Category Archives: Business

IFFCO Signs MOU with Sikkim to Diversify its Business

Dr U S Awasthi
Dr. U S Awasthi, Managing Director, IFFCO

With wide-ranging business interests and models, India’s biggest processed fertilizer cooperative – IFFCO has expressed its plans to explore business possibilities and opportunities across the organic food market segment and food processing sector. Constantly striving to expand, diversify and mature its business canvas, IFFCO has inked an agreement with the Government of Sikkim with an initial investment of Rs.200 crore, which shall increase to Rs.500 crore gradually.

In this joint venture, IFFCO shall hold the majority stake of 51 percent equity and 49 percent equity shall be held by the Government of Sikkim.

For this venture, the superlative technological expertise and innovative knowledge of Aquagri Processing Private Limited have been leveraged by IFFCO and Aquagri’s 50 percent shareholding has also been acquired for Rs.11 crore for the purpose of creating value additions in the food processing sector.

Reputed for harvesting natural sea plants, with particular emphasis on seaweed cultivation, Aquagri’s innovative solutions, apart from adding values to the industries of animal husbandry, food processing, and agriculture, are also a potential source of ameliorating community living through employment generation.

One of the significant engagements of Aquagri revolves around the development of organic product portfolio by making use of humic substances, bio actives and alternate sources of nutrition.

One of the pivotal products – a biostimulant – SAGARIKA, developed collectively by Aquagri and IFFCO, has been appreciated and valued by the farmers for espousing qualities that enhance crop productivity and is capable of resisting stress.

Capitalizing on this union, IFFCO is all prepared and energized to exhibit a variety of organic and nonchemical based products for crop nutrition. With the vision to enrich the entire northeastern region as a mega organic agricultural zone, Sikkim’s MOU with IFFCO has led the state in being responsible for facilitating the industrial level mass production and packaging of the organic products.

The accessibility and the reach of the products within the length and breadth of the northeastern region shall be taken care of by two IFFCO e-bazar centers in all the RainbowStates as planned by IFFCO.

Dr. U S Awasthi, Managing Director, IFFCO remarks, “Nobel ventures and good ideas which don’t result in profitable enterprises are quickly forgotten, as they are not sustainable. We are looking forward to exploring the organic opportunities across the country.”

First Foreign Company Set to Build Oil and Gas Supply Base in Myanmar

Oil and Gas Supply Base

Singapore‘s MOSB Limited -Myanmar Offshore Supply Base, has been granted authorization to set up an oil and gas supply base, becoming the first overseas company to do so in the Mon State of Myanmar.

Myanmar has welcomed this project with great energy and enthusiasm as it gets approved and endorsed by the Myanmar Investment Commission (MIC) and the Ministry of Electricity and Energy.

With this arrangement, the oil and gas industry in Myanmar is expected to boom and impact the communities around by furnishing employment opportunities as well as aid in providing infrastructure, health and education facilities. Also, the travel time shall get substantially reduced, thereby, enhancing efficiency and productivity.

The Executive Chairman of MOSB, Mr. Leonard Oh, stated, “The planned offshore supply base would reduce the traveling time for oil and gas companies with Myanmar operations, who would otherwise have to travel to Singapore or Thailand.”

Contributing to the growth and expansion of Myanmar’s economy, MOSB’s efforts and commitment to boosting business shall involve its investment in refining the expansive and widespread infrastructure, transportation and the associated telecommunications.

U Zaw Min Oo, Village Head of Waeka Li Village, Mon State believes, “This will support the local communities by creating a lot of job opportunities, and will most definitely improve our standard of living in many different ways.”

The joint venture between Two Fish Supply Base Limited of Myanmar and 2 Fish (SG) Pte Ltd of Singapore is represented by the MOSB company, engaged in abetting the growth plans of Myanmar.

World Bank appoints Ellen Goldstein as the new director of Myanmar, Cambodia and LAO PDR.

Miss Ellen Goldstein

Miss Ellen Goldstein has been appointed as the new director of Myanmar, Cambodia and Lao PDR by the World Bank. Miss Goldstein’s efforts in promoting peace, prosperity and ending extreme poverty would require her to foster partnerships and deepen relationships with client countries while strengthening economic reforms, to fulfill the roles and responsibilities of her position.

Miss Goldstein is a dual Master degree holder in International Economics and Development Studies from Princeton University, and in International Health and Population Dynamics from John Hopkin’s University.

She has held several meritorious positions prior to this recent appointment. These include – Director for the Western Balkans and Central Asia Region, Director for Bangladesh and Nepal. She has been associated with the World Bank for more than 30 years and has discharged key responsibilities.

Map of Myanmar

With Myanmar liberalizing its economy, welcoming global resources and aggressively connecting with global networks, the World Bank, in placing a Director in Yangon for the first time, has exhibited its deep, engaging interest in Myanmar’s transition to a market-oriented economy.

Miss Goldstein remarked, “I am honored to have been appointed to represent the World Bank in Myanmar, Cambodia and Lao PDR, and look forward to better understanding their unique histories and development paths.”
“Most recently, Myanmar, Cambodia and Lao PDR have seen the fastest economic growth in East Asia. Through our partnership strategy in each country, the World Bank will continue to support inclusive growth that benefits the poor,” stated Miss Goldstein.

With the US $ 2.17 committed by the World Bank in supporting more than 40 active projects in these countries, the World Bank’s inclusive growth mission to benefit the impoverished by providing access to health, nutrition and education facilities, is an integral part of these projects.

CEVA begins operations from its own office in Yangon

CEVA

World’s leading freight management and supply chain management company-CEVA, has opened its office in Myanmar’s capital, Yangon. Prior to this, it had been operating through a network partner in Myanmar. However, now, with its own establishment in Yangon, it has expanded its range, encompassing air and ocean freight facilities, leveraging its global system of One Freight System (OFS).

Myanmar is beaming with business and investment opportunities, and with CEVA‘s office in Myanmar, developing businesses are sure to reap benefits. Accentuating the ease in business flow through its effective supply chain solutions, operations and logistics, and with its proficiency in retail, industrial and consumer sectors, CEVA’s competitive professionalism shall certainly trigger business growth in Myanmar.

CEVA’s Managing Director Mekong Cluster states, “Myanmar is a country with real opportunities for growth. It has a population of 55 million people who are looking at companies like CEVA to provide supply chain services to support their developing business and meet their requirements. In the past, the country’s infrastructure has been a limiting and inhibiting factor but with our global network and more importantly, our experience in emerging markets, especially in this region, we are confident that with our own office and robust IT offerings, we can deliver options and solutions to the market and, at the same time, grow our commercial footprints.”

Revitalising and realigning its economic avenues post its democratic embrace, Myanmar’s export and import trade is expected to grow and escalate.

Worlds Bank Extends Aid to Myanmar by Two Years

The World Bank

Steadfast in its quest to mitigate poverty, unemployment, and to let the business climate of Myanmar keep buzzing with further opportunities, developments and investments, the World Bank has pushed the time frame of its Aid-Programme by two years to 2019, from the initially frozen 2017.

The Senior Economic Advisor of World Bank, Mr. Sjamsu Rahadja stated, “Since 2015, we have provided $3 billion in aid to Myanmar. We have made the commitment to provide aid for two more years after the agreement with State Counsellor and the Ministry of Finance and Planning.”

Driven by its primary goal of alleviating poverty, generating job opportunities and enhancing human capacity, the World Bank’s activities for the extended period involve – developing irrigated farmland spanning 10,000 hectares, electricity access to more than 3 million people and building bridges for connectivity in rural areas. In addition to this, scholarship programmes, preparing Extractive Industries Transparency Initiative Report for Oil, Mining and Gas Sectors, are also on the World Bank’s task-list aimed for 2019.

The Public Relations Officer of World Bank Myanmar, Mr. U Kya Soe Lin stated, “To be successful or unsuccessful, the project depends on the public, the beneficiary of the project. By receiving feedback from the public, we will keep working on the project and know what to make our priorities.”

The World Bank’s list of activities also includes disbursal of loan worth $500 million to private sector corporates.

Dentons Law Firm expands its presence in Yangon

Business expansion in Myanmar is driving most of the global company’s investment strategies. The organic landscape of possibilities and potentialities that Myanmar has become synonymous with, is leading global giants in every field to launch their set-up in this newly reformed country.

World’s largest and most renowned law firm – Dentons, has ushered in its presence in the capital city of Myanmar. Dentons in Myanmar shall work in close proximity with Singapore’s prominent law firm-Dentons Rodyk. The new Dentons office has been equipped with a team of seven lawyers and staff led by Mark Livingston, from Livingston Legal.

Global chairman of Dentons, Mr. Joe Andrew stated, “The economic development and democratization of Myanmar has opened up a wealth of inbound and outbound opportunities for our clients from within Asia and around the world.”

The provision of superior, well-structured and dependable legal services through the opening of Dentons Law Firm in Yangon shall catalyze the economic development of Myanmar, and prove to be significant in the progress of an emerging economy.

“At Dentons Myanmar, our team’s deep understanding of the country’s regulatory and business environment will be combined with the direct support, global reach and resources of the world’s largest and leading law firm,” said Mr Livingston. “Being part of this hugely expanded platform will greatly enhance our ability to provide superior services in the Myanmar market, and our clients will enjoy the benefits and opportunities that come with access to global resources and a global network.”

With exuberant demographic dividend of young population of more than 600 million, and the collective GDP of US $ 2.4 trillion, the ASEAN Block is bursting with economic energy and growth plans, making it a thriving business and trading zone.

BHEL bags Rs 10,000 Crore contract from Bangladesh

BHEL

Bharat Heavy Electricals Limited (BHEL) has bagged its largest-ever export order which is valued at Rs. 10,000 crore. This order is for setting up a thermal power project in Bangladesh. The Indian company was able to win this contract in spite of very hard and competitive bidding. The order has been secured from Bangladesh-India Friendship Power Company Limited (BIFPCL) which is a 50:50 joint venture between NTPC and Bangladesh Power Development Board (BPDB). BHEL is India’s largest power equipment manufacturer. The company has arranged debt financing for the project from Exim bank for which loan agreement between Exim bank and BIFPCL was signed in March 2017.

BHEL’s scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing and commissioning of the 1320 MW thermal sets with ultra-supercritical parameters on turnkey basis. It will also set up a jetty and a river-water intake system. The main equipment to be used by the project will be manufactured at BHEL’s Trichy, Haridwar, Hyderabad, Ranipet, Bhopal, Bangalore and Jhansi plants. The responsibility for the construction and installation activities at site will lie upon the company’s power sector construction division. BHEL has done some projects in Bangladesh earlier as well which include 100 MW Baghabari Gas Turbine Power Project and 2×120 MW Siddhirganj in Bangladesh. It has also set up 220 KV Baghabari & Ishurdi substations.

North East India’s largest IT Hub opens in Tripura

CM Manik Sarkar
Tripura’s Chief Minister Mr. Manik Sarkar

Extolling Tripura’s industriousness in Information and Technology sector and it’s excellence in the endeavor of e-governance, Central government awarded the state with accolades and rewards.

With the potential to generate and boost employment opportunities for its IT schooled individuals, Northeast’s largest IT hub was inaugurated in Tripura by its Chief Minister Mr. Manik Sarkar, along with IT and Education Minister Mr. Tapan Chakraborty and Mr. Omkar Rai, Director General of Software Technology Parks of India (STPI).

The decision was rolled out with the enthusiastic vision to encourage prominent IT companies of India to commence their business; making utmost use of the beneficial services and holistic facilities that sprouted with the establishment of North East India’s sixth and largest IT hub, costing 50 crores.

Motivating and inspiring the new age spirit of entrepreneurship; beckoning start-up companies to the new haven of IT hub can be rendered as a positive and promising initiative, underscoring Government of India’s ideology of ‘Start-up’ culture and ‘Digital India’.

The effectual impact resulting in the export of software technology and furnishing e-governance accessibility to the door step of people is also an important aspect being looked forward to and awaits the test of time.

Tripura booming with English skilled IT educated youth and now supplemented with the upcoming IT hub in the North-East, would surely reap benefits from its close proximity with Bangladesh. Capitalizing on its qualified personnel and infrastructural development, Tripura could prove to be an asset for Bangladesh’s nascent IT industry, thereby driving economic enhancement for itself by doubling Bangladesh’s IT exports by 2017.

Tripura Revises IIPIS to attract investment and employment

Tripura Revises IIPIS

Tripura is transforming itself into an immensely valuable business and trade destination. Brimming with natural landscape and manmade marvels of infrastructures, its economy is exploding with the excitement of new possibilities and fruitful collaborations.

However, it is a matter of utmost importance to harness the transition from a remote, neglected region to becoming North East’s most productive and nationally rewarding state. Employment based subsidies, revamping investment topography, enriching IT and software segments and providing incentives for Agri-businesses are some of the prominent facets driving the state’s economic engine of growth.

With the recent revision in Industrial Investment Promotion and Incentive scheme (IIPIS) 2012, Tripura has accoutered infrastructural and logistic support, along with capital subsidy being raised from 30 to 35% of the fixed capital investment.

With dismissal of bottlenecks and ease in connectivity between India and Bangladesh, the investment windows have been generously flung open to welcome South Asian markets. Hassle-free operations have given Bangladesh the confidence to provide accessibility to its seaport at Chittagong and river port at Ashuganj.

Known for pragmatism and circumspect vision, Chief Minister Mr. Manik Sarkar has fueled the state of Tripura with investment beckoning opportunities, specifically for establishing small and medium scale units. The rich reservoir of natural resources like bamboo, rubber, tea and natural gas make the investment pool even more expansive and wide-ranging.

ACCOR Hotels to open 5 new hotels in Myanmar by 2019

Accor Hotels

International hotel chain operator AccorHotels plans to expand its base by opening five new hotels in Myanmar by the year 2019. In order to re-brand an existing hotel apartment into a Mercure in Myanmar, the company has signed a management contract with SC Capital Partners Group. The management contract will make it Accor Hotelspossible to rebrand the seven-story Micasa Hotel Apartments Yangon to Mercure Yangon Kaba Aye by July 2017. The new Mercure is located in close proximity to the famous Shwedagon Golden Pagoda. It offers 143 apartments and 40 deluxe rooms to its customers.

As per company’s Chief Operating Officer (CEO) Mr. Patrick Basset, the company is opening five new properties by the year 2019 as a part of the larger strategy to expand its footprint in Myanmar. A press release issued by AccorHotels stated that presently there are five of its hotels operating in Myanmar. These hotels include, The Lake Garden Nay Pyi Taw, MGallery by Sofitel, Novotel Yangon Max, Novotel Inle Lake Myat Min, and ibis Styles Yangon Stadium.