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Weekly Business News from Myanmar
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Tea plantation owner around Pindaya in the Danu Self-Administered Zone are doing transformation organic tea as international market potential for organic products
Tea growers around Pindaya in the Danu Self-Administered Zone are going organic as more foreign buyers show interest in the area’s chemical-free green tea. THE SMALL tea plantations that hug the slopes of Mount Yasagi near Pindaya in southern Shan State are undergoing a transformation, as growers cash in on the international market potential for organic products. The plantation owners hope that the area will be totally devoted to organic farming within three years as they strive to satisfy rising demand for chemical-free green tea. As the transformation continues, they are becoming increasingly vigilant about chemical pollution and that means they keep an eye on trekkers in the area, which is famous for its limestone caves and the placid Bote Talote lake. -
Plans are underway to invite tender for first New Yangon Development Company (NYDC) challenge which related to Yangon New Town Plan including big roads with two 26-km bridges
Plans are underway to invite tenders for the first NYDC Challenge related to Yangon New Town Plan including big roads with two 26-km bridges, according to New Yangon Development Company. The visioning workshop on the first phase of the Master Plan of Yangon New Town was held during December in 2018. It was attended by Yangon Chief Minister Phyo Min Thein, members of Yangon City Development Committee, members of Association of Myanmar Architects, members of Myanmar Engineering Society, responsible persons of the NYDC and invited guests. At the workshop, the first phase of the Master Plan chosen by the AECOM to draw up Urban Master Planning and Design was explained. The first phase of Master Plan was drafted based on the findings from strategic flood risk assessment carried out by Royal Haskoning DHV and traffic and transport planning done by oriental consultants. -
Government will announce new electricity rates by this year which will take into account the needs of ordinary people
Any rise in electricity rates to be announced this year will take into account the needs of ordinary people, Deputy Permanent Secretary of the Ministry of Electricity and Energy (MOEE) U Soe Myint has told The Myanmar Times. “An increase in rates will take place this year, but only after we seek recommendations from all stakeholders will we announce the new rates that will not affect the lives of ordinary people too drastically,” U Soe Myint said. “The rationale for raising the rates has already been explained to committees in the upper and lower houses of the Assembly of the Union, regional and state ministers, and members of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The reasons will also be explained to the 600 MPs of the upper and lower houses. Only when this is done and all objections have been heard will the government announce the new rates,” said U Soe Myint. -
PTT Exploration and Production (PTTEP) will invest USD $ 3.3billion in 2019 to continue its activities in Zawtika gas field in the Gulf of Moattama Myanmar
Thai national oil company PTT Exploration and Production (PTTEP) is expecting to spend a total of US$3.3 billion in 2019 to continue its activities in at the Zawtika gas field in theGulf of Moattama, Myanmar. Around 55 percent will be channeled towards investments required for more regular production and storage expansion, with long term development in mind, while the remaining will be used to maintain its daily operations, according to Phongsthorn Thavisin, CEO of PTTEP. The bulk of PTTEP’s capital expenditure (capex) will be used to raise production levels at existing fields in Myanmar and Thailand. These include the S1 Project, the Bongkok Project, the Arthit Project and the MTJDA Project in Thailand and the Zawtika Project in Myanmar. Funds will also be channeled towards building new storage facilities to support higher levels of production, as well as accelerating exploration activities to build up a pipeline of reserves over the long term. Exploration will involve drilling appraisal wells in Myanmar. -
Demands are still remain despite Industrial zones are hampered by poor infrastructure have held back investments
Demand for Myanmar’s industrial zones beyond Yangon is bound to grow but poor transport and energy infrastructure have held back investments, a major study suggests. Business information firm Frontier Myanmar Research (FMR) last week at the Yangon Stock Exchange launched its Myanmar Industrial Zone Review, a study based on reviewing approximately 100 active, developing and proposed industrial zones across the country. Industrial zones in Yangon Region benefit from geographical proximity, and hence many better-run zones are being filled up. This has driven up the land prices of industrial estates near the commercial capital. To add to the problem, the government’s effort to push back on land speculation has yielded little success. The price increase has led investors to look beyond Yangon Region. -
Rakhine launched the new power infrastructure projects with the aims for region development
Power transmission lines measuring 104 kilometres (60 miles) and a substation that will serve Ponnagyun, Rathedaung, Buthidaung and Maungdaw townships in Rakhine State have been officially launched. The infrastructure will now provide electricity around the clock to some 7800 households in the townships said Union Minister for Electricity and Energy U Win Khaing. The 66KV and 66/11KV transmission lines connect the townships to a 5 MVA substation in Maungdaw Built by the Department of Electric Power Transmission and System Control, work on the project was completed on December 20. The project was officially launched last Saturday in an event attended by U Win Khaing and Rakhine State Chief Minister U Nyi Pu. -
Myanmar’s stock market is still quite and a market in search of movement for the country’s economic growth
Just a little over three years old, the Yangon Stock Exchange (YSX) faces low daily trading volume and a lack of companies willing to go public. Meanwhile, firms that are considering going public are sitting on the sidelines while evaluating the situation. As a result, Myanmar’s stock market is still quiet, experts and business people say, adding that a more vibrant capital market would be good for the country’s economic growth. To accelerate growth, the stock market need to have depth and breadth, economists said. With a strong capital market, companies could boost manufacturing and exports. Now that the YSX has been established, the sluggish conditions of the market need to be addressed. -
Eurocham was organized the first Eurocham Construction Forum in Yangon in order to address the development of the country’s infrastructure and foreign investment
The first ever EuroCham Construction Forum took place on Tuesday in Yangon to address the development of the country’s infrastructure and foreign investment. According to the officials, Myanmar’s transportation infrastructure is lagging far behind compared to the countries in the Southeast Asian Region. As many believes that development of transportation infrastructure can boost the country’s economic growth, the forum aims to bring all players together not only to learn insight of the industry, practices of the international but also to promote further investment and business ties. The officials share their hopes for the investment and expect to achieve through the forum. -
Government authorities are made their efforts for the development of Rakhine Economic Zones which will ahead economic development of the northern part of Rakhine State
The Rakhine State government is moving ahead with economic development plans for the northern part of the state. State official say the plans will involve the Kanyin Chaung Economic Zone, Pone Nar Kyun Industrial Zone and livestock and agriculture zones in northern Rakhine. The state government says it hopes to have the Kanyin Chaung Economic Zone up and running by this March, said Rakhine State Minister of Finance, Revenue, Planning and Economy U Kyaw Aye Thein. The Kanyin Chaung Economic Zone, located near Maung Daw Township, is expected to boost trade by sea routes due to its proximity with Bangladesh and India. -
Myanmar Steel Association (MSA) and Myanmar Iron and Steel Association (MISA) signed a MOU to establish a strategic cooperation team for the long-term development of the industry
The Myanmar Steel Association and Myanmar Iron and Steel Association signed a MoU on January 7 to establish a strategic cooperation for the long-term development of the industry starting from 2019. According to the agreement, both parties intend to establish a strategic cooperation between MISA and MSA, aligning both organizations’ resources and efforts to achieve one goal: provide a platform to further develop the steel industry of Myanmar, improve the local steel industry environment, and promote the steel industry’s interests in the national agenda. The cooperation resulted from a meeting held on December 4, 2018, attended by members from both associations and finalized the decision to establish MSA-MISA Joint Strategic Cooperation Team.
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