ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Union Minister U Thaung Tun participates in the Virtual Preparatory Regional Comprehensive Economic Partnership Ministerial Meeting (Prep-RCEP MM)

  Union Minister for Investment and Foreign Economic Relations U Thaung Tun yesterday attended a Preparatory Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in advance of the 4th RCEP Summit via videoconference. The meeting was chaired by Mr Tran Tuan Anh,, Minister for Ministry of Industry and Trade of Viet Nam. During the meeting, Trade Negotiating Committee (TNC) Chair, Mr Iman Pambagyo, Director-General of International Trade Negotiations, Indonesia, presented the RCEP TNC Chair’s report to the Ministers. The Ministers congratulated the TNC and all working groups for their considerable efforts to bring 8-years of RCEP negotiations to a successful conclusion. The Ministers, then, considered and endorsed the TNC Chair’s report. Ministers agreed to organize an interim RCEP Joint Committee that will be primarily responsible for preparing for the RCEP Agreement’s entry into force. Ministers reaffirmed their readiness to sign the RCEP Agreement at the upcoming 4th RCEP Summit on 15 November 2020 and agreed upon the text of both a Joint Leaders’ Statement and a Ministers’ Declaration on India’s Participation in the RCEP which will be adopted as the outcome documents at the 4th RCEP Summit.
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  Myanmar’s rice prices in the export market slightly decreased in October comparing with the previous months

  The prices of rice in the export market slightly decreased in October owing to the coronavirus impacts, as per data of Myanmar Rice Federation (MRF). In October, the export prices of white rice (low quality), broken rice and parboiled rice slipped compared to September’s rate. The prices moved in the range of US$330-415 per tonne of white rice depending on quality, $220-310 per tonne of broken rice and $440-485 per tonne of parboiled rice, indicating a slight decrease compared with the previous months. Consequently, the price of low-quality rice, which is primarily exported to foreign countries, also dropped by K1,000-3,000 against last month’s rate in the domestic market. Following the coronavirus resurgence in Myanmar, high-quality rice (Shwebo Pawsan variety) was highly demanded in the domestic market. The domestic retail market in October saw a significant rise to K57,000 per 108-pound bag from K50,000 registered in September.
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  The price of onion dropped by the half of 2020 – 2021 financial year comparing to the same period of previous year

  The price of onion has dropped by half this year compared to the same period of last year, according to the onion commodity depot from Yetamar Road. On 6 November 2020, the price of Seikphyu species onion ranged from K800 to 950-1000 per viss in Yangon wholesale market depending upon the size while some onion commodity depots are selling the onion for K800-925-950 per viss, according to the onion depot. In the same period last year, the price of onion was K1,300-2,000-2,200-2,300 per viss in the onion wholesale market. Therefore, this year onion price has declined by half compared to that of last year in Yangon market. Although Bangladesh is highly in need of onion for its domestic consumption, the country is still closing its border areas for fear of the pandemic. Myanmar onions are sent to the border areas via a land route, but they could not reach Bangladesh. The onions are not usually sent via sea routes because the onions are damaged by long shipping days.
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  Parlo Bhd, Malaysian firm launched a biometric digital ID platform for migrant workers from Myanmar

  Parlo Bhd has launched a biometric digital ID platform for migrant workers from Myanmar across South East Asia, biometricupdate.com reported quoting an article form the The Edge Markets. This platform will aim to service 360,000 employees by next year, though Parlo hopes for it to expand to the estimated 10 million Myanmar workers worldwide.
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  Myanmar trade deficit in goods with Singapore estimated at USD $ 10.7 billion in the past four years

  Myanmar trade deficit in goods with Singapore was estimated at US$10.72 billion in the past four years, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The value of Myanmar’s bilateral trade with Singapore topped $15.46 billion between the FY2016-2017 and the FY2019-2020 (as of August). The CSO reported that imports surpassed exports in trade with Singapore in the past four years, with exports reaching over $2.37 billion and imports valued at over $13.09 billion. Singapore is Myanmar’s second-largest trading partner in the region, after Thailand.
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  Ernst and Young given green light to operate the Swiss Challenge tendering process for Htantabin Industrial Park Project

  Ernst and Young has been chosen to operate the Swiss Challenge tendering process for Htantabin Industrial Park project, Yangon Region government stated. The consultant firms were invited to take charge of the tendering process as per notification dated 30 July. Following the announcement inviting RFPs, Ernst and Young Myanmar, Deloitte Touche Myanmar Vigour Advisory Limited, PricewaterhouseCoopers (PWC) Myanmar Co. Ltd, and Roland Berger Co. Ltd submitted their requests for proposal. A consultant selection team was formed to carry out Htantabin Industrial Park Project’s Swiss Challenge. U Ye Min Oo, Regional Minister for Planning and Finance, was appointed as the chairman with ten members as per Yangon Region government’s meeting 36/2020 decision paragraph 103 on 27 August. Consultant selection team held discussions on 21 and 28 October to evaluate the consultant companies for Swiss challenge. Ernst and Young Company was selected for Swiss Challenge on 6 November, Yangon Region government notified.
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  Myanmar external trade has decreased by USD $ 876 million in October in the current 2020 – 2021 financial year

  Myanmar external trade between 1 and 30 October in the current financial year 2020-2021 touched a low of US$2.006 billion, a sharp drop of $876 million compared with the corresponding period of the FY2019-2020, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $2.882 billion, according to the data released by the ministry. In October 2020, Myanmar’s export was worth $845.38 million, which plunged from $1.45 billion registered a year-ago period. Meanwhile, the country’s import was valued $1.16 billion, showing a decrease of $271.6 million compared with the last FY. The decrease in Myanmar’s foreign trade was attributed to the drop in exports and imports in the first months of the current FY amid the COVID-19 crisis.
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  Myanmar and Japan have signed loan agreement for constructing road infrastructure and facilitating financing for small and medium size companies

  Japan and Myanmar have signed a total of 42.78 billion yen ($414 million) in low-interest loans to allow the Southeast Asian country to build road infrastructure and facilitate financing for small and midsize companies, The Mainichi reported.
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  The value of CMP garment exports reached USD $ 4.28 billion in the previous 2019 – 2020 financial year

  Exports of garments manufactured under the cut-make-pack (CMP) system were valued US$4.28 billion in the period between 1 October and August-end in the previous financial year 2019-2020, according to the data from the Ministry of Commerce. Myanmar manufacturing sector is primarily concentrated in CMP garments and textiles, which contribute to the country’s GDP to some extent. The garment sector is among the prioritized sectors driving up exports. The CMP garment industry has emerged as a promising one, with preferential trade from Western countries. The majority of Myanmar’s garment factories operate under the CMP system, and those engaged in this industry are striving to transform CMP into the free-on-board (FoB) system, according to the Myanmar Garment Manufacturers Association. Following the negative impacts caused by the COVID-19 on the garment industry, some CMP garment factories have shut down on the reason for the lack of raw materials, leaving thousands of workers unemployed.
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  Myanmar will export over 200,000 tonnes of sugarcane to China via Lwejel border in current 2020 – 2021 financial year

  Myanmar will export over 200,000 tonnes of sugarcane to China via Lwejel border camps in 2020-2021 financial year, according to Myanmar Sugar and Sugarcane Product Entrepreneurs Association (MSSPEA). To export over 200,000 tonnes of sugarcane, a local company will buy sugarcane from the local fields near Lwejel border region to ship them to China. Sugarcane will be exported as a raw material when Myanmar could not export sugar to China. “The local company, named 7 Force, will export sugarcane. The company has also grown the sugarcane. The company will also buy the sugarcane from the local growers whose farmlands are far away from sugar mills,” stated the MSSPEA.