size for a first investment is $4-5 million, said Eddy. However, if they see potential in companies that deserve a strong likelihood of a follow-on investment, they would prefer to close smaller deals in the $1-3 million range. We like to have some capacity to participate in follow-on investments up to our maximum if the company performs well and needs more funds to sustain its growth, he said. Source: Deal Street Asia PwC October

21 Myanmar Business Today Japanese Investors Interested in Myanmar s Energy Needs 19 Oct 2017 Japan is looking for investment opportunities in Myanmar s energy sector, according to Mr. Mitsuo Ido, Director of Mitsubishi Corporation (Yangon). The construction, energy, and mining sectors are the most attractive sectors for investors, and of them, the energy sector has the most potential, Mitsuo Ido, said at an event of Dialogue for Quality Infrastructure hosted by Myanmar Event Park, Mindama on October 12, Requirements for infrastructure development vary by the country: depending on the degree of the infrastructure development, the kind of infrastructure needed, as well as climate and environmental conditions. Infrastructure could be a long-term solution for sustainable economic development by using the most appropriate technologies to meet different requirements.japanese technologies meet such different requirements. Japan can contribute to Myanmar s infrastructure development by utilizing its advanced technological and infrastructure skills, as well as its impressive knowledge and know-how, according to the event. The construction sector in Myanmar is booming, and that mainly drives the country s economy. Building infrastructure is a part of nation s development, and capital investment is required to bolster the construction sector. Densely populated areas, the expansion of infrastructure and industry increases energy demand. Japan is planning to find cheap solutions to Myanmar s energy needs, Mr. Mitsuo Ido said. 80% of Myanmar s natural resources like oil and natural gas are being sold to China and Thailand, even though the local demand is not being met. Importing electricity is one option as a solution. Ports, bridges and power plants need to construct for a sustainable future that enhance individual and commercial income. Capital investment is not major problem for Japanese investors and we care about sustainable growth and management, Kazuyuki Takimi, Counsellor in the Japan Embassy of Myanmar, said. Source: Myanmar Business Today PwC October

22 3. Weekly New Tenders PwC October

23 Tenders (Myanmar Government) List Yangon Payment Service: Closing Date: 14 Nov 2017 Note: tenders information are collected from and PwC October

24 Tenders (Multilateral organizations) List TA-9324 MYA: Strengthening the Business Climate National Project Coordinator ( ), Closing Date: 20 Oct 2017 SC MYA: Housing Market Study in Yangon Region (Financial Sector Specialist) Closing Date: 23 Oct 2017 SC MYA: Housing Market Study in Yangon Region (Legal Expert) Closing Date: 23 Oct 2017 SC REG: Procurement and Project Management Specialist (Procurement and Project Management Specialist) Closing Date: 24 Oct 2017 SC MYA: Housing Market Study in Yangon Region (Housing Finance Specialist) Closing Date: 25 Oct 2017 Marketing/Communication Firm Lighting Myanmar Consumer Education Campaign Closing Date: 31 Oct 2017 Note: tenders information are collected from PwC October

25 4. MIC Permitted Projects PwC October

26 MIC Permitted Projects (Meeting 14, 2017) No. Name of Company Type of Investment Form of Investment 1 International Bulk Terminal (Thilawa) Co., Ltd Construction and operation of a river port terminal and related warehouse, silo and other logistics facilities Joint Venture PwC October

27 5. Upcoming Events PwC October

28 Upcoming Events (November 2017) List Date Location Name of Event Sector Price Focus Points Nov 2017 Yangon Myanenergy Energy Free Show exhibits a wide range of latest technology aided products and equipment related to the power industry. The leading industrialists will be present in this show to exhibit the respective range of modernized and productive range Nov 2017 Yangon Myanwater Water Free Will provide a platform to the technical and professional experts related to waste management industry. Attendees will get a scope to improve and enhance their knowledge by attending this international trade show 29 Nov 2017 Yangon Myanmar Satellite Forum & Exhibition Technology $750 An opportunity for the global and regional satellite industry to meet with invited guests from Myanmar in broadcasting, B2B, government and homeland security. The Forum is part of the CommuniCast Myanmar event. PwC October

29 PwC Myanmar Business Intelligence Publication For further information please contact: Jovi Seet Senior Executive Director Brandon Lye Director 2017 PricewaterhouseCoopers Myanmar Co Ltd. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers Myanmar Co Ltd, which is part of the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. 29