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Weekly Business News from Myanmar
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Myanmar authorities seized illegal trade worth over K5 billion through border routes in 2018 in order to fight illegal trade (U Myint Swe, Vice President of Myanmar)
In order to fight illegal trade, Myanmar has been increasingly seizing illegally imported products through border routes. There are 240 cases of where they seized illegal products totaling K5.14 billion in 2018, U Myint Swe, Vice President of Myanmar, commented at the meeting held at UMFCCI on December 14. There are 59 cases of illegal imports which were seized in October and the amount of the seized products totaled K1.3 billion. “The abundant amount of illegal imports through border gates have had a serious impact to our SMEs causing them to nearly collapse. Therefore, we are fighting against illegal imports,’’the vice president said. -
The Central Bank’s intervention of buying USD $ 34 million at the rate of Ks 1,570 per dollar within two days had an impact on the market (U Than Soe (Economics), Parliament Public Accounts Committee Member)
Parliament Public Accounts Committee member Than Soe (Economics) said that the intervention of the Central Bank in the market by buying US$34 million within two days at the rate of 1,570 Kyat per dollar had an impact on the market. “A committee member told me that the market exchange rate was about 1,510 kyats at that time. We have to calculate the loss in difference of these two exchange rates. US$34 million at the exchange rate of 1,570 will be about 53 billion kyats. This amount had been put in the market. In the clarification and explanation given by the central bank, they did it in accordance with their procedures and practices under their guideline,” he said. Public Account Committee invited officials from Central Bank on December 20 in the evening and discussed with them the frequent seizures of fake currency in 10,000 kyat denomination notes and the buying of US 34 million dollars in the market -
IFC report recommended the area where Myitsone is located should be protected for long-term environmental and social sustainability and alternatives to develop the country’s hydropower sector
A government-sponsored study warned against restarting the highly controversial Myitsone dam and recommended alternatives to develop the country’s hydropower sector. The final version of the Strategic Environmental Assessment (SEA) of the hydropower sector, supported by the energy and environment ministries and authored by the International Finance Corporation, has been published. The SEA involved a range of hydropower, environmental, social and conflict experts and offered government, business and civil society stakeholders a chance to make an input. The report proposes cascade development -- multiple dams on certain rivers, allowing other rivers to be left intact. It also makes clear recommendations that dams on mainstem rivers such as the Ayeyarwady - where Myitsone is located - and Thanlwin are high risk for Myanmar through their impacts on the ecosystems on which the populations downstream depend. Hence, Myitsone, Mongton and the other dams should be avoided because of their negative downstream impacts, and development of new hydropower should focus on other opportunities and prioritise those in river sub-basins with lower environmental values. -
US-ASEAN Business Council official urged SMEs to use Information and Communication Technology (ICT) in order to enhance competitiveness and development into digital economy
Michael W. Michalak, Senior Vice President and Regional Managing Director of US-ABC (US-ASEAN Business Council, urged small and medium enterprises (SME) to use ICT in order to enhance competitiveness and development during a one day workshop for SMEs named “Digital Transformation to Boost Competitiveness” held at Novotel Hotel, Yangon. Information and Communication Technology (ICT) “98 percent of enterprises in Myanmar are SMEs, and we have not seen Digital Economy Growth. In order to improve competitiveness, SMEs need to grab potential benefits by transforming into digital economy. It is important that Myanmar’s SMEs are well-prepared,’’ he added. The workshop was jointly held by US-ASEAN Business Council, US ICT Council for Myanmar, Max Myanmar Holdings Co., Ltd, UMFCCI and Myanmar Young Entrepreneurs Association with the aim of creating New Technology and E-commerce Platform to enhance digital transformation. -
Livestock and fisheries sectors in Myanmar need further development along the entire supply chain to link with the global market and promote exports
The Myanmar livestock and fisheries sectors have not lived up to their potential under the remit of the Ministry of Agriculture, Livestock and Irrigation and needs to be a separate ministry in order to fully grow and develop, said U Zaw Aye Maung, Rakhine ethnic minister in Yangon Regional Government. “In the past, livestock and fisheries were growing successfully as they were managed separately from agriculture. If we want to develop the fisheries industry, we need it to be under a different ministry with decision makers both at the Union and regional level,” U Zaw Aye Maung said, adding that new legislation is needed to replace the existing outdated rules and regulations for the fisheries sector. The calls for more leadership and focus on fisheries come as the sector struggles with issues such as lack of finance, transport infrastructure, data and communications and even land for fish farming. -
Awra Trading Co., Ltd will start supplying liquefied petroleum gas (LPG) as an alternative to petrol in Yangon (U Kyaw Myo Naing, Chair of Awra Trading Co., Ltd)
Awra Trading Co Ltd will start supplying liquefied petroleum gas (LPG) as an alternative to petrol in Yangon, said chair U Kyaw Myo Naing. On December 16, the local company launched its LPG Auto Gas Filling Station & LPG Conversion Kit Installation Center in Shwe Pauk Kan Industrial Zone, Yangon. “We are expanding and now able to provide sufficient supply of LPG for automobiles, U Kyaw Myo Naing told the Myanmar Times during the launching ceremony. Established in 2005, Awra Trading supplies LPG imported from Thailand to retailers in Yangon and other states and regions. It runs a filling station and other facilities in the country, according to its website The idea of using LPG as alternative to fuel is not a new one in Myanmar. In fact, both the government and private sector had in the past explored the possibility of using LPG in motor vehicles. -
Press conference on the 7th Myanmar Heritage Trail Tourism Rally 2019 was held in Yangon to market and promote Myanmar for the benefit of the entire tourism industry
The destination of the 7th Myanmar Heritage Trail Tourism Rally 2019 will be the Naga Land according to the Press conference of Myanmar Tourism Marketing held in Yangon on Tuesday. Myanmar Tourism Marketing has been organizing such kind of Rally tour since 2015 with the aims to market and promote Myanmar for the benefit of the entire tourism industry. Myanmar Tourism Marketing tries to increase the public awareness of lesser known tourist destinations in Myanmar, at home and abroad as well as to show Myanmar as an ecological tourism destination through the Rally. Executive Committee Member, Myanmar Tourism Marketing, Win Tin said “This is 2th time Rally of our MHTTR in collaboration with Sagaing Region Government. Our tour will start from Yangon to MonYwa, Mawlaik, Tamu and Homalin. And then, we will continue to Lay Shi (Naga) where we will stay 3 days and we will also join and observe Naga’s New Year festival. The way back to home will across Mu Chaung, Maing Chaung, Ye-U, Shwe Bo and Sagaing. We have plans to organize 8th Myanmar Heritage Trail Tourism Rally in 2019, the destination is India and we will cross the border gate in Chin State that has opened recently.” -
Bago Regional Government will retake land location in Bago Industrial zone in early 2019 if the investors haven’t implemented the project on the designated land
In early 2019, the Bago Regional Government will retake land located in the Bago Industrial Zone if the investors have not implemented the project on the designated land. Under the former President U Thain Sein, the government allocated 800 acres of land to investors to implement Bago Industrial Zone, in Bago city. But most of the land plots are still left without any construction or progress; therefore, the regional government analyzed it by categorizing them in to three groups: Group (A) includes those who have implemented or are implementing a project; Group (B) includes those who are in thr construction process or have not received industrial permits and Group (C) include those who have not implement anything at all. “There some businessmen who need to re-apply for industrial permits to work with other partners operating in Bago Industrial Zone. We will re-take lands allocated to investors, who did not implement the project, by grouping into three. Then government will decide whether to give priority to them or to new investors when the lands are used for the next projects,’’ said Dr. Saw Nyo Win, a spokesperson of Bago Regional Government and Regional Minister of Resources, Forest, Environmental Conservation and Municipal. -
Myanmar Agriculture Development Bank, Myanmar Insurance and Sompo Japan Nipponkoa Insurance Inc signed an agreement to conduct trials for weather index-based crop insurance scheme in Myanmar to protect farmers from losses due to adverse weather
With the appraval of the Ministry of Planning and Finance, the Myanma Agriculture Development Bank, Myanmar Insurance, and Sompo Japan Nipponkoa Insurance Inc. yesterday signed an agreement to test a weather index-based crop insurance scheme in Myanmar to protect farmers from losses due to adverse weather. The insurance product designed by Sompo Japan was transferred to MI after Dr. SandarS Oo, the managing director of MI, U Min Thu, the managing director of MADB, and Mr. Keiji Okada, a representative from Sompo Japan, signed an agreement at the Myanma Insurance office. “Farmers have to take loans from MADB to cultivate crops. It is hard for them to pay off their loans if their crops are damaged due to erratic weather conditions, which lands them in a debt trap. This being so, the weather index-based crop insurance scheme will be implemented to help farmers tackle such problems,” said Dr. Sandar Oo. -
Local fuel prices fell by 14 percent to 27 percent over the past two months due to the decreasing global oil prices and slight fluctuation in the dollar price
Local fuel oil prices have decreased by 14 percent to 27 percent over the past two months due to decreasing global oil prices and slight fluctuation in the dollar price , according to petrol stations. Prices fell to K940 for one litre of 92 Ron octane, K840 for one litre of 95 Ron octane, K940 for one litre of diesel and K950 for one litre of premium diesel. When global oil prices got high and dollar appreciated, local fuel prices increased continuously with 21 percent in four months from June to October this year. At that time, one litre of 92 Ron octane was priced K1,065, one litre of 95 Ron octane K1,115, one litre of diesel K1,095 and one litre of premium diesel K1,105.
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