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Myanmar Fruit, Flower and Vegetable Producers and Exports Association launched the new e-commerce platform with mobile market trucks in Yangon outskirts
Myanmar Fruit, Flower and Vegetable Producers and Exporters Association (MFVP) has launched e-commerce platform and also, sell the fruits and vegetables with mobile market trucks in the suburban townships of Yangon, MFVP Secretary U Kyaw Thu told the Global New Light of Myanmar yesterday. The fruits and vegetable growers in Naungtayar, Pindaya and Aungban towns in southern Shan State are facing financial hardships amid coronavirus outbreak. Those local products will be sold through this platform. “Yangon people are the main consumers. During the coronavirus pandemic, people are staying at home and so, we are arranging the mobile market trucks to sell them in the townships. This plan will bring fair trade at a cheaper rate for the vendors as well as the consumers as it is direct trade from the growers,” he said. The cabbage growers in Naungtayar town, southern Shan State have been suffering losses as the market ruined. Earlier, the cabbages were sent to Thirimingala market in Yangon. Now, the coronavirus shocks shut down the hotels and restaurants and ruined the market. -
Expressway which connecting Yangon – Mandalay Expressway and Thilawa Special Economic Zone (SEZ) will be built
A 57.8-kilometer expressway connecting Yangon-Mandalay Expressway and Thilawa Special Economic Zone will be built and the project includes a 1.4-kilometer bridge across Bago River and approach roads, according to the Ministry of Construction. Yangon City Development Committee in cooperation with Japan International Cooperation Agency (JICA) is implementing a project for a comprehensive urban transport plan of the greater Yangon (YURTA) to reduce traffic congestion and road accidents caused by increasing traffic and commodity flow. -
Logistics services provider, Ever Flow River Group Public Co (EFR) will be listed on the Yangon Stock Exchange (YSX) on 28 May 2020
Logistics services provider Ever Flow River Group Public Co (EFR) will list on the Yangon Stock Exchange (YSX) on May 28, according to an announcement filed with the local bourse. The company had been scheduled to list in March but this was delayed due to COVID-19. "Even though the virus is still spreading in the country, we have decided to continue with the listing process on YSX. We believe the logistics sector will play an important role in the country during the COVID-19 period and but especially during the post-COVID-19 period," the importance of the logistics sector," U Aung Min Han, CEO of EFR , told The Myanmar Times. "COVID-19 has turned into a global pandemic that is causing adverse impacts on the economies of the world countries in one way or another. Moreover, the virus also cut off the multiple global supply chain for a short period. EFR also had to halt some of its international business contacts for a short time. On the other hand, there is growth in the domestic supply chain," the company said in its disclosure document. -
Myanmar estimated GDP for the current fiscal year of 2019 – 2020 will be slightly reduced
The estimated GDP for the current fiscal year of 2019-20 will be slightly reduced, said U Maung Maung Win, Deputy Minister for Planning, Finance and Industry. "Based on initial estimates, Myanmar's GDP, which is the value of all finished goods and services produced for the year, has been revised to K118.9 trillion from over K119 trillion before, given the decline in the world economy and oil prices as a result of COVID-19," he told the Hluttaw while submitting the Supplementary Budget bill on May 18. -
World Bank pledges to support economic reform in Myanmar under a new country partnership framework from 2020 to 2023
The World Bank will support Myanmar under a new country partnership framework from 2020 to 2023, it said on May 18. The framework will focus on three areas - building human capital and fostering peaceful communities, stimulating responsible private sector-led growth and inclusive economic opportunities, and enhancing the resilience of Myanmar to cope with natural disasters while ensuring that natural resources and the environment are managed sustainably. Since 2011, Myanmar has achieved significant economic growth and improvements in social welfare. However, many parts of the population have yet to benefit from the gains made during this period, the World Bank said. -
China’s Ant Financial Services Group is planning to invest over USD $ 73 million in Myanmar’s Wave Money
China’s Ant Financial Services Group plans to invest US$73.5 million (103.2 billion kyats) in Myanmar’s leading mobile money company, Wave Money. Owned by Alibaba Group, Hangzhou-based Ant is the operator of the online payment service Alipay. Wave Money, a joint venture between Telenor Group and Yoma Strategic, runs a network of more than 57,000 agents across 295 out of 330 townships in Myanmar, covering approximately 89 percent of the country. Yoma Strategic said in a press release on Monday the investment would promote access to financial services for people in Myanmar, as well as upgrade the technological capabilities and security of the country’s mobile financial services. More than 21 million people have used Wave Money’s services, including Wave Pay, for remittances, utility payments, airtime top-ups and digital payments, according to the company. -
Ministry of Electricity and Energy will invite local and foreign investors to tender for solar power plant project
The Ministry of Electricity and Energy (MOEE) will invite local and foreign investors to tender for a solar power plant project, said U Soe Myint, Deputy Permanent Secretary at the ministry. The Independent Power Plant should be able to generate 1000 megawatts of solar power, which the government would purchase based on a 20-year Build-Operate-Own system, he said. This could include more than one plant. Those interested in making the investment will be asked to submit proposals not later than June 18. The application cost is K300,000. U Ye Tun Zaw, chief engineer at the MOEE, said renewable energy such as solar power can reduce carbon emissions and create jobs for the locals. "The ministry is seeking various approaches in its longer term plans to generate electricity," he said. -
The income of rubber export decreased about USD $ 30 million in seven months in the current financial year when compared to the same period of previous financial year
Myanmar has exported 114,000 tonnes of rubber worth over US$140 million as of April-end in the current financial year since 1 October 2019, which shows a decrease of about $30 million compared with the corresponding period of the previous fiscal, the Ministry of Commerce’s data showed. During a year-ago period, over $170 million worth 136,000 tonnes were shipped to the external markets. At present, rubber prices range K900-1,850 per viss ( a viss equals to 1.6 kg) depending on quality and variety, as per data of the local rubber market. “Rubber export drops amid the coronavirus pandemic due to the falling demand and difficulties in trade. -
Ministry of Construction submitted Construction Development Bill to the Parliament with the aims to standardize all the requirements and standards for real estate development
The Ministry of Construction has drafted and sent the Construction Industry Development Bill to the parliament aiming to standardize all the requirements and standards for real estate development. This bill, developed with assistance from KOICA in 2018, also aims to make sure the quality of the buildings is met, which will be checked by the ministry’s ISO lab. -
The value of Myanmar maritime trade increase over USD $ 1.9 million in the current fiscal year when compared to the same period of previous fiscal year
The value of Myanmar’s maritime trade for the period between 1 October and 1 May in the 2019-2020 fiscal year totalled US$15.85 billion, an increase of over $1.9 billion compared to the year-ago period, according to the Ministry of Commerce. While maritime exports were valued at $6 billion, imports were registered at $9.8 billion. Compared to the same period in the 2018-2019 fiscal year, imports were higher by $1.19 billion, while exports registered an increase of $722.6 million. Meanwhile, the value of trade through the borders was estimated at $6.7 billion, an increase of $351 million. The country’s total external trade reached $22.6 billion, which was higher than the $20.35 billion recorded in the year-ago period.
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