Weekly Business News from Myanmar

In partnering with Tranglo, KBZ to introduce remittance services in Myanmar
KBZ Bank is partnered with Tranglo, a Malaysian based cross border payment specialist, to provide inbound money transfers directly into the accounts of the bank’s customers from oversea countries, announced the bank. The remittance services, approved by the Central Bank of Myanmar, allow Myanmar citizens working in Malaysia, Singapore and South Korea to send money to their families. Beneficiaries will receive money in their currents, saving deposits or call deposit accounts free of charge and will be able to withdraw money via nearby ATMs or Kpay or KBZ mobile banking accounts.
Myanmar agricultural exports increased USD $ 474 million in the 2019 – 2020 financial year when compared to the same period of previous year
Myanmar’s exports of farm products remarkably soared to US$3.69 billion between 1 October 2019 and 25 September 2020 in the 2019-2020 financial year from $3.2 billion in the corresponding period of the 2017-2018FY, according to the trade figures released by the Ministry of Commerce. During the last FY2019-2020, the agro-export figures reflect an increase of $474 million against a-year ago period. Myanmar’s agricultural exports rose regardless of the impact of the coronavirus on foreign demand.
The domestic price of black bean jumps to above K 1.1 million per tonne on India demand
Following the notification released by India concerning 150,000 tonnes of the black bean import quota, the domestic price of black beans soared to above K1.1 million per tonne, the trade data of Yangon Region Chamber of Commerce and Industry (Bayintnaung commodity depot) showed. The black bean fetched around K107,000 per tonne in September-end. After the Ministry of Commerce and Industry of India notified the quota for black bean import on 1 October, the prices climbed up to K1,130,000 per tonne. The notification stated India’s companies would get import licence for an equivalent amount of bean import. The import deadline will be on March-end, 2021.
Sagaing Region Investment Commission approved over K 1.971 billion investment in poultry farms in Sagaing Region
The Sagaing Region Investment Committee has approved a local investment of over Ks1,971 million in running two poultry farms in Sagaing Region—one each in Butalin and ChaungU townships. The committee approved the investments made by Myanmar citizens in accord with the Myanmar Investment Law during its meeting (7/2020). May Kha Zaw Company Limited was allowed to invest Ks1,045.500 million in running a poultry farm and poultry distribution in Kanswe Village, Butalin Township, Monywa District.
Myanmar Investment Commission (MIC) will review Myanmar Investment Promotion Plan (MIPP)
Myanmar Investment Commission (MIC) will critique the Myanmar Investment Promotion Plan, said U Thant Sin Lwin, secretary of MIC. The commission and Japan International Cooperation Agency (JICA) will jointly review the MIPP, affected by the coronavirus crisis, to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era. “As per the MIPP, there are four task forces in which digitization is included. We need to review the digital industrial technology, with the assistance of JICA. Digitization plays a pivotal role in the coronavirus crisis. Consequently, the business digitization is required to be reviewed in manufacturing, production and related industries, he stressed. An Investment Promotion Committee meeting was held on 15 September, resulting in a decision to analyze the MIPP on account of the world economic situation. “To promote the investment, the MIPP is carefully implemented by paying close attention with mindful and close observation of detail,” the MIC secretary said. The MIPP stated that Myanmar intends to reach foreign direct investment target of US$5.8 billion for the Financial Year 2020-2021. Myanmar set FDI target of $5.8 billion in the previous FY; however, it reached nearly the mark — only $5.68 billion owing to the COVID-19 negative impacts.
The domestic goat market is falling downward trend due to the COVID – 19 crisis
Myanmar’s goat market is on falling trade trend as the neighbouring countries China and Thailand stopped purchasing the goat amid the COVID-19 crisis, said traders from Mahlaing. It was about two months that there is no demand by neighbouring countries, and the breeders are facing financial hardships. The trade suspension caused the price to plunge by K15,000 per head of a goat. Besides the live goat export, the meat market is not going well either. The prices of lamb and mutton are falling owing to the COVID-19 negative impacts, and the breeders are not financially doing well.
Thai authorities are dismissed rumour about the Ranong border gate closure
The news that Ranong border gate stopped trade activities with Myanmar is not true and trade still goes on as normally as usual, according to a statement released by Thai authorities. Thailand had extended only Covid-19 restrictions but would continue trade with Myanmar, Thai news websites also reported. Before that, some media outlets in Myanmar reported that Ranong border gate had closed since October 4.
Government allowed all freight trucks to drive on Yangon – Mandalay highway which aiming to streamline trade flow
The Ministry of Construction, aiming to streamline trade flow, will allow all the freight trucks to drive on the Yangon-Mandalay Highway paying toll charges. It will allow the trucks to use the highway between October 6 and November 30 and the trucks must follow the instructions and inspection of the highway police. Private cars are ordered not to drive over 100 km per hour, passenger buses not exceeding 80 km per hour, light trucks 60 km per hour and freight trucks within 60 km per hour.
Myanmar fishery export earnings soar to over USD $ 847 million in the 2019 – 2020 financial year
Export earnings from the fisheries sector during the period between 1 October and 25 September in the financial year 2019-2020 reached US$847.5 million, an increase of $125.65 million from the year-ago period, according to statistics released by the Commerce Ministry. The figures stood at just $721.865 million during a-year ago period. During the current financial year, the fishery exports are expected to reach a record high. Myanmar Fisheries Federation (MFF) expected to earn more than $800 million from fishery exports in the FY2019-2020, and it got a target. Myanmar exports fisheries products, such as fish, prawns, and crabs, to markets in 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union. Myanmar’s fishery exports have slightly declined over the past three months, owing to the COVID-19 impacts. However, Myanmar witnessed a large volume of exports in the post-pandemic period. The MFF is making concerted efforts to increase fishery export earnings by developing fish farming lakes which meet international standards and adopting advanced fishing techniques. To ensure food safety, the foreign market requires suppliers to obtain Hazard Analysis and Critical Control Points (HACCP) and Good Aquaculture Practices (GAqP) certificates. To meet international market standards, fishery products must be sourced only from hatcheries that are compliant with GAqP. The MFF is working with fish farmers, processors, and the Fisheries Department under the Ministry of Agriculture, Livestock, and Irrigation to develop the GAqP system.
The domestic goat market is on downward trend due to the COVID – 19 crisis
Myanmar’s goat market is on falling trade trend as the neighbouring countries China and Thailand stopped purchasing the goat amid the COVID-19 crisis, said traders from Mahlaing. It was about two months that there is no demand by neighbouring countries, and the breeders are facing financial hardships. The trade suspension caused the price to plunge by K15,000 per head of a goat. Besides the live goat export, the meat market is not going well either. The prices of lamb and mutton are falling owing to the COVID-19 negative impacts, and the breeders are not financially doing well.