ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The agricultural exports reached a high of USD $ 936 million as of 18 December 2021 amid COVID – 19 impacts

  The agricultural exports have touched a high of US$936.074 million as of 18 December 2020 in the current financial year since 1 October 2020 despite a drastic drop in overall export values amid the COVID-19 impacts. The figures reflect a significant rise of $156.3 million this FY. The agro exports soared from $779.69 million in the corresponding period of the 2019-2020FY, according to the trade figures released by the Ministry of Commerce. Myanmar’s agricultural exports rose regardless of the impact of the coronavirus on foreign demand. In the exports sector, the agriculture industry performed the best, accounting for 22 per cent of overall exports. The agricultural industry’s chief export items are rice and broken rice, pulses and beans, and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries. Myanmar agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka. Sometimes, the export market remains uncertain due to unsteady global demand.
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  The cattle exporters expected to get positive negotiation outcomes on legitimate export to China at the end of January 2021

  China and Myanmar will negotiate on legitimate export of cattle in January-end, prompting the exporters to keep waiting for positive outcomes to send about 15,000 heads of cattle stranded in Muse to China, according to the Mandalay Region Cattle Exporters Association. “The cattle are still stranded in Muse. We are anticipating G-to-G pact for legal export. For now, the exporters are still struggling,” Chair U Soe Naing of the exporters association affirmed. “Last early December, about 70 companies of cattle stranded in Muse arranged to bring the cattle back to their home owing to the burden of labour wages and high feedstuff cost. The association stopped them to wait for another month,” he continued. About 15,000 heads of cattle, owned by 150 companies, are stranded in Muse border as China stopped purchasing cattle. The labour wages and feedstuff cost burden them. It costs K400,000-600,000 to take care of 100 heads of cattle every day. China permits live cattle import only after ensuring the cattle is free from 20 diseases, including Foot and Mouth Disease, along with vaccination certificates, health certificates, and farming registration certificates. Therefore, the officials concerned from the two countries are negotiating this.
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  Myanma watermelon export will be extended foreign markets to the UAE, Qatar and Singapore

  A largest part of people is residing in the rural areas in Myanmar relying entirely on agriculture as their major profession. The more agriculture sector develops, the more the socio-economic life of rural people makes progress. Only if the rural area develops can Myanmar be improved. The residents in the rural area make up more than 70% of the total population of the country. Apart from rice, marketable beans and pulses, sesame, cucumber, watermelon, onion and garlic, and winter crops (rural term) such as groundnut and carrot grow well in Myanmar’s climate. Myanma coffee saw a market’s favourite and an offer last year. An order for 100 tonnes coffee of six containers’ shipment worth of about USD 850,000 was accepted to be sent in the harvest time of coffee. Myanma coffee already sought foreign markets by sending coffee samples and conducting introducing of coffee products. The Republic of Korea, Japan, China, and Chinese Taipei in East Asia become well aware of Myanma coffee and would like to place orders from Myanmar due to the advantages of being organic and better processes of making coffee. Myanma avocado was exported to London and won the customers’ likes. The information that plans would underway to export Myanma watermelon to Qatar and Singapore if the UAE liked Myanma watermelon has become good news for the growers, farmers and Myanma agriculture sector.
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  Myanmar Investment Commission (MIC) has approved underwear plant project worth USD $ 1 million which expected to create 889 job opportunities

  Myanmar Investment Commission has approved a $1 million investment proposal to build an underwear plant. The project was approved by the Yangon Regional Investment Committee, which has been approving foreign and local investment proposals aiming to bring investments during the Covid-10 period. The committee attended by the Chief Minister of Yangon Region held its meeting via video conferencing.
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  The Industrial Bank of Korea will launch and operate its local subsidiary in Yangon this month

  The Industrial Bank of Korea said Sunday it will officially launch and operate a local subsidiary in Yangon as early as this month, which marks its third overseas unit, following its operation in China and Indonesia, The Korea Herald reported. Branded as IBK Bank Myanmar, its new overseas subsidiary was designed to handle various banking services, including corporate financing, personal financial management as well as foreign exchange business, officials said.
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  The inflation rate in Myanmar dropped 4.6 percent in November amid COVID-19 impacts

  According to the inflation report released by the Central Statistical Organization under the Ministry of Planning, Finance and Industry, the annual rate of inflation in Myanmar, based on the Consumer Price Index, continued dropping to 4.6 per cent in November 2020 as consumer price fell amid the COVID-19 impacts. The US dollar against Kyat is relatively weak in November, with a fall of about K203 against a year-ago period. The imported oil price also dropped against October’s rate, causing the transport group’s price index to slump, the inflation report showed. The consumer price fell in food, non-food, transportation and telecommunication groups. Simultaneously, the CPI spiked in household goods and maintenance, other commodities, tobacco and beverages, clothing, recreation, culture and non-food. The price index of education and rent is stable amid the COVID-19, the report stated. The annual rate of core inflation, which strips out volatile food and energy prices, was 9.67 per cent in November 2020. The year on year inflation rate stood at 3.65 per cent in November, the inflation data indicated.
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  Myanmar Investment Commission (MIC) permitted five investment proposals including two 30 MW solar projects

  The Myanmar Investment Commission (MIC), gave the green light to five new investment proposals including two 30 MW solar projects and approved the four existing projects for capital expansion, according to a video conference held on 30 December 2020. The permitted investments covered the energy, fishery, hotel and services sectors, with an estimated capital of US$138.178 million and K109.204 billion. The projects are expected to create over 4,000 job opportunities. According to the Ministry of Investment and Foreign Economic Relations, the new projects permitted by the MIC include two 30 MW solar power projects in Sagaing Region and a shrimp farm project in Taninthayi Region. The solar power projects are in keeping with the commitment made by State Counsellor Daw Aung San Suu Kyi to tackle climate change in her address to the virtual Climate Ambition Summit held on 12 December 2020. In her statement, the State Counsellor announced Myanmar’s intention to submit its Nationally Determined Contribution (NDC) by the end of the year. The NDC will aim to reduce over 243 million tonnes of carbon dioxide by increasing the share of renewable energy to 39% and reducing the forestry sector’s net emission by 25%, the ministry stated.
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  Yangon Region Investment Committee (YRIC) has endorsed four foreign investments proposals which worth USD $ 4.92 million in the first quarter of the current 2020 – 2021 fiscal year

  The Yangon Region Investment Committee (YRIC) has endorsed four foreign enterprises from China, Singapore and Hong Kong SAR in the manufacturing sector, with an estimated capital of US$4.92 million, in the first quarter (Oct-Dec) of the current financial year 2020-2021. Those enterprises are to create over 2,000 jobs. They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region stood at the first place with 137 foreign enterprises (with a capital of $308.768 million), followed by Bago Region with 18 foreign projects ($72.645 million) at the second place and Ayeyawady, with nine at the third place ($19.614 million).
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  Both domestic and foreign enterprises created more than 9,000 jobs in the first two months of the current 2020 – 2021 fiscal year

  The domestic and foreign enterprises permitted and endorsed by the Myanmar Investment Commission (MIC) and other regional and state investment committees created 9,031 jobs in the first two months (Oct-Nov) of the current financial year 2020-2021, according to the Directorate of Investment and Company Administration (DICA). The job creation in the past two months slowed further than the rate in September, according to statistics issued by the Myanmar Investment Commission (MIC). The job creation stood at 4,485 in November and 4,546 in October, which plunged from 11,990 jobs in September.
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  Myanmar Rubber Planters and Producers Association (MRPPA) reported illegal export of natural rubber to Thailand damaged country’s reputation

  Illegal export of Myanmar’s natural rubber to Thailand and re-export by Thailand damage the country’s reputation, according to the Myanmar Rubber Planters and Producers Association (MRPPA). “This matters with the country’s image. Our products are illegally sent to other countries and the recipient country of Myanmar rubber re-exports them to other foreign markets under its label. Otherwise, it damages our country’s image. We need to build national branding,” said MRPPA Chair U Aung Myint Htoo. Furthermore, quality and country risk are more closely related to premium pricing. Earlier, the price of Thailand’s rubber stayed lower than Malaysia’s rubber rate, he continued.