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Dawei economic zone meetings held

The Thai-Myanmar Joint High Level Committee (JHC) on Dawei special economic zone met for the first time on Monday in Bangkok to discuss infrastructure projects.

The meeting was co-chaired by Thai Deputy Prime Minister Kittirat Na Ranong and visiting Myanmar's Vice President Nyan Tun.

The Myanmar vice president is scheduled to leave Bangkok this evening but most of the Myanmar delegates will visit Chon Buri’s Laem Chabang industrial estate and Rayong’s Map Ta Phut industrial estate on Thursday.

Nyan Tun and Thai Prime Minister Yingluck Shinawatra met in the morning at the Government House to discuss the joint development of Myanmar's Dawei Special Economic Zone and its related areas.

Both leaders later witnessed the signing of documents formalising the Myanmar-Thailand Joint Committee for Comprehensive Development of the Dawei Special Economic Zone and its related projects.

Apart from JHC, a meeting of the Myanmar-Thailand Joint Coordinating Committee (JCC) Development in the Dawei Special Economic Zone was also held and co-chaired by Prime Minister's Office minister Niwattumrong Boonsongpaisan and Myanmar’s Industry Minister.

Deputy Prime Minister and Foreign Affairs Minister Surapong Tovichakchaikul earlier said the parties would discuss infrastructure projects, including the electrical power system, tap water, and the road and communication network. Both sides will consider details of investors in the project and how to invest for mutual benefit.

 

Draft condo law restricts foreign ownership

The draft condominium law will grant ownership rights to foreigners, but they will be limited to buying apartments that are six storeys and above, an official from the Ministry of Construction says.

Real estate prices are expected to rise due to the inclusion of foreign ownership rights in the proposed law, but this restriction could prevent prices from skyrocketing.

“According to the condominium bill, the owners will be able to sell their apartments to foreigners with no higher than 40 per cent of the market price.

These apartments have to be six storeys and above,” said Min Htain, the director general of the ministry.

Public housing started in the country since 1995 but no relevant laws have been enacted. This has resulted in problems between construction firms and residents.

The bill also covers other provisions related to construction, buying and selling, occupying, ownership, handover, quality control, ownership guarantees, the right to ownership of part of land and bank loan.

Shares of Myanmar firms in SGX on the rise

Share prices of Myanmar firms listed at the Singapore Stock Exchange rose two months in a row from September to October as a result of a more open economy.

Shares of property developer Yoma Strategic Holdings Ltd rose 9 per cent at S$0.485 by end of September. Yoma stock shares have jumped by nearly 80 per cent since the beginning of the year due to speculation that property prices will be high.

Share prices of Interra Resources, a Singapore-based oil and gas company, climbed by 5.1 per cent at S$5.1.

Shares of Ntegrator International Ltd, which won a contract for a communication system project, jumped by as much as 8.5 per cent.

Singapore is Myanmar's fourth largest trade partner. Myanmar had to rely on Singapore in trade activities as a buffer country during the period when Western countries imposed economic sanctions.

Trade volume between Myanmar and Singapore was US$3 billion in 2011.