ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The National Micro Small and Medium Enterprises (MSMEs) Products Trade Fair & Contest was held in Nay Pyi Taw

  The national Micro, Small and Medium Enterprises Products Trade Fair and Contest was held in Nay Pyi Taw yesterday attracting MSME winners in nine regional and state level competitions. At the contest, national level awards will be given to the winners. In his opening address, Vice President U Myint Swe, Chairman of the MSMEs Development Working Committee, pledged to grant the MSME logo of the working committee to the winners of regional and state competitions. He urged the winning MSMEs to produce and supply the best products and services after accepting the suggestions of the customers. He called for cooperation among the Union Government, the Nay Pyi Taw Council, regional and state governments and the private sector to provide technology support to MSMEs across the country, to attract investment, to produce skilled labourers and to find new markets for the MSMEs.
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  Union Government is striving to extend land leasing term to over 70 year terms in Chin State

  The Union parliament is likely to lease land in Chin State, one of Myanmar least developed states in Myanmar. The lease terms will likely be over 70-years, Myanmar Investment Commission said. The state is receiving the least amount of both local and foreign investments even though it offers seven years in tax exemptions just as Sagaing Region and Magway Region do. Therefore, the issue of low investment in Chin State compared to other states and regions was submitted to the Vice President of Myanmar at the 23rd meeting between him and local business leaders. “The tax exemption remains the same—it’s still seven years. However, the union government informed us that they will extending the land leasing terms. But the long-term leasing can be difficult because local people are not interested in leasing their land for generations. It can work if you do projects such as contract farming,” U Kyin Lian Man, Vice President of Chin State Chamber of Commerce and industry, said.
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  PTT Exploration and Production (PTTEP) executed an appraisal campaign in Block M9 prolong gas production to provide a sustainable energy supply for Myanmar and Thailand

  To provide a sustainable energy supply for Myanmar and Thailand, PTTEP Myanmar Asset, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP) executed an appraisal campaign in Block M9. With a total of nine appraisal wells distributed over the central and northern parts of the block, the campaign has been conducting since Q3, 2018. Currently, five wells have been drilled and have successfully shown the proven potential of two commercial prospects. Zawtika-24 well, one of the successful wells is confirmed to discover a commercially proven hydrocarbon reserve. The well was spudded on 21 January 2019 and reached at total depth at 2,030 meters to a true vertical depth on 31 January 2019. The result of the well has proven substantial with 152 meters of net gas sands, and it was greater than the expected 41 meters. With these significant outcomes, the location of the well is one of the firmed platforms for the next development campaign (Phase 1D) targeting to fulfill and prolong the Zawtika’s gas production.
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  Joint venture between Ga Mone Pwint Co.,Ltd and Thonburi Health care Group Public Company Limited, Ar Yu International Hospital was opened in Yangon to improve healthcare access and capability in Myanmar

  GE Healthcare and Sea Lion Company Ltd. (“Sea Lion”) today announced collaboration with Yangon’s newest internationally-designed hospital, Ar Yu International Hospital (“Ar Yu”). Ar Yu International Hospital is a joint-venture between Myanmar mall operator Ga Mone Pwint Co., Ltd. and Thonburi Healthcare Group Public Company Limited, Thailand’s renowned healthcare company with over 40 years of experience. Dr. Watson Aphiwatanakoon, CEO and Hospital Director of Ar Yu International Hospital highlighted, “With highest regards to take Yangon’s medical services to the next level and to lift hospital standards in Myanmar, we need to have good facilities and well-trained professionals who are focused on quality and safety. We have invested in high-quality medical equipment manufactured from GE Healthcare for Ar Yu International Hospital.”
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  Local insurer, Global World Insurance Co (GWI) is expanding its crop insurance pilot project with the signing of an agreement with private contract farming business

  Local insurer Global World Insurance Co (GWI) is expanding its crop insurance pilot project with the signing of an agreement with a private contract farming business, U Soe Win Thant , the director of Global World Insurance, revealed. In 2016, Global World Insurance submitted a proposal on offering crop insurance to the Insurance Business Regulatory Board IBRB under the Ministry of Planning and Finance. Last January, the ministry approved a two-year pilot project for GWI’s crop insurance. The company’s crop insurance is yield-based and the premium is two percent of the market price of rice from one acre (0.4 hectares) of farmland. Should crops be damaged due to bad weather, the insurer will calculate compensation payouts based on the market price per acre of rice harvested in different regions.
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  Myanmar Tourism Bank will open three branches in three major cities, Yangon, Mandalay and Nay Pyi Taw in next two months to support tourism sector development

  Myanma Tourism Bank will open three branches in Yangon, Mandalay and Nay Pyi Taw within the next two months, U Zin Ko Ko, deputy head of the small and medium-sized enterprise (SME) department at Myanmar Tourism Bank told The Myanmar Times. Myanmar Tourism Bank is one of five sector-specific banks granted a banking license by the Central Bank of Myanmar (CBM) last year. It is founded by a public tourism company. The branches at Mandalay and Nay Pyi Taw are already open, while preparations are still underway to open the Yangon branch, U Zin Ko Ko said. “Yangon is the last to open as we want to ensure better services are available. As a tourism bank, we will focus on lending to the tourism sector. But we also plan to offer financial support to other related sectors and businesses,” he said.
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  Government authorities are striving to include QR codes on products produced by local companies such as micro and SMEs in order to prevent infringement

  Myanmar is preparing to include QR codes on products produced by local companies that are micro, small, and medium size enterprises in order to prevent infringement, said U Khin Maung Cho, Minister of the Ministry of Industry, at the Vice President of Myanmar’s monthly regular meeting between him and local business leaders. Myanmar now uses bar code for products and is preparing to use QR codes. “Products from Myanmar need to have bar codes or QR codes when being exhibited at international trade fairs. Therefore, we need them to register and have code numbers shown. When we don’t have bar code on products, it was difficult to sell them,” the union minister said.
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  Tourism groups are proposed government to reduce visa restrictions for western tourists to increase number of tourists from western

  Discussions will be made with the relevant departments to reduce visa restrictions on western travelers, said U Yan Win, chair of Myanmar Tourism Federation. The move comes after the government last year approved visa exemptions for tourists from Japan, China and South Korea in a bid draw more Asian travelers to Myanmar. “Granting visa exemptions for western countries will be very supportive for the tourism industry. There should be less travel restrictions for visitors from the west who are more inclined to visit Myanmar,” said U Yan Win. Earlier this month, tourism groups proposed granting visas on arrival for tourists from Germany, France, Italy, Spain and Poland but have not received a reply from the government yet, according to Myanmar Tourism Entrepreneurs Association.
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  State Counsellor and Thai Prime Minister opened the Myanmar-Thai Friendship Bridge- 2 in Myawady which will become a major link that connects Southeast Asian countries over the Greater Mekong Sub-region economic corridor

  State Counsellor Daw Aung San Suu Kyi, the Chairperson of the Central Committee for Development of Border Areas and National Races, who was in Kayin State, Hpa-an town left by helicopter and arrived in Myawady Town yesterday morning and attended the opening ceremony of Myanmar-Thai Friendship Bridge 2. Before the opening ceremony started, State Counsellor Daw Aung San Suu Kyi and Thai Prime Minister Prayut Chan-o-cha met in the briefing hall of the Myanmar-Thai Friendship Bridge Project and cordially discussed bilateral friendship and cooperation matters. The opening ceremony started off with a traditional cultural dance performance by ethnic people from Myanmar and Thailand and a video presentation of the implementation of the bridge project followed with an explanation by Thai Minister for Transport Mr. Arkhom Termpittayapaisith on how the project came about. Next, Daw Aung San Suu Kyi spoke briefly expressing her appreciation for being able to attend the ceremony with Thai Prime Minister Prayut Chan-o-cha. The presence of high ranking officials from both countries at the completion ceremony of the bridge was an indication of the great emphasis placed by both sides on bilateral relations and cooperation. The Friendship Bridge was successfully constructed due to the close cooperation and efforts of officials and peoples of the two countries. The successful outcome indicated the unity and singleness the peoples of the two countries as well as cooperation for mutual benefit.
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  Myanmar is targeting total trade volumes of USD $ 31 billion for current fiscal year by adding value to local produce for better export earnings

  Under the updated National Export Strategy 2020-2025, Myanmar is targeting total trade volumes of US$31 billion for the current fiscal year, with US$15.3 billion for exports and US$15.8 billion for imports. If successful, this would reduce the trade deficit to US$500 million. To boost trade volumes and expand exports, Myanmar this month launched the Trade and Investment Project (TIP), which will help to improve the trade environment by expanding public and private investment support services to micro, small and medium enterprises. The TIP, which would run from 2019-21, is funded by a US$5.28 million grant from the UK’s Department for International Development (DFID) and enjoys technical support from the International Trade Centre (ITC). ITC Executive Director Arancha Gonzalez discussed the prospects and challenges for Myanmar’s export sector in an exclusive interview after the launch of TIP on March 4: