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ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์
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Foreign direct investment (FDI) surpassed USD $ 5 billion and need USD $ 500 million to meet FDI target for the current financial year
Myanmar Investment Commission has approved over $ 5.15 billion of foreign direct investment as of September 4 since the beginning of the 2019-2020 fiscal year. Over $3.94 billion came from 234 investment proposals while the rest came from investment expansion from the existing foreign investments. As for local investment, the commission has approved over $412.2 million and K1,851 billion while $266.27 million and K1,506 billion came from 123 new investments and the rest from investment expansion. Under the Special Economic Zone Law, the country also approved $160.787 million in investments into the special economic zones. -
Myanmar – China border trade decreased by USD $ 188 million as of 28 August in the 2019 – 2020 financial year
Myanmar border trade with China has registered a decrease of US$188 million between 1 October and 28 August in the current financial year 2019-2020, according to the Ministry of Commerce. Data from the Ministry of Commerce show the value of Myanmar-China border trade in all five border areas touched over $5.26 billion in the current financial year, which significantly plunged from over $5.45 billion recorded in the year-ago period. This FY, border trade values totalled $4.35 billion through Muse border, $128.6 million via Lweje, $491.83 million via Chinshwehaw, $279.86 million via Kampaiti, and over $4.94 million via Kengtung. The Commerce Ministry’s data showed a drop in trade value through all those border areas between Myanmar and China, except Chinshwehaw. The decline in trade is attributed to the trade suspension and trade delay amid the tight security measures of coronavirus. China has been stepping up border control measures to contain the spread of the coronavirus infection. -
Myanmar sets to export 4 million tonnes of rice in the next 2020 – 2021 financial year
Myanmar targets to export four million tonnes of rice and broken rice in the coming financial year 2020-2021, said Vice President U Aung Than Oo of Myanmar Rice Federation (MRF). “We intend to reach the rice export target at four million tonnes. At present, we see an increase in our production. Moreover, there are no erratic weather records this year. Therefore, the country has planned to export four million tonnes for next FY,” he added. MRF expected to ship 2.4 million tonnes of rice, and broken rice in the current FY and the country meet the export target before the financial year-end. Between 1 October and 21 August, Myanmar sent over 625,214 metric tons to neighbouring countries through border trade, while over 1.8 million tonnes of rice and broken rice were shipped to foreign trade partners via maritime trade, totalling over 2.4 million tonnes. A surge in rice exports through sea trade was contributed to meeting year’s export target, MRF stated. -
Myanmar government has extended the deadline of tax payment until end of year to aid COVID hit businesses
The Myanmar government has again extended the tax payment deadline, giving pandemic-hit businesses across the country until the end of December to make payments as they grapple with the impact of a second wave of COVID-19. The Ministry of Planning, Finance and Industry (MOPFI) announced on Monday that the government had eased the deadlines for paying quarterly income tax and monthly commercial tax for small and medium-sized enterprises, as well as CMP (garment and textiles), and hotel and tourism businesses, for the current fiscal year (2019-20). Income tax payments that were originally supposed to be paid by March 31 for the second quarter, June 30 for the third quarter and Sept. 30 for the fourth quarter can now be made through Dec. 31. -
Myanmar import value increased USD $ 1.16 million as of 21 August in the current financial year
The value of Myanmar’s imports between 1 October and 21 August in the current financial year 2019-2020 stood at US$17.27 billion, an increase of $1.16 billion from $16 billion registered in the year-ago period, according to the data released by the Ministry of Commerce. The value of imports in the consumer, capital, intermediate goods, and CMP businesses groups rose significantly in the current financial year. Nearly 11 months of the current FY, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts, were brought into the country. Their import value was estimated at $6.5 billion. The figure was $1.49 billion higher compared to the same period in the previous FY. Meanwhile, Myanmar imported consumer products worth $3 billion, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed an increase of $1.34 million compared with the same period in the previous FY. -
Myanmar government hired German consultant firm Roland Berger for to oversee tendering processes “Swiss Challenge” on Yangon megacity project
The Myanmar government has awarded a contract to German consulting firm Roland Berger to oversee a so-called “Swiss challenge” tendering process for a new industrial park and related infrastructure in Myanmar’s commercial capital, Yangon. The tender process for the development, which is part of China’s huge New Yangon City project, is likely to be conducted after the November general election, based on the review period cited by the company. New Yangon City is one of the local backbone projects for Chinese President Xi Jinping’s vast Belt and Road Initiative (BRI) to construct an international infrastructure network. Xi has pushed for the implementation of the New City project, branding it a pillar of the China-Myanmar Economic Corridor (CMEC), a key component of the BRI. The Ministry of Investment and Foreign Economic Relations (MIFER) announced on Saturday that the government had signed an agreement with Roland Berger Co. Ltd. to provide consulting services to finalize a Swiss challenge tendering process for the “new industrial park and essential ancillary infrastructure.” -
Individual border trades through border gate exceeded K 34 billion in the ten months of current 2019 – 2020 financial year
Trade conducted by Individual Trading Card (ITC) holders touched K37.8 billion through the borders in the ten months of the 2019-2020 financial year, according to the data released by the Ministry of Commerce. The Trade Department issued 61 cards in October-July period, and the cardholders conducted trade worth K37.8 billion. While imports exceeded K35.23 billion, exports were valued at just K2.6 billion. The Myawady border recorded the highest trade value at K24.7 billion in the current FY, according to the Commerce Ministry. But, the figure only reflects imports as individual trading cardholders did not export goods through the Myawady border. -
Foreign direct investment (FDI) of over US$1.67 billion has flowed from eight enterprises into the power sector in the past ten months of the current financial year, state media reported quoting the DICA (Directorate of Investment and Company Administration statistics). The quantum of investment in power is higher than in any other sectors. Myanmar has fetched over $5 billion inflows of FDI, including the expansion of capital and investments in the Special Economic Zones during the October-July period. The Myanmar Investment Commission (MIC) and the investment committees of states and regions have allowed 219 enterprises to invest in the country.
Foreign direct investment (FDI) of over US$1.67 billion has flowed from eight enterprises into the power sector in the past ten months of the current financial year, state media reported quoting the DICA (Directorate of Investment and Company Administration statistics). The quantum of investment in power is higher than in any other sectors. Myanmar has fetched over $5 billion inflows of FDI, including the expansion of capital and investments in the Special Economic Zones during the October-July period. -
The export value of aquatic products increased over USD $ 114 million in the 11 months of current financial year when compared to the same period of previous year
The export value of marine products from 1 October to 21 August in the current financial year(FY) hit about US$780 million, an increase of over $114 million compared to that of last FY, according to the statistics released by the Commerce Ministry. During the past 11 months of this FY, the aquatic exports fetched $778.3 million whereas the export value of fisheries last year was $663.94 million, according to the Ministry of Commerce. Myanmar exports aquatic products such as fish, prawn and crab to over 40 countries including China, Saudi Arabia, Japan and Thailand. -
Myanmar – Bangladesh border trade increased as of 21 August in the 2019 – 2020 current financial year
A report from the Ministry of Commerce says the border trade between Myanmar and Bangladesh hit US$748.36 million as of 21 August in the current financial year of 2019-2020, according to a report by the Global New Light of Myanmar. According to statistics, the border trade during this period has seen a dramatic jump, increasing by $727 million, compared with that of the same period last year when the total bilateral border trade was only $21.03 million.
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