In 2018, the construction industry had a value of more than US$ 9.5 billion. Database on international labour standards. ASEAN Briefing is produced by Dezan Shira & Associates. Three Special Economic Zones close to Yangon, Kyauk Phyu and Dawei are currently being developed. Construction in Myanmar - Key Trends and Opportunities to 2023 report is published on June 6, 2019 and has 53 pages in it. It will attract gambling tourists from Thailand and China in particular as it is prohibited in those countries. As officially announced, individuals will be allowed to purchase the condominiums, but the issue shall be resolved for clearing-up the legal status. YANGON—Despite a global economic slowdown, the latest World Bank report projects a positive outlook for Myanmar’s economy due to accelerated reform implementation, infrastructure spending and investment in and liberalization of sectors such as wholesale and retail, insurance and banking. Stay Ahead of the curve in Emerging Asia. The country’s construction sector is only expected to grow in the coming years. As a member of the ASEAN economic bloc, Myanmar has become an increasingly Our subscription service offers regular regulatory updates, First article from this chapter and report. ICLG - Construction & Engineering Laws and Regulations - covers common issues – including making construction projects, supervising construction contracts, common issues on construction contracts and dispute resolution – in 21 jurisdictions. During the Invest Myanmar Summit 2019, several projects for international investors were introduced. Your email address will not be published. The status of company purchases is not clarified. Figure 1. including the most recent legal, tax and accounting changes that affect your business. Section 25 of the bill includes the tax reduction asked for by the industry. Nonetheless, after an initial property boom in the first few years after political and economic reforms began in 2011, Myanmar’s real estate sector has faced some challenges recently. A condominium is defined as part of a building with six floors or more on collectively owned land. This will cover the remaining units that are not considered as condominiums. Disrupted by Covid-19, will South-east Asia's super apps join forces? Yangon’s population is estimated to grow by 3 million within the next ten years requiring massive housing investments. Additionally, the Myanmar Central Bank has recently opened up the lending opportunities for foreign banks operating in Myanmar. 17 Feb 2020. The land where the project is developed must be registered as collectively owned land, where the owner of the units directly owns a share of the land. 1. Myanmar Building Construction Industry Databook Series – Market Size & Forecast (2015 – 2024) by Value and Volume (area and units) across 30+ Market Segments in Residential, Commercial, Industrial and Institutional Construction, Opportunities in Top 10 Ci In 2017, Myanmar’s State Counsellor and defacto leader Aung San Suu Kyi and China’s President Xi Jinping agreed, during a meeting in Beijing, to establish a new China-Myanmar Economic Corridor connecting Kyaukpyu and Kunming7. From The Report: Myanmar 2019 Since the beginning of Myanmar’s economic and political reform in 2011, the construction industry has experienced mixed fortunes. The construction industry in Myanmar is currently valued at approx. One major issue that has not been addressed by the government so far is finding suitable and undisputed freehold or grant land. Consequently, setting up a joint venture with a foreign share of maximum 35 percent is the most common way to get involved as a developer with full rights under the law. Myanmar’s macroeconomic performance improved in 2018 as recovery in the agriculture sector, rising oil and gas prices, and substantial growth in several manufacturing segments helped the country regain positive momentum. On 20,000 acres of land and with costs of US$ 1.5 billion, the project will create accommodation for 3 million and jobs for 2 million people. MYANBUILD 2020 IS BACK TO SPUR NEW OPPORTUNITIES IN MYANMAR’S BUILDING & CONSTRUCTION INDUSTRY. Post was not sent - check your email addresses! BuildTech Yangon will feature the latest in construction machines, construction vehicles and equipment, materials for building and construction, electrical and mechanical engineering: every 2 years Published: 11/08/2020 Explore any of the chapters below to select an article. Developers must deposit at least 20 percent of the total amount of the project in a bank account and can only sell units after 30 percent of the project has been completed. Save my name, email, and website in this browser for the next time I comment. ADB operations in Myanmar address the strategic areas of infrastructure connectivity, human capital and skills development, and structural and institutional reform to improve the inclusiveness of the country's economic growth. Since 2018 they are allowed to lend money to foreign companies and joint venture operations in Myanmar opening up the possibilities for businesses to get loans for construction projects. It prohibits foreigners from acquiring immovable property. The efforts by the government to clarify the law and to make investments easier shows success. In 2019, major laws like the real estate service law and the apartment law are expected as well as further clarification of the property issues for foreigners. Yangon's construction industry has come to a standstill following connectivity and transportation issues. In this issue of ASEAN Briefing magazine, we highlight the region’s export and import procedures for the ben... Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. The recently enacted Condominium Law and Rules have eased involvement in condo construction. In the fiscal year 2017–18, industry comprised of 31.6% of Myanmar’s GDP (services comprised of 42.2% and agriculture 26.2%). The infrastructure sector displays another major investment opportunity for foreign businesses. The act allows the establishment of casinos for foreigners and permits locals to work in them, however, not to gamble. In Myanmar, the enactment of the Occupational Health & Safety Law 2019 (“OHSL”) is a major step towards a safer workplace environment. Myanmar: Construction & Engineering Laws and Regulations 2020. This chapter contains interviews with U Han Zaw, Minister of Construction; and Serge Pun, Chairman, Serge Pun & Associates. This is a share of around 16.5 percent of the country’s GDP and a major driver of the economy in 2019. Set to take place at the Myanmar Expo Hall, in Yangon from 19 to 21 November 2020, over 200 … businesses establish, maintain, ... Kayin DICA is inviting 100% investment partners for the Construction of Silos for Crop Drying and Packaging in Myawaddy and Hpa-an Township of Kayin State. Provides access to the latest information on ILO international labour standards on OSH (such as ratification information, reporting requirements, comments of the ILO's supervisory bodies, etc. Total Trade of Myanmar from 2007 to 2016. $ 2200; January 2020; 170 pages; Report Description According to the report, the building construction industry in Myanmar is expected to record a CAGR of 12.8% to reach MMK 11127.0 billion by 2024. Since 2018, the availability of private loans to purchase property has supported the positive outlook of the construction sector. After growth rates of more than 10 percent in recent years, the Myanmar construction sector is ready for large investments. Myanmar’s economy is expected to register a 6.9 percent growth in 2019, following a previous slow down due to political reasons. Kang Wan Chern/The Myanmar Times The construction industry is hoping for lower taxes for the industry, which had been lobbied for last year but was not approved when the Union Tax Bill 2019 was submitted to Pyidaungsu Hluttaw on August 7. Myanmar Construction Industry Databook Series – Market Size & Forecast (2015 – 2024). As it is common with most developing markets, services have been increasing as a share of GDP and agriculture has declined in relative terms, though industry has been more or less steadyiii. Your email address will not be published. Ratification of ILO conventions. In 2017, the Korea Land & Housing Corporation (LH) and Myanmar’s Ministry of Construction signed a memorandum of agreement (MOA) for the project, which was approved by the Myanmar Investment Commission in February 2019. Previous Article « Singapore: Digitization of a Financial Powerhouse, Next Article The ASEAN Automobile Industry: Top Destinations for Manufacturers ». industry observers, the construction market was also stressed out by the progressive weakening of the Myanmar kyat since 2H 2016 since it relies heavily in dollar-denominated imports of materials and equipment. Although the government has recognised the economic multiplier effects of infrastructure development, some large-scale projects have been held up by bureaucracy and investor scepticism. The demand in Mandalay is especially high for property worth around US$ 300,000. Further, several industrial parks are planned in the country while in Yangon industrial parks are already under construction. With manufacturers considering alternative options to relocate due to the ongoing China-US trade war and the rising wages in China, Myanmar offers a promising economic environment for construction and real estate investors. The economy of Myanmar is one of the fastest growing economy with a nominal GDP of USD $76.09 billion in 2019 and an estimated purchasing power adjusted GDP of USD $327.629 billion in 2017 according to World Bank. Especially, infrastructure related projects are pushed by the government. Myanmar and ADB. Sorry, your blog cannot share posts by email. This may fire up the condo market as currently a large share of the local population has no financial means to purchase a condominium. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City and Jakarta. Myanmar's construction industry growth will remain robust over coming years as the government seeks to address significant infrastructure deficits and foreign investment flows into the transport and real estate sectors. We have moderated our growth expectations for 2017, 2018 and 2019 on the back of new data released from the World Bank and signs that the government wishes to scale … The country borders the two most populated countries in the world – China and India – its membership in the Association of Southeast Asian Nations (ASEAN) economic bloc makes it an increasingly interesting investment destination, including for those looking to invest in real estate and infrastructure construction projects. Fluor is another highly-ranked company, topping all construction firms in the … To become smooth transportation, low cost and save time for the goods due to the increases in the use of road network Facebook Twitter Linkedin 1 1 1 + 1 + 1 “Now is the time to be bold and ambitious” – State Counsellor H.E. With more foreign businesses eyeing the local market, industrial area development is a major driver of construction. For the 2020 estimate, GDP per capita in Myanmar will be USD $5142.20 in PPP per capita and USD $1,608.50 in nominal per capita Myanmar is opening its market to foreign investors in the construction industry for development.Myanmar’s construction industry is forecast to record rapid growth in the next five years, at an annual average rate of 10.37%, to grow from the current value of US$8.2 billion to US$13.5 billion in 2020.The government will also be investing US$26.8 billion under the National Transport Master Plan, … After growth rates of more than 10 percent in recent years, the Myanmar construction sector is ready for large investments. Lack of available data in 2012. Both of the major economic centers of the country, Yangon and Mandalay, have a strong demand for middle-class condominiums. Since the beginning of Myanmar’s economic and political reform in 2011, the construction industry has experienced mixed fortunes. Fluor Corporation. Daw Aung San Suu KyiThe Invest Myanmar Summit 2019 had the honour of … 26 June, 2020; Ministry of Health & Sports updated guidelines for offices, factories, workplaces and construction sites dated on 26-6-2020 (version-4). While manufacturing has At the present time, a new Apartment Law is being drafted and is expected to be enacted in the coming year. The registration of condominiums is subject to a fee and stamp duty applies as stated in the updated Stamp Act of 2014. International companies can only become co-developer in condominium projects. Previously, there was no specific law concerning occupational health and safety and the Factory Act 1951 was used as the principal legislation regarding worksite safety and health measure. Notify me of follow-up comments by email. A map showing the location of the proposed Korea-Myanmar Industrial Complex / KMIC website. Summary Prior to the outbreak of Coronavirus (COVID-19), Myanmar’s construction industry was expected to grow by 9.1% in 2020. Although the government has recognised the economic multiplier effects of infrastructure development, some large-scale projects have been held up by bureaucracy and investor scepticism. Myanmar’s No.1 International Building and Construction Industry Exhibition is back to host its 2020 edition and to spur new business opportunities for the sector. This chapter is from the Myanmar 2019 report. Due to the stringent measures taken by the government, however, with strict lockdowns and travel restrictions to contain the spread of the virus, construction activities were disrupted across the country. Required fields are marked *. Myanmar Conch Cement Co., Ltd. was incorporated by Anhui Conch Cement Co., Ltd. (China) and MYINT Investment Group. The dem… Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window), Click to email this to a friend (Opens in new window). The government plans to attract more Asian and over 1 million Chinese tourists, fostering this development. EuroCham Myanmar, together with leading European companies represented in the Construction and Infrastructure Advocacy Group, will be organising the EuroCham Construction Forum 2019 event. Several banks offer loan possibilities offering interest rates of around 13 percent. It addresses the city’s rising population and business needs. Better access to loans for developers, easier credits for tenants and expansions in tourism will facilitate fast growth in 2019 and beyond. Will RCEP help drive Asia’s Covid-19 recovery? Further, the New Yangon City Project presents a major opportunity for companies to get involved. International labour standards. Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues. Guidelines for Prevention and Control of the Coronavirus Disease 2019 (COVID-19) in Factories, Workplaces and Construction Sites. RIDER LEVETT BUCKNALL | Myanmar Report | JUNE 2019 3 In 2018, the Myanmar construction industry had a value of more than US$ 9.5 billion. ). In 2018, the construction industry had a value of more than US$ 9.5 billion. Find our research on the Bloomberg Terminal, Dow Jones Factiva, Eikon, S&P Capital IQ, LexisNexis and more. June, 18 2019 Construction work has begun onsite and vertical construction is scheduled to commence in 2021. Register now and also receive a complimentary 2-month licence to the OBG Research Terminal. NORMLEX. Construction, Power & Mining Myanmar will return for its 8 th edition, taking place 20 to 22 October 2021 at Myanmar Expo (ME), Yangon, Myanmar.. Construction, Power & Mining Myanmar 2021 is the 3-in-1 industry event for Building & Construction, Electric Power … Industry at a glance Myanmar is expected to draw foreign direct investments (FDI) totalling US$5.8 billion in the 2019-20 fiscal year beginning October 1, said U Thant Sin Lwin, Director General of the Directorate of Investment and Company Administration (DICA) and Secretary Please contact us at asia@dezshira.com or visit our website at www.dezshira.com. and grow their operations. This market research report provides information about Country Overview (Industry & Manufacturing), Construction, Industry & Manufacturing industry. US$ 2.8 billion and is expected to grow at a CAGR of roughly 9% until 2016 to reach US$4.2 billion. Singapore: Digitization of a Financial Powerhouse, The ASEAN Automobile Industry: Top Destinations for Manufacturers, An Introduction to Doing Business in Singapore 2019, Export and Import Procedures in ASEAN: Best Practices, Dezan Shira & Associates' Service Brochure, Emerging Opportunities in Myanmar’s Construction Sector. U Han Zaw, Minister of Construction: Interview, Investment incentives to boost growth in Myanmar construction and real estate, New Yangon city construction caters to Myanmar's growing urban population, Serge Pun, CEO, New Yangon Development Company: Interview, Foreign investment in high-quality real estate set to rise in Myanmar, New condominium law and credit bureau to raise growth in Myanmar real estate mortgages. The construction industry growth is expected to remain strong over the forecast period, driven by the government’s increasing expenditure on improving Myanmar’s public infrastructure, and the rising interest of domestic and foreign real estate developers on constructing residential units to meet the population’s huge housing demand. BUILDTECH YANGONBuilding Technology and Supply Expo for the Construction Industry. roughly US$3.4 billion and US$3.67 billion respectively. However, recent efforts suggest cause for optimism, including the large-scale urban development projects planned for Yangon and Mandalay, and the government’s assertion of its commitment to infrastructure development and public-private partnerships under the Myanmar Sustainable Development Plan 2018-30. The law will meet the ASEAN standards and ease the use of real estate agents for foreigners. Foreign individuals can own up to 40 percent of the total floor area of a condominium, however no individual may own more than 25 percent of the units. Meanwhile, large-scale real estate projects – particularly mixed-use developments – are nearing completion, which should improve investor confidence for current and future projects. Source: Chart made by the author based on data from U.S.Geological Survey Both of the major economic centers of the country, Yangon and Mandalay, have a strong demand for middle-class condominiums. This is a share of around 16.5 percent of the country’s GDP and will be a major driver of the economy in 2019. No details have been released, but the project is likely to include construction of a road and perhaps It took over the assets of No.33 Cement Factory (400 t/d production line), former No.3 Heavy Industries, Ministry of Industry in form of BOT. With the easing the banking sector and stamp duties, the number of loans issued and people that can afford to buy housing would increase quickly. ... No. The newly introduced project bank for infrastructure projects shall easily combine government initiatives with the private sector. This chapter includes the following articles. Under the law, a business license valid for five years may be purchased by the developer for around US$ 6,600. Construction industry is growing rapidly over the last 10 years as can be seen by the growth of cement industry in Fig. A Real Estate Service Law is planned to be enacted in the middle of 2019. With... Dezan Shira & Associates helps With the recently signed Gambling Act, the opportunities for investors to attract gambling tourists grow. Further, in conflict with the new Condominium Law, there is still the Transfer of Immovable Property Restriction Act of 1987 in place. This is a share of around 16.5 percent of the country’s GDP and a major driver of the economy in 2019. By Nan Lwin 18 June 2019 . Market Research Report Summary. Covid-19 and Myanmar: can the fledgling insurance sector adapt to the disruption? INVEST MYANMAR SUMMIT 2019 28-29 JANUARY 2019 • NAY PYI TAW, MYANMAR. The forum will feature a diverse outlook on the construction industry in Myanmar covering topics such as: Infrastructure Development, Heritage Preservation and Building Technology. The Commerce Department said that the November gain followed a bigger 1.6% rise in October and left construction spending up 4.4% through the first 11 … Explore other chapters from this report. Their operations about country Overview ( industry & Manufacturing ), construction, industry & Manufacturing ),,. Large share of the chapters below to select an Article $ 300,000 industry in.. 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