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Myanmar’s latest Purchasing Manager’s Index (PMI) shows slowdown in Myanmar’s manufacturing businesses
Myanmar’s latest Purchasing Manager’s Index (PMI) figure for manufacturing is indicating that manufacturing businesses are slowing. IHS Markit, a London-based information provider, released its report on Myanmar’s Manufacturing PMI yesterday. The headline IHS Markit Myanmar Manufacturing PMI is a composite single-figure indicator of manufacturing performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. Any figure greater than 50 indicates overall improvement of the sector. -
Myanmar will set standards to ensure the quality of locally produced and imported steel and iron
Myanmar will soon set standards to ensure the quality of locally produced and imported steel and iron, a senior official said. U Kan Chun, managing director of No.1 Heavy Industries Enterprise under the Ministry of Planning, Finance and Industry, said standards will be published this year for deformed bar, three types of hot-rolled plate and one type of cold-rolled plate. “Myanmar is the only country in ASEAN with no standards for iron and steel,” he said during a recent forum on the emerging metal industry in Mandalay. “These standards will do a lot to ensure the quality of iron and steel imported from other countries. Their competitiveness, which local producers are worried about, could be prevented,” he added -
Singapore listed Yoma Strategic Holdings expands into Myanmar’s logistics industry
Yoma Fleet, a subsidiary of Singapore-listed Yoma Strategic Holdings, has launched a truck and trailer rental service, YomaRentals.Asia, targeting logistics companies during periods of peak demand. Logistics is an important sector in Myanmar and the government’s National Logistics Master Plan, drawn up by the transport and communications ministry with aid from the Japan International Cooperation Agency, forecasts that cargo movement to and from Myanmar will double to 312 million tonnes by 2030 compared to 169 million tonnes in 2015. “We see a huge market potential in renting out trucks and trailers. According to the government’s Road and Transport Administration data there are currently 56,000 10/12-wheeler trucks left in the market and there’s only about 15,000 semi-trailers. Most of those rigid trucks are going to go away. No one can afford to replace a 12-wheeler, they are just too expensive,” said Allan Davidson, head of vehicle rental and leasing at Yoma Fleet. -
Myanmar mineral export increased USD $ 579 million between 1 October and 31 January 2020 when compared to the same period of last fiscal year
Myanmar’s mineral exports showed a marked climb this fiscal, touching US$907 million between 1 October and 31 January, an increase of $579 million compared with the year-ago period, according to data from the Ministry of Commerce. Last year, mineral exports were pegged at just $328 million. Both private and public sector mineral exports witnessed an increase in the current fiscal, with private sector exports valued at $452.458 million and public sector exports estimated at $454.87 million. Of the seven export groups, exports of agricultural goods, minerals, fishery, and finished industrial goods showed an increase, while the exports of livestock, forest products, and other goods declined. -
The 2th Private Sector Development Committee Meeting was held in Nay Pyi Taw to implement effectively matters including in the framework of private sector development
Chairman of Private Sector Development Committee, Vice President U Myint Swe addressed 12th Private Sector Development Committee Meeting and coordination meeting of Ease of Doing Business Ranking Promotion Working Group at the Ministry of Commerce in Nay Pyi Taw, Friday. At the meeting, the Chairman of the Committee, Vice President U Myint Swe said to implement effectively matters including in the framework of private sector development, the committee was formed on 24 October 2016 with 20 members and the term of the committee has been over three years. The committee has passed a total of 96 resolutions, and of which 79 points have been implemented, and the remaining 17 points are being undertaken. The 31st meeting of the Committee was held in December 2019 and there were a total of 369 points of suggestions from entrepreneurs. -
Myanmar Insurance introduced the housing insurance packages for homes bought by installment for the first time in the country
State-owned Myanmar Insurance announced that it has introduced housing insurance packages for homes bought by installment for the first time in the country. The insurer said in a statement yesterday that the packages cover the death or disability of a homeowner and damage to homes. “Such packages will be invaluable for the protection of homeowners as well as the financial institution providing the loan for the home,” said Myanmar Insurance Managing Director Daw Sandar Oo. Explaining the usefulness of such insurance coverage, Daw Sandar Oo said, “Insurance provides protection for a homeowner. In the event of death or disability, the insurance taken by a homeowner will cover the rest of the outstanding loan on the home, thereby ensuring the policyholder and/or their family does not lose the home.” -
Yangon Region Government leases USD $ 750 million of land to Malaysian Conglomerate to develop a housing and mixed use project in Yangon city, Myanmar’s commercial hub
YANGON—BDS Smart City Co. Ltd, a subsidiary of Berjaya Land Berhad (BLand), one of the largest conglomerates in Malaysia, signed a concession agreement worth nearly $750 million on Friday with the Yangon regional government to develop a housing and mixed-use project in Yangon city, Myanmar’s commercial hub. According to a press release, BDS will undertake the project on 74 hectares of land worth an estimated $746.08 million in Yangon’s Dagon Seikkan Township. The project will include affordable housing, medium-range apartments, high-end condominiums, commercial units, hospitals, schools and community centers. BDS will own exclusive rights to the land for 50 years, extendable for two additional terms of 10 years each. The company won a tender for the project last May. The project is expected to roll out in three phases over a period of nine years, according to the company. -
Government’s the efforts on environmental management plans (EMP) making progress
Many businesses that have been instructed by the government to submit environmental management plans (EMP) have already done so, says a senior official of the Environmental Conservation Department. U Min Maw, deputy director general of the Environmental Conservation Department, which falls under the Ministry of Natural Resources and Environmental Conservation (MONREC), tells Myanmar Times that most of the businesses in nine sectors pinpointed by the government had submitted EMPs by a deadline that expired last month. In January 2018, MONREC issued a notification to businesses in the nine sectors to submit EMPs to the ministry. In July 2019, the ministry again issued a notification on the requirement, but provided a six-month extension so that the businesses could draw up the plans. The deadline for the submission of the plans expired last month. -
Myanmar government launched digital payments for SME registration through its website
The Directorate of Industrial Supervision and Inspection under the Ministry of Planning, Finance and Industry said that those applying for SME membership cards through its website www.msmewebportal.gov.mm/login can now pay registration fee online. Applicants need to provide a passport-size photo taken against a blue background and fill out the application form in Unicode font in Myanmar language. The registration fee of K5,000 for small enterprises and K10,000 for medium-size enterprises is payable using MPU, Visa, or MasterCard. -
Central Bank of Myanmar (CBM) purchase over USD $ 50 million in the auction market up since January
The Central Bank of Myanmar (CBM) purchased over US$50 million in the auction market up since the start of the year to keep the exchange rate stable. According to the CBM, it started buying US dollars on January 3 scooping up a total of US$36.5 million during the month. Between February 1 and 13, the CBM purchased a further US$15 million, at the auction average exchange rate of K1,452 per dollar, taking the total amount of dollars taken off the market to US$51.5 million.
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