ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar expected to resume its domestic tourism in the Q3 on the ongoing year

  An official working with the Hotels and Tourism Ministry in Myanmar said on Saturday that the country is predicting to resume its domestic tourism in Q3 of the ongoing year in the first step of Myanmar's tourism recovery, MENAFN reported. The ministry has started its coronavirus Tourism Relief Plan recently, according to the plan, the domestic tourism is going to continue soon in order to support up to 20-25 percent of the recovery of the tourism industry in Myanmar.
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  The export earnings from fisheries sectors increased $ 101.88 million as of 12 June in the current 2019 – 2020 fiscal year when compared to the same period of previous year

  Export earnings from the fisheries sector during the period between 1 October and 12 June in the 2019-2020 financial year reached 683 million USD, an increase of 101.88 million USD compared to the same period of previous year, according to the statistics released by the Ministry of Commerce. Myanmar exports fisheries products, such as fish, prawns, and crabs, to markets in 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union. However, Myanmar’s fishery export volume is much lower compared to neighboring countries. The Myanmar Fisheries Federation (MFF) is making concerted efforts to increase fishery export earnings by developing fish farming lakes which meet international standards and adopting advanced fishing techniques.
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  Central Bank of Myanmar (CBM) has permitted local banks to restructure and reschedule existing loan repayments to help clients

  The Central Bank of Myanmar (CBM) has permitted local banks to restructure and reschedule existing loan repayments to help their clients, CBM Deputy Governor U Soe Min, told The Myanmar Times. While the economic impact of the COVID-19 pandemic has yet to be quantified, it is expected that businesses will bear the brunt of a decline in demand for products and services. The CBM anticipates that the impact on small and medium-sized enterprises (SMEs) will be the most severe. As such, allowing businesses with healthy repayment track records to defer repaying their outstanding loans should provide them with some reprieve and help many maintain business operations, U Soe Min said.
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  In partnering Mastercard, Yoma Bank will expand its digital offerings and accelerate the advancement of Myanmar digital economy

  Yoma Bank and Mastercard, on June 18, signed an MoU that will enable the bank to substantially expand its digital offerings and accelerate the advancement of Myanmar’s digital economy. The E-commerce industry, still at the nascent stage, is booming amid the pandemic as users turned to online shops and delivery services while staying at home and following the social distancing orders. However, the payment method is still not there despite dozens of private banks in the country. COVID-19 has impacted everyone and all economies adversely. Considering this, digitization of payments will be essential to building a strong foundation for a lasting recovery that reaches all citizens through greater financial inclusion.
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  The construction of Korea – Myanmar Industrial Complex (KMIC) is expected to commence before the end of this year despite COVID – 19 pandemic

  Construction of the Korea-Myanmar Industrial Complex (KMIC) in Yangon is expected to commence before the end of the year despite the COVID-19 pandemic, Kim Gun-Woo, general manager of Korea Land and Housing Corporation representative office in Myanmar, told The Myanmar Times. "According to our plan, we will be done with the detailed design in September, after which a tender to develop the project will be called in October. The winning bidder will be announced in November. We expect to begin construction in December," Mr Kim said. The KMIC is being built as a 60-40 joint venture by government-owned Korea Land and Housing Corp and Myanmar’s Ministry of Construction. The Koreans will oversee the construction of the US$110 million industrial complex, which will take place across 555 acres of land north of Yangon, near Nyaung Na Pin Village in Hlegu.
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  The negotiation between China and Myanmar should be held to reduce delays in the flow of goods between two countries at Muse border trade area

  Negotiations should be held to reduce delays in the flow of goods between China and Myanmar caused by limitations at the Muse Border Trade Area, says a senior Myanmar official. The delays if the flow of goods is caused by traffic congestions and limited goods inspection facilities and personnel at the trade area in northern Shan State, said Minister of Commerce U Than Myint. U Than Myint said this after a meeting with a delegation from China led by China Ambassador Chen Hai to discuss problems with goods flows at the border between China and Myanmar. China needs to inspect aquaculture and agricultural products as quickly as possible to reduce spoilage and efforts should be made to expand infrastructure such as roads and facilities to facilitate this, he said, adding that arrangements also need to made to streamline regular trade and barter trade at the border.
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  Myanmar earned over USD $ 2.8 billion from export of agricultural products in the eight months of current fiscal year

  Myanmar has earned more than US$2.8 billion from the export of agricultural products over the past eight months in the current fiscal year, exceeding over US$460 million compared to the same period of last year, according to the Ministry of Commerce. From October 1 to June 5 in the current 2019-2020 FY, US$2.842 billion was earned from exporting agricultural products. In the same period of last year, US$2.376 billion was earned. So, this year’s amount exceeded US$466.131 million. Myanmar exports agricultural products, animal products, fishery products, forest products, finished industrial goods, and others.
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  Myanmar revenue drops by K 1.2 billion when compared to the same period of previous year due to the COVID – 19 pandemic

  The COVID-19 pandemic has blighted all the businesses across the world, and Myanmar’s economy is no exception from it. The country revenue as of June 12 has dropped by K1.2 billion compared to the same period last year. The country collected K4,278 billion as of June 12 this fiscal year while the total revenue last year was over K4,279 billion. “The revenue before the COVID-19 pandemic was around K500 million higher than that of the same period last year. However, we are now seeing steady drops since the beginning of the COVID-19. It is mainly because almost all businesses halted due to the pandemic, and partly because the government lowers the tax,” U Min Htut, Director General of the Internal Revenue Department, said. On June 12, the president of Myanmar signed the ordinance to provide a non-refundable credit tax credit for salary increment, new employment, or purchase of new equipment to stimulate businesses.
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  The opportunities for private equity still available but investors more selective

  Private equity investors are seeing no lack of opportunities in Myanmar and have no plans to change strategy when it comes to investing in the country, although heavy travel disruptions have made assessing new investments harder. The investors said COVID-19 has allowed them to spot the “camels” - companies that are resilient to tough business environments and able to conserve losses and preserve revenue - from the “unicorns”, startups with valuations exceeding US$1 billion. While lockdowns in parts of Yangon and the suspension of business activities due to COVID-19 has added to the difficulties in assessing new investment opportunities and lengthened the time taken for deal sourcing, there is still a steady stream of investments taking place in the country.
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  The bilateral trade between Thailand and Myanmar falls by USD $ 605 million as of June in the current 2019 – 2020 fiscal year

  Bilateral trade between Thailand and Myanmar through the Htikhee border between 1 October and 5 June in the 2019-2020 financial year sharply fell to US$1.39 billion from $1.99 billion registered in the year-ago period, according to the data from the Ministry of Commerce. Over the eight months of current fiscal, exports through the Hteekhee border stood at $1.37 billion, while imports fell short of $18.4 million. Exports of natural gas from Taninthayi Region has contributed to the enormous increase in trade through the Hteekhee border since the previous fiscal, said an official from the ministry. Earlier, the Myawady border sees the largest trade among the Myanmar-Thailand checkpoints. The rise in exports through the Hteekhee crossing boosted the value of the Myanmar-Thailand land border trade in the 2018-2019FY. In the current fiscal, trade values at Hteekhee crossing also surpassed those registered at Myawady crossing. Of the seven border trade points between Myanmar and Thailand, Myeik, Mawtaung and Hteekhee borders have witnessed a decrease in trade in the current financial year, while the remaining crossings have reported an increase. Trade values stood at $105 million at Tachilek border, $841.9 million at Myawady, $313.54 million at Kawthoung, $122.15 million at Myeik, $1.39 billion at Hteekhee, $12.68 million at Myawady and $2.6 million at Maese respectively, as per the Commerce Ministry’s data.