ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

• 

  PTT Exploration and Production Public Co., Ltd will conduct an environmental impact assessment (EIA) of the offshore block called M9 before work begins in the second quarter of the year

  Thailand’s national oil and gas company PTT Exploration and Production Public Co Ltd will conduct an environmental impact assessment (EIA) of the offshore block called M9 before drilling exploratory and test wells in the second quarter of the year, the company has told Myanmar Times. PTTEP said it will conduct the EIA to ensure there is minimal impact on the site before work begins. The company said it is standard procedure for it to conduct the study before exploration and submit the results to the relevant authorities. An initial study of the area for the EIA was started early last year.
• 

  Union Minister Dr. Aung Thu urged rubber producers to produce high- grade industrial product targeting foreign market

  Rubber producers in Myeik District were encouraged by the Ministry of Agriculture, Livestock and Irrigation to produce high-grade industrial product targeting foreign market. At the meeting with local rubber producers in Myeik yesterday, Union Minister Dr Aung Thu urged the rubber business persons who can afford to invest and use high level production technologies to coordinate and combine with small scale producers of the region by sharing technology, create collective sales and strive toward creating a place in foreign market for rubber as a high-grade product. All related persons are to progress from exporting raw material to exporting of industrial goods and strive towards import substitution added the Union Minister. Union Minister Dr. Aung Thu and party then inspected the production stages of producing rubber crumbs at Pho La Min Rubber Industry rubber crumb factory near Nga Inn Village, Myeik Township where factory officials provided explanation. The Union Minister remarked on creating job opportunities for local people, organize small scale producers to combine and use the same technology to produce equal quality products, obtain more market share and profit through collective sales. He also remarked on making a production work that maintains the natural environment.
• 

  European Union decided to reintroduce import duties on exports from Myanmar by revoking certain GSP benefits

  The European Union has decided to reintroduce import duties on rice exports from Myanmar by revoking certain GSP benefits. The Myanmar Trade Promotion, however, does not believe it will have a severe impact on Myanmar’s rice exports. “Since the import duty is only on Indica rice, which is not our main export to EU, the import duty might not have much impact. Plus, the import duty is not very much,’’ said U Aung Soe, Director General of Myanmar Trade Promotion under the Ministry of Commerce. Myanmar is exporting around 400,000 tons of high quality rice to the EU. There are four types of rice being exported including broken rice. However, the volume of Indica rice, that the EU decided to reimpose import duties on, is only around 60,000 tons per year. “Without tax exemptions, it can be a little hard, but we will need to wait and see what the impact will be. Moreover, it will only be for three years,’’ said Ko Nay Lin Zin, Joint Secretary of Myanmar Rice Federation.
• 

  Myanmar enacted trademark law and industrial design law to protect intellectual property (IP); its passed into the legislation by the Pyidaungsu Hluttaw

  Myanmar has enacted legislation to protect intellectual property (IP)in another step forward for businesses in the country. On January 30, the Trademark Law and Industrial Design Law were passed into legislation by the Pyidaungsu Hluttaw. However, both laws provide that they will be effective only after a notification is issued by the President of Myanmar. “As such, while both are now statutes, their effect and implementation will continue to be deferred to a later date. This is the same approach adopted with other laws, such as the Companies Law and the Competition Law,” according to law firm Kelvin Chia Yangon in a February 1 note. So far, there has been no indication on when the President’s notification on the effective date of the Trademark Law or the Industrial Design Law will be issue. According to the law firm, it is likely that this will happen only after the implementing mechanisms, such as the trademark registry, have been properly established.
• 

  Central Bank of Myanmar expanded the primary mortgage market in order to provide people with more opportunities to own a home

  The Central Bank of Myanmar has increased home loans by up to 5 percent of a bank’s total loan portfolio, and removed the loan terms limits, according to a statement on January 15, 2019. This move is aimed at expanding the mortgage market in order to provide people with more opportunities to own a home. This is the latest change in a series of moves shaking up the financial markets.
• 

  Myanmar Investment Commission (MIC) approved nine investment proposals which will create over 5,700 job opportunities for citizens

  The Myanmar Investment Commission (MIC) meeting (2 / 2019) was convened at the meeting room of MIC in Yangon on 4 February 2019. The meeting approved nine projects in manufacturing and sales of Wet Pulp, manufacturing of photosensitive Powder, manufacturing of various kinds of bags and belts on CMP basic, aqua feed products and related products processing, cold storage and distribution, electronic ticketing service with E-Payment for public bus transportation in Yangon region, construction of jetty for storage, distribution and sale of diesel, gasoline and LPG, private education services, construction and operation of cinemas show which will be create 5,753 job opportunities for citizens.
• 

  According to the two regulations governing petroleum and petroleum based products, Ministry of Electricity and Energy will take action against deceitful fuel stations

  The Ministry of Electricity and Energy will take action against gas stations selling low quality fuel or using inaccurate measurement in accordance with two regulations governing petroleum and petroleum based products. According to the regulations, the penalties for selling lower quality fuel or using inaccurate gages start with a warning for the first time offenders, but the penalties go up from there. They include being fined, suspension of the business license for certain period of time, revoking or canceling the license permanently, and finally not more six months in jail. If customers are suspicious of inaccurate measurements, they can check for themselves by using the standard measurement cups placed at the station. Pump the fuel into the cup and check the listed volume against the pump’s gages.
• 

  Myanmar Fisheries Federation (MFF) will establish Global Earth Public Co Ltd to export catfish as a major export item via public company

  Myanmar Fisheries Federation (MFF) will establish Global Earth Public Co Ltd in order to export catfish (silonia childreni) as a major export item, said Win Kyaing, general secretary of MFF. The project will be implemented in Pantanaw Township, Ayeyawady Region. Currently, 6 million catfish are being raised and a 1,000-acre farm is being dug for breeding more fish. 'Catfish will be farmed and we will export fish meat. In the project, 100 percent will be exported with the aim of earning foreign exchange. There will be many job opportunities," said Win Kyaing. The project will include modern fish farms, feedstuff factory, cold storage factory and staffing housing. When the project comes into shape, Global Earth Public Co Ltd will invite shares.
• 

  Small and Medium Industrial Development Bank (SMIDB) will provide Cash Flow Based (CFB) loans without collateral

  Small and Medium Industrial Development Bank (SMIDB) will provide Cash Flow Based (CFB) Loans, based on six-month term loan without collateral to small and medium enterprises with the annual interest rate of 8.5 percent. “The Cash Flow Based Loan does not require collateral, instead it looks at the financial flow and profit margin of the borrower’s business,” Dr. Zeyar Nyunt, CEO of SMIDB, said. “We are now providing loans to small businesses and those who don’t have working capital. We will also give credit, which equal one third of the value of the businesses, to those who are operating their businesses on a rented factory and want to have their own factories,’’ he added. The bank will provide the non-collateral loans by lending up to K30 million using funds from the bank, they will not loan money by using the two-step loan system, which uses JICA’s grant fund. So far, the bank has not disclosed the total amount of loaned money.
• 

  Kaladan river crossing bridge included in Kaladan multi-purpose project will finish build in this year (U Salai Lian Luai, Chief Minister of Chin State)

  Kaladan river-crossing bridge included in Kaladan multi-purpose economic project will finish build in this year and transportation of goods will be made to middle areas of India in coming year, said Salai Lian Luai, Chief Minister of Chin State. “Kaladan River is a river in Paletwa, Chin State. We built a deep seaport in Sittwe and will carry goods with small ships which can carry 300 tons of cargos from the deep seaport to Paletwa. We are building Kaladan river-crossing bridge and it will be finished next year. We can send goods from the deep seaport in Sittwe via Paletwa by crossing Mizoram State to the middle areas of India,” said Chin Chief. “We can come to Paletwa from Rakhine State and all areas of Myanmar including Magway, Sagaing and Yangon regions and northern Chin State will send goods via Sittwe deep seaport to Mizoram State. The transportation of cargos will start next year,” he said.