ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar Investment Commission (MIC) approved USD $ 115 million project in Tanintharyi Region to create over a thousand jobs for local people

  Myanmar Investment Commission has approved a $115 million worth investment proposal in Tanintharyi Region. The project, which will include shrimp farming, cold storage facility, and export, is expected to create over a thousand jobs for local people. Along with the project, the investment body also approved eight new investments as well as investment expansion proposals from nine existing investments, totaling $135.144 million and K54.115 billion. MIC estimates that the investment will create 2,008 jobs. According to data from the Directorate of Investment and Company Administration as of the end of June, Singapore stands as the biggest investor in Myanmar followed by China and Thailand.
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  Directorate of Investment and Company Administration (DICA) plans recommendation for online visa extension of expatriate businesspersons in Myanmar

  Myanmar is expected to meet its foreign direct investment (FDI) target of US$5.8 billion in the current fiscal year 2019-2020, and over $4.6 billion flowed into the country around the ten months, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration (DICA). “We intend to reach FDI target of US$5.8 billion in the current fiscal year,” he highlighted. Only over a billion dollar is required to meet the target. As per the meeting of Myanmar Investment Commission held on 10 July, 19 foreign enterprises have obtained permits from the MIC and endorsements from the respective investment committees of Yangon, Bago, Ayeyawady and Magway regions, and Shan State. Those projects brought in the capital of over $170.275 million and are to create more than 11,300 jobs for the local residents. They will execute in manufacturing, livestock and fisheries, hotel, electricity, agriculture and another service sector. In the current fiscal, 208 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $3.39 billion.
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  Foreign investors have purchased over 38,900 shares in listed companies on Yangon Stock Exchange (YSX)

  Foreign investors have purchased over 38,900 shares of three listed companies on the Yangon Stock Exchange (YSX) over the past three months, according to the statistics released by the exchange, state media reported. The Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020.
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  Myanmar foreign direct investment (FDI) fetched USD $ 4.6 billion in 10 months of current 2019 – 2020 fiscal year

  The Directorate of Investment and Company Administration (DICA) is planning to launch online platform regarding the recommendation for a visa extension of the expatriates in Myanmar, said DICA Director-General U Thant Sin Lwin. This move aims to reduce opportunities for dishonesty in applying for visa extension, check the lists of the recommended company for visa, get easy access to the data of expatriates and stay period, reduce paperwork, ensure social distancing and facilitate the processing, he continued.
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  Only 200 of over 2,000 local tour companies so far receive loans from COVID – 19 funds

  Local tourism businesses affected by the Covid-19 outbreak demanded about Ks50 billion from the Covid-19 Fund, but only about Ks3 billion has been received, which went to about 200 of over 2,000 tour companies, said Naung Naung Han, president of Myanmar Tourism Federation. “As we were impacted by the Covid-19 pandemic, we asked for about Ks50 billion. We submitted that we needed Ks100 billion for hotel industry and Ks50 billion for restaurants. But we have so far received in about Ks3 billion in loans for the tourism industry. There are over 3,000 registered tour companies and about 2,000 are operating. Talking about percentage, we have received about 10 or 15 percent,” he said.
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  The pineapple exporters eye legitimate export channel to China

  China has not yet responded to the Phytosanitary measures and inspection results sent by Myanmar to have legal export channel to China, according to Myanmar Pineapple Producers and Exporters Association (MPPEA). Myanmar sent the Phytosanitary measures and inspection results in June-end. “The plants have been tested for three types of pests and fungal disease. The results have been delivered to China, yet there is still no response. They will decide whether to inspect them on their owns or approve the results,” said association secretary Sai Kyaw Nyunt. At present, the pineapple growers are expecting the exports to China presenting the Phytosanitary certificates.
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  More than 390 Mandarian businesses received emergency COVID – 19 loans

  More than 390 coronavirus-affected businesses from Mandalay Region have been approved so far to receive the emergency Coronavirus Fund, said an official of the Mandalay Region Chamber of Commerce and Industry (MRCCI). “The businesses approved for the loan includes food industry, weaving business, hotels and tourism enterprise, private schools and gems and jewellery business,” said an MRCCI official. More than 3,400 enterprises across the country have been granted over K100 billion from the Fund between 9 April and 2 July, as per the committee’s data.
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  The total trade between Myanmar and foreign countries reached over USD $ 28.3 million in ten months of 2019 – 2020 fiscal year

  The total trade between Myanmar and foreign countries reached over 28.3 billion U.S. dollars in ten months of present fiscal year (FY) 2019-2020, according to figures released by the Commerce Ministry Xinhua reported. From Oct. 1, 2019 to July 3, Myanmar earned over 13.2 billion U.S. dollars while its import shared over 15 billion U.S. dollars.
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  Foreign investors purchased over 38,000 shares in equity market over the past 3 months of current 2019 – 2020 fiscal year

  Foreign investors have purchased over 38,900 shares of three listed companies on the Yangon Stock Exchange (YSX) over the past three months, according to the statistics released by the exchange. The Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. At present, shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd, and Ever Flow River Group Public Co., Ltd (EFR) — are available for local investors for trading. Of them, FMI, MTSH and EFR accepted foreign shareholding, and FPB is for block trade only. As of 10 July, foreigners hold over 5,700 shares of FMI, over 27,800 shares of MTSH and 5,380 shares of EFR.
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  Myanmar needs to bring in whole ecosystem instead of a factory to sustain employment

  Hundreds of thousands of migrant workers are returning home due to the COVID-19 pandemic, which caused factories to suspend their operations. This can worsen the unemployment rate in the country where there is strangely no official unemployment rate. The government of Myanmar is trying to find a way to create jobs for returning migrant workers. “In order to sustain employment we have to get over this mindset that being able to bring a factory into the country is the end objective. No, that’s just a start,” Mr. Surge Pun @ U Theim Wai, Executive Chairman of Yoma Strategic, said during a webinar organized by UMFCCI. In the past, the country, he pointed out, was more concerned about swapping the flies that fly into when the doors are open than actually allowing the wind to blow in. “That has always been a problem,” he said.