ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  International Development Association (IDA) which is a part of the World Bank loan USD $ 100 million to promote basic education sector in Myanmar

  The International Development Association (IDA), which is a part of the World Bank, will lend US$100million (K140.1 trillion to Myanmar to promote the basic education sector, the World Bank announced on March 3. According to the World Bank, Myanmar will use the funding for a plan to promote inclusive access to quality education over four years. Some 70 percent of the project will prioritise improving schools and teacher training in conflict-affected areas and remote townships. The loan will go the Ministry of Education while the World Bank will provide technical support for the project said World Bank’s Myanmar communications officer U Kyaw Soe Lynn. According to the bank, many people across the country have difficulty accessing quality education, and the gap between regions is large. The World Bank found that one-third of school-aged children lack sufficient reading ability as well as the ability to solve the mathematical problems designed for their age.
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  The Stakeholders in Myanmar are trying hard to get sufficient supply of raw materials amid Covid – 19

  Negative impacts of Covid-19 hit harder the businesses relying on imported raw materials, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration. “There are more impacts on businesses, which are based on raw materials. Some can run the operation to a certain extent for they do not use raw materials. Some may close down their factories due to insufficient supply of raw materials,” said U Thant Sin Lwin. Myanmar’s economies are relatively affected in the wake of the Covid-19 crisis, he added. “The labour-intensive enterprises will be badly battered by the Covid-19. Some jobs with a small labour force may endure the situation. This is the Covid-19 impact in regard to labour force”, U Thant Sin Lwin added.
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  The E-Commerce Association of Myanmar (ECAM) was formed aiming to support industry

  The E-Commerce Association of Myanmar (ECAM), officially launched on March 10 at Novotel Hotel, Yangon, aims to offer opportunities and protections to local e-commerce businesses and customers and assist the country in adopting strong and precise policies and regulations for the industry. “ECAM aims to address the difficulties, problems and issues faced by the e-commerce businesses and customers on their behalf,” association president U Aye Chan said. Industry stakeholders in March 2019 started organizing online shops, e-commerce groups and individuals with the purpose of forming an association.
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  The Central Bank of Myanmar (CBM) revoked the banking licence of locally incorporated Asia Yangon Bank Ltd (AYB)

  The Central Bank of Myanmar announced on Monday announced that it is revoking the banking licence of locally incorporated Asia Yangon Bank Ltd (AYB). The central said in its announcement that the revocation is for “breaching the country’s existing laws” but did not provide any further details on the matter. Since the announcement, the central bank has taken over management of AYB and made arrangements to allow customers who wish to do so to withdraw money their money during normal banking hours. Attempts to contact central bank officials for clarification on the matter have been unsuccessful as of press time Tuesday.
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  The factory operators can face legal actions unless complied with Myanmar Investment Law (MIL)

  The factory operators can face legal actions under the Myanmar Investment Law (MIL) if they fail to comply with notification requirements for the closure of factories, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration (DICA). At present, some CMP garment factories have shut down on the reason for the lack of raw materials due to the COVID-19 negative impacts. Even worse, some foreign entrepreneurs are also running away from their businesses. “The factory operators can be taken legal actions under MIL if they do not officially notify the DICA of the closure. They will face such actions as a first warning, suspending and revoking their business licences though there is no prison sentence according to the MIL. Yet, the investors will be taken actions under the investment law,” said U Thant Sin Lwin. No one faces legal actions under the MIL so far.
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  The value of Myanmar’s imports increase USD $ 1.5 million between 1 October and 6 March in the current fiscal year when compared to the same period of last fiscal year

  The value of Myanmar’s imports between 1 October and 6 March in the current fiscal year stood at US$9.18 billion, an increase of $1.5 billion from $7.65 billion registered in the year-ago period, according to data released by the Ministry of Commerce, state media reported. The value of imports in the consumer, capital, intermediate goods, and CMP businesses groups rose significantly in the current fiscal. Over the past five months, capital goods, such as auto parts, vehicles, machines, steel, and airplane parts were brought into the country. Their import value was estimated at $3.5 billion. The figure was $1.09 billion higher compared to the same period in the previous FY.
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  Singapore listed Banyan Tree Holdings joint venture with Myanmar Treasure Hotel & Resort Group Co., Ltd to carry out a hotel management business in Myanmar

  Myanmar Treasure Hotel & Resort Group Co Ltd and Singapore-listed Banyan Tree Holdings signed a joint venture agreement to carry out a hotel management business in Myanmar, according to a March 16 statement issued by Banyan Tree on the Singapore Exchange. The firms will incorporate a new company in Singapore under an S$100,000 initial capital, 50:50 shareholding structure, which, in turn, will set up a subsidiary in Myanmar. By leveraging on Banyan Tree’s expertise, the Myanmar subsidiary will run 17 of Myanmar Treasure’s hotel properties located across the country. Myanmar Treasure is the hospitality arm of the Htoo Group of Companies, a Myanmar conglomerate run by tycoon Tay Zar.
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  The European Union has announced an investment of €3.5 million (K5.48 billion) into a regional project that will assist in increasing biosecurity in Southeast Asia and help governments to offer better responses to highly communicable diseases or global biological events. The BIOSEC-Enhanced Biosecurity in Southeast Asia project will be headed by the European Union Chemical, Biological, Radiological and Nuclear (CBRN) Risk Mitigation Centres of Excellence. The agency will work with 10 Southeast Asian countries and 51 partner countries in seven other regions to address CBRN risks of criminal, accidental or natural nature like pandemics. On March 10, 40 experts from Cambodia, Malaysia, Myanmar, Singapore and Vietnam met in Nay Pyi Taw to start the three-year project that will work with governments in the region on biosecurity and biosecurity risk management.

  The European Union has announced an investment of €3.5 million (K5.48 billion) into a regional project that will assist in increasing biosecurity in Southeast Asia and help governments to offer better responses to highly communicable diseases or global biological events. The BIOSEC-Enhanced Biosecurity in Southeast Asia project will be headed by the European Union Chemical, Biological, Radiological and Nuclear (CBRN) Risk Mitigation Centres of Excellence. The agency will work with 10 Southeast Asian countries and 51 partner countries in seven other regions to address CBRN risks of criminal, accidental or natural nature like pandemics. On March 10, 40 experts from Cambodia, Malaysia, Myanmar, Singapore and Vietnam met in Nay Pyi Taw to start the three-year project that will work with governments in the region on biosecurity and biosecurity risk management.
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  Raising awareness for consumers about the requirements of products labeling was held in Yangon

  According to the newly enacted Consumer Protection Law, the product labeling, described in the Section (18) will come into effect starting next week. For raising awareness about the requirements for product labeling, an educative discussion was held at UMFCCI in Yangon on Thursday. The event highlighted the eight facts for the product labeling requirements. It is learnt that the generic name of the goods, size, net weight, quantity, storage instruction, directions for use, side effect and allergy alert or warning must be displayed in Myanmar language. These descriptions can be expressed with one or more languages. The officials from the Ministry of Commerce stressed the needs to follow the regulations described in the law, and action will be taken if there any violations found out.
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  UMFCCI called government for national body to deal with virus impacts in Myanmar

  The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) says it will ask the government to set up a national-level committee that includes representatives from the private sector to address the economic and social impact of the coronavirus outbreak sweeping the world. The World Health Organization officially declared the COVID-19 outbreak a pandemic on Wednesday, and since this is likely to impact Myanmar’s socio-economic landscape the government, businesses, labour unions, and any relevant bodies should cooperate to deal with the effects, the UMFCCI announced in a statement on Thursday. A pandemic is defined as a disease epidemic that has spread across a large region; for instance multiple continents, or worldwide. The trade body said it has been monitoring the situation since the outbreak emerged in early January and that the government and the central bank have been taking steps in line with rapidly changing situation.