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Weekly Business News from Myanmar
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Myanmar authorities are preparing to export organic green tea to Germany in September (U Hla Baw, President of Pindaya Tea Cluster (PTC)
Organic green tea will be exported to Germany in September according by U Hla Baw, president of Pindaya Tea Cluster (PTC). 1.5 tonne of green tea, which includes the “Shwe Pi Oo” and “Moe” variants are up for export, he went on. “We sent our green tea sample to Germany since 2016 . But the result of laboratory was not good.They told us that the tea gave a rather smokey fragrant. Thus, we modified our product and send it again. Things turned out alright so we can export green tea to Germany.” PTC has set the price of green tea at K15,000 per viss (1.6 kilogrammes) for sale to Germany; the current local price is around K12,000 per viss. -
Three Japanese companies and a Swiss trading house are authorized to operate both wholesale and retail business as a 100 percent foreign owned business in Myanmar
Three Japanese companies and a Swiss trading house have become the first foreign entities authorised to do retail and/ or wholesale business in Myanmar. Toyota Group's trading arm Toyota Tsusho, pharmaceutical firm Otsuka and diaper manufacturer Mycare Unicharm are authorised to operate wholesale business as a 100% foreign-owned business, according to an announcement from the commerce ministry. Zurich-headquartered DKSH is permitted to do both retail and wholesale activities as a foreign company. The trading licences were issued by the commerce ministry in accordance with Directive 25/2018 last May, said lawyer Bob Tseng from Thanlwin Legal. In total, 11 entities - including three joint ventures and four local companies - have received the licences. The joint ventures are Pacific Andaman (SEA) Co, a Thai-Myanmar JV; Asahi Loi Hein, a partnership between Japanese Asahi group and local beverage maker Loi Hein; as well as Aeon Orange, which is jointly created by Chiba-headquartered retailer Aeon and Myanmar firm Creation Myanmar Group of Companies. Meanwhile, supermarket chainstore City Mart, Myanmar Agribusiness Public Co, Myanmar R F S and NCX Myanmar are the domestic companies authorised to operate. -
Myanmar Voyages Co., Ltd is boosting its readiness to cash in on the tourism boom to Myanmar
YANGON (The Nation) - IN VIEW of the Asian Development Bank’s projection that tourism will become a key driver of Myanmar’s economic growth in the next two years, Myanmar Voyages Co, the leading destination management company (DMC) in the country, is boosting its readiness to cash in on the tourism boom, said the firm’s managing director Thet Lwin Toh in an exclusive interview with The Nation in Yangon. He said the firm would further invest in manpower, digital systems and accounting services to better serve the increasing volume of visitors coming to the country. “We need to be ready for international visitors flocking to Myanmar. We must have enough capacity in place to serve more tourists if Myanmar is to become one of the top tourism destinations in Asia,” he said. As part of the strategy to maintain its leadership in the destination management segment, the firm will boost its human capital and workforce over time. -
Myanmar Investment Commission (MIC) approved five investment proposals with 1,100 job opportunities on 05 April 2019
The Myanmar Investment Commission (MIC) meeting (5 / 2019) was convened at the meeting room of MIC in the morning on 5th April 2019 in Yangon. U Thaung Tun, Chairman of MIC, Dr. Than Myint, Vice Chairman of MIC and nine members attended the meeting. The meeting approved five projects in education services, manufacturing and other services from Singapore and Myanmar. The amount of USD 19.38 million and Kyats 69,384.754 million have been approved for above projects which will be create (1,121) job opportunities for citizens.—MNA -
Telecom International Myanmar Co (Mytel) signed an agreement with locally owned Blue Ocean Business Services Co.,, to establish digital ecosystem for Small and Medium Enterprises (SMEs) in Myanmar
IN A BID to boost the optimisation of micro-, small- and medium-enterprises in Myanmar through digital products and solutions, Telecom International Myanmar Co (Mytel) recently signed an agreement with locally-owned Blue Ocean Business Services Co. Khin Maung Soe, chairman of MyTel, said the telco would expand digital services for both corporates and SMEs, and the agreement would play a crucial role in improving efficiency of small businesses by helping them achieve digitisation for their sustainable growth. “As more businesses in Myanmar usher in an era of digital economy, we will work together with Blue Ocean to create a digital ecosystem for SMEs,” he said. “The majority of our businesses are SMEs, and they have limited access to high-quality technical services because they cannot heavily invest in technology due to budget constraints. So, we have decided to fill the gap by providing our technology products at a reasonable price.” -
Australian energy firm, Woodside seeks to reassure local residents on gas drilling off in Rakhine State
Australian energy giant Woodside is stepping into war-torn Rakhine State with a plan to begin drilling in two oil-and-gas blocks in the Bay of Bengal. This week the company sought to reassure residents in southern Rakhine State’s Kyaukphyu that there was a need for the projects, citing the potential economic benefits and pledging to minimize the environmental impacts on the site, located about 52 miles offshore. Kyaukphyu resident and Arakan League for Democracy (ALD) member U Tun Lwin told The Irrawaddy that Woodside held a meeting with local residents at the Hotel Kyaukphyu on Wednesday. He said Woodside and a Chinese company will jointly drill the two offshore projects, each holding a 50-percent stake. Woodside is expected to begin drilling in two oil-and-gas blocks, AD 1 and AD 8, soon. The initial process will likely take at least 45 days. U Tun Lwin explained that company officials promised to carry out the drilling in such a way as to have the least harmful environmental impact possible on the ocean environment. It also vowed not to disrupt local fishing. Woodside has already determined that gas exists in AD 1 and AD 8, but needs to drill to assess whether extraction would be commercially viable. -
Sagaing Region Government invited manageable-scale gems mining in order to boost gems mining in Sagaing Region
A person may apply for three blocks to engage in a manageable-scale gems mining in Sagaing Region, according to a press release issued by the region’s government on April 3. Applications will be closed on May 8. New mining blocks will be allotted in Khamti gems land with the aim of boosting gems mining, creating local job opportunities and ensuring regional development. A manageable-scale mining will be allowed in Nantsalin creek area in Khamti. Applications will be accepted in accord with the prescribed requirements and permits will be issued. Application forms can be fetched from Khamti Township One Stop Service Centre from April 3 to May 2 after taking registration in accordance with the Myanmar gems law. The applications can be submitted with effect from April 9 this year and closing date is May 8. One person may submit three applications for three blocks. However, only block with a one-year work permit will be allowed for one businessman. -
Myanmar’s export market is suffering due to the trade policy change in China’s Yunnan Province
Myanmar’s export market has been hurt because of the trade policy change in China’s Yunnan Province, Dr. Than Myint, Union Minister of the Ministry of Commerce, said at monthly regular meeting between Vice President of Myanmar and local business leaders held on March 15 at UMFCCI. China, after changing its policies to track down illegal trade and corruption in the country, posed strict inspections on Myanmar’s imports which are now causing traffic jams in goods transportation which is causing fruits to spoil therefore causing financial loss to traders. “The market was hurt by policy changes in China’s Yunnan Province since October. Traders are trying to overcome the activities. The government is also trying to help the market,” he added. To improve the trade, the union minister acknowledged that Myanmar needs better roads for transportation, and noted that Myanmar will export one million tons of watermelon and cumber through the Muse-Yunnan trade route which will be faster when Muse-Lashio-Mandalay railroad is finished. -
In collaboration with ICCO Corporation and One to Watch and Truvalu, DaNa Facility launched two projects under the inclusive Business Ecosystem Window in Yangon to strengthen Myanmar inclusive business
The DaNa Facility, funded by UK Government Department for International Development (DFID), launched two projects under the Inclusive Business Ecosystem Window on Thursday in Yangon. Each project will advance the start-up ecosystem for inclusive businesses through incubating at least 10 enterprises in the priority areas of AgriTech, FinTech, Health and Education sectors in Myanmar. Inclusive Businesses are commercially viable, scalable and innovative enterprises which include low-income populations into corporate value chains and create triple wins: for the poor, for companies and for government. This is the 3rd time of providing grants to the business models in Myanmar which could help create more job opportunities. -
Asian Development Bank (ADB) expected Myanmar’s Economy to resume growth by 6.6 percent in 2019 and 6.8 percent in 2020
The Asian Development Bank (ADB) expects Myanmar’s economy to resume growth this year and continue to expand in the next thanks to more foreign investment and a positive response to the government’s economic and policy reforms. The Asian Development Outlook 2019 forecasts Myanmar’s economy to grow by 6.6 percent in 2019 and by 6.8 percent in 2020. Last year, Myanmar’s growth slowed to 6.2 percent, down from 6.8 percent in 2017. The ADB said foreign direct investment (FDI) approvals in Myanmar nearly doubled from $823 million between October 2017 and January 2018 to about $1.5 million over the same period a year on. The growth came from Singapore and other Asian investors taking larger stakes in the country’s manufacturing and service sectors. According to the Myanmar Investment Commission (MIC), Singapore became Myanmar’s top investor after committing more than $20 billion, surpassing China as of February. Last month the MIC announced that FDI flows into Myanmar increased for the first time since State Counselor Daw Aung San Suu Kyi took office in early 2016.
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