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Weekly Business News from Myanmar
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Myanmar launched its first Credit Bureau to help support financial institutions and consumers in Myanmar
Credit Bureau Asia (CBA) on Wednesday (Dec 30) launched Myanmar's first credit bureau, The Straits Times reported. The bureau is a 60:40 joint venture between MB Investment, a company formed by members of the Myanmar Banks Association, and CBA's wholly-owned subsidiary NSP Asia Investment Holding. -
The main border checkpoints between Myanmar and China will extend opening hours for faster trade flow which was delayed by the pandemic
Two main border checkpoints (Mant Wyint and Kyin San Kyawt) between China and Myanmar will extend opening times to speed up the trade flow delayed by the COVID- 19 pandemic, according to the Muse-Namkham Merchant Association in Muse town. With the extension of the opening hours, the related department led by U Hlaing Thant Oo, the district administrators, the chairman of Muse District Management Team, and the Muse-Namkham border trader association officials and Muse border trade association conducted informal meetings together with the officials from China. Then, they have reached an agreement to extend the opening time. -
Myanmar tour operators called for the easing of COVID – 19 restrictions to resume tourism in boosting businesses
Myanmar tour operators are calling on the countries authorities to ease the COVID-19 quarantine requirements for moving from state to state as domestic tourism is set to resume in January 2021. At the opening of COVID-19 Safe Service training class which was held this week in Mandalay, Tin Latt, deputy minister of the Ministry of Hotel and Tourism, said they are implementing a process so that tourism can resume again in early 2021. -
Over 269 factories in Yangon Region shut down, closed temporarily and reduce workforce since the beginning of this year
There have been 269 factories in Yangon Region that had shut down, closed temporarily or laid off workers since January this year leaving over 65,000 unemployed, said an official from the Yangon Region Ministry of Immigration and Human Resources. “We have had a total of 269 factories that shut down, closed temporarily or laid off workers. Individually speaking, 29 factories closed temporarily, 70 shut down, and 170 cut their workforce. The list is from January 1 to mid-December. Most of them are CMP. Consequently, 65,707 workers became jobless. But some of them have found new jobs,” the official said. -
The bilateral trade between Myanmar and India reached over USD $ 130 million in October 2020
Myanmar-India bilateral trade reached over US$130 million in October and Myanmar exported more than US$68 million worth of products to India in the period, according to the Ministry of Commerce. Myanmar imported over US$62 million worth of products from India in the same period. In 2019-20 FY, bilateral trade between Myanmar and India reached over US$1.3 billion and it is less than over US$130 million in comparison with the same period in the last fiscal year. -
Myanmar earned over USD 1.25 billion from the export of finished industrial goods in the first two months of current 2020 – 2021 financial year
Myanmar earned over 1.25 billion U.S. dollars from the export of finished industrial goods in over first two months of present fiscal year (FY) 2020-2021 which started in October, according to figures released by the Commerce Ministry, Xinhua reported. As of Dec. 11, the finished industrial goods or manufacturing goods sector topped the list with the most export value, followed by agriculture and mineral sectors among other exports. -
Total 1,000 companies has been struck off register due to the absence of annual return (AR) on the online register system
A total of 1,000 companies has been struck off the register as they fail to submit an annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended. The DICA found that 1,000 companies were unable to restore its status within six months of suspension under 430 (F) of Myanmar Companies Law and the companies were struck off the register starting from 7 December, according to the DICA’s notification. All registered companies need to file AR on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of the law. -
The border trade between Myanmar and India through Tamu border gate resume promptly in line with health guidelines
Border trade (Tamu) between India and Myanmar will resume as soon as possible in accord with the guidelines of the Ministry of Health and Sports. “The union minister for commerce urged the resumption of border trade in line with the Covid guidelines and rules by making bilateral communications. In the coming week, the regional government and the minister will hold a meeting. Due to trade closures, merchants are making losses. There are fewer and fewer local job opportunities. Illegal trade increases. This is why we submit our reports to resume trade officially. We will do in line with the health ministry’s guidelines. Border trade will surely resume,” said Hla Maung, chairman of Border Trade Merchants Association (Tamu). -
The saltwater fish farming development called government for favorable natural environment
Late development in saltwater fish farming Those residing in the rural areas in Myanmar account for 70 % of the total population of the Republic of the Union of Myanmar. The majority of the people do for a living relying on agriculture. The agricultural sector makes up 29 % of the gross domestic product (GDP) whereas the fish farming sector accounts for 30 % of the GDP of the whole agriculture sector. Fish farming plays an increasingly important role in the national fish supply of the country. The fisheries sector includes offshore and inshore fishing, inland fish ponds, inland freshwater aquaculture, tender fisheries, fish farming, fish and shrimp processing business. It is impossible to boost capture fisheries and so it is necessary to strive for the betterment of fish farming. The freshwater fish farming began in the 1950s is now making progress, but the saltwater fish farming is still lagging behind. The development of saltwater fish farming should be carried out in the appropriate places along the 2,832 km long coastal waters. -
The price of areca nut keeps decreasing as Myanmar hasn’t exported to India yet
The areca nut price continued to drop because Myanmar has not exported it yet to India, according to the areca nut merchants. “The areca nuts are exported mostly to India via Tamu land border. Now, we haven’t shipped it yet to India, and the traders are holding over 400 or 500 tonnes of areca nuts. Some of the traders have stocked around thousand tonnes of nuts. Although we have domestic demand for areca nut, the price will be rising when the trader can export it to foreign counties, said an areca nut trader from Mon State. Now, the areca nuts are exported not only via border route but also sea route to Australia and Malaysia.
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