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International Monetary Fund (IMF) released the finding of its Article IV consultation with Myanmar which welcomes Myanmar economic rebound but cautions about the downside risk
The International Monetary Fund has just released the findings of its Article IV consultation with Myanmar in which it welcomes the country’s economic rebound but cautions about the downside risk. On March 12, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Myanmar, the findings of which were released on 28 March. The following is the full statement from the IMF: Myanmar’s economy stabilized in 2016/17. The new government saw a challenging first year with lower-than-expected growth of 5.9 percent in 2016/17 mainly due to weak agriculture production and exports, and temporary suspension of some construction projects in Yangon. The fiscal consolidation to about 2.5 percent of GDP deficit in 2016/17, from the election year deficit of about 4.5 percent of GDP, helped to reduce central bank financing of the deficit and imbalances. Inflation moderated to 6.8 percent, and the current account deficit fell to about 3.9 percent of GDP in 2016/17 from 5.1 percent 2015/16. The current account deficit continues to be mainly financed by FDI, with the real exchange rate and international reserves (at 3.2 months of prospective imports) broadly stable. -
Yangon-based Myanmar Centre for Responsible Business (MCRB) launched the fourth Pwint Thit Sa report on transparency in Myanmar enterprises 2018 which highlights importance of good corporate governance to attract investors
Good corporate governance is what attracts investors, such as International Financial Corporation (IFC), for companies, according to the findings revealed by the latest transparency report. The report also points to the very poor disclosure record and absence of corporate governance by companies which are registered at Directorate of Investment and Company Administration (DICA) as “public” companies, but have not met the legal reporting and disclosure requirements. Yangon-based Myanmar Centre for Responsible Business (MCRB) has launched the fourth Pwint Thit Sa report on Transparency in Myanmar Enterprises (the 2018 report), which assesses information disclosure on the corporate websites of 182 large domestic companies. These include listed, and public ones. Almost twice as many companies were assessed as in the last Pwint Thit Sa report, published in 2016, using twice as many dimensions and criteria. The 2018 report, although based on the same principle of rating online information disclosure by companies, adopts a different scorecard from the previous three reports. The scoring is based on the ASEAN Corporate Governance Scorecard. -
Union Parliament approved US$80 million loan from Asian Development Bank (ADB) for three cities development project along the Greater Mekong Sub-region economic corridor: Myawaddy, Hpa-An, and Mawlamyine
Myanmar is planning to implement development plans for three cities along the Greater Mekong Subregion economic corridor, Myawaddy, Hpa-an, and Mawlamyine, according to U Kyaw Lin, Deputy Minister for the Construction, at Pyidaungsu Hluttaw Meeting. Pyihtaungsu Hluttaw, Union Parliament, approved the proposal of getting an $80 million loan from ADB for those development plans on March 19. These three cities are situated in the Greater Mekong Sub-region economic corridor and are categorized as secondary cities by the Ministry of Construction, meaning they have great development potential economically, socially, in transportation, tourism and service sectors. So they have been chosen for development plans, U Kyaw Lin said. -
The construction of a two-way tarred road linking Dawei Special Economic Zone and Thai Border will be implemented as quickly as possible
The construction of a two-way tarred road linking Dawei Special Economic Zone and the Thai border is a first step, and the project should be implemented as quickly as possible, said Union Minister for Commerce Dr Than Myint, who is also chairman of Myanmar Special Economic Zone Central Work Committee. The minister made the remark in his clarification of a loan of 4.5 billion baht from Neighbouring Countries Economic Development Cooperation Agency during a session of the Union Parliament held on March 26. "This two-lane tarred road project is a first step towards the implementation of the Dawei SEZ project. For the SEZ, we will implement a pilot project and main project simultaneously. So it is important to implement the tarred road project promptly. The establishment of Dawei SEZ will help develop Mon and Kayin states adjacent to Taninthayi costal region," said the minister. -
The International Fund for Agricultural Development (IFAD) and Myanmar signed a financing agreement to support farmers in Kayin and Shan states in Myanmar
The International Fund for Agricultural Development (IFAD) and Myanmar signed a financing agreement to improve incomes for 62,400 poor rural households who depend on smallholder agriculture, agro-forestry, or rural wage labour in Kayin and Shan states. The agreement for the Eastern States Agribusiness Project was signed by Gilbert F Houngbo, IFAD President, and U Myint Naung, Myanmar ambassador to Italy. The total cost of the project is US$65.2 million including a $56.7 million loan and $1.5 million grant from IFAD. The remaining funds will come from Nay Pyi Taw and private businesses, as well as beneficiaries themselves. The project aims to assist poor farmers to improve their production and links to agribusinesses, while helping agro-forestry households diversify their income and gain access to new markets. All project investments will be environmentally sustainable. -
Myanmar Thilawa SEZ Holdings (MTSH) will invest in new special economic zones (SEZs), development and infrastructure projects in Myanmar (U Aung Soe Tha, Managing Director of MTSH)
Yangon Stock Exchange-listed Myanmar Thilawa SEZ Holdings (MTSH) will invest in new special economic zones (SEZs) in Myanmar and development projects in Yangon for more growth, U Aung Soe Tha, Managing Director of MTSH, said at the exchange on Sunday. The move will see MTSH invest beyond Thilawa SEZ and in the growth and development of the country’s two other SEZs – Kyaukphyu and Dawei – as well as other development and infrastructure projects in Yangon. MTSH was established for the purpose of participating in Thilawa’s Zone A Project, which is an Industrial Park Development in the SEZ. The company has since widened its investments to include Zone B and other projects in the SEZ. -
Directorate of Investment and Company Administration (DICA) plans to implement a new electronic company registration system in 1 August 2018
An electronic registration system is being set up by the Directorate of Investment and Company Administration. The digital system, called Myanmar Companies Online, will be part of the reforms entailed by the new Companies Law, which was enacted last year but will be implemented on August 1. In an announcement, DICA said that the new system will also be launched on August 1. -
Foreign Direct Investment in Thilawa Special Economic Zone (SEZ) increased by US$ 20 million compared to last year
Foreign investments worth some US$400 million went into the Thilawa Special Economic Zone prior to the end of this fiscal year, state media reported quoting the Directorate of Investment and Company Administration. This figure is up by $20 million compared with last year. Japan, Singapore, Thailand, South Korea, the United Kingdom and the Netherlands were the largest investors. The manufacturing sector absorbed most of the foreign direct investments (FDI), accounting for 73 per cent of the total FDI in the zone. Capital was also injected into the trading, logistics, service, real estate and hotel sectors. Japan invested the highest in Thilawa SEZ, followed by Thailand, the report said. -
Ministry of Commerce, Kachin State government, the DFID and the DaNa Facility organized the Kachin Regional Product Show and Export Promotion Workshop to create new export opportunities for Kachin businesses
The Chief Minister of Kachin State Dr. Khet Aung, U Aung Soe the Director General of the Myanmar Trade Promotion Organization in the Ministry of Commerce (MoC), and Peter Brimble the team leader of the DaNa Facility launched the two-day, "Kachin Regional Product Show and Export Promotion Workshop,” which brings together private sector representatives from across Kachin State alongside key public sector figures from relevant Government departments. The workshop was held in Myitkyina City Hall, and launched an expanded drive to stimulate exports from Kachin, and explored the potential for Kachin products in the National Export Strategy. It also focused on the roll out of the Myanmar Private Sector Development Framework and Action Plan: the government’s approach to private sector development. These programs represent a major step towards decentralizing responsibilities for trade and investment promotion and facilitation to the states and regions. -
Yangon regional government drafted the plan to support economic growth, especially the development of industrial zones and SMEs, with a focus on agriculture, industry, and services
The Yangon regional government will implement the regional development plan this year with public-private partnership (PPP) system, said regional Planning and Finance Minister U Myint Thaung on March 16. U Myint Thaung submitted the regional plan of Yangon within the six-month interim period from April to September 2018 to the Yangon regional legislature on March 16. The documents included a description of the summary of the regional development plan. ‘’We already submitted these plans to the National Planning Commission. We have also been conducted feasibility study and have tried to implement the projects with PPP system, without the budget for the government,” U Myint Thaung said.
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