ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The oil and gas sector stands top in the list of Foreign Direct Investment (FDI) in Myanmar

  From 1988-1989 FY to 2018-2019 FY, the government gave the greenlight to 1725 investments worth over 80.234 billion USD, with the oil and gas sector topping the list, according to the figures released by the Myanmar Investment Commission (MIC). The oil and gas sector topped the list with over 22 billion USD, accounting for 27.94 per cent of the total FDI, the energy sector, second, with over 21 billion USD or 26.40 per cent, the production sector, third, with nearly 11 billion USD or over 13 per cent, the transport and communication sector, over 10 billion USD or over 13 per cent. The real estate sector accounts for over six per cent of the total FDI, the hotel and tourism sector, for around four per cent, the mining sector, for over three per cent and other services sector, for over three per cent.
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  In collaboration with the Department of Fisheries under Yangon Regional Government, Mottama Development Group is working to open its new international standard aquarium building in Yangon by 2020

  The Mottama Development Group says that it will work to open the aquarium it has been building in 2020. It has been building the new facility on five acres of land in Kandawgyi Park, spending some $30 million of investments on the project; construction started at the beginning of 2014. The company is building the aquarium with designs and collaboration from Singapore’s Surbana, in collaboration with the Department of Fisheries under Yangon’s Regional Government. U Tin Maung Tun, Director of Mottama Development Group, said: “Now the construction process is complete. We now need to work on the light sporting system, and adding fish for the exhibits. We are putting our best efforts into opening by 2020.”
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  Regional government authorities will be invited for telecommunications companies to provide internet service in Mandalay’s gems market

  Tenders will be invited for telecommunications companies to provide internet service to the gems traders at the Mahar Aung Myay Gems Dealers’ Market in Mandalay, said Mandalay City Development Committee member U Kyaw Zaw Aung. The plan comes after a Chinese man was fined earlier this month for providing internet service unofficially at the market. “We’ll invite companies in a tender system so the process is clear. We may allow two or three companies to provide the service. Currently, we haven’t cut the unofficial connection in the market. After holding the tender, we’ll set a time frame and then we’ll cut it off. Now, they’re providing the service unofficially without paying fees to relevant departments,” said U Kyaw Zaw Aung.
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  The office of the President of Myanmar formed a new Steering Committee to against the illegal trade by liaising between the various government agencies

  On June 25, the Office of the President of Myanmar announced the formation of a steering committee. It will be chaired by Vice President One U Myint Swe, and will battle against illegal trade by liaising between the various government agencies. The government formed this union-level committee about three years after dissolving the special team for fighting illegal trade, which had been led by the Ministry of Commerce, back in 2016. The newly-formed committee will be chaired by the Vice President, as well as the two union ministers at the Ministry of Planning and Finance, and the Ministry of Union Government Office. The stated goal of this committee is to create fair competition between small- to medium-sized enterprises, as well as to protect consumers. It will also work hand-in-hand with other regional teams fighting illegal trade.
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  Myanmar’s export of manufactured goods exceeded over USD $ 400 million during the week which is up more than 60 percent when compared to the period of last fiscal year

  Myanmar’s export of manufactured goods has exceeded over US$400 million during the week between 22 and 28 June, increasing by nearly $155 million, or more than 60 per cent, from this time last 2017-2018 Fiscal Year, state media reported. The current figures included $258.5 million by the public sector and $147.8 million by the private sector. From the corresponding period last FY, the country’s export of the same totalled $251.8 million.
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  The investors are still welcoming the higher tariffs if businesses are able to enjoy a regular, uninterrupted supply of power

  Despite higher electricity prices, if businesses are able to enjoy a regular, uninterrupted supply of power, the move is still welcome as most will still be commercially viable, some investors said. “In the last year alone, blackout time in our factory was over 300 hours. When the power is out, we have to run the factory by using diesel-powered generators, which drives up costs substantially,” said U Myint Soe, chair of Myanmar Garment Manufacturers Association. He added that businesses need not worry about additional electricity costs if the power supply is regular. “Based on a one-year projection of electricity costs under the new tariffs and if supply is regular and stable, our industry can make a profit,” he said. To save more costs, more power saving equipment can be deployed and measures taken to establishing a more disciplined used of electricity, he said.
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  The Farmland Management Central Group was held its 22nd meeting in Nay Pyi Taw to make the decisions on a series of matters including compensation for farmlands and crops and land use permit

  Farmland Management Central Group held its 22nd meeting on Wednesday afternoon at the Ministry of Agriculture, Livestock and Irrigation in Nay Pyi Taw. Chairman of the Central Group Union Minister Dr. Aung Thu called for farmland work in line with the instructions abiding by the existing Farmland Law as the 2012 Farmland Law is being amended. He also stressed that farmers would have benefits.
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  The government authorities called to legalise the activities of the wildcat prospectors whose hand-dug oil wells dot land inn Magwe Region

  There is a need to legalise the activities of the wildcat prospectors whose hand-dug oil wells dot the land in Magwe Region, in central Myanmar. These illegal activities are a source of corrupt practices and loss of revenue to the regional government. These wells, a source of income and jobs for many in the surrounding countryside despite the volatility of global oil prices, have also become a source for corrupt practices in recent years. Early last month, the Anti-Corruption Commission arrested a number of local-government officials and police officers from Pauk township alleged to have received bribes worth K90 million connected to these hand-dug wells. Magwe has been a source of oil for more than a century and revenue from these wells in modern times have been used to run the regional government. As an indication, the regional government of the previous administration received K7.5 billion over the five-year period to mid-2016 as tax from the oil industry. From then until mid-June this year, revenue collected have nearly doubled to K14 billion.
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  The first public consultation on a Chinese company’s proposal to conduct a mining feasibility study in Sagaing Region ends in shouting match due to the resistance from the local people

  The Sagaing regional government’s first public consultation on a Chinese company’s proposal to conduct a mining feasibility study in the Wazeintaung area came to an abrupt end on Wednesday due to resistance from local people. The first public consultation was organized in Yinmarpin Township on Wednesday by Sagaing government officials, and attended by the regional municipal minister and minister of natural resources and environmental conservation. The meeting was brought to a halt when nearly 500 local residents in attendance began shouting, insisting they would not accept the project due to concerns over potentially serious environmental and social impacts. They later walked out of the meeting. “All the villagers strongly oppose the project. We fear the potential impacts. We will lose water resources, our farms and livelihoods,” Daw Than Nyo, a member of the Wazeintaung Protect and Watch Committee (WPWC), told The Irrawaddy.
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  Bangkok Airways expressed its interest in opening a direct route between Bangkok and Bagan

  Bangkok Airways, a Thai regional airline, is interested in opening a direct route between Bangkok and Bagan, which has just been accorded the World Heritage Site status by UNESCO. Bagan, an ancient site of Buddhist temples, monasteries and fortifications in Mandalay Region, already popular with tourists, could see more interest now that it has finally been endorsed by UNESCO. Other destinations the airline would like to open direct routes to include Heho in Shan State and Myeik in Tanintharyi Region as part of plans to expand operations to Myanmar’s tourist destinations. Bangkok Airways vice-president of sales Mr. Varong Israsena said in a media briefing that the airline would like to open up direct routes to Heho, Bagan and Myeik due to their tourism potential.