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Weekly Business News from Myanmar
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Myanmar Government ditch 18 solar tender deadline by one month after telling investors
The Myanmar government is expected to extend a solar tender deadline by one month after telling investors last Friday (May 29) that it had no plans to do so. In a June 2 email sent to potential bidders, Yangon-based law firm VDB-Loi said the Ministry of Electricity and Energy is in the final stages of approving an extension of the bid submission deadline. “It is expected that the MOEE [energy ministry] will announce an official extension within the next day [June 3] from 18 June 2020 to 17 July 2020,” the email, which was seen by this newspaper, said. The expected extension was confirmed by two industry sources, who declined to be named due to sensitivity of the matter. There was no immediate statement by the government. -
The opening of the first airport in Myanmar’s Chin State delayed amid COVID – 19
The construction of Falam’s airport in Chin State is complete and flights can start soon, according to the state government. Surbung Airport in Falam will be the first major airport in the mountainous state. “The runway, the control tower and the airport buildings are all complete. The test landing will take place this month. However, due to COVID-19 restrictions and the weather, we cannot say yet when the airport will begin full operations,” said U Shwe Thio, the state’s transport minister. The Department of Aviation said the airport was originally set to be fully operated this month but full operations were delayed by COVID-19 restrictions. “Since there are travel restrictions, the opening is being delayed and we cannot tell when the airport will begin its operations,” U Soe Paing, the director of the Department of Aviation, told The Irrawaddy. “It all depends on the COVID-19 situation and Union government decisions.” -
The value of shares traded on the Yangon Stock Exchange (YSX) surges to Ks 1.2 billion in May 2020
The value of shares traded on the Yangon Stock Exchange (YSX) in May rose to K1.2 billion with 200,416 shares being traded, according to the data released by the YSX. In January 2020, 196,836 shares worth K1.25 billion were traded on the exchange while 188,919 shares, with an estimated value of K1.48 billion, were traded on the exchange in February and 228,913 shares valued K1.42 billion were traded in March respectively. It touched the lowest of K902 million with 173,808 shares in April, the exchange’s monthly report showed. At present, YSX has 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). -
PanAust, Australian miner received a new exploration license in Myanmar
PanAust, an Australian incorporated company, has been granted a new exploration license in Myanmar. The Ministry of Natural Resources and Environmental Conversation on May 27 awarded PanAust with a new exploration license for the Wuntho 3 exploration block in Sagaing Region, located in the north-western part of Myanmar. The Wintho 3 block represents a 750 square-kilometre area in the highly prospective Wuntho Massif region. -
The export value exceeded over USD $ 730 million in over seven months this year
Export value, mostly from agricultural products, in over seven months of this fiscal year has exceeded over US$730 million compared to the same period of last year, according to the Ministry of Commerce. From October 1 to May 15 in the current 2019-2020 FY, export earnings reached US$11.239 billion while the same period of last FY saw US$10.508 billion. Myanmar mainly exports agricultural produce, livestock products, marine products, fisheries, mineral products, forest products, finished industrial goods and other items. -
Japanese International Cooperation Agency (JICA) will commence preliminary studies for deep – sea port at Dawei SEZ this year
The Japanese International Cooperation Agency (JICA) will commence preliminary studies for the construction of a deep-sea port at Dawei Special Economic Zone (SEZ) this year, officials of the Dawei SEZ Committee said. “JICA first proposed the study in December 2019 but the process was waylaid by COVID-19. But we discussed the subject again on May 21," said U Myint San, vice chair of the Dawei SEZ Committee. He added that the process will begin this year, after the monsoon season. “We will study the water levels, waves and sea conditions for the port, which is to be part of the SEZ. We also urge interested investors to participate in the initial studies," he said. -
The value of regional trade exceeds USD $ 6.9 billion in the first half months of 2019 – 2020 financial year
The value of Myanmar’s regional trade with ASEAN countries through the sea route and land borders was estimated at US$6.9 billion in the first half (Oct-March) of the 2019-2020 financial year, according to the Ministry of Commerce. The ministry reported that imports surpassed exports in regional trade, with exports reaching $2.14 billion and imports valued at $4.75 billion. Since October, Thailand has been Myanmar’s largest trade partner in ASEAN, with trade valued at $2.7 billion, followed by Singapore ($2.2 billion), Malaysia ($772.9 million) and Indonesia ($651.4 million). -
Japan International Cooperation Agency (JICA) will provide USD $ 46 million emergency loan to small businesses in Myanmar
The Japan International Cooperation Agency (JICA) has announced emergency loans worth 5 billion yen (US$46.5 million) to assist businesses in Myanmar hit by the coronavirus pandemic as part of its plan to help the country mitigate the impacts of COVID-19. On Monday, JICA said the loans will be low-interest and will support small and medium-sized enterprises (SMEs) to continue operations despite the severe economic situation caused by COVID-19. JICA said it is financing the emergency program by restructuring an ongoing SME financing project known as “JICA SME Two-Step-Loan Phase 2”, which started in 2018, to respond quickly to the serious situation of SMEs. Since late February, Myanmar has faced a significant economic slowdown. The Myanmar government is currently drawing up an economic impact assessment to identify the sectors hit the hardest by the pandemic. The government expects to publish the impact assessment at the end of June. -
Some of garment manufacturers eye in the production of the mask and PPE during the pandemic
The foreign direct investments keep flowing into the country amid the COVID-19 crisis, and some garment manufacturers eye production of the mask and PPE (Personal Protective Equipment), which are the basic health and safety requirements during the pandemic, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). “The foreign enterprises are steadily entering the country amid the coronavirus. Some investors asked about potential investments. Some factories request to change business from garment production to mask and PPE. At the recent meeting of Myanmar Investment Commission (MIC), they decided to sort out this proposal in a short time. Also, they have responded to those submitting proposals. Those enterprises adapt to changing market conditions due to coronavirus. The mask-wearing culture will keep going for the long term. The production is both for domestic and foreign markets. They have made an inquiry about the quality and price of the masks for the domestic market as well,” he said. -
Myanmar Ministers express cautions optimism on Myanmar economy if reform plans in place
Myanmar could see GDP growth of six percent next year if the action plans put forth under the government’s COVID-19 Economic Response Plan (CERP) are achievable and the number of new COVID-19 cases continues to be under control, said U Thaung Tun, minister of Investment and Foreign Economic Relations. In a webinar organised by Australia-Myanmar Chamber of Commerce on May 29, U Thaung Tun said the country faces an unprecedented economic disruption that is similar to the Great Depression in the 1950s. But Nay Pyi Taw has been taking a suite of measures to counter the fallout and ensure rapid reforms. He highlighted the World Bank, International Finance Corporation and the Asian Development Bank have shared that “there is a silver lining” in the country’s economic outlook, with GDP growth potentially hitting 6pc or higher in 2021.
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