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NAYPYITAW- Aung San Suu Kyi, Myanmar’s State Counsellor and Union Minister of Foreign Affairs, yesterday met with a delegation of the US-Asean Business Council to discuss US investment in Myanmar, economic cooperation and regional development. 
The Union Parliament has approved the Myanmar Companies Act allowing foreign companies to buy up to 35 per cent of domestic companies. The Act was signed on December 6 by the President.
From 1988-89 fiscal year to the end of October of 2017-18 fiscal year, the total US investment was US$376.89 million (513.67 billion kyat), according to the Myanmar Investment Commission.
Moreover, Myanmar received $331.14 million in cash assistance from around the world. Of that, over half or around $170 million had been received from the US. The Myanmar Ministry of Health and Sports and the Ministry of Education received the largest portion of international aid.
Investments from 24 countries were approved from April to August this year, totalling over $3.69 billion in nine economic sectors.
The Public Budget Cooperation Committee discussed the “Doing Business” 2018 report released by the World Bank and the International Monetary Fund. The report recognised Myanmar’s actions in screening investors, issuing registrations for facilities, supplying electricity, and encouraging new businesses. The report called for ongoing reform in the areas of loans, taxes and border tariffs.
The visiting delegation was led by Ambassador Michael Michalak, senior vice president and regional managing director of the US-Asean Business Council. The meeting was held at Ayeyawady Hall of the Ministry of Foreign Affairs (MOFA) in Nay Pyi Taw, according to the ministry.
Also at the meeting were Kyaw Win, Union Minister of Planning and Finance, Kyaw Tin, Union Minister of International Cooperation, Deputy Commerce Minister Aung Htoo and officials from MOFA. Also there were representatives of Abbott Chevron, Exxon Mobile Ford, GE, Jhpiego, Master Card, Microsoft Visa, Coco-Cola, Banker and McKenzie Kimberly-Clark. – Myanmar Eleven

DAWEI ECONOMIC ZONE FOCUS OF PROGRESS MEETING

The Myanmar-Thailand Joint Coordinating Committee (JCC) for development of the Dawei Special Economic Zone (DSEZ) will hold a meeting during December 21 to 22 to see the progress of the Dawei project, according to the National Economic and Social Development Board secretary-general Porametee Vimolsiri.
The meeting result will be forwarded to the Joint High Level Committee overseeing the project, which will hold a meeting in January.

IoT ADVANCEMENTS TO BOOST SMART MANUFACTURING

GUANGZHOU -– The rapid advancements in Internet of things (IoT) technology will accelerate the deployment of smart manufacturing in China, company executives said on Friday.
Till Reuter, CEO of German robotics company Kuka AG, said automated machines have already been widely applied in sectors such as the automobile industry. As it becomes more cost-effective to apply technologies such as IoT and artificial intelligence, an increasing number of factories would be upgraded.
“But machines should help men rather than replace men. This is the most important point for our development,” Reuter said at the 2017 Fortune Global Forum in Guangzhou, Guangdong province.
Chinese home appliances maker Midea Group acquired Kuka earlier this year. The two companies are making steady progress in deepening product cooperation, Reuter said.
Borje Ekholm, president and CEO of Ericsson, said the development of 5G technology will help connect more things to the Internet and help make factories intelligent.
“It will allow more flexible manufacturing process, and enable companies to mass-customise rather than just mass-produce products,” he said.
China is investing heavily in 5G, which is seen as a critical infrastructure in the country. The commercial deployment of the next-generation mobile communication technology will start around 2019 in China, Ekholm added. – chinadaily.com.cn