ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The domestics’ investments exceeded Ks 1,200 billion in eight months of the current 2019 – 2020 fiscal year which increased over Ks 200 billion when compared to the same period of last fiscal year

  Investments by Myanmar citizens in the country exceeded K1,200 billion in the past eight months of the current fiscal year 2019-2020, an increase of over K200 billion compared to the corresponding period of the previous FY, the DICA’s data indicated. Between 1 October and 31 May in the current fiscal, 79 local enterprises were allowed to invest in the country by the Myanmar Investment Commission and the state and region investment committees. Domestic investments have reached K1,297 billion so far, including the expansion of capital by existing enterprises, as per the DICA’s data.
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  UK based firm Penspen firm has won offshore natural gas project from Myanmar oil and gas operator

  UK-based Penspen has won a contract from an oil and gas operator in Myanmar for an offshore natural gas project, rigzone.com reported. Penspen will support the engineering study project with drilling platform diesel fuel tank modification for the multi-field integrated gas development. It will also perform the feasibility study and preliminary engineering for modifying redundant drilling fuel tanks into condensate storage tanks.
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  Electric Power Generation Enterprise (EPGE) extended 12 megawatt gas-powered plant in Magwe tender deadline

  Myanmar’s Ministry of Electricity and Energy has extended the deadline of a gas-to-power plant tender to next week. On April 28, the ministry’s Electric Power Generation Enterprise (EPGE) announced a tender for a 12 megawatt gas-powered plant in Magwe on a build-operate-own basis. The gas plant, situated in Kyaw township, is now inviting bids until June 16. The original deadline was May 27. Magwe Region currently has two hydropower plants in Mone and Kyo Ohn Wa, a solar plant in Minbu and a 66MW gas-fired plant in Magwe township. The bid submission date change was issued to potential bidders via a letter seen by this newspaper. The letter was dated May 29 and signed by EPGE managing director U Than Naing Oo.
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  Nearly two – thirds of Myanmar businesses faced the struggle to survive pandemic due to the impact of COVID – 19 pandemic

  The latest nationwide survey on the impacts of COVID-19 on Myanmar businesses shows that nearly two-thirds of businesses expect to face cash flow problems, putting their survival at risk as government emergency loans have reached only a fraction of businesses so far. The survey by The Asia Foundation, backed by the DaNa Facility and aid from the UK, said on Monday that on average, the businesses in the survey estimated that they require 18 million kyats (US$12,851) in additional cash flow in order to survive until September 2020. The survey estimated that nationwide, businesses need an additional 900 billion to 2.1 trillion kyats (US$642.5 million-1.5 billion), equivalent to 0.7-1.7 percent of the International Monetary Fund ’s (IMF) projection of Myanmar’s GDP for the 2019-2020 fiscal year.
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  International Finance Corporation (IFC) plans to boost funding for off-grid solar power in Myanmar

  The International Finance Corporation (IFC) is considering investing a further US$87 million in Yoma Micro Power to help Myanmar supply electricity to remote off-grid communities and reduce its carbon emissions. Part of the World Bank Group, the IFC said it had proposed arranging a loan package of $80 million to the energy firm, which builds micro power plants and mini-grids in Myanmar. The IFC has already invested in equity in the joint venture and will acquire a further $7.4 million in equity. With initial capital of $28 million in 2018, the firm secured an additional $40 million this year from shareholders that now include Philippine conglomerate Ayala Corporation via its AC Energy subsidiary.
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  Myanmar is planning to build new high-quality oil refineries to fulfill local demands for oil products

  Myanmar is planning to build new high-quality oil refineries to reduce the reliance on the oversea market and to fulfil local demands for oil products, Xinhua reported. Plans are underway to provide technical assistance and issue temporary licenses to the current operating mini oil refineries with daily production of 3,000 to 30,000 gallons of crude oil for the production of high-quality oil products, Tin Maung Oo, permanent secretary of the Ministry of Electricity and Energy said.
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  Myanmar is committed to facilitating economic growth, enhancing regional trade and economic cooperation within ASEAN

  Asean, including Myanmar, will work together to restore economic growth in the region by enhancing regional trade and economic cooperation. This will include efforts to address trade barriers, promote trade and investment, and expand fields of cooperation, according to a statement released by the trade bloc to mitigate the economic impact of COVID-19, issued last week. Asean leaders as well as Japan, China and Korea agreed to launch a coordinated response to mitigate the economic impact of the pandemic to their respective countries and the region following a meeting on June 4. U Thaung Tun, Minister of Investment and Foreign Economic Relations attended the meeting on behalf of Myanmar.
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  The billion dollars of goods have crossed the Thai – Myanmar border through dozens of illegal trade gates

  The closure of dozens of illegal trade gates along the border with Thailand to prevent the spread of COVID-19 is causing shortages of everything from beer and energy drinks to detergent and cosmetics, highlighting the vast scale of informal trade with Thailand. For decades, billions of dollars of goods have crossed the Thai-Myanmar border through dozens of illegal trade gates in Kayin State’s Myawaddy Township that are run by armed groups. Each day, hundreds of trucks drive to the Thai side of the Thaung Yin (or Moei) River in Mae Sot, where their cargo is processed by Thai Customs, unloaded by hand onto small boats, ferried across the narrow stretch of water to Myawaddy and stored in warehouses for distribution throughout Myanmar. Most of this happens in broad daylight, and is legal on the Thai side and tacitly approved in Myanmar.
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  More than 120 coronavirus-hit businesses received emergency loan in Mandalay Region

  More than 400 coronavirus-hit businesses from Mandalay Region have applied for emergency Coronavirus Fund and 123 of them have been approved to receive the loan so far, said an official of the Mandalay Region Chamber of Commerce and Industry. “A total of 417 businesspersons applied for the loan at Mandalay Region Chamber of Commerce and Industry (MRCCI). Some applied through an online platform. As the Fund to enterprises battered by the pandemic is set at K100 billion and the loan granted has not reached its fund limit of K100 billion, there is still hope for businesses. During the pandemic, the fund will contribute the businesses a lot. Furthermore, the interest rate of 1 per cent for a one-year period is extremely low. The businesses approved for the loan includes food industry, weaving business, hotels and tourism enterprise, private schools and gems and jewellery business,” said MRCCI general secretary U Okkar Kyaw.
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  Malaysia’s state-owned oil and gas firm Petronas commences LNG exports to Myanmar

  Malaysia’s state-owned oil and gas firm Petronas on June 5 delivered the first liquefied natural gas (LNG) cargoes to Myanmar. The deliveries were made on a free-on-board basis as part of an agreement made earlier this year between Petronas subsidiary Petronas LNG Ltd (PLL) and Chinese company CNTIC VPower, which last year won four power generation projects in Myanmar. PLL delivered a total of 190,000 cubic meters of LNG to Myanmar. “The two LNG cargoes that were successfully delivered to CNTIC VPower marks a new era in the growth of LNG demand in the Southeast Asian region,” PLL’s CEO, Abdul Aziz Othman said in a statement.