P.3 P.4 P.5 P.8 P.9 P.12 P.13 P.14 P.15 10 P.16 11 P.17 12P.20 -P.39 -P.41 - P.43 -P.44 -P.46 -P.48 -P.49 - P.51 - P.52 -P.22 -P.25 -P.29 -P.33 - P.35 -P.36 -P.37 1
..... 2
1. 2017 2018 GDP IMF 2. S&P A 2 BBB BB 3. S&P 2018 7 30 IMF World Economic Outlook Database October 2018 EditionBloomberg 3
5,265(2017 IMF) 68 km 2 (1.8 ) : 116 14 68% 9% 7%4%3% 2%2%5% 87.9% 6.2% 4.3% 0.8% 0.5%0.2%0.1% 2018 35 GDP 673 1GDP: 1,278 (2017 IMF) GDP 6.8 (2017 2 5 2,185km 1,800km 1,463km 235km 193km ( ) IMFfreemap.jp 4
5 GDP2000 SEZ200010 2 31 4 ADB Key Indicators 2000 2017 24% 5% 24% 1% 6% 21% 13% 0% 6% 40% 24% 36% 57% 1% 7% 0% 2% 24% 6% 0% 3% 33% 57% 10%
ASEAN EUASEAN 19.4 2017 2017 6
ASEAN 2017 2017 7
SEZSEZ 2015 GDP 2000 57 201724 2013 2020 2020750 8 2014 1,091 toe 64.3 20 5 2015 5,125 94.058.9 JETRO 8
1962 2007 2008 2011 2013 2016 GDPGDP 120 100 80 60 40 20 0 2008 2013 2018 2023 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% GDP (10 USD) ( ) GDP (%) 17 4318 4 919 109 IMF 9
2017 7 10
4 520 4205 2018 3 11
2015 11 2018 22 2015 11 Myanmar Times Nationwide Ceasefire Agreement (Media Monitoring Report, October 2015) 12
13 2015 2017 2018 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 ESCAP World Justice Project, Rule of Law Index 2017-2018 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9
2018 7 2017 12,000 10,000 8,000 6,000 4,000 2,000 0 26,516 54,697 40 35 30 25 20 15 10 5 0 12 13 14 15 16 17 2017 Transparency International, Corruption Perception Index 2017 14
2015-2019 15
5 2017 869 16
2018 7 17
2015 2017 2017 700 625 600 500 400 300 200 115 147 116 100 5 0 3 27 0 2010 2011 2012 2013 2014 2015 2016 2017 1% 11% 6% 12% 52% 23% 19% 19% 48% 4% 2% 3% 20132014 18
2018 8383 ( ) ( /) 500 400 300 200 100 0 38353 85 146 222 28 19 88 115 92 41 284 348 *2018 8 374 383 2018 8 UFJ 2018 8 2018 6 2018 5 GS 2018 4 2018 3 2018 3 2018 2 HD 2017 12 2017 11 2017 10 JFE 2017 10 2017 8 2017 7 2017 5 2017 5 HP 19
( ) ( ) AFTA 2016 10 20
..... 21
70 ( ) 3 (Stay Permit) 1. etc.. 2. DICA( ) * SEZ 3. 2. 4. 3 (Township Labour Office) 18 30 20 2017 9 4 12 JETRO HP 22
( 43 ) 4,682 2,205 1,845 3,878 3,453 2.322 1,538 4,454 1,540 3,433 996 928 2,633 2,294 1,409 699 2,971 784 2,674 560 518 1,992 1,879 1,112 378 1,630 356 1,728 887 827 1,548 2,445 941 354 1,162 486 2,616 1,142 982 2,274 2,426 1,405 737 2,422 888 4,498 2,273 1,898 4,090 3,959 2,444 1,674 4,269 1,948 907 574 534 1,691 1,779 698 354 977 447 8.47 / 355/ 329/ 4.41/ 1,479/ 748/ 9.33 9.64/ - 251/ ( 4.42 1.94 1.71 1.64 3.57 3.49 2.86 2.18 2.08 5 14.94 20.09 ( 3HKD) 9.57 13.95 40 12.45 5 17 15.14 34.84 1,500HKD 37.57 14.95 ( 3 HKD) 0.80 9.5 10.8 4.0 3.8 2.39 1.03 3.1 5.55 ( ) (2017) (2016) (2016) (2017) (2016) (2017/1-10 ) (2017) (2016) 5.54 () (2017) 387 706 633 494 420 440 351 374 279 237 423 262 324 204 238 170 121 135 1,096 1,712 1,210 1,058 927 970 829 825 772 292 315 437 578 363 631 261 373 n.a. 198 242 120 180 159 183 111 489 637 691 465 542 524 387 365 392 1,234 1,751 2,056 1,176 1,294 1,251 1,005 806 1,027 292 315 373 477 331 695 209 361 n.a. 185 191 120 220 98 122 66.5 73.9 211/ () 132/ () 9.14 9.89/ 232/ () 139/ () 272/ 178/ 175/ 170/ 109/ 2.66/ 255/ ( ) 147/ ( ) 2.08 1.51 1.39 1.90 1.60 1.47 0.82 1.08 1.23 6 7 (60 ) (450 LAK) 8.62100PHP 13.15 13.15 10.24 11.74 21.5 22 3.4 24.75 LAK 7.5 (61 ) (450 LAK ) 4.28 4.63 10.0 10.7 8.3 (2017) (2016) (2016) (2016) JETRO2017 122018 2 n.a. n.a. 9.3 (2017) n.a. n.a. 23
(5) 590 4 6,000 8 2011 10 IMF HPJETRO 24
19(2014) SEZ2013 1 / 4 ( ) 3 ( ) 2 ( ) 1 () 3 ( ) 3 ( ) 1 ( ) 2011 20 1 ( ) 1 ( ) 1 2 HP 25
(1/3) ( 23km)(2,400ha) 2012 4 21 (ZoneA:396ha)2015 92018 8ZoneB2 94 (2018 6 ) SEZ (2,400ha) 26
(2/3) Myanmar-Japan Thilawa Development Ltd ZoneA 400ha Zone B 77ha84ha (51 ) ( JICA 49 ) () 2013 11 23 50 () a SEZ Free Zone Business Promotion Zone Business 7 5 b 50 50 5 5 5 5 5 5 50 () SEZ (2,400ha) 75 75 USD750,000 USD300,000 USD500,000 USD300,000 a: b 27
(3/3) 1. (2012 122013 3 ) ( ) Thilawa SEZ Management Committee 2,400ha (3 FS400ha FS 2,000ha ) */ / *All Japan ( Deputy CFO) Myanmar Japan Thilawa Development JV 2. JICA(2013 10) () 2,000ha JICA (Ministry of National Planning and Economic Development) NNA ASIA HP 28
2010 IFRS(International Financial Reporting Standards )MFRS(Myanmar Financial Reporting Standards) MFRS US$ (Myanmar Accountancy Council) 400 In In * (10 ) * 35 * - - HP ( ) * * 10 (20 ) (20 ) from 0 0 0 0 to 0 0 10 0 from / () ( / ) 10 ( 8 ) (17 ) 10 10 15 (25 ) AAA / AAA A / A- (20 ) A- / BBB+ N/A AA- / AA- 29
(Corporate Income Tax) (Personal Income Tax) (Commercial Tax) (Stamp Duty) (Excise Duty) (Custom Duty) (International Revenue Dpt.) (Customs Dpt.) JETRO HP(KPMG Advisory<Myanmar>Ltd ) 30
() (183) (183 ) ( ) () 2013/6(/ 2 (CMP)) ( ) 0 25() () 0 25( ) 10 () 0 25( ) 10 () () 25 25 10 (1,000 ) 5 () ( etc) () 15 * * 1015 2 ** 2.5 **100 JV 2.5 1 40 6 6 6 5 50 JETRO HP(KPMG Advisory<Myanmar>Ltd ) 31
..... 32
() Equity () * ( ) ( ) 2017 12 2018 8 ** ( ) () OK OK (MIC*** ) OK ( ) OK ( ) 29 ** - - *** MIC(Myanmar Investment Commission) MIC MIC 33
100 100 100 3 3 DICA 80 DICA :One Asia Lawyers 34
(1) 100(2) (3) ( ) DICA MIC () (DICA ) MyCO * (CMP Cutting, Making and Packing) CMP (MIC) * USD 50,000 USD 150,000 USD 300,000 DICA JETRO 35
USD USD ( 2.98 ( 50 ( 5.00 () 1012 5,600 ()() ( kwh ) ( kwh ) ( ) 40ft 650 750 0.64 ( ) 40ft 200 250 40ft 1,900 2,000 1 0.63 1 0.62 ( ) () 1= 1.6 JETRO HP 0.05 0.11 0.03 0.04 0.32 0.16 1.99 36
() ( ) ( ) Memorandum and Articles of Association Certificate of Incorporation Certificate of Registration of Branch Power of Attorney Form26 (List of Directors ) Form 18(List of Branch Office Members ) Form 6 (List of Shareholders ) List of Shareholders( ) 37
..... 38
(1/2) 2017 4 (DICA) () 9 12 22 2018 5 50 () 1. 2. 3. () 4. 5. 6. 7. 8. 9. 10. 11. 12. ((100 100)10,000 929 ) 1. /( ) 2. () 3. ( ) 4. 5. 6. 7. ( ) JETRO DICA 39
(2/2) 8. () ( ) 9. ( ) 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. ( ) 1 (MIC)Land Right Authorization50 10 2 JETRO DICA 40
2017 4 (DICA)() 20() 3 1 23 753 60 90 MIC * 50 50 1 2 3 7 5 3 501010 30 10 MIC USD 300,000 MIC KPMG DICA 41
(SEZ) 2014 1 3SEZ SEZ SEZ * 7 (SEZ * 5 50 5 50 5 5 5 50 ( ) 5025 ( 7580 ()) One Stop Service Center (OSSC) SEZ SEZ 42
2017 12 6 Myanmar Companies Law 2018 8 1 1914 35 35 2 2 1 1 1 183 Overseas Corporation) One Asia Lawyers 43
2012 4 () 2011 10 2012 3 = (1) 20(5 7 ) US$1 5.42 (2) (FEC ) FEC ( ) ( ) 450 160 (3) 11 10 160 820 (2011 10 ) 2012 4 2012 4 2 ( )() 10 (Reference Rate)0.8% 2012 4 21US$=818MMK FEC2013 7 JETRO ASEAN-Japan Centre 44
L/CT/T T/T( ) ()() 2016 10 a. b. c. d. e. f. g. d. (32413 ) JETRO 45
( ) 2012 (2014 8983 (HS )) 3 1 (3 2 =6) 牙 7() ( ) 100 2017 6 5100 JETRO 46
FTA 1997ASEAN ASEAN2015 (AFTA) 4202685 (AJCEP) AFTA 1997ASEAN ASEAN 200880 05 2015 7 2018 AJCEP ASEANAJCEP 2018-6( )90 2023 90 2026 3( ) 85 (Least Developed Countries) (GSP) 3,560( 2,400) 47
MMK MMKUSD EUR SGD 4 2015 51 /1 1 5 1 21 NDF USD/EUR/SGD USD/EUR/SGD 2016 4 MMK MMK MMK 48
USD MMK USD EUR SGD USD MMK 1. 500,000USD 2. 3. 80% MIC 4. 3:1 4:1 5. 6. MMK/USD MMK 1 USD MMK 13 USD 1 1 /1 20 MIC 49
..... 50
Mizuho Bank, Ltd. Yangon Branch 4th Floor, Sedona Business Suites, No.1, Ka Ba Aye Pagoda Road, Yankin Township, Yangon, Republic of the Union of Myanmar +95-1-860-5501 9:30-15:00 (8:30-14:00) 2015 12 To Yangon International Airport Mizuho Bank Yangon Branch () 30 Yangon Branch Thilawa Front Office 80 51
MOU MOU Ayeyarwady Bank UMFCCI MIC Max Myanmar 2013 12 2014 9 2015 7 2016 11 Max 52
Ayeyarwady Bank 2013 12 Ayeyarwady Bank Ayeyarwady Bank Ayeyarwady Bank 2010 8 11 Retail, Commercial, Investment and Development 739 US$58 (1USD/1,280MMK) 233 2017 9 2 6,0002016 12 53
2014 9 2 5 64 UMFCCI UMFCCI UMFCCI 2 564 UMFCCI 54
2015 7 28 Myanmar Investment Commission MICMIC < > MIC Myanmar Investment Commission 55
Max Myanmar 2016 11Max Myanmar Holding Co., Ltd. Max Myanmar Holding Max1993 MOU Ayeyarwady Bank Zaw Zaw Max Myanmar 56
2018 57