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Weekly Business News from Myanmar
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Myanmar expected to sell 50% of gas to Thailand and 20% to China this 2020 – 2021 financial year
Myanmar has expected to sell 50 percent of natural gas produced from offshore projects to Thailand and 20 percent to China while the remaining 30 percent is set for domestic sale, according to the 2020-2021 State budget data. In the domestic gas consumption, 85.9 percent will be electricity generation, 5.3 percent for CNG production, four percent for fertilizer production and 4.8 percent for other sectors. -
Myanmar will boost bilateral collaboration with India in trade and other sectors for mutual interest
U Than Myint, Union Minister of the Ministry of Commerce, said during the Seventh Joint Committee Meeting, that Myanmar will boost collaboration with India in trade and other sectors for mutual interest. He expressed his confidence at the meeting saying that it will boost bilateral collaboration in trade, investment, agriculture, textile, transportation, and banking and belief that the economic pressures caused by the COVID-19 pandemic can be overcome through close cooperation. At the meeting, Mr. Piyush Goyal, Minister of the Ministry of Commerce and Industry, India, said that India will continue collaboration with Myanmar for improving trades through border gates and sea routes and India Trade Promotion Organization (ITPO) will closely work with MYANTRADE. -
Myanmar imports over USD $ 1 billion worth iron and steel materials in the last 2019 – 2020 financial year
The value of Myanmar’s iron and steel imports for the construction sector is valued over US$1.19 billion in the past financial year 2019-2020 ended in September, according to the statistics of the Ministry of Commerce. Additionally, $586.25 million worth iron and steel products are also imported during the October-September period. At present, Myanmar’s steel demand is estimated about 2.5 million tonnes per year, and 92 per cent of which are imported. The demand is likely to grow up to 5.4 million tonnes per year in 2030, according to MSA. If Myanmar can fulfil the requirements of local steel consumption and focus on import substitution, the steel industry will strategically contribute to the nation’s interest. Steel consumption includes in calculating economy growth index, said Chairman U Sit Taing Aung of the Myanmar Steel Association (MSA). -
Myanmar is implementing 14 projects with Mekong-Lancang Cooperation special fund in the current 2020 – 2021 fiscal year
Myanmar has received four projects in the third batch to be implemented with Mekong-Lancang Cooperation special fund in the current 2020-2021 fiscal year, bringing to the total number of ongoing projects to 14, according to the Ministry of Agriculture, Livestock and Irrigation on 23 November. Myanmar received five projects in the first batch in 2018-2019 FY, five projects in second batch in 2019-2020 FY and four projects in the third batch in the current financial year. To prevent delays in implementing those projects due to the Covid-19 crisis, a video conference took place on 23 November to seek ways to complete the project work as scheduled and decide action plans. -
Myanmar’s external trade falls by USD $ 1.4 billion as of 13 November in the current 2020 – 2021 financial year
Myanmar’s external trade between 1 October and 13 November in the current financial year 2020-2021 touched a low of US$3.08 billion, a sharp drop of $1.4 billion compared with the corresponding period of the FY2019-2020, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $4.486 billion, according to data released by the ministry. As of 13 November 2020, Myanmar’s export was worth $1.3 billion, which plunged from $2.34 billion registered a year-ago period. Meanwhile, the country’s import was valued $1.76 billion, showing a decrease of $382.3 million compared with the last FY. The decrease in Myanmar’s foreign trade was attributed to the drop in exports and imports in the current FY amid the COVID-19 crisis. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. -
Myanmar allowed to entry of Thai cargo trucks at Myawaddy trade zone to normalize commodity flow
Amid Covid-19 restrictions between bilateral BCF zones, Myanmar has allowed cargo trucks from Thailand to come up to Myawady trade zone as of November 23 under the instruction of the Kayin State government to facilitate commodity flow. “Our trade activities are a main thing. Currently, bilateral trade activities are being carried out between the BCF zones. Exchange of goods at one place causes trade delays. If Covid cases emerge, the whole BCF zone has to be locked down stopping trade completely. So, the statement government has allowed Thai cargo trucks to come to Myawady trade zone starting 6 am on November 23,” Myawady District Commissioner Tay Zar Aung. -
Union Minister of Hotels and Tourism urged to transform its Ministry as servicing Ministry
U Ohn Maung, Union Minister of the Ministry of Hotels and Tourism, urged the civil servants serving in his ministry to transform it into a servicing ministry. He made that statement during the online meeting with the staff in the ministry held in the third week of November. The ministry with assistance from the experts has now developed a service manual and will deliver it to each of the employees under the Ministry of Hotels and Tourism. The minister urged the employees to study and learn the manual so that they can fully provide service. -
Myanmar will start export seedless watermelon to Dubai market in the early of December 2020
Myanmar will start exporting seedless watermelon to Dubai market in early December, said U Naing Win, chair of Myanmar Watermelon and Muskmelon Producers and Exporters Association. For the first time, 25 tonnes of Myanmar’s seedless watermelon will be shipped on 6 December, he continued. “Traders from Dubai, UAE ordered 25 tonnes of seedless watermelon. The melons are scheduled to ship on 6 December. It will take about 17 days to reach Dubai. If they like our melon, they will purchase the melons the whole year,” he said. “Myanmar has a plan to expand its market to Hong Kong SAR, UAE and Qatar”, the association stated. -
The value of Myanmar pharmaceutical imports soared to USD $ 678.24 million in the past 2019 – 2020 financial year
The import value of Myanmar pharmaceutical products soared to US$678.24 million in the previous financial year 2019-2020, the Central Statistical Organization’s trade statistics indicated, according to state media. The figure rose from $525.9 million registered in the corresponding period (October-Sep) of last FY, the statistics showed. -
Myanmar’s natural gas exports topped USD $ 3.5 million in the past 2019 – 2020 financial year
Myanmar’s exports of natural gas in the past financial year 2019-2020 amounted to US$3.5 billion, the Commerce Ministry’s data showed. The figures plunged from $3.88 billion registered in the FY2018-2019, as per Commerce Ministry data. Natural gas is included in the list of major export items of Myanmar. Over 10 per cent of the country’s total export earnings come from the sale of natural gas. There are 53 onshore blocks and 51 offshore blocks, totalling 104 blocks. A total of 25 onshore blocks and 31 offshore blocks are operating under foreign investment. Natural gas extraction is being made at the Yadana, Yedagun, Shwe, and Zawtika offshore blocks as well as onshore drilling blocks. Yearly extraction is elevated to cubic feet in 670.36 billion from 600 billion this year, according to the fourth-year performance statement of the Ministry of Electricity and Energy.
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