Weekly Business News from Myanmar

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  South Korea officials approved only six factories which meet the food safety requirements to export fishery products to South Korea

  South Korea officials, who visited Myanmar in November 2018, scrutinized 9 factories in Myanmar concerning food safety. The factories are exporting fishery products to Korea and found that only six factories meet the food safety requirements of South Korea, according the Department of Fishries. “They examined the factories to see if they follow the requirements set forth by the South Korea. If the factory scores 85 points, it is fine. If it scores 70-80, they need to do things required to meet their standard,’’ U Thet Naing, Head of Quality Examination under the Department of Fisheries, said. The nine factories are located in Kyauktan Township in Yangon Region and Myeik Township in Tanintharyi Region and this is the first time Korean officials have visited Myanmar to examine the factories. The factories in Myanmar must follow the safety requirements set forth by the Department of Fisheries.
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  Local hotel investors are worried about the government’s plans to allow new projects within the same islands in Myeik archipelago

  LOCAL investors say they are worried about the millions of dollars they have already invested in the Myeik archipelago because the regional government is planning to allow new projects within the same islands. Under the previous government, permission was granted to businesses to set up 10 hotel and resort projects on 12 islands in Tanintharyi Region. All 10 projects received approval from the Myanmar Investment Commission (MIC). Some are already open for business and others will be opening this year. One of the existing projects involves a 50-villa resort on Poni and Balar islands that Amata Holding Public Co is planning to open in the first quarter of this year.
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  European Union’s GSP trade rights will benefit the developing and six out of every one thousand people in Myanmar (U Aung Naing Oo, Director General of DICA)

  The EU’s GSP trade benefits to Myanmar help six out of every one thousand people in the country, U Aung Naing Oo, General Director of DICA, said in his talk at the seminar held on January 5 at UMFCCI. Continued onThe EU’s Generalised Scheme of Preferences (GSP) allows vulnerable developing countries to pay fewer or no duties on exports to the EU, giving them vital access to the EU market and contributing to their growth. “EU’s GSP is very important for this country. There are investors who want to come into the country looking at the GSP benefits. However, they are hesitating because of reports of conflict. If 3,000 additional factories come in to the country, we will be able to create jobs for 60 out of every one thousand people,’’ he added.
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  Kachin political parties refuted Chinese government to claim of local resident support for the multi- billion dollar Myintsone Dam hydropower project

  YANGON — Three ethnic Kachin political parties said on Monday they sought the “permanent suspension” of the multi-billion dollar Myitsone Dam, discrediting a Chinese embassy statement that implied support for the divisive project among the state’s political leaders. Manam Tu Ja, chair of the Kachin State Democracy Party, told Frontier that the statement, which was signed by the KSDP, the Kachin Democratic Party and the Unity and Democracy Party, is a clarification of their position aimed at the Kachin people. It could also help the Chinese embassy to understand the wishes and policies of the three parties, he said. “We have no plan yet to respond directly to the Chinese embassy because some [other] parties in Kachin could have said that they support the project,” he said. The embassy’s statement on January 13 concerned a December visit by Chinese ambassador Mr Hong Liang to Myitkyina, the Kachin State capital, where he held discussions with political leaders and social organisations on the peace process and IDP resettlement, the anti-drug campaign in northern Myanmar, and investment.
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  Vice President U Henry Van Thio was attend the second meeting of the Digital Economy Development Committee (DEDC) to discuss about the digital economy development in the each business sectors to raise their competitive abilities and production capacity

  The second meeting of the Digital Economy Development Committee (DEDC) was held at the Ministry of Planning and Finance in Nay Pyi Taw yesterday morning. Vice President U Henry Van Thio, in his capacity as patron of the committee, delivered the opening speech at the meeting.
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  Chin State Chamber of Commerce and Industry (CCCI) sought the Private Sector Development Committee to raise 10 years tax exemptions to investors in the state

  The Chin State Chamber of Commerce and Industry (CCCI) is asking the government for approval to raise the tax-exempt period granted to investors in the state to be raised Ceu Hlei Lian, the chair of the Chin State Chamber of Commerce and Industry submitted the request to the Private Sector Development Committee headed by Vice President U Myint Swe on January 12, in Yangon. The proposal calls for the tax-exempt period in Chin State, which will also be designated the least-developed state in the country, to be raised to 10 years from the present seven years in order to attract more local and foreign investors. “The government should prioritise development in Chin State more than others. The state’s tax-exempt period is now seven years and is the same with other regions, like Magway and Sagaing. Investors are more likely to invest in other more developed states based the tax exemptions. So, the government should allow for longer tax exemptions in Chin,” said U Kap Khen Pau, a member of the Chin State Chambers of Commerce and Industry.
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  Mandalay Region’s Department of Mines granted to permit artisanal and small-scale mining business in order to reduce illegal mining and create jobs for locals

  To reduce illegal mining and create jobs for locals, the Mandalay Region’s Department of Mines will allow artisanal and small-scale mining businesses to seek permits from the regional mining block assessment team, said U Moe Swe, the director of the department. Ahead of the move, rules and regulations that are appropriate to the situation in the region were drafted over a period of more than 3 months. With the regional government passing the new rules, miners will be able to apply for permits from 14 January. “The State Counsellor directed us to eliminate illegal extraction. The regional government can generate revenue from the permitted blocks. So, we formulated the project at the soonest. Earlier, those permits could be granted only by the ministry. Now, that has been decentralized and rules and regulations in accordance with the circumstances in the region have been instituted. We have notified the opening date for submissions through state-owned newspapers,” he said.
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  Yangon Stock Exchange-listed, First Myanmar Investment (FMI) company announced its adopting a new name and constitution in accordance with the Myanmar Companies Law

  Yangon Stock Exchange-listed First Myanmar Investment (FMI) Company announced on Saturday that it will be adopting a new name and constitution in accordance with the Myanmar Companies Law. At the first special general meeting held in Yangon’s National Theatre, the firm said that a new constitution will replace current memorandum and articles of association, as well as rebranding itself as “First Myanmar Investment Public Company Limited”. Serge Pun, FMI’s executive chair, introduced the company’s new real estate project, City Loft, at the meeting.
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  40 mining blocks are waiting for recommendation from respective states and regions to operate their mining blocks

  There are about 40 mining blocks waiting for recommendations from respective regions and states, but operation will be allowed only after contract signing and test running, said Min Min Oo, permanent secretary of the Ministry of Natural Resources and Environmental Conservation. The permanent secretary made the remark during the 16th annual general meeting of Myanmar Gold Entrepreneurs Association held on January 6. "Under the current government, we haven't granted any permission. After we have conducted checks, we ask respective regions and states for their attitude as to whether the proposed mining sites are free from religious areas or cultivable land. We also seek opinions from the local people. We started to allow applying for operating mining blocks in August last year. The applications are still under scrutiny. There are about 40 proposed mining sites. We are still asking for opinions from respective regions and states. After coordination for agreement signing, we will allow them to test-run. Then, mining will be allowed," said the permanent secretary.
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  Myanmar tourism company, Singapore-listed Memories Group, will set sail Asia’s first fully solar-run yacht around the Myeik Archipelago this month

  The first fully solar-run yacht in Asia will set sail this month offering expedition around the Myeik Archipelago, the operating company Burma Boating said on Wednesday. The firm, owned by Myanmar tourism company Singapore-listed Memories Group, revealed its latest addition to its fleet, a 16.7-metre 100 percent solar-powered catamaran, which can accommodate up to six guests, and three crew members. According to the vessel's designer, Silent-Yachts, this yacht, built in 2018, becomes the first fully solar-run boat to sail in the Asian continent. The S55’s 30 mounted solar panels create 10kWp, allowing it to cruise an unlimited distance on a regular sunny day – but also maintains a fuel-based back-up engine. It can reach maximum speed of 12 knots thanks to its two 30kW motors.