ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Pyithu Hluttaw agrees to support research and extended production system in developing the quantity and quality of agriculture and livestock products for foreign markets

  The 8th day meeting of Pyithu Hluttaw yesterday approved a proposal on agricultural and livestock sector, discussed farmland management, dispute on land boundary and erection of telecom posts. The meeting also approved the National Record and Archives Bill. Research and Extended production U Sein Win, MP of Maubin constituency, urged the Union government to support research and extended production system in developing the quantity and quality of agricultural and livestock products for foreign markets. The proposal was supported by U Min Thine, MP of Bogalay constituency, saying that the farmers are facing with deficiencies in the markets, severe weather conditions, high labour wages, less capital and lack of technologies in production of high quality products. U Hla Kyaw, Deputy Minister for Agriculture, Livestock and Irrigation, affirmed the proposal, saying that his ministry was collaborating with the relevant ministries, private sector, civil societies and development partners to narrow the gap in this sector even compared with neighbouring countries. As no one filed objection against the proposal, the Speaker of Pyithu Hluttaw approved it.
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  Yakult Honsha Myanmar Company Limited introduces its locally produced fermented dairy products

  Yakult Myanmar Company Limited is a $47 million investment by a Japanese company, and has introduced its locally produced fermented dairy products on July 31. Yakult is a probiotic drink intended to improve health. Probiotics are live microorganisms intended to provide health benefits when consumed. Live probiotic cultures are part of fermented dairy products, other fermented foods, and probiotic-fortified foods. Mr. Hideki Kawasaki, Managing Director of Yakult Myanmar Company Limited, claimed that a single bottle of Yakult, contains over 8 billion lactic acid bacteria which help improve bowel movements for people who tend to be constipated, and helps to maintain a healthy population of gut flora. “This product is not a medicine. It is a product that improves bowel movements. We do not use coloring products or chemical preservatives,” he added.
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  The Inland Revenue Department (IRD) collected higher revenue, K 4.9 trillion in revenue across five categories of taxes from October 2018 to June 2019

  The Inland Revenue Department (IRD) has collected K4.9 trillion in revenue across five categories of taxes from October 2018 to June 2019. According to the IRD, the amount collected was more than the amount collected in the corresponding period of last year. Four-fifths of the amount collected this year came from income tax, commercial tax, special commodities tax, court fees and stamp duties as well as the Aung Bar Lay Lottery tax. An IRD list showed that revenue from income tax was K243 billion, special commodities tax collection came in at K42 billion, the lottery tax contributed K31 billion, commercial tax contributed K16 billion while court fees and stamp duties contributed K5.3 billion compared to the corresponding period of last year. All categories except court fees and stamp duties was higher than the corresponding period of last year.
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  The Central Bank of Myanmar (CBM) disallows the use of prepaid cards in the local currency which is a step backwards for cashless transactions

  An announcement from the Central Bank of Myanmar (CBM) disallowing the use of prepaid cards in the local currency is a step backwards for cashless transactions, industry observers said. The CBM, which made the announcement on July 25, said prepaid cards with a limit of US$5,000 issued by local banks in partnership with foreign financial services firms can only be used as a payment option by Myanmar nationals on trips abroad as well as foreigners in the country. No transactions can be made in the kyat equivalent using these cards by Myanmar nationals in the country. A manager with a local private bank told The Myanmar Times that the instruction not allowing the use of these cards for transactions in the local currency “is a step backwards for cashless transactions and also e-commerce”.
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  Thilawa Special Economic Zone (SEZ) is in need of international standard jetties and logistics services to transform the zone into a multi modal logistics hub

  For the extensive operations of factories, Thilawa Special Economic Zone is in need of international-standard jetties and logistics services, said Win Aung, chair of Myanmar Thilawa Special Economic Zone Holdings Public Co., Ltd (MTSH). According to the MTSH’s annual report for 2018-2019 fiscal year, the MTSH is conducting preliminary surveys to transform the zone into a multi-modal logistic hub. On December 12, 2018, the operation of the jetty built by Thilawa Multipurpose International Terminal Co., Ltd (TMIT) with Japanese ODA loan, started. Toyota Myanmar Co., Ltd has invested 52.6 million US dollars in the automobile industry and will manufacture 2,500 Toyota Hilux cars as from 2021. It can create an economic chain by attracting the companies which manufacture automobile parts used in the production of Toyota cars, he continued.
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  “A Bank” will provide K 10-300 million loans to local small and medium enterprises aiming to help the development of SMEs sector

  Ayeyawaddy Farmers Development Bank widely known as ‘A Bank’, will provide K10-300 million in loans to small and medium enterprises, the loans will be given with the aim of helping them improve, according to the Department of Industrial Supervision and Inspection. The loans include operating loans, fixed asset loans, invoice financing, green investment loans, and agricultural contract loans, according to A Bank. The terms of the loan are three years with 13 percent annual interest rates in addition to repayment of 3 percent of the service fees every month. The loan payments must be made every month or every three months. To obtain operating loans and fixed asset loans, customers must provide documents of ownership for assets such as buildings, cars, and jewelry. These must be provided in addition to other paperwork such as bank statements for the last year, personal information, company business plan, copy of membership card, and tax clearance form.
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  Financial Regulatory Department (FRD) and Deloittee Myanmar jointly organized Myanmar Insurance Workshop in Myanmar in order to the knowledge and the best practices for sustainable development of insurance sector in Myanmar

  The Financial Regulatory Department (FRD) and Deloittee Myanmar jointly organized Myanmar Insurance Workshop in Yangon, Friday. The workshop is a platform to share the knowledge by the experts and the best practices for sustainable development of insurance sector in Myanmar. It also focuses on actuarial service and product development in Myanmar, date privacy best practices, insurance intermediaries and guidance on industry best practices. The insurance sector development is very important for the State economic growth. But, the insurance penetration rate is just only 1 % in Myanmar, said the Planning and Finance Deputy Minister.
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  The exports of aquaculture products to European Union (EU) is limited due to the lack of proper laboratory facilities

  The lack of proper laboratory facilities is limiting exports of aquaculture products to the European Union (EU). Aquaculture exports to the EU make up 8 percent of total fisheries exports, with the main consumers being migrant workers in the 28-member EU. Myanmar Fishery Federation vice-chair Daw Toe Nanda Tin said the lack of proper laboratory facilities to test for contamination of aquaculture products has held back more exports to the EU. “It cannot be done in laboratories in Myanmar yet. It’s because of that. The US also has some regulations on natural environment,” she said.
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  Myanmar Timber Enterprise will cut the annual limit for logging teak and hardwood quota by half during the 2019-2020 logging season

  The Myanma Timber Enterprise will reduce the annual limit for logging of teak and hardwood by up to 50 per cent, and produce only enough timber to meet the cost of production during the 2019-2020 logging season. The Union Minister for Natural Resources and Environmental Conservation, U Ohn Win, made the remarks at the coordination meeting of the Myanma Timber Enterprise (MTE) yesterday at its head office in Insein Township of Yangon Region. He said the MTE will reduce logging activities in natural forests as far as it can, and will only cut down trees aged 30 years and above in Mandalay and Sagaing regions, in accordance with the rules set by the Forest Department. The Union Minister spoke of the need to ensure the natural environment is not damaged during the logging process and to block old timber production routes for prevention of illegal logging. He said they will replant triple amount of fallen trees in a region in developing high-valued plantations. The Union Minister gave instructions to open additional elephant camps to ensure families adequate financial support for working elephants, the mahouts and their families after the reduction in logging from the Union policy.
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  The 10th coordination meeting of the private sector development committee was held in Nay Pyi Taw to discuss how to eradicate illegal trade in Myanmar

  Vice President U Myint Swe said that the main obstacle toward Myanmar’s economy was the illegal trade sector. As the illegal trade sector still remained strong it was a great hindrance to businesses conducted legally. He said this as Chairman of the Private Sector Development Committee, while addressing the 10th coordination meeting of the Private Sector Development Committee (PSDC) held at the Ministry of Commerce in Nay Pyi Taw yesterday morning. In addressing the meeting the Vice President said that the PSDC had been formed with 20 members by Notification No. 79/2016 dated 24 October 2016 of the Office of the President to accomplish five main tasks. Five work committees led by 3 deputy ministers and 2 permanent secretaries had been formed to implement the Committee’s main tasks.