— Home — Business News
Weekly Business News from Myanmar
-
Foreign investments into Thilawa Special Economic Zone (SEZ) down by USD $ 200 million in 2019 – 2020 financial year when compared to the same period of last year
Foreign investments of over US$163 million have flowed into Thilawa Special Economic Zone under the Special Economic Zone Law in the financial year 2019-2020 (October-September), and FDI inflows were down by $200 million compared with the previous FY2018-2019., the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. Between 1 October and 30 September of the FY2019-2020, eight foreign enterprises were given the green light, ploughing in capitals of $163.277 million. During a-year ago period, 16 enterprises with an estimated capital of $362.28 million were given the go-ahead in the zone. The number of permitted or endorsed enterprises this year was eight lower than last year. Similarly, the investment value fell by $199.003 million compared to the previous FY, the DICA stated. -
The shares value trade on the Yangon Stock Exchange (YSX) drops to lowest in September 2020
The volume of shares traded on the Yangon Stock Exchange (YSX) in September sank to the lowest level of 85,237 shares, yet the value slightly rose to K838.6 million against August’s rate due to the increase in share prices, according to YSX’s monthly report. The trading volume last month plunged from 118,850 shares registered in August, the statistics indicated. The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market is also scared by the COVID-19 crash, a market observer points out. Moreover, Myanmar people like to invest in property, currency and gold market. Most of the local people are accustomed to investing in the gold market rather than the stock market. They will buy them if they have extra money. The cash out was when they need. At present, people are putting money in savings, rather than investing the COVID-19 crisis, he added. At present, shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH) and the Ever Flow River Group Public Co. Ltd (EFR) are being traded on the exchange. -
The amount of commodities from other States and Regions to Bayintnaung market plummets by three fourths during the COVID – 19 outbreak
The amount of commodities coming from various states and regions to the Bayintnaung Wholesale Market in Yangon Region has reduced by three fourths during the Covid-19 outbreak, said wholesale market chairman Khin Han. “Due to travel restrictions, only one quarter of goods come to Bayintnaung Market. That means they have decreased by three quarters. Previously, 1,000 to 1,300 trucks came to the market daily. Now, we see only 350 to 400 a day,” he said. He, however, commented that commodities could increase on Monday or Tuesday. -
The domestic investment reached K 1,881 billion and USD $ 413.6 billion in the previous financial year
Domestic investments by Myanmar citizens have reached K1,881 billion and US$413.6 million in the previous financial year 2019-2020 since October, according to the statistics released by the Directorate of Investment and Company Administration (DICA). Between 1 October and 29 September, Myanmar Investment Commission (MIC) and the respective region and state investment committees gave the green light to 103 local enterprises to invest in various sectors. Domestic investments have flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors. -
Myantrade plans to set up a supportive service system to benefit the local entrepreneurs
Myantrade will set up a supportive service system for the local entrepreneurs, according to an officer from the organization. To set a milestone of the business support in Myanmar, the Myanmar Trade Promotion Organization provided advanced trade information service and management technique pieces of training to some 40 government officials from Myantrade headquarters and regional trade centres and 15 Myanmar commercial trade attaches from foreign countries. The two-day training that started from 22 to 24 September is part of the larger initiative aims to upgrade the availability and accuracy of businesses, market and trade information available to the local small and medium-sized enterprises (SMEs) which want to reach foreign markets. The training gave Myantrade’s trade information officers the practical skills on how to analyze trade and market information resources. Providing reliable and timely trade information will enable the officers to assist their small businesses better to make them competitive in the global markets using up to date market intelligence. So, the exporters can get information safely online during COVID-19 crisis. -
Myanmar’s pulses exports exceeded 1.5 million tonnes in the ten months in the end of 2019 – 2020 financial year
Myanmar exported over 1.5 million tonnes of multiple pulses and beans from 1 October to July-end in the financial year 2019-2020, earning over $1.1 billion, according to the data of the Ministry of Commerce. During a-year ago period, about $940 million worth pulses and beans were exported. The export volume this year is relatively higher than that in the corresponding period of last year. India is the leading buyer of Myanmar beans, especially black beans, green grams and pigeon peas. Besides India, Myanmar’s beans are purchased by Bangladesh, Pakistan, Nepal, Dubai, Malaysia, Indonesia, China (Taipei), Japan, and European countries. But, the volume of demand by those countries is small, according to the domestic beans market. India has been delaying to buy the beans amid the COVID-19 crisis, regardless of requirement in its supply, the traders said. -
The onion stock still abundant in local market despite Bangladesh purchased onion in bulk from Myanmar
Although Bangladesh purchased onion in bulk from Myanmar, there remains abundant stock of onion in the local market, according to Bayintnaung Onion Wholesale Depot. A few days ago, the onion price was on the rise in the local market because Bangladesh was buying Myanmar onion. “There still remains abundant stock of onion in the local market despite high Bangladesh demand for the onion. As the Ruili border with China is locked down, border trade has halted, and trucks which transported goods have been forced to turn back, resulting in many stock of onion remaining in the market,” said an onion trader. -
The Real Estate market is inactive due to the COVID – 19 cases is increasing in Myanmar
Yangon Real Estate Market is inactive due to the COVID-19 with some owners offering their property at a lower price. “As the COVID-19 cases are increasing, people who have purchased the properties are now offering theirs at a lower price. However, there are only offers and very few transactions,” a realtor in Shwe Pyi Thar Township said. Before the second wave of the pandemic in Myanmar, there were transactions, buying, or leasing. However, the market started seeing reduced demand starting from early August. “Now, quarters are under lockdown and it is very difficult to move to a new place. And quarter administers do not let strangers enter their community. Thus, the rental market almost stops,” a female real estate agent from Thingangyun Township said. -
Myanmar Investment Commission (MIC) approved seven more businesses to invest in manufacturing, housing estate, hotels and tourism and service sectors which will create 4,915 local job opportunities
Myanmar Investment Commission (MIC) has approved seven more businesses to invest over US$347 million and over Ks23.4 billion in manufacturing, housing estate, hotel and tourism and service sectors. The meeting (13/2020) of MIC took place through a video conferencing on September 29, according to the Ministry of Investment and Foreign Economic Relations. The meeting also allowed four existing businesses to extend their investments. With the new investments of US$347.85 million and Ks24,311.255 million, 4,915 local jobs will be created. -
The export volume of Myanmar rubbers slightly decreased over USD $ 10 millio in this current 2019 – 2020 fiscal year when compared to the same period of previous year
Myanmar has exported over 196,000 tonnes of rubber worth over US$230 million as of July-end in the current financial year since 1 October 2019, which shows a decrease of over $10 million compared with the corresponding period of the previous FY, the Ministry of Commerce’s data showed. During a year-ago period, over $240 million worth 190,000 tonnes were shipped to the external markets. The COVID-19 pandemic caused rubber price to drastically plunge to K350-500 per pound in early May, incurring financial hardships to the growers. The sharp drop in rubber price this year hurt the growers. Some cannot even afford to cover the cost of land preparation during the monsoon season.
Business News
Copyright © 2014 Business Information Center All Rights Reserved.