Yangon, Dec 24 (IANS): Myanmar will establish its first stock exchange here, authorities said Wednesday.
Under an agreement signed in Nay Pyi Taw Tuesday, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up with Myanmar Economic Bank sharing 51 percent, Japan's Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent, reported Xinhua.
Finance Minister U Win Shein said business firms listed on the Yangon Stock Exchange will be able to collect capital for long-term investment while people can buy and sell shares in those firms.
The Yangon Stock Exchange is expected to come into practice in 2015.
Myanmar has been making efforts to introduce capital market for economic growth of the country, joining the Financial Services Agency and the Japan International Agency.