ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The border trade volume at Myawaddy border camp for this year is much lower than the same period of last year

  Commodity flow through Myawady border town is getting quicker than the previous year but official trade volume is much lower than last year, according to sources from the Ministry of Commerce. The export value through Myawady border trade camp from October 1 to April 12 this 2018-2019 fiscal year amounted to US$76.463 million exceeding US$24.783 million compared to the same period of last fiscal year. The import value amounted US$406.181 million decreasing by US$62.546 million compared to the same period of last year. "This year we see more inflow of Thai trucks loaded with commodities than the previous year. But all will know why trade volume is still low," said an official from Myawady border trade camp.
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  There are no plans to revise current tax relief scheme although more Foreign Direct Investments (FID) are needed for the undeveloped Regions and States (U Thant Sin Maung, Acting Director General of DICA)

  Although more foreign direct investments (FDI) are needed for the undeveloped Regions and States, there are no plans to revise current tax relief scheme as yet, said U Thant Sin Maung, acting director general of the Directorate of Investment and Company Administration (DICA). U Thant Sin Maung was responding to requests for tax incentives from Chin State officials in order to attract foreign investors to the state. Recently, U Salai Lian Luai, the chief minister of Chin State, also asked the Myanmar Investment Commission to provide his state with tax incentives after the commission held forums promoting Chin and Rakhine states to foreign investors. "It is true that some regions are lacking FDI. Tax reliefs will be provided for Chin State based on the law in due course," said U Thant Sin Maung.
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  Locally owned YangonNet Technology Solutions Co.,Ltd will expand its business to empower business with one stop ICT services in Myanmar

  AMID RISING demand for technology among companies to improve performance in Myanmar, locally-owned YangonNet Technology Solutions Co is set to expand its business to fill the gap through a wide range of ICT solutions and products, according to Lin Htet Aung, the firm’s founder and chief executive. In an exclusive interview, he said the firm would pitch its products to the business sector in the second half of this year. It aims to triple in size from the current staff of 10 by the end of this year. “The valuation of YangonNet is growing fast, and we are fully confident of achieving our targets, working together with many strategic partners from Hong Kong and China,” he said. Lin Htet Aung established the firm in June 2017, having worked in Singapore for more than a decade. Leveraging his experience acquired from several technology projects there, the executive aims to provide effective ICT solutions for both local and global customers seeking to transform their business with modern technology.
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  Myanmar Hydropower Developer’s Association (MHDA) will become an independent Myanmar-registered group promoting sustainable work of hydropower sector in Myanmar

  The Myanmar Hydropower Developer’s Association (MHDA), led by the International Finance Corporation (IFC), has now become an independent Myanmar-registered group promoting sustainable work in the country’s hydropower sector, it announced on Wednesday. Founded in 2016 as the Hydropower Developers’ Working Group, MHDA is a platform where hydropower firms and related professionals are able to support talks, influence policies, and improve environmental and social management processes and governance. As its first initiative, the MHDA has partnered up with the Ministry of Electricity and Energy to produce standardised concessions and power purchase agreements for hydropower projects. These agreements will help regulate the rights and obligations of both developers and the government, and ensure projects will meet the accountability requirements of international lenders and comply with environmental and social standards.
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  The economic outlook for Myanmar would remain favorable, similar to other smaller economies in the region (Mr. Andrew Mason, Acting Chief Economist for East Asia and the Pacific at World Bank Myanmar)

  DESPITE Myanmar’s economic growth having declined to 6.2 per cent last year from 6.8 per cent in 2017, the nation remains resilient and is expected to return to growth of 6.5 per cent this year and 6.6 per cent next year, according to WB economists. Andrew Mason, World Bank’s acting chief economist for East Asia and the Pacific, told a tele-press conference on Wednesday that the economic outlook for Myanmar would remain favourable, similar to other smaller economies in the region. “Myanmar is facing some important challenges in terms of infrastructure investment, human capital and gaps in some of the basic services,” he said. “This will require more government revenues. So, raising revenue and spending it better is an important piece of the puzzle.”
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  Joint ventures with foreign counterparts, the four local life insurers will provide life insurance products in Myanmar

  Four domestic life insurers will cooperate with their foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA). Citizen Business Insurance (CB Insurance), First National Insurance, Grand Guardian Insurance and Capital Life Insurance will form joint ventures with foreign insurers, said U Thaung Han, managing director of CB Insurance and CB Insurance will be forming its joint venture with Thai Life Insurance, which is based in Thailand, to offer life insurance products in Myanmar,” U Thaung Han said. The development comes after the Ministry of Planning and Finance (MOPF) earlier this year allowed foreign insurers to operate in the Myanmar insurance market. Local insurance providers have been encouraged to cooperate with the foreigners to become more competitive in providing their services.
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  Myanmar Investment Commission (MIC) approved the project in port and container yard on build and transfer basic from Singapore with over 1,100 job opportunities

  The Myanmar Investment Commission approved a project in port and container yard on build, operate and transfer basic from Singapore which is expected to create 1.100 job opportunities. The amount of US$ 290.124 million has been approved for above projects which can create 1,176 job opportunities for citizens.
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  Due to the high demands from foreign countries, Myanmar will export Moringa oleifera, or drumstick trees to Japan for the first time from June onward

  Myanmar will export Moringa oleifera, or drumstick trees, to Japan for the first time from June onwards, said U Myint Ko, chair of Myanmar Drumstick and Moringa Producer and Exporters Association. Japan, China, Malaysia and Singapore have offered to purchase the drumsticks from Myanmar but Myanmar can produce only limited quantities of the tree, he said. The pods from the moringa tree resemble drumsticks. “We received offers to purchase the drumsticks. We cannot produce well to meet demand. There are only just over 200 acres of cultivated drumstick trees across the nation,” he said. Moringa oleifera is a fast-growing, drought-resistant tree, native to tropical and subtropical regions of South Asia.[3] It is widely cultivated for its young seed pods and leaves used as vegetables and for traditional herbal medicine. It is also used for water purification.
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  Kayah State has the potential investment opportunities for extension development in the hotels and tourism sector

  Kayah State has the potential for extensive development in the hotels and tourism sector because of the beautiful and green forests, spectacular mountain views, gorgeous rivers, and abundant waterfalls. Kayah State, also known as Kandayawady and the land of silver mountain, is home to the Kayah, Kayan (Padaung), Yinbaw, Geko, Lahta (Zayein), Kayaw, Geba, Yantale, and the Kawyawmonu (Manumanaw) ethnic races who share the land with the Bamar, Kayin, Shan, PaO and Intha ethnic races. Kayah State has springs, waterfalls, natural caves, and picturesque scenery. It also has the Sinpyu Mountain, Hoya, Biya Region’s viewpoints from high altitude that offers a view of the mist and clouds enveloping the mountain edges. The lush forests surrounding the land is also a heritage bestowed by nature.
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  Eight foreign mining companies applied for permission to conduct large-scale mining exploration projects in Myanmar

  Eight foreign mining companies have applied for permits to conduct large-scale mining exploration projects in Myanmar, U Ather Hlaing, director of the Department of Geological Survey and Mineral Exploration, told The Myanmar Times. The government has received a total of 1661 applications to operate at large and medium-scale mining blocks since the new Myanmar Mining Law was enforced last July. Mining activities had been suspended for two years prior to July 2018. Among these applications, eight involving permits to mine at 12 mining blocks across Myanmar are from foreign companies, the department said. South Earth Joint Venture has applied for two blocks to mine copper and tin in Mandalay and Shan State, respectively. Southern Nonferrous Metals has also applied for one block in Shan to mine tin and tungsten.