ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Japanese firm, Sumitomo Corporation will replace Chinese as financial partner in Yangon Central Railway Station Development project

  Japan’s Sumitomo Corporation will act as financial partner for the Yangon Central Railway Station Development Project, replacing China’s Sino Great Wall as part of a consortium selected to implement the project, according to U Ba Myint, Managing Director of Myanma Railways. “Sumitomo approached us as a new investor in the Yangon Central Railway Station project while we were seeking a new partner to replace Sino Great Wall,” he said. ‘’Now, Sumitomo will participate in the project as financial partner. We are expecting to finalise the arrangement between the other partners and seek approval from the government soon, U Ba Myint added. U Aung Thu Latt, General Manager of Myanma Railways, said the decision to choose Sumitomo came after advise from international consultancies. He added that the original terms and design of the project will remain unchanged.
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  In collaboration with the Industrial Bank of Korea, SME Bank will establish incubation centre in Nay Pyi Taw for startups

  The SME Development Bank will establish an incubation center in Naypyidaw for startups, this is in collaboration with the Industrial Bank of Korea, according to Dr. Zayer Nyunt, Chief Operating Officer of the bank. The incubation center aims to help develop startup companies by providing capital, technology assistance, and business matching events. The center will start operating in December 2019. Interested SMEs can apply for assistance, and if approved, the center will provide necessary funds and technology to further help the company develop. “We are the first to establish an incubation center, we are implementing this after studying an incubation center in Korea. This center will help local startups, Korea will provide technical assistance. The two banks will also exchange technologies,” said Dr. Zayer Nyunt.
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  States and Regions Government perused local and foreign investors at Myanmar Global Investment Forum 2019 in Nay Pyi Taw

  State and regional governments set up booths and sent senior representatives to engage with investors at the Myanmar Global Investment Forum 2019 in Nay Pyi Taw. The outreach was supported by the DaNa Facility and the International Trade Centre (ITC), and funded by the UK’s Department for International Development. Addressing the business audience, Magway Region Chief Minister U Aung Moe Nyo highlighted the importance of the Myanmar Business Environment Index and said the index provides “the clearest picture to date of the state of local economic governance in Myanmar.” He said that the administration sees growing foreign and domestic investment in the states and regions as a critical element of “inclusive growth” in the poorer areas and a key factor contributing to Myanmar’s “inclusive development”.
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  AVIS make its investment which is worth around USD $ 50 million to provide car rental services in Myanmar

  AVIS recently announced its plans to provide car rental services in Myanmar. The U.S. car rental giant provides services in 5,500 locations in 170 countries. They unveiled the plan during an introduction event held on September 4 at Chatrium Hotel, Yangon. The company will offer both short- and long-term car rental solutions with a fresh new fleet; they will offer options for both self- and chauffeur-driven vehicles. AVIS said it has made an investment worth around $50 million for its operations in Myanmar. “We also strive to serve our customers at their locations not only in Yangon, but other cities through our expanded network in Mandalay, Nay Pyi Taw, Bagan, Taunggyi, and Dawei,” said Ms. Prasoporn Tansupasiri, General Manager of Avis Myanmar.
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  Myanmar government will set to collaborate with Hong Kong on Belt and Road Initiative (BRI) projects

  Myanmar is set to cooperate with Hong Kong in addition to other countries along China’s Belt and Road Initiative, announced Minister of Investment and Foreign Economic Relations U Thaung Tun during the Fourth Belt and Road Summit 2019 in Hong Kong on September 11 and 12. The summit was organised by the government of Hong Kong and the Hong Kong Trade Development Council to promote business collaboration through the Belt and Road platform. More than 5800 representatives from 69countries attended the event. “Hong Kong and Myanmar are strategically located along the Belt and Road project. Hong Kong is a major economic entrance to China, a central area for logistics and is also a centre for financial services. On the other hand, Myanmar is a fast-growing country and so will cooperate with Hong Kong and other countries along the Belt and Road project,” U Thaung Tun said.
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  Myanmar earned about USD $ 3.5 billion from natural gas exporting within 11 months in this fiscal year

  Myanmar earned about US$3.5 billion from natural gas export within 11 months in this fiscal year and earned over US$430 million more in the same period in the last fiscal year, said an official from the Ministry of Commerce. Myanmar is producing 3.32 million barrels of crude oil and 623 trillion cubic feet of natural gas from 86 oil and gas wells in inshore and offshore oil fields in third year of this government term, according to the ministry. Myanma Oil and Gas Enterprise and its partner companies explored 40 oil and gas wells in onshore oil fields this year and produced 2.31 million crude barrels and 19.019 trillion cubic feet of natural gas. Moreover international companies explored 46 oil and gas wells in offshore oil fields and produced 1.02 million oil barrels (condensate) and 604.818 trillion cubic feet of natural gas.
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  Japanese company, Fukuda & Partners Co., Ltd (F & P) launched its first logistics facility with refrigerated and cold storage facilities in Yangon

  Japanese company Fukuda & Partners Co Ltd (F&P) has launched what it says is the first logistics facility with refrigerated and cold storage facilities in Yangon City. F&P specialises in project management of architectural design and construction for logistics and commercial facilities. F&P started work on the development of a logistics and office space project in Thaketa township, Yangon, via its subsidiary FLP Tharkayta Co Ltd (FLP) in 2017. The first phase of the project called LL Town Tharkayta Building B was officially opened last Thursday. Over 130 guests from the Embassy of Japan in Myanmar, the Japan Chamber of Commerce and Industry of Myanmar, other related companies, construction partners, tenants, and stakeholders attended the opening ceremony.
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  The Attran river suspension bridge will be built with the loans from Japan International Cooperation Agency (JICA) by the end of this year

  MAWLAMYINE- Attran River Suspension Bridge will be built with the loans from Japan International Cooperation Agency (JICA) by the end of this year, according to the Mawlamyine Industrial Zone Management Committee. The suspension bridge will permit 70 tons of loads and by building this bridge, the investors are now keen to build more factories in Mawlamyine Industrial Zone.
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  Myanmar earned nearly USD $ 930 million from export of beans and pulses in 11 months of this fiscal year which exceeded over USD $ 300 million when compared to the same period of last fiscal year

  Myanmar earned nearly US$930 million from exporting about 1.5 million tons of various beans and pulses in 11 months of this fiscal year exceeding over US$300 million compared to the same period of last year, said an official from the ministry of commerce. "We earned US$929.294 million from exporting 1.482 million tons of beans and pulses from October 1 to August 30 in the current 2018-2019 financial year," said a ministry official. In the same period of the previous fiscal year, 1.136 million tons worth US$625.572 million. This year, 345,963 tons more were exported, so US$303.722 million more were earned. Myanmar mainly exports green gram, mung bean and pigeon pea. India mainly purchases mung bean and pigeon pea while green gram is usually purchased by China and some European countries.
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  The Trade Department under Ministry of Construction released the new trade regulations on six items

  Importers will not be allowed to trade six items – fertilizers, seeds, pesticides, medical equipment, construction materials and equipment, and agricultural machinery and equipment without a wholesale or retail business registration, according to the Trade Department under the Ministry of Construction, state media reported. Foreign companies and joint venture companies between foreigners and Myanmar citizens, which are importing the six items using their import-export registration certificate, were given a 90-day deadline from 21 May to apply and register their business.