ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  European Union (EU) monitoring mission expected to visit Myanmar to withdraw Cambodia’s market privileges in mid-February

  An EU monitoring mission is expected to visit Myanmar again before this summer following the EU commission’s decision to withdraw Cambodia’s market privileges in mid-February. Kristian Schmidt, the EU ambassador to Myanmar, told The Myanmar Times in an exclusive interview that he expects the mission to arrive before summer with an aim to examine and review the country’s progress in improving human rights and labour situations. The EU last sent a mission to the country in October 2018, after which the trade commission announced it was considering revoking trade privileges offered to Myanmar due to human-rights violations in northern Rakhine. Since then, the EU has been waiting for the Myanmar government to deliver on some of its commitments to improve the situation in Rakhine, Schmidt added.
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  Border trade volume reached to about USD $ 4 billion within over four month in this fiscal year

  Total border trade volume is reached to about US$4 billion from October 1 to February 7 in this fiscal year and it is more US$580 million in compared with the same period in last fiscal year, according to Ministry of Commerce. Myanmar earned US$1.918 billion from Muse border trade center, which is mainly traded with China and it is more US$230 million in compared with the same period in last fiscal year. The border trade camps in Myanmar are Muse, Lwejel, Chinshwehaw, Kanpikete, Kengtung, Tachilek, Myawady, Kawthoung, Myeik, Nabulel/Htikhee, Mawtaung, Mesel, Sittwe, Maungdaw, Tamu, Reik, Htantalan and Kyainglek.
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  The Securities and Exchange Commission of Myanmar (SECM) will allow foreigners to invest in the local equity market in March

  The Securities and Exchange Commission of Myanmar (SECM) will allow foreigners to invest in the local equity market from next month. “Regarding foreign participation on the YSX, they will be allowed to start trading shares on the YSX by March, and the details on foreign trades on the exchange will be announced next month,” said an official from the YSX. The Securities and Exchange Commission of Myanmar, under the Ministry of Planning, Finance and Industry, issued a notice on 12 July, 2019, announcing that foreigners would be allowed to invest in shares listed on the YSX. Securities companies will monitor the daily trades of foreigners, in keeping with the rules and regulations, so that they do not exceed the limit set for each listed company. In addition, the SECM is striving to promote listing of companies on the YSX and proceed with foreign participation on the exchange, the official added.
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  Investments by fully foreign-owned and joint-venture insurance firms tops USD $ 127 million in this fiscal year

  Capital investments by 11 recently licensed, fully foreign-owned and joint-venture insurance companies have amounted to $127 million plus K67 billion, according to the Directorate of Investment and Company Administration (DICA) DICA data show that, from the beginning of the 2017 fiscal year to January of this year, the five foreign-owned life insurance firms have invested $69.89 million, the three joint-venture life insurers have invested $34.7 million plus K10.61 billion and the three joint-venture general insurance firms have invested $26.43 million plus K56.7 billion. “Insurance businesses do not fall under the purview of Myanmar Investment Law or the Myanmar Investment Commission. However, we are disclosing this information to let the public know,” said DICA director general U Thant Sin Lwin. Starting in 2013, Myanmar opened up its insurance industry to private-sector participation. In April 2019, the government approved the entry of five foreign life insurance firms and five joint-venture insurers.
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  The new Thanlyin – Bag0 – Kyaikhto highways proposed and expected to start with the assistance from JICA and ADB

  The government is set to build new expressways connecting Yangon Region, Bago Region, and Mon State with assistance from the Japan International Cooperation Agency (JICA) and Asian Development Bank (ADB), a senior official of the Ministry of Construction has announced. Deputy Minister of Construction U Kyaw Lin said that work is expected to start soon on a new road link connecting Thanlyin in the Yangon Region to Bago in the Bago Region. The project, expected to cost US$160 million (K228.5 billion), will be built with help from JICA. U Kyaw Lin said another project involving a new expressway connecting Bago in Bago Region to Kyaikhto in Mon State, is being negotiated. The project, estimated to cost around US$500 million), will involve assistance from the ADB. “These two projects with assistance from JICA and ADB will connect Yangon to the capital of Mon State, Mawlamyine, and will involve building a new bridge over the Sittaung River,” said the deputy minister.
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  Chin State Chamber of Commerce (CSCCI) seeks tax breaks on import of old off-road vehicles

  The Chin State Chambers of Commerce and Industry (CSCCI) has forwarded a request to the Private Sector Development Committee, led by Vice President U Myint Swe, to permit importation of old-model off-road vehicles with Chin State licence and grant tax exemption on imports of budget cars for the benefit of hotels and tourism entrepreneurs in Chin State. U Kap Khen Pau, chair of the CSCCI, made the request at the 32nd regular meeting of the Private Sector Development Committee with private entrepreneurs on 22 February at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry. “Chin State’s roads are not suitable for luxury vehicles. Only station wagons that are specially designed for rough roads can run in the state. At present, the import of old model cars is restricted in the country, and only latest models are allowed. Travel entrepreneurs cannot afford to buy the latest model cars,” said U Kap Khen Pau.
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  Ministry of Hotels and Tourism requested Union cabinet to ease of travel restrictions in Kayah in order to attract more local and foreign tourist into the state

  The Ministry of Hotels and Tourism has requested that the Union cabinet ease travel restrictions in Kayah State in order to attract more local and foreign tourists into the state. “When implementing socioeconomic development in Kayah State, creating new tourist destinations is one of the efforts. However, we need to make sure that the new destinations are not in restricted areas. Therefore, we have requested the approval from the Union cabinet to ease travel restrictions in some of the places,” Deputy Minister of Hotels and Tourism U Tin Latt told the Pyithu Hluttaw. Previous governments imposed travel restrictions in the state in light of issues such as security, the rule of law and armed conflicts.
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  The virus outbreak disrupts Myanmar garments industry’s supply chain due to the raw material from China

  Several garment, footwear and bag factories in four industrial zones around Yangon have had to shut down or curtail operations due to a shortage of raw materials from China, an official from one of the industrial zones has revealed. However, despite the disruption of operations at the factories, container loads of raw material from China remain stuck in Yangon ports such as the Myanmar Industrial Port, Thilawa Jetty, and Asia World Port Terminal, said U Aye Thaung, chair of the Shwe Pyi Thar Industrial Zone Committee on Wednesday. “Many containers from China have arrived at MIP, Thilawa Jetty, and Asia World Port, but garment factories haven’t been able to get those raw materials out yet,” U Aye Thaung said. “Some cargoes have already arrived, some are on their way to Myanmar from China, and some are ready to ship from China. But the shipment of raw materials coincided with the Lunar New Year and some factories were still closed due to the coronavirus outbreak. There are many containers ready in China to ship to Myanmar,” he added.
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  Myanmar Government launched online “Project Bank” for development projects to provide information on major investments projects under MSDP

  YANGON—The Myanmar government has launched a centralized, publicly-accessible online platform to provide information on major investment projects that fall under the country’s sustainable development plan. The newly-launched Myanmar Project Bank aims to establish “a predictable and transparent system” and provides key data such as project descriptions, status, total project cost, financing plans and project timelines. It also notes the implementing government agency, project contact details and how each project aligns with the Myanmar Sustainable Development Plan (MSDP). MSDP launched in 2018 and aims to align the country’s policies and institutions to achieve inclusive and transformational economic growth.
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  The foreign insurers added more than USD $ 120 million into the Myanmar insurance sector since last year

  Investors have channeled some US$120 million and K60 billion into the Myanmar insurance sector since its liberalisation last year, according to the Myanmar Investment Commission (MIC). In 2019, the Ministry of Planning, Finance, and Industry granted permission to five wholly foreign life insurance companies and six joint venture life insurance and non-life insurance companies to operate in the domestic insurance market. During the period, the five wholly foreign life insurance companies - AIA, Chubb, Dai-ichi, Manulife and Prudential - invested a sum totaling $65 million, according to the MIC.