Weekly Business News from Myanmar

Myanmar’s export value of fisheries products to Bangladesh via Maungdaw border trade reached over USD $ 700,000 in August 2019
Myanmar exports freshwater fish, various kinds of dried fish and ginger to Bangladesh through Maungdaw border trade and the value of export in August reached over US$700,000, according to the Directorate of Maungdaw Border Trade Camp. Meanwhile, import value of last month amounted to US$2,000. "In August trade value amounted to US$0.739 million. Major export items are wet ginger, chickpea and fishes such as carp and various kinds of dried fish. In late August, commodity flow decreased. Due to poor road transport, we had to export in small cars. We could not use cold storage cars and trucks. If road transport is better, we will have regular trade," said Tha Tun Sein, camp in charge.
The Central Bank of Myanmar (CBM) issued a Statement on the rules and regulations which will be necessary to be stable in banking service and financial sector
The Central Bank of Myanmar issued a statement on Monday. The Statement said that the Central bank of Myanmar is issuing rules and regulations necessary for the banks to be compatible with international norms and to be stable in banking service and financial sector. The fact that was answered by the Deputy Governor of the Central Bank of Myanmar at the 2nd Pyithu Hluttaw 13th Regular session on 27th August was not fully suitable with the stance of the Central Bank of Myanmar. The Central Bank of Myanmar will continue to make meetings and coordination between the current banks and entrepreneurs.
Ministry of Commerce is trying to promote an online application for import/export permits system which call Trade Net 2.0 in order to transfer Myanmar’s trade sector development
The Ministry of Commerce said they are now developing a system to provide an online application for import/export permits. The system will be called Trade Net 2.0. “Since we are going online, we a needed budget. We requested USAID for the required funds, and thankfully they agreed to provide them,” said U Min Min, Director General of Trade Department under the Ministry of Commerce. The Ministry relaxed the procedures for import/export permit applications after negotiating with other related ministries. Trade Net 2.0 began development in 2018, and is expected to launch next year. It was implemented with the goal of supporting the country’s effort to build a national single-window system for trade.
UMFCCI and China Council for the Promotion of International Trade (CCPIT) Hainan Sub-Council signed a MOU to increase Myanmar-China long term relationship, economic cooperation, investment and trade by creating an economic platform
The MOU aims to increase Myanmar-China long term relationship, economic cooperation, investment and trade by creating an economic platform as well as conducting technology exchanges. In addition to this the MOU includes conducting business meetings, exchange visits of business representatives, exchange of news, information and business opportunities.
Local and foreign investors keen their interest in managing and distributing water system in Yangon Region
Investors are showing keen interest in managing and distributing water in Yangon, with a total of 32 local and foreign companies having submitted expressions of interest (EOI) for the job since August 28, when the Yangon City Development Committee (YCDC) first announced its privatisation plans. The private sector has until October 28 to submit EOIs, after a tender process will be held. Yangon mayor U Maung Maung Soe said the YCDC has been facing difficulties preventing water wastage and lacks the manpower required to prevent illegal tapping of water from the city’s pipelines, which is then repackaged and sold for higher prices in various municipalities, resulting in losses for the city. As such, the city has opted to allow private companies to manage the supply and distribution of water in Yangon. U Maung Maung Soe added that a ceiling price will be fixed to prevent water from becoming overly expensive.
The import value of CMP (cut-make-package) raw materials businesses exceeded over USD $ 310 million in 11 months during this fiscal year when compared to the same period of last fiscal year
CMP (cut-make-package) businesses imported raw materials worth over US$2.1 billion in about 11 months during this fiscal year, exceeding over US$310 million compared to the same period of last year, according to sources from the Ministry of Commerce. CMP raw materials worth US$2.101 billion were imported from October 1 to August 23 in the current 2018-2019 current fiscal year. In the same period of the previous fiscal year, the value of imported raw materials amounted to just over US$1.787 billion, so this year saw additional US$313.281 million. CMP business means importing raw materials, manufacturing finished goods domestically and exporting them.
The tax exemption allowed for state development projects involving concessional loans and grants
The Ministry of Planning and Finance announced a tax exemption on August 23. The exemption is for companies working on state development projects that are funded by concessional loans or grants. The tax exemption also applies to foreign employees working for the companies. The exemption includes income tax for both foreign companies and its foreign employees as well as commercial tax on the imported goods, machines, and other required materials for the state development projects. The tax relief covers the income tax, commercial tax, and tax on service providers for state development projects that are implemented on a concessional loan. Companies will need to apply for the certificates and other required documents at the Internal Revenue Department to qualify for tax relief.
Yangon Region Government is planning to set out the development of micro, small and medium enterprises (MSME) which will help grow and access markets more quickly
The Yangon Region government is seeking to develop of micro, small, and medium enterprises (MSME) as part of its larger growth plans, Yangon Region Chief Minister U Phyo Min Thein says. Last year, the government surveyed MSMEs in the region and urged small business owners to register as official with the government in order to receive more official assistance. As part of its efforts to boost MSMEs, the regional government has been providing financial assistance to 100 selected companies to help them grow and access markets more quickly. The selected companies were also recommended for loans from banks. The companies were chosen based on their growth potential and business type.
Malaysian investors attracted to Myanmar’s agriculture and other industries despite rift over Rakhine crisis
Investors from Malaysia say they are attracted to Myanmar’s agriculture and other industries despite the rift between the two governments since the northern Rakhine crisis. “Malaysian businesses are keen to invest in sectors such as technology, construction, manufacturing, and service in Myanmar. They showed extra interest in agriculture-based businesses,” said Gilbert Lee, president of Malaysian Myanmar Business Chamber (MMBC), during the MMC event held at Wyndham Grand Hotel Yangon on Friday. Mr Lee has invested in Myanmar for more than 25 years and according to his experience, there are many opportunities for Malaysian investors in Myanmar but most of them are not aware of those great chances.
Myanmar Investment Commission (MIC) approved the six projects in real estate, livestock and fisheries, and agriculture sectors
The Myanmar Investment Commission approved six projects yesterday in the real estate, livestock and fisheries, and agriculture sectors, with investments amounting to US$214.223 million and K25.733 billion. The projects will create 374 jobs for Myanmar citizens. The MIC granted its approval at a meeting (14/2019) held in Yangon. U Thaung Tun, the Chairman of the MIC, and 9 members attended the meeting.