China's Wanbao signs new contract for controversial Letpadaungtaung copper-mine project
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China's Wanbao Mining Company signed a new contract for the controversial Letpadaungtaung copper-mine project in the central Sagaing Region last week, according to the Myanmar Investment Commission. The new contract gives 51 per cent of profits to the gov
“Profit sharing between Wanbao and Myanmar, environmental issues of the project and corporate social responsibilities will be revised in the new contract,” said Gen Yi.
Last year, police responded to demonstrations against the project’s environmental and social impacts with a brutal crackdown on November 29, using phosphorous against protesters.
A probe led by opposition leader Aung San Suu Kyi called for the contract to be reviewed, and for fair compensation to be provided for farmers of land confiscated for the project.
Three new international carriers to fly direct
Three new international airlines are planning to operate direct flights to Myanmar, according to a spokesperson from Yangon International Airport.
They are Thailand-based Nok Air and Business Air and Singapore-based Tiger Air. The airlines plan to start direct flights in September ahead of the peak tourist season.
“Their representatives came to discuss direct flights with us but there will be another step which includes negotiation with the Department of Civil Aviation,” said Win Ko, general manager of Yangon International Airport.
At present, 22 international carriers and seven local airlines operate in Myanmar.
Tourism investment soars beyond $180 bn
Local businesses have invested over US$7 billion (Bt217.7 billion) in less than a month in Myanmar’s hotels and tourism sector, according to the Directorate of Investment and Companies Administration.
The total investment of local entrepreneurs in the hotel and tourism sector reached US$175 billion as of June 10 then hit $183 billion on July 1, meaning that over $7 billion had been invested in Myanmar within 20 days.
The Myanmar Investment Commission (MIC) has granted permission for a Sanda Hotel on 3.6 hectares in the historic Bagan area.
There are currently 794 licensed inns, motels and hotels across the country. Among them, 22 hotels are being operated with foreign investment, four are joint ventures with international companies, six are state-owned and 762 are owned by private, according to Hotel and Tourism Department statistics from February 2013.
The MIC permitted Ayeyarwaddy Resorts and Lodges to construct an international hotel in Kamayut Township in March and the Grand Park Hotel to open its doors in Mandalay Region.
