ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar authorities will introduce a new Companies Law to replace the Companies Act of 1914 from 1 August 2018

  Myanmar authorities will introduce a new Companies Law, replacing the Companies Act of 1914, from Aug. 1 next year, according to a Xinhua report quoting U Aung Naing Oo, director-general of the Directorate of Investment and Company Administration (DICA). The promulgation of bylaws and application of the law as well as working on the operating manual for online registration will be done in last week of July next year, he was quoted as saying. In accordance with the new law, foreign investors are allowed to take up 35 percent in local companies, the report said.
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  Yangon Region Government is planning to allow the return of shared taxi services to meet rising demand in the Yangon taxi market

  The Yangon Regional Government is planning to allow the return of shared taxi services between the outskirts and Sule Pagoda in downtown Yangon, said Daw Nilar Kyaw, Minister of Electricity, Industry, Transport and Communication. The move comes amid rising demand and is likely to introduce more competition in the Yangon taxi market. The Yangon Regional Government is planning to allow the return of shared taxi services between the outskirts and Sule Pagoda in downtown Yangon, said Daw Nilar Kyaw, Minister of Electricity, Industry, Transport and Communication. The move comes amid rising demand and is likely to introduce more competition in the Yangon taxi market.
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  Factories will be inspected for Environmental Management Plan (EMP) and Wastewater Treatment Plant activities

  Factories will be inspected for Environmental Management Plan and Wastewater Treatment Plant activities, said Daw Khin Thida Tin, the Director of Yangon Region Environmental Conservation Department. “There are weak points in dumping wastewater from some factories. In addition, they are not well-prepared for the Environmental Management Plan. Supervision Committee chairmen for respective regions and states Environmental Conservation and Climate Change will lead inspections in cooperation with the departments concerned. The cabinet will soon release official documents regarding inspections of factories”, she continued. Factories are encouraged to strictly adhere to environmental emission guidelines in setting up wastewater treatment plants within nine months, as mentioned in the official announcement. If they fail to establish the wastewater treatment plant and abide by the prescribed procedures, action will have taken against them under the existing laws.
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  As part of efforts to modernize Mandalay Region, the Urban Development Project in Amarapura has commenced with approval from the Mandalay Regional Government

  Construction of Phase 1 of the Amarapura Urban Development Project in Mandalay has commenced after receiving approval from the Mandalay regional government, said U Za Ye Win, information officer of Mandalay Business Capital City Development (MBCCD), which is the developer of the project. “The government plans to approve the project in phases,” U Zaw Ye Win told The Myanmar Times on Sunday The project, which is part and parcel of a bigger plan to modernise Mandalay, will be developed over 2,000 acres of reclaimed land along the Ayeyarwady River, south of Mandalay, in Amarapura township.
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  To make the tax law more productive, Yangon Regional Government plans to hold a meeting with business leaders to discuss the 2018 Union Tax Law

  The Yangon Regional Government is planning to hold a meeting with business leaders this month to discuss the 2018 Union Tax law in order to make the tax law more productive, according to Dr. Maung Maung Lay, Vice President of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). U Phyo Min Thein, Chief Minister of Yangon Regional government, an¬nounced the topic at the monthly meeting between Vice President U Myint Swe and business leaders. The present 2017 Union Tax Law faces criticism and complaints that it is difficult to apply because voices from business were not included in drafting it.
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  This month, inspection teams will submit a final report on 28 state-owned factories whose operations were suspended by Pyidaungsu Hluttaw due to the lack of profits

  By the end of December, inspection teams will submit a final report for inspections that covered 28 state-owned factories whose operations were suspended by Pyidaungsu Hluttaw, Assembly of the Union, because they were not making any profit. In September 2017, the Lower House Investment and Industrial Development Committee formed two teams comprised of officials from the Planning and Finance Ministry and the Ministry of Industry and representatives of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) including Member of Parliaments, and scholars to assess the profit and loss of the state-owned factories. Initial reports of the examination had been submitted to the Pyidaungsu Hluttaw at the end of November, the final report with findings and recommendations is planned to summit to the parliament by the end of December.
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  In order to develop the fishery industry, Myanmar government is planning a fish auction market and development zone in southern coastal city of Dawei in Tanintharyi Region

  Myanmar is planning a fish auction market and a development zone in southern city of Dawei in Tanintharyi region where an economic zone and a deep-sea port project are underway, Myanmar News Agency reported Monday. The goal of Thayetchaung fish market project involves acquiring technology related to fishery business and production of finished goods of international standard for internal and international distribution, Second Vice President U Henry Van Thio said during an in-spection trip to the economic zone Sunday. Project design in different stages is being invited and environmental conservation measures to protect fish resources are also being sought. The vice president called for creating job opportunities, electricity and water supply for the regional development and fishery export.
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  The lack of economic policy direction is the main reason behind the significant drop in short-term business sentiment (second Myanmar business confidence survey conducted by Roland Berger with the Union of Myanmar Federation of Chambers of Commerce and Industry - UMFCCI)

  The second Myanmar business confidence survey conducted by Roland Berger in partnership with Union of Myanmar Federation of Chambers of Commerce and Industry in the latter half of 2017, shows a significant drop in short-term business sentiment from (73 percent) a year ago to (49 percent) this year. The core reason for the drop in confidence is lack of a clear economic policy and plan, cited by 77 percent of companies as a significant or very significant issue. However, 88 percent of companies remain optimistic about Myanmar's mid- to long-term outlook. In December 2016, Roland Berger published the first Myanmar business survey. The results showed an enormous sense of optimism among both local and international investors: 73 percent of business people expected the business landscape to (rapidly) improve. This optimism, which was arguably unparalleled worldwide, resulting from the political and economic changes the country had recently undergone. These included economic reforms particularly in the telecom sector, and democratic elections and a peaceful transition to a new government, as well as the subsequent lifting of US sanctions.
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  With the support of IFC, a member of the World Bank Group, the Department of Agriculture of Myanmar will launch Myanmar’s Good Agriculture Practices (GAP) to improve sustainable farming practices

  With the goal of improving sus¬tainable farm¬ing practices in Myan¬mar; IFC a member of the World Bank Group, Sup¬ported the Department of Agriculture of Myanmar’s Ministry of Agriculture, Livestock and Irrigation (MoALI) will launch My¬anmar’s Good Agricul¬tural Practices (GAP) Pro¬tocol and Guidelines. The objective of the guidelines is to boost the productiv¬ity and profitability of farmers through sustain-able farming. The GAP Protocol and Guidelines for 15 crops including tomatoes, peanuts, rice, and chili, among others, will guide cultivators on how to produce safe and qual¬ity products for the local and international mar¬kets. It will further aim to improve access to quality agricultural inputs, and help farmers develop the necessary skills for sus-tainable farming.
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  In order to help the local export business sector, the Central Bank of Myanmar (CBM) will permit foreign banks to provide export financing services

  Foreign banks will be permitted by the Central Bank of Myanmar (CBM) to provide export financing services. The move, which aims to help local export businesses gain access to working capital, was announced Monday by the CBM and welcomed by the business community. “In the trading sector, the local banks are not able to provide sufficient financing services to help businesses in the sector. However, we will have to wait and see whether the foreign banks provide assistance when we have goods in our hands or when the purchase order arrives from foreign countries,” said U Ngwe Tun, who runs the Genius coffee production business distributing to both local and international markets. Meanwhile, foreign banks wanting to provide other banking services related to export financing will still need approval from the CBM, according to the statement.