ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Seven foreign business groups signed an open letter calling on foreign investors to invest in Myanmar

  The leaders of seven foreign business groups in Yangon have signed an open letter calling on investors abroad to put their money in Myanmar, stressing the critical role foreign direct investment (FDI) plays in the country’s transition. “Having been in isolation for so long, Myanmar now requires the broad regeneration of its economy to meet the demands of modern-day trade. As a result, there exists a significant range of private sector investment opportunities across every sector of the economy,” the letter said, citing the opportunities presented in the Myanmar Sustainable Development Plan (MSDP) which was announced by Nay Pyi Taw last year. It was co-signed by the British, Australian, American, European, Italian, German and French chambers of commerce in Myanmar. These groups together have more than 600 companies from over 30 countries.
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  Yangon Regional Government will build more oil terminal and storage facilities in Yangon to stabilize fuel prices

  Yangon Regional Government will extend and build more oil terminals and storage facilities in Yangon in order to stabilize the fuel prices, according to U Phyo Min Thein, Chief Minister of Yangon at YBS anniversary. “We need to build more oil storage facilities as well as terminals. By doing so, we can stabilize the prices of fuel by storing large amounts of oil,’’ he said. Four companies are operating storage facilities in Yangon and the Ministry of Commerce is also trying to keep the current fuel prices in check by acquiring the import prices of oil. In April last year, oil prices hit a record high, for example, diesel rose to K910 per liter. Now, a liter of diesel has dropped to K830 per liter, premium diesel is prices at K840 a liter, Octane 92 at K645 and Octane 95 at 735 per liter.
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  Thilawa Special Economic Zone (SEZ) will attract more potential investment as it was implemented systematically

  Thilawa Special Economic Zone will attract more potential investments as it was implemented systematically, said Thaung Tun, Union Minister for Investment and Foreign Economic Relations on February 5. The one stop service center (OSSC) in the zone is providing quality services and help gain trust from the investors, said the Union Minister. Moreover, they will implement the single window system to ease business and the respective ministries are drawing up standard rules and regulations, he said. He continued that the success of the economic zone, which was established in 2011, is viewed as “ideal”.
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  The thousands of people marched peacefully in Myitkyina against the Myintsone Dam, raising their voices in unison to the words

  MYITKYINA — Thousands of people marched peacefully in the Kachin State capital Myitkyina on Thursday against the Myitsone Dam, raising their voices in unison to the words, “Our rights! We don’t want it!” The two-hour march began at 9am at the Kachin National Manau Park and progressed through the commercial heart of the city. The crowd, estimated by participants at around 7,000, held handwritten posters and vinyl banners with slogans including “Dams on the Irrawaddy will cut off Burma’s Lifeblood,” “Let displaced villagers return home now,” and “Cancel all dams on the Irrawaddy and its tributaries.” Demonstrators comprised a broad spectrum of civil society, including students, elders, church leaders, activists, internally displaced people, and those relocated from their villages for the project.
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  China Railway Engineering Co., Ltd (CREC) proposed two versions of the potential railroad for Yangon (U Than Naing Oo, a member of the Yangon Region Hluttaw’s Transportation, Communications, Construction and Industry Committee)

  Representatives from China Railway Engineering Co Ltd (CREC) have met with the Yangon Region government to discuss the possibility of constructing of a new Yangon circular railroad, U Than Naing Oo, a member of the Yangon Region Hluttaw’s Transportation, Communications, Construction and Industry Committee told The Myanmar Times. “CREC proposed two versions of the potential railroad for consideration - one where it will be built on the existing circular railroad and another with an elevated track,” said U Than Naing Oo. Based on CREC’s proposal, building along the existing railroad would cost less even with 24 new stations in the plan. “However, to build 24 new train stations would require the acquisition of land, which could pose problems in Yangon. This means the more expensive option of the elevated railway along the route of the existing route could be more feasible,” said U Than Naing Oo.
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  Central Bank of Myanmar (CBM) will publish market-based reference exchange rate for the day, from today onwards

  The Central Bank of Myanmar (CBM) will publish a market-based reference exchange rate, or the aggregate of actual market rates for the day, from today onwards, according to a CBM press release. Effective today, the CBM Reference Exchange Rate of the Myanmar kyat against the US dollar will be calculated as the volume weighted average exchange rate of interbank and bank-customer deals during the day. The CBM’s objective is to manage excessive short-term volatility of the exchange rate. Up until yesterday, the CBM Reference Exchange Rate was based on the cut-off rate of its two-way interbank foreign exchange auction, which was introduced in 2012 to facilitate the development of the foreign exchange market.
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  Kaplan Myanmar University College and Teesside University in the UK signed a MOU to offer degrees attainable in Myanmar

  Kaplan Myanmar University College and Teesside University in the UK formalised their partnership by signing the Memorandum of Understanding today. With this agreement, students can now choose from a wide range of Bachelor’s Degree and Master’s Degree programmes from Teesside University to study and attain the qualification in Myanmar. The programmes to be offered through KMUC in Yangon are MSc in Engineering Management, Master of Business Administration, BA (Hon) Business with International Management, Business with Accountancy, Business with Human Resource Management, Business with Marketing, Business with Cyber security, Business with Project Management and BSc (Hons) Computing, Computer and Digital Forensics, Computer Games Animation, Computer Games Design, Computer Games Programming.
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  Value of stocks traded on the Yangon Stock Exchange (YSX) slide to K526 million from a record of K1.2 billion last year

  The value of stocks traded on the Yangon Stock Exchange (YSX) in January slid to K526 million from a record of K1.2 billion last year, according to the monthly report released by the stock exchange, state media reported. Currently, five companies are listed on the exchange. An estimated 89,570 shares were traded on the exchange in January, according to YSX. In spite of promotion events for investors, trading on YSX has remained lacklustre.
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  According to the representative of the Extractive Industries Transparency Initiative (EITI) in Myanmar, government coffers held back by State-owned Enterprise (SOEs)

  A representative of the Extractive Industries Transparency Initiative (EITI) said Myanmar’s government fails to understand the severity of how the so-called Other Accounts of state enterprises are holding back the country’s development. EITI will be organising a workshop on reforming state-owned enterprises (SOEs) engaging in this sector will be held mid-February, according to EITI trilateral coalition in Myanmar. Preliminary discussions for the workshop were completed in January and the three-day workshop will be the first of its kind before any amendments can be made on the 1989 SOEs Law. “The government side said it refused usage of the term ‘reform’ and that things are done according to the law, If reforms are required, the law must be amended first. After that we plan to hold that workshop,” said Daw Moe Moe Tun, central committee member of EITI trilateral coalition.
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  The breeders are called for lifting ban on repairing 10,000 acres of prawn farm in Mayanswebar prawn breeding zone in Kayuktan Township

  Due to the ban on repairing 10,000 acres of a prawn farm in Mayanswebar prawn breeding zone in Kyauktan Township, Yangon Region, 47 entrepreneurs that run the farm are facing difficulties so they have submitted a letter to the region chief minister calling for the lifting of the bann, said one breeder Min Maung Maung. The ban, in effect since January 5 last year, came after the authorities announced the establishment of a mangrove forest. "As they announced the establishment of mangrove forests, we have not been allowed to repair our farm since then. We have a lot of difficulties. We lost 70 percent of our productivity last year," Min Maung Maung. The request letter for lifting the ban was sent to the State Counsellor's Office in June last year. The second letter was then sent to the Yangon Region chief minister this year.