ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The Construction of Yacht Jetty, Eco Smart City in Yangon Region with 6,000 apartments has been approved

  The projects were introduced at a ceremony held at the jetty hall on Monday evening. “We have already granted permission for the construction of the yacht jetty. Construction will begin very soon. The jetty will berth sailboats as well as ships,” said Ko Ti Ti, the head of the Emerald Bay Urban Planning Project. Emerald Bay will be the first Eco Smart City with a sailboat jetty in Yangon Region. A Yacht Club will be established to develop the best living community by celebrating the river festival. “We canvassed many sites in Yangon Region to implement the project. Now, we have found a site, with a wide expanse of land. The site is also close to Yangon as well as to the Thilawa Special Economic Zone. So, we believe that it will be the most beautiful and developed place in Yangon Region,” said the investment director of the project.
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  The first ever foreign wholesale company, METRO Wholesale Myanmar plans to open showroom in Mandalay

  METRO Wholesale Myanmar, the first-ever foreign wholesale company, is planning to open the saleroom in Mandalay, said Mr. Jens Michel, CEO of METRO Wholesale Myanmar. The showroom was open in Yangon on September 30. METRO Myanmar aims at becoming a market leader in the domestic market that can help promote cooperation and sustainable development in economic enterprise. We provide hotels, restaurants, and catering and received good remarks from the customers from trade. We are proud of them and delighted to the service provided to more customers in Yangon, Mandalay and Nay Pyi Taw. We are planning to open another showroom in Mandalay, said Mr. Jens Michel, CEO of METRO Wholesale Myanmar.
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  Fully operational bridge, the second Thai – Myanmar Friendship Bridge expected to boost bilateral border trade between two countries

  Bilateral border trade between Thailand and Myanmar is expected to flourish after the second Thai-Myanmar Friendship Bridge becomes fully operational, starting from Oct 30. Niyom Wairatpanich, vice-chairman of the Thai Chamber of Commerce, said the bridge is vital to boost border trade between the two countries, increasing trade flow and logistics services through Mae Sot. Thailand's border trade with Myanmar totalled 193 billion baht last year, up 4.9% from a year before. Border trade through Mae Sot amounted to 80 billion baht in 2018. Thailand's overall border trade with all four neighbours rose 4% last year to 1.12 trillion baht, with exports making up 651 billion baht, down 0.5%, and imports worth 474 billion, up 11%. Malaysia was the biggest partner for border trade, with two-way border trade amounting to 572 billion baht, up 1.3%, followed by Laos (214 billion baht, up 3.2%) and Cambodia (146 billion baht, up 16.4%).
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  Myanmar expected to draw foreign direct investment (FDI) totaling USD $ 5.8 billion in the 2019 – 2020 fiscal year beginning 1 October 2019

  Myanmar is expected to draw foreign direct investments (FDI) totaling US$5.8 billion in the 2019-20 fiscal year beginning October 1, said U Thant Sin Lwin, Director General of the Directorate of Investment and Company Administration (DICA) and Secretary of Myanmar Investment Commission (MIC). That is unchanged from the forecast for the previous fiscal year, which ended on September 30. However, Myanmar received just $4.5 billion in actual FDI for 285 projects during the year, falling short of its forecast of $5.8 billion for fiscal 2018-19. “In 2019-20, we will hold more forums outside Yangon to draw more investors to the other states and regions. We will also promote investments across Asean and Europe. We are expecting the bulk of investments to flow into the manufacturing sector,” U Thant Sin Lwin said.
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  Industrial and Commercial Bank of China (ICBC) unveils its four business loans in Myanmar

  The Industrial and Commercial Bank of China (ICBC) introduced four types of bank loans for employers in Mandalay last week. The bank loans available are working capital loans, project loans, trade finance and syndicated loans, according to the ICBC. The bank also introduced financial services related to Chinese border trade during a discussion on cross-border financial services on Sept. 27 in Mandalay. The repayment period is between one to three years, depending on the type of loan. Loans can be requested in either kyats or US dollars, but the interest rate is 13 percent per year for kyats and 6 to 9 percent per year for US dollars. Depending on the performance of the company, up to 100 million kyats (about US$65,300) can be requested for a syndicated loan.
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  Myanmar ranked as one of the top 20 improvers in Doing Business 2020 by the World Bank

  Myanmar has been ranked as one of the top 20 improvers in Doing Business 2020 by the World Bank, based on the number of reforms and the degree by which the country’s ease of doing business score has improved, state media reported. Myanmar implemented five initiatives that enhanced its business environment. The city of Yangon imposed stronger construction quality controls by introducing stricter qualification requirements for architects and engineers, and invested in its water and sanitation infrastructure.
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  US companies are keen to expand their investment after seeing positive results in Myanmar

  As Myanmar’s government is making efforts to revive the economy through foreign investment, US companies say they are keen to expand their involvement, according to a leading trade body. The US-Asean Business Council in Yangon met on Monday and included representatives of 12 US companies and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The US delegation, led by US Ambassador Scot Marciel, included representatives from Amazon, Google, Coca-Cola, Chevron, Chubb, Diageo, Ford, Jhpiego, MasterCard, Visa, Abbott and BowerGroupAsia. Ford and Coca-Cola already have taken a significant market share in Myanmar. Chevron has been investing in the energy sector for many years.
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  JFE MERANTI Myanmar Co., Ltd (JMM) invested USD $ 85 million in the steel industry to boost construction industry in Myanmar

  JFE MERANTI Myanmar Co., Ltd (JMM) invested $85 million in steel industry, and said it will start selling locally produced coated steel products under ALZU in the market in December. The product is one of JMM’s 55 percent Aluminum-Zinc alloy-coated and color-coated steel products, available with high quality AZ70 and AZ100 coatings. The plant is in the Thilawa Special Economic Zone, and will produce various products for industrial, commercial, residential and healthcare buildings. The company will produce steel products for domestic and foreign markets. “Myanmar’s economy is evolving rapidly and has huge growth potential, but the country needs good infrastructure and building materials to support it,” said Dr. Sebastian Lagendorf, CEO of JFE Meranti Myanmar Co., Ltd.
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  The 9th JCC meeting for the Comprehensive Development in the Dawei Special Economic Zone (DSEZ) and its related project areas was held in Nay Pyi Taw

  9th Myanmar-Thailand Joint Coordinating Committee (JCC) Meeting for the Comprehensive Development in the Dawei Special Economic Zone (DSEZ) and its related project areas took place in Nay Pyi Taw on Thursday. Both sides discussed on the mutual benefits of the people of the two countries relating to the implementation of Dawei Special Economic Zone. Myanmar's current initiatives to move the remaining initial phase projects forward were also discussed at the meeting. It is learnt that Dawei SEZ Full Phase Development will be initiative in parallel with the initial phase, and further discussions will be made with existing Joint Task Force. Myanmar and Thailand recognized the progress of two-lane roads construction and appreciate for the collaboration on the effort of the Ministry of Construction and Neighbouring Countries Economic Development Agency (NEDA) of Thailand.
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  Traders at the Myanmar – China border encouraged to use kyat and renminbi as the main means of commerce and exchange

  Traders at the Myanmar-China border were encouraged to use the kyat and renminbi as the main means of commerce and exchange at a financial workshop organised by the Industrial and Commercial Bank of China Limited (ICBC) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), last week. “As Myanmar’s main border trade partners include China, it is more efficient and economical to use the Chinese or Myanmar currency to trade instead of a third currency such as the dollar. This will also help eliminate currency exchange risks and facilitate business between buyer and seller,” said U Ye Min Aung, vice chair of the UMFCCI. This comes on the back of a recent Private Sector Development Committee meeting led by Vice President U Mint Swe, during which businesses were encouraged to use their trade partner’s currency as the main means of exchange.