ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

• 

  Myeik residents lament higher power prices after Myeik Public Corp Lt took over distribution of electricity in Myeik from Regional government

  Electricity prices in Myeik, Tanintharyi Region, have risen since an agreement between the Tanintharyi Regional Government and public company Myeik Public Corp Ltd was inked on October 26 for the latter to take over distribution of electricity in the Myeik area. Under the electricity distribution contract, Myeik Public must commence distribution of electricity within six months of signing. South Korean company KHAN Co Ltd is investing US$40 million (K63.7 trillion) to improve the electricity grid for distribution, while Golden Green Energy Co Ltd (GGE) and Myeik Public will contribute K6 billion.
• 

  Minbu, 170 MW solar power plant will start producing electricity in time for summer 2019

  A 170MW solar power plant in Minbu Township, Magwe Region, will start producing electricity in time for summer next year, said U Lin Naing Oo, business development department general manager of GEP (Myanmar) Co Ltd. The Thailand-based company is investing US$297 million in the solar project, which is Myanmar’s first. Electricity generated from the plant will be linked to 230-kV transmission lines and supply power to the national grid. The Ministry of Electricity and Energy (MOEE) has signed a power purchase agreement with GEP (Myanmar) to purchase electricity from the company at K150 per unit, said U Lin Naing Oo.
• 

  Myanmar’s Union Parliament approved the establishment of a new Ministry of Investment and Foreign Economic Relations to boost local and foreign investment and make investment socially and environmentally friendly

  The Second Pyidaungsu Hluttaw tenth regular session held its third day meeting in Nay Pyi Taw yesterday where the establishment of the new Ministry of Investment and Foreign Economic Relations proposed by the President was approved. Prior to the Hluttaw approving the establishment of the new ministry, Union Attorney-General U Tun Tun Oo explained about it and said the Union Government consider this matter from all angles and proposed it for the benefit of the people. The new ministry will be formed with Foreign Economic Relations Department (FERD) and Directorate of Investment and Company Administration (DICA) of Ministry of Planning and Finance and at the moment will not require additional staff, building, cars, budget etc. Without creating additional burden for the State, this newly formed ministry will effectively coordinate between related ministries and organisations on local and international investments, development works implemented for various sectors with international development loans and aids.
• 

  UMFCCI will organize monthly dialogues with respective ministries and sectors to improve the private sector and expedite business transitions

  The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has submitted that regular dialogues will be organized in respective ministries and sectors on a monthly basis to help improve private economic sector and expedite business transactions, according to the 27th Annual General Meeting of UMFCCI. "It is true that regular dialogue is held with the Vice President. It happens monthly. One more regular dialogue we want to hold is for respective ministries and sectors. They are now coordinating with each other. Ministries have to take time because they are busy. We have submitted the proposal to hold regular dialogues monthly," said UMFCCI President Zaw Min Win.
• 

  The 21st regular meeting between the Private Sector Development Committee (PSDC) and Myanmar entrepreneurs was held at UMFCCI’s head office in Yangon

  Vice President U Myint Swe, Chairman of the Private Sector Development Committee (PSDC) addressed the 21st regular meeting between PSDC and Myanmar entrepreneurs held at the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) headquarters in Yangon yesterday morning. Also present at the meeting were Vice-Chairman of PSDC and Union Minister for Commerce Dr. Than Myint, Deputy Ministers U Aung Htoo, U Win Maw Tun and U Maung Maung Win, Yangon Region Government ministers, UMFCCI President, Vice Presidents and members, Permanent Secretaries, Directors-General, officials from the Myanmar Garment Manufacturers Association, the Myanmar Federation of Mining Association and Yangon Region Chamber of Commerce and Industry.
• 

  PTTEP Myanmar requested the Ministry of Electricity and Energy to repair the Kanbauk- Myainggalay pipeline in order to receive the committed amount of gas for domestic supply

  PTTEP Myanmar Asset plans to improve the MOGE Kanbauk - Myainggalay pipeline in order to deliver committed amount of 100 MMSCFD of natural gas for domestic supply. PTT Exploration and Production Public Company Limited, Thailand based petroleum exploration and production company, has been requested from Ministry of Electricity and Energy to repair Kanbauk - Myainggalay pipeline in order to receive the gas proportion that Myanmar is entitled to get from the projects, Mr. Piya Sukhumpanume, General Manager of PTTEP, told media on trip to Zawtika Project, on November 6.
• 

  There are over 30,000 Micro, Small, Medium Enterprises (MSMEs) businesses in the Yangon Region running the economy

  Yangon Region Chief Minister Phyo Min Thein said that there were over 30,000 businesses of Micro, Small, Medium Enterprises (MSMEs) registered as business entities in the Yangon Region and they run the region’s economy. “We compiled the list of these businesses by using digital technology. Over 30,000 businesses are registered in the region and our business is run by these 30,000 business persons. The number of the MSMEs may be more than that,” CM Phyo Min Thein said. The Chief Minister was speaking at the 7th Local Products of MSMEs Trade Fair and Contest that was held at Fortune Plaza in Thaketa Township, Yangon on 16 November.
• 

  Singapore Association of Myanmar (SAM) organized the first SAM Business Summit in Myanmar to discuss and share views on economic, legal and specific industry sectors of Myanmar

  Singapore Association of Myanmar organized inaugural SAM Business Summit for the first time in Myanmar. Business leaders from Singapore and local entrepreneurs gathered at the Summit held in Yangon on Thursday to discuss and share their views on economic, legal and specific industry sectors of Myanmar. The Summit aims at supporting the business community to be kept up-to-date with the latest regulations, developments in various business sectors as well as business trends such as the digital economy. President, Singapore Association of Myanmar, Sims Teo said “To organize a business summit, to bring Singaporeans closer to the business committee is one of the objectives of our association…. Myanmar has a great potential to provide many diversify opportunities for our Singapore business people. Business Summit like this of course even more direct engagement to encourage Singapore Investors to come here.”
• 

  PTTEP Myanmar is interested to expand into new Myanmar gas fields when government authorities officially invite international tenders for up to 31 oil and gas exploration fields in early 2019

  With fresh oil and gas reserves at Myanmar’s offshore blocks now approved for commercial activities, the Ministry of Energy and Electricity (MOEE) will invite international tenders for up to 31 oil and gas exploration fields in early 2019. The last round of exploration and production tenders was held under the former government in 2014. The aim is to rejuvenate gas production and exports as well as foreign direct investments (FDI). Last year, Myanmar received more than US$3 billion for gas exports, according to the Ministry of Commerce. Over the same period, FDI decreased to US$900 million to US$5.8 billion due to a lack of investments in the oil and gas sector. This year though, around 20 oil majors including Thailand’s PTT Exploration and Production Public Company Ltd (PTTEP), Italy’s ENI, South Korea’s Daewoo and Australia’s Woodside will commence seismic surveys and exploratory drilling in several onshore and offshore blocks.
• 

  Bel-lin power plant will start distributing electricity into the national power grid in February 2019 to benefit local people

  Bel-lin Power Plant, which was built by Powergen Kyaukse Company Limited, will start distributing electricity into the national power grid in February 2019. The Ministry of Electricity and Powergen Kyaukse Company Limited signed a power purchase agreement on November 6 in Naypyidaw. “As the plant will connect to national power grid, it will benefit local people as well as the rest of the country.’’said U Win Khiang, Union Minister of the Ministry of Electricity and Energy. The plant is located in Sint Gaing Township, Kyaukse District in Mandalay Region, and developed by Powergen Kyaukse Company Limited, a partnership between a local and foreign company under Independent Power Producer (IPP) and Build Operate Own (BOO) program, in May 2018.