ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  SCG Cement and Construction Company will join hands to include in Yangon Amata Smart and Eco city project

  SCG Cement and Construction Company will join hands to develop US$1 billion worth Yangon Amata Smart and Eco City project, announced the Amata Corporation. Surachai Pornjindachote, Country Director of SCG Cement and Construction and Yasuo Tsutsui, MD of Yangon Amata Smart and Eco City signed the joint-venture agreement on January 24 at Kempinski Hotel in Nay Pyi Taw. Surachai Pornjindachote said they will use modernized technologies to provide an environment which can develop the construction industry and provide solutions for new town projects. He said the company will effectively use raw materials, labour and time management to build the project.
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  Myanmar’s total border trade using Individual Trading Cards (ITC) exceeds Ks 18 billion in first four months of current 2019 – 2020 fiscal year

  Myanmar's total border trade using Individual Trading Cards (ITC) exceeded 18 billion kyats (12 million U.S. dollars) in first four months of current fiscal year (FY) 2019-2020 which started in October, Xinhua reported. From October to January this FY, the ministry issued 32 ITCs and export using those cards through border gates earned over 1.78 billion kyats (1.18 million U.S. dollars) while its imports exceeded 17 billion kyats (11.3 million U.S. dollars).
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  Hong Kong listed VPower Group International joint venture with China National Technical Import and Export Corporation (CNTIC) to implement three electricity projects in Myanmar

  YANGON—Amid the government’s efforts to avoid power shortages across the country, a Hong Kong company has announced that its joint venture with Chinese state-owned CNTIC will invest in three power plant projects in Myanmar with a total capacity of 900 megawatts (MW) and an estimated value of over US$800 million (1.2 trillion kyats). Hong Kong-listed VPower Group International Holdings Limited, one of the largest investors in Myanmar’s electricity sector, this week said it had set up a joint venture with Chinese state-owned China National Technical Import and Export Corporation (CNTIC) to provide power in Myanmar. VPower said each company held a 50 percent share in the investment, development and operations of the planned projects.
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  Mandalay Region economy expected to be worth K 12 trillion in fiscal 2019 – 2020

  The Mandalay Region economy is expected to be worth K12 trillion in fiscal 2019-20, expanding about 9 percent compared to the year before, according to the regional government’s estimates. According to the Citizen’s Budget Paper released on February 5, growth will be driven by the services sector, which makes up close to 45pc of the Mandalay economy. This sector comprises transportation, telecommunications, banking and finance, leasing and trade.
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  Ministry of Construction (MOC) expected to start the first phase of construction of Yangon Elevated Expressway (YEX) by August

  The Ministry of Construction (MOC) expects the first phase of construction of the Yangon Elevated Expressway (YEX) to commence by August, Deputy Director General U Kyi Zaw Myint said. The MOC released a final request for proposal for the development of phase 1 under a Public Private Partnership (PPP) to ten prequalified bidders on February 4. The bid submission deadline is set on April 30. The MOC will select the winning bidder by May, U Kyi Zaw Myint said during a meeting with residents in Yangon on February 16. Construction is expected to take about 3.5 years to complete.
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  Myanmar International Furniture Expo 2020 held in Yangon to seek more local and foreign markets for wood, bamboo and rattan products in Myanmar

  Myanmar International Furniture Expo 2020 took place at the Tatmadaw Hall in Yangon from the 13th to 16th of this month. The expo was jointly organized by Myanmar Rattan and Bamboo Entrepreneurs Association and Wood Based Furniture Association. The event aimed to seek more local and foreign markets for wood, bamboo and rattan products. Chairman, Myanmar Rattan and Bamboo Entrepreneurs Association, Nay Tun Min said “Bamboos are last at least 20 years if we make treatment them. We do the industry depending on the natural forest. We use bamboos and rattans a lot for the products to promote foreign exports. Now, we face the scarcity of raw materials. This expo aims to convey message on re-planting of bamboos ad rattans to growers and enthusiasts.”
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  Myanmar sees over USD $ 1 billion increase in exports in the first four month of new fiscal year when compared to the year earlier period

  With the government and private sector working to increase exports, Myanmar witnessed some $1.144 billion rise in export earnings in the first four month of the new fiscal year compared to the year-earlier period, according to Ministry of Commerce data. Imports surged by $697 million during the same period, resulting in a $627 million trade deficit. “Exports increase can help increase the country’s economic development. Therefore, we are addressing all the problems and challenges in doing trade and business by organizing monthly meetings,” Vice President U Myint Swe said at a monthly meeting with local business leaders at UMFCCI.
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  South Korean conglomerate Posco International Corporation discovered a new gas field in Block A3 offshore in Rakhine

  South Korean conglomerate Posco International Corporation has discovered a new gas field in Block A3 at the Shwe natural gas project located offshore Rakhine, The Myanmar Times understands. The company confirmed that it had found a gas column of around 18 meters at its Mahar-1 exploration well after it began exploratory undersea drilling in Block A3 last month. The discovery was made more than 2,500 meters into the seabed and could yield about 38 million cubic feet of natural gas per day, the Korea Herald has reported.
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  Myanmar and Thailand signed Memorandum of Understanding (MOU) for a purchase of corn as Thai growers are opposing such an agreement

  Myanmar and Thailand have not yet signed a Memorandum of Understanding (MoU) for a year-long purchase of corn as growers from Thailand are opposing such an agreement, according to news released online by the Ministry of Commerce. Under a bilateral agreement between Thailand and Myanmar, corn exports were to be exempt from tax from 1 February to 31 August. Normally, Myanmar’s corn exports to Thailand are suspended for five months (September-January), according to the Myanmar Corn Farmers’ Association. “The trade is quite slow as the prices offered by Thailand cannot cover transportation and input costs. Starting from January, Thailand’s traders purchased corn and kept it in a warehouse located in Myawady,” it stated.
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  Non-performing Loans (NPLs) at the three state-owned banks exceed K 260 billion

  The combined non-performing loans (NPLs) at three state-owned banks have exceeded K260 billion, according to Union Auditor General’s report for the six months between April and September 2018. The report showed that NPLs at Myanmar Economic Bank (MEB), Myanmar Agricultural Development Bank (MADB) and Myanmar Investment and Commercial Bank (MICB) totaled K 262.9 billion. Around half the NPLs - K133.7 billion - were from MEB, representing around 6pc of the bank’s loan book. NPLs represented more than 9pc of MADB’s loan book and 8pc of MICB’s loan book. Among those which have not paid back their loans to MEB are Myanmar Fisheries International Joint Venture, a French and local JV which borrowed money to develop an international fish auction market. The outstanding loan as at October 2019 was K3.9 billion. The company is trying to raise a further K20 million.