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Business News Digest

Myanmar parliament elects first civilian president

The Union Parliment has elected Htin Kyaw of the National League for Democracy as president with 360 of 652 votes cast in parliament on March 16. Ex-General Myint Swe, the military's candidate, was elected first vice president with 213 votes. Henry Van Thio, an NLD upper house MP and an ethnic Chin Christian, was elected second vice president with 79 votes.

President-elect Htin Kyaw addressed at the parliament for the first time on March 20 about the plan he submitted on March 17 to reduce the number of ministries from 36 to 21 and a total of 18 civilian ministers "downsizing the cabinet will save Ks. 5 billion over the next five years," he explained. Htin Kyaw is one year younger than Aung San Su Kyi and they attended high school together. He studied at Yangon Institute of Economies and University of London. He is working as founding executive committee member of Daw Khin Kyi's foundation, a non profit foundation for Aung San Su Kyi's mother. His late father Min Thuwan is a famous poet and successful candidate in the 1990 election. He married to Su Su Lwin, the daughter of U Lwin, a founding member of NLD. Su Su Lwin is a lower house MP for Thongwa Township.The couple have been close with Aung San Su Kyi since she was under home arrest. People have a deep interest on the new president.

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