Weekly Business News from Myanmar

The second board will be established to enable the public to trade shares of non-listed on the main board of the Yangon Stock Exchange (YSX)
A second board will be established to enable the public to trade shares of companies that are not listed on the main board of the Yangon Stock Exchange (YSX), U Htay Chun, member of the Securities and Exchange Commission of Myanmar (SECM), said earlier this month. The move is expected to create an official platform for the trading of shares in public companies that do not meet the strict requirements to list on the YSX. “Rather than pursuing an over the counter (OTC) market, we are working on this plan under the YSX as a priority to make trading more legitimate,” said U Htay Chun. Although less stringent than listing on the YSX, public companies will also need to meet the requirements of the second board before their shares are open for trading, said U Htay Chun.
USAID and UKaid through DaNa Facility jointly organized a seminar on promoting microinsurance in Myanmar
A Seminar on Promoting Microinsurance in Myanmar for Low Income People took place in Yangon, Monday. This program was jointly supported by USAID and UKaid through DaNa Facility. The seminar is to introduce core concepts related to microinsurance, learning from the experience of other countries, to generate enthusiasm around the possibilities and promise of microinsurance, to identify key actions required to improve the business environment for microinsurance and to update on the State’s Insurance Business Law and recent developments at Financial Regulatory Department (FRD).
Myanmar – Hong Kong Chamber of Commerce and Industry (MHKCCI) establish in Yangon to promote responsible investment in Myanmar and attract market entrants into the country
Yangon Region Chief Minister U Phyo Min Thein welcomed the establishment of the Myanmar-Hong Kong Chamber of Commerce and Industry (MHKCCI) and urged more Hong Kong manufacturers to set up shop in the commercial capital. The MHKCCI was launched on September 3 to promote responsible investment in Myanmar and attract market entrants into the country. The event attracted more than 300 guests, including investment and foreign economic relations ministry permanent secretary U Aung Naing Oo, Yangon Mayor U Maung Maung Soe and Yangon region Kayin ethnic affairs minister Daw Naw Pann Thinzar Myo. “Last November, I personally received a group of investors from Hong Kong and I am pleased to learn that a few of them are already considering to expand their manufacturing in Yangon, near the New Yangon City,” the chief minister said during the launch.
The largest Malaysian firm, Berjaya Land Berhad, wins a tender for a proposed development project in Yangon
Berjaya Land Berhad, a subsidiary of Berjaya Corporation Berhad, one of the largest conglomerates in Malaysia, has won a tender for a proposed development project in Yangon. Yangon Region Chief Minister U Phyo Min Thein announced this during the Malaysia-Myanmar Connect event held on August 30. In a filing with the Malaysian stock exchange Bursa Malaysia, Berjaya Land said that the contract awarded by the Yangon Region government involves a public housing and mixed-development project on 74.05 hectares of land located along Myanandar Road and Shweli Road, Dagon Seikkan Township, Yangon, with an estimated gross development value of approximately RM2.63 billion (K941.8 billion). “The development includes affordable housing, mid- to high-end condominiums, shop houses, retail spaces, farmer’s market, community hall, schools and infrastructure, to be built in three phases.
State Counsellor called on public not to panic over the current rumours related with the banking and finance industry
Myanmar State Counsellor Aung San Suu Kyi conveyed a message through MPs from her party to people not to panic over the current rumours related with the banking and finance industry. She said these words at a meeting with MPs of the lower house and upper house from her National League for Democracy party from constituencies in Bago Region at President Home in Nay Pyi Taw on Thursday evening. President Win Myint was also present at this meeting. Lower House MP from Oktwin constituency in Bago Region Cho Cho who was present at this meeting said, “The State Counsellor conveyed the message to people through us. She said that people did not need to panic as these were just rumours and these were wrong facts. She said that what people worried about was impossible.” The Myanmar Central Bank issued a press statement on September 2 which assures people not to panic over banking industry news but the gold and monetary markets were hit severely with wild fluctuations because of the rumours.
British Chamber of Commerce Myanmar (BCCM) signed two MOUs with the two business associations to explore business opportunities in Mandalay
The British Chamber of Commerce Myanmar (BCCM) has signed two memorandums of understanding (MOU) with the two business associations in Mandalay. The BCCM signed the MOUs with the Myanmar Japan Alliance Business Association (MABA) on September 2 and with the Mandalay Region Chamber of Commerce and Industry (MRCCI) on September 3 to explore business opportunities in Mandalay. “I think both associations are very important for Mandalay, and also Myanmar, by doing their part to introduce the best practices to businesses. We are very keen to work with the associations to explore the potential of special investments, and business opportunities from the UK. BCCM is also eager to introduce best practices from the UK, particularly in areas such as renewable energy and education,” BCCM CEO Peter Crowhurst told The Myanmar Times.
The 7th edition of Myanmar Phar-Med Expo 2019 & Myanmar Lab Expo 2019 was held in Yangon
Myanmar Phar-Med Expo 2019 & Myanmar Lab Expo 2019 began on Thursday in Yangon. Organized by Minh Vi Exhibition & Advertisement Services Co., Ltd (VEAS) with the support from Myanmar Pharmaceuticals Association, this is the 7th International Exhibition and Conference on Pharmaceutical, Medical & Laboratory Industry for Myanmar. Business Development Manager, VEAS, Hpone Myat said “This is the 7th Expo of ours. This year, we invited 11 countries with advance technologies and products. In this expo, there’re consultants for pharmaceutical manufacturers - advance technologies for hospitals and medical devices for healthcare industry are on display here with about 35 booths. Seminars are included as well.”
Wirock International and Myanmar Trade Promotion Organization (Myantrade) signed an agreement for cooperation and assisting in designating specifications and trade promotion
Winrock International and the Myanmar Trade Promotion Organization (Myantrade) under the Ministry of Commerce have signed a cooperation agreement for the export promotion of six crops including coffee. Ministry of Commerce, Permanent Secretary Aung Soe said, “We signed MoU for cooperation and assisting in designating specifications and trade promotion. We will conduct training for export promotion.” The agreement was signed on 2 September. Under it the United States Agency for International Development (USAID) will assist in designating specifications for six crops namely coffee, watermelon, musk melon, ginger, soybean and sesame and also for trade promotion.
Myanmar traders called for higher volumes of trade with Thailand as deal ends
A special agreement for Myanmar to export maize to Thailand has ended, the government announced recently. The deal was initially signed last year after China imposed restrictions on its imports of maize. In search of new markets for its maize, Myanmar negotiated a deal with Thailand. “The timeframe for the exports of Myanmar maize to Thailand ended in August,” said U Khin Maung Lwin, assistant secretary of the Ministry of Commerce. Before the imposition of restrictions on maize imports, China had been a major market for Myanmar maize. Since last year, Thailand has been able to fill gap in demand for locally produced maize. According to Ministry of Commerce statistics, Myanmar was able to export 600,000 tonnes of maize to Thailand while the agreement was in place. However, the exports to Thailand have now ended with the expiration of the agreement in August, U Khin Maung Lwin said.
Foreign Investment volume reached more than USD $ 4,100 million in twelve business fields in Myanmar which is still needed to meet the intended target
Foreign investment volume reached more than US$ 4,100 million in 12 business fields in Myanmar, but about US$ 1700 million is still needed to meet the intended target, said a source from Myanmar Investment Commission. From October 1 to September 5 of 2018-2019 FY, Myanmar Investment Commission approved 252 businesses of foreign investment with the investment volume of US$ 2,550. 773 million. According to the increased investment, the foreign investment volume reached US$ 3,876. 352 million From October 1 to September 5 of 2018-2019 FY, foreign investment volume of US$ 223.680 million including increased one was permitted according to the special economic zone law and the foreign investment volume totalled US$ 4,100.032 million. During 2018-2019 FY, it was expected that the foreign investment volume would flow until US$ 5,800 million, but the foreign investment volume has reached only more than US$ 4,100 million about 25 days to expire the end of the fiscal year and therefore US$ 1,700 million is still needed to meet the intended target.