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South Korea – based POSCO Group is now in talks to make USD $ 900 million worth two new investment projects in Myanmar
South Korea-based POSCO Group is in talks to make two investments, which total around $900 million, in Myanmar, according to Myanmar Embassy in Seoul. U Thant Sin, Myanmar Ambassador to the Korea Republic, on January 11 met Mr. Kyoung-Ho “Michael” Park, General Manager of Energy & Infrastructure Group (Power & Infrastructure Business Division) under POSCO International, who is assigned to work in Myanmar and will come to Myanmar soon. In the meeting, they discussed POSCO International’s two new investment projects: $500 million worth LNG Power Plant project and $400 million worth LNG Receiving Terminal project. -
Myanmar trade deficit reached over USD $ 230 million over the past three months in the current 2020 – 2021 fiscal year
There has been a trade deficit of over US$230 million over the past three months in the current fiscal year exceeding over US$14 million compared to the same period of the previous year, according to the Ministry of Commerce. From October 1 to January 1 in the 2020-2021 financial year, Myanmar exported goods worth US$3.685 billion falling over US$1.2 billion compared to last year and imported goods worth over US$3.920 billion falling over US$1 billion. -
The individual trade through land border exceeded over K8.09 billion in the first quarter of the current 2020 – 2021 fiscal year
According to data released by the Ministry of Commerce, trade conducted by Individual Trading Card (ITC) holders reached over K8.09 billion through the land border in the first quarter of the current financial year 2020-2021. The Trade Department issued 17 cards in the October-December period this FY. Imports exceeded K6.46 billion, and exports were valued at just K1.6 billion. The Myawady border recorded the highest trade value at K5.3 billion, according to the Commerce Ministry. Nevertheless, the figure only reflected imports as individual trading cardholders did not export goods through the Myawady crossing. -
The exporters urged the need of COVID – free certificates to ship fisheries products to China via land borders trade
The COVID-19 free certificate, essential for fishery exports to China, must be issued at the soonest as it can cause disturbance on trading, said general secretary U Win Kyaing of Myanmar Fisheries Federation (MFF). China authorities have given the go-ahead for fishery exports only with the presence of COVID-19 free certificate on products since last October. Consequently, fishery exports, including frozen fish, prawn, eel and crabs, cannot be exported to China via the land border. “The Ministry of Health and Sports of Myanmar take all responsibility regarding COVID-19 and, there is no other institution which can guarantee the COVID-free status. Therefore, we need to tackle this process soon since failure to do so will directly harm the trade. The government needs to formulate a better policy for that as soon as possible, following the international standard,” U Win Kyaing shared his opinion. The Federation stated that the exporters do not know where to seek COVID-free certificate on fishery products. -
Myanmar government will launch Myanmar Economic Relief and Reform Plan (MERRP) soon
The government of Myanmar will announce the Economic Relief and Reform Plan, Daw Aung San Suu Kyi, the State Counsellor of Myanmar, said in her address to the National Tourism Development Central Committee’s meeting held on January 8. “We will issue a Myanmar Economic Relief and Reform Plan, which includes plans to remedy the impact of the COVID-19. It is also part of the sustainable development plan,” she said. Moreover, the Ministry of Hotel and Tourism, in collaboration with local organizations, has developed a roadmap for reviving the tourism industry in line with the recommendation of the World Tourism Organization and the World Travel & Tourism Council. The roadmap, which includes short-term, mid-term, and long-term plans, have to be implemented linking with the Myanmar Tourism Relief Plan, Daw Aung San Suu Kyi said. -
Myanmar’s manufacturing sector attracted thirteen foreign enterprises in the first quarter of the current 2020 – 2021 fiscal year
Majority of foreign enterprises eye the manufacturing sector for investments in the first quarter of the current financial year 2020-2021, pulling in US$158 million from 13 projects, the Directorate of Investment and Company Administration (DICA) stated. Myanmar has attracted foreign direct investments of more than US$348.8 million in Oct-Dec of current FY, including the expansion of capital by existing enterprises and acquisitions in the Special Economic Zones, DICA’s statistics indicated. Out of 23 foreign enterprises permitted and endorsed by Myanmar Investment Commission and the respective investment committees between 1 October and 31 December of current FY, 13 enterprises pumped FDI into the manufacturing sector. Livestock and Fisheries sector attracted three projects while agriculture, power and other services sector pulled two projects each and one foreign enterprise entered the hotels and tourism sector. At present, labour-intensive enterprises face financial hardship, disputes between the employers and employees and the closure of factories. However, those cases in the industry did not hinder new investments. -
Myanmar Edible Oil Dealers’ Association (MEODA) urged distributors to sell palm oil at reasonable price during pandemic period
The palm oil distributors need to sell the palm oil at a reasonable price to prevent the shortage of domestic palm oil as imported palm oil prices are high during the pandemic period, said the Myanmar Edible Oil Dealers’ Association (MEODA) in its statement on 7 January, “Currently, the domestic palm oil price is rising as imported oil prices are on the rise,” said MEODA Chair U San Lin. “These days, the price of imported oil is on the rise. As you know, the domestic edible oil price is directly linked to the international price. That is the reason why our domestic palm oil price is hiking in this pandemic period,” he explained. Myanmar annually imports 700,000 tonnes of palm oil from Malaysia and Indonesia to meet the domestic demand, he added. The association is coordinating with the relevant government departments to distribute the healthy palm oil at a reasonable price and meet the domestic market’s self-sufficiency in COVID-19 period. According to the Malaysian Palm Oil Board (MPOB) official data, about 2 million metric tons of palm oil were stockpiled in 2019, and about 1.2 million metric tons also accumulated in January 2021. -
Yangon Stock Exchange (YSX) stock trading divided in 2020 due to the COVID – 19 resurgence in Myanmar
According to the annual report released by the exchange, a total of K12.6 billion worth of 1.87 million shares by six listed companies were traded on the Yangon Stock Exchange (YSX) in 2020, a significant drop compared to 2019. Over 2.4 million shares from five listed companies, valued K13.39 billion, were traded on the exchange in 2019. Both continuous trading and block trading on YSX fell in 2020 despite Ever Flow River Group Public Co’s (EFR) debut, on the exchange on 28 May 2020. Amid the COVID-19 crisis, Myanmar’s securities market has been able to continue operating without stopping trading. At present, shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH) and the EFR are being traded on the exchange. In 2020, the value of stocks traded on the exchange peaked at K1.48 billion in February. In contrast, trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgence in Myanmar. -
The price of domestic palm oil is on the rise due to the global production is declining
According to the Myanmar Edible Oil Dealers Association, the domestic palm oil is on the rise as it tracks the imported oil price. “The domestic edible oil price is related to the international price. It has risen because of the rise in the global market,” Chair U San Lin of the association. Myanmar yearly imports 700,000 tonnes of palm oil from Malaysia and Indonesia to meet local demand. Those countries faced unpredictable weather condition, and the production declined. Consequently, the edible oil price has risen. “The reasons for rising edible oil price is production slump caused by erratic weather conditions, such as flood and La Niña, coupled with the COVID-19 impacts,” he continued. Additionally, the temporary storage of palm oil in those countries and tax hike caused other price rise reasons, the association stated. -
Local firm, Nara Green Tea will export its first hibiscus tea to the United State (US) starting from this month
Nara Green Tea will export hibiscus tea also called roselle herbal tea made from roselle bud to the United State. “We will export roselle herbal tea at a price of $2 per box to the dealer in the States. Roselle herbal tea from Myanmar is not like those from other countries. It is not very sour but tasty to drink. When giving the samples to foreign friends, they love it,” Ko Kyaw Thiha, Managing Director of Nara Green Tea, said. The company will export its very first batch of roselle herbal tea to the retail shops in the US this month.
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