ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The Post-COVID-19 economic recovery needs to anchor in transformative Sustainable Development Goals (SDGs)

  The COVID-19 pandemic is a significant setback for the world’s ambition to achieve the Sustainable Development Goals (SDG), in particular for poor countries and population groups. United Nations Secretary-General Antonio Guterres has rightly called this crisis the worst since World War II. The economic ramifications could rival those of the Great Depression in the early 1930s. At the same time, a recent report “Sustainable Development Report 2020” (SDR 2020) by Sustainable Development Solutions Network (SDSN), a UN inspired initiative, led by Jeffery Sachs that tracks the SDGs Progress Index, points out that it could provide a turn-around if the recovery is anchored in the core transformative goals of the SDGs.
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  Tanintharyi offshore fishing vessels are relying only on Ranong market

  As all the fishing vessels off the Taninthayi coast depend solely on Ranong market, the businesses may come to a halt from the declining price and weakening demand and marine workers may experience hardships, according to Myanmar Fisheries Federation (MFF). “The whole fishing business will grind to a halt if the Ranong market is closed. Consequently, it will threaten the livings of marine workers. At present, over 30,000 marine labourers are working in the fishing vessels, and about 100,000 families depend on that business. We are hoping to keep Ranong market open”, said U Thet Soe, secretary of MFF (Taninthayi Region). Majority of the fish caught are currently being sold at Ranong fish market, and low-value fish are sent to fish powder processing factories in Myeik. The fish are still demanded at Ranong market, for now, fish entrepreneurs said.
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  Myanmar agricultural exports increased by USD $ 500 million in the current 2019 – 2020 fiscal year when compared to the same period of previous year

  Agricultural product exports of Myanmar this year has increased by $500 million compared to the same period last year, according to the Ministry of Investments and Foreign Economic Relations. The Ministry said, “Agricultural product exports are in the satisfactory condition generating more than $3.31 billion in the first ten months of the 2019-2020 fiscal year, representing a $500 million increase compared to the same period of 2019-2020 fiscal year.” Agricultural products represent 22 percent of the total export and major agricultural exports are wholegrain rice, broken rice, bean, corn, fruits and vegetable, sesame, tea, and sugar.
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  More than 10,000 cattle have been stranded in Muse as Chinese authorities tightens border security amid COVID – 19

  With China stepping up border control as precautionary measures for the COVID-19, trade has ground to a halt, and over 10,000 cattle have been stranded in Muse town. The domestic companies are sending cattle in line with Standard Operating Procedure to China through the Muse border. “Before the COVID-19, cattle were highly demanded. During the early outbreak of coronavirus, about ten traders from China entered Myanmar to purchase over 1,000 heads of cattle per day. The resurgences of COVID-19 in Myanmar prompted China to tighten its border areas with Myanmar. Consequently, it was one month that cattle trading was halted. We are not sure when the cattle trading will go back to normal,” Ko Kyi Khin, a cattle trader, explained the reasons for trade suspension. While cattle exports are legal in Myanmar, livestock trade is still not permitted by China. Therefore, Myanmar traders cannot directly send the cattle to China market, so they have to wait for China traders.
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  The border trading delayed due to the opposition by the locals triggering in Chinshwehaw

  Cargo trucks carrying goods to China through Chinshwehaw in Laukkaing Township, Kokang Self-Administered Zone, northern Shan State, have to use their route on a limited basis due to the opposition by the locals triggering trade delays. Due to the Covid-19 outbreak, the region denied traffic access from September 18 to 22 in accord with the prevention guidelines. Cargo trucks have been allowed access again since September 24. However, the people from three town areas opposed the entry of those trucks on the same day causing some delays in trade flow.
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  Myanmar has foreign assets of more than USD$ 5 billion in the ten months of current 2019 – 2020 financial year

  Directorate of Investment and Company Administration (DICA) figures stated that Myanmar has concerned foreign asset of more than 5 billion United States dollars in 11 months of current 2019-20 financial year (FY) which will finish in September, MENAFN reported. As of October 1, 2019 to August 31 this year, the Myanmar Investment Commission (MIC) gave the advance to 228 foreign asset ventures.
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  The value of Myanmar corn export to foreign countries reached USD$ 362.4 million in the ten months of current 2019 – 2020 fiscal year

  Myanmar corn exports to foreign countries significantly soared to over 2.2 million tonnes, with an estimated value of US$362.4 million, in the ten months of the current financial year 2019-2020, according to the data released by the Ministry of Commerce. The export volume surged from $260 million, worth 1.4 million tonnes registered in the corresponding period of last FY. The sharp increase in export volume is attributed to the growing demand from Thailand this year. Earlier, China is the primary purchaser of Myanmar’s corn. China has suspended the importation of some agro products through the border gates including corn since 2017-2018FY. Besides, corn is not listed in China’s legitimate goods for border trade. Therefore, the ministry is making an effort to seek China’s AQSIQ registration and to reach an agreement with China for legal trade.
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  More than 100,00o acres of monsoon paddy have been cultivated under the contract farming this year

  More than 100,000 acres of monsoon paddy have been cultivated under the contract farming system this year, according to Myanmar Rice Federation (MRF). The affiliated companies of MRF have been coordinating contract farming project. The system was earlier intended to reach 200,000 acres in monsoon season. At present, 100,483 acres of monsoon paddy out of 200,000 have been cultivated by 53 companies under the contract farming system in 49 townships across the country, MRF stated. A total of 45,500 acres of monsoon paddy was earlier planned in Ayeyawady Region, but only 39,488 acres have been contracted. The system has already covered 49,402 out of earlier targeted 52,000 acres in Bago Region, 5,358 out of 21,000 acres in Yangon Region, 3,835 acres in 9,000 acres in Nay Pyi Taw and 400 out of 6,000 acres in Mandalay Region.
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  Chinese companies are seeking the opportunities to invest in the southern Myanmar’s Industrial Complex Megaproject

  Despite the surge in COVID-19 in Myanmar, Chinese companies including state-owned energy giants are seeking opportunities to invest in the Dawei Special Economic Zone (SEZ), a US$8-billion (10.4-trillion-kyat) strategic project in southern Myanmar’s Tanintharyi Region that is set to be Southeast Asia’s largest industrial complex. The Dawei SEZ management committee has invited international companies to invest in the full phase of the long-delayed Dawei project. Dr. Myint San, vice chair (2) of the committee, told The Irrawaddy, “Eight out of 10 proposals were from Chinese companies.” “Chinese companies are quite interested in the Dawei SEZ. Some are already planning feasibility studies for their proposed projects,” Dr. Myint San said.
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  The value of Myanmar’s iron and steel imports valued over USD $ 1.047 billion in the ten months of current 2019 – 2020 fiscal year

  The value of Myanmar’s iron and steel imports for the construction sector is valued over US$1.047 billion in ten months of the current financial year 2019-2020, according to the statistics of the Ministry of Commerce. Additionally, $495.29 million worth iron and steel products are also imported during October-July period. At present, Myanmar’s steel demand is estimated about 2.5 million tonnes per year, and 92 per cent of which are imported. The demand is likely to grow up to 5.4 million tonnes per year in 2030, according to the Myanmar Steel Association (MSA). “If Myanmar can fulfil the requirements of local steel consumption and focus on import substitution, the steel industry will strategically contribute to the national interest. Steel consumption includes in calculating economy growth index, MSA Chairman U Sit Taing Aung said. Eleven executive members of MSA established MSA Public Company Limited, and they are making efforts to set up iron and steel industrial zone, to reduce the outflow of US dollar, effectuating the development of steel industry and assisting in the country’s infrastructure building. Studies for implementation of iron and steel industrial zone project are underway in Ayeyawady and Taninthayi regions, and Rakhine and Mon states. The project is slated to commence within three to five year after completing studies, he continued. The government needs to support the steel sector by granting tax relief and land rights, controlling illegal import, making anti-dumping law come into effect and formulating steel policy, according to the MSA.