Myanmar – Italy cooperation talks
On October 23rd, a conference on Myanmar as a new frontier was promoted by the Italian Ministry of Foreign Affairs and Ministry of Economic Development, in collaboration with the OECD and the Institute Osservatorio Asia. The meeting which was attended by journalists and businessmen provided a realistic assessment of where Myanmar stands now, its many problems to address, but also its resources to offer. To quote some examples: the country´s population is at 90 per cent literate, with a young work force of over 20 millions, and the possibility to develop its vast potential of fertile land, of rich mineral deposits and energy reserves, especially of natural gas, which all need investments like also the communication and infrastructure sector. The general impression gained from the meeting is, that the Country is ready to move, but with very limited financial resources. Foreign finance should be attracted by streamlining the bureaucracy and the acquisition of a better knowledge of management, which the West can best offer.
Problematic Myanmar business rating
The World Bank’s “Doing Business 2014” report, which ranks 189 countries in 10 categories that measure the ease of doing business, placed Myanmar at 182nd, behind Zimbabwe (170th) and Venezuela (181st) and just ahead of the war-torn Democratic Republic of Congo (183rd). The poor ranking underlines the country´s need to improve its business environment for attracting foreign investment and cooperation.
For more: http://www.mmtimes.com/index.php/business/8654-myanmar-among-hardest-places-to-
do-business-says-world-bank.html
Modern banking practices taking root
Mastercard holders visiting Myanmar can use their debit cards for cash withdrawals from Co-operative Bank automatic teller machines (ATM) following the launch of services on Thursday, November 15. Services might be extended to credit cards based on customer feedback, if the Central Bank permits. Also Visa cards are already accepted at about 90 places operated by Co-operative Bank and Kanbawza Bank throughout the country according to Visa Inc., although reported IT problems are holding back operations.
• We welcome your comments on your personal experience with cash withdrawal from ATM.
For more: http://www.mmtimes.com/index.php/business/3158-mastercard-marks-first-atm-
transaction.html; http://www.mmtimes.com/index.php/business/3671-visa-s-service-moves-too-
fast-for-partner.html
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