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Myanmar Government will provide electricity to Myawaddy by end of this month
Starting from the end of this month, the government of Myanmar will provide electricity to Myawaddy Township, which has been purchasing power from Thailand. The border township purchases power from the 22 KV Thai power grid and distributes electricity to residents using 45 public transformers and 76 private transformers. “The national power grid reached Myawaddy in March 2019. We will replace the existing public transformers and an additional 20 transformers with 11 KV transformers,” said U Khin Maung Win, Deputy Minister of Electricity and Energy. -
Myanmar falls short of Foreign Director Investment (FDI) target this year though outlook is positive
Despite government efforts to hit its foreign direct investment (FDI) estimate of $5.8 billion during fiscal 2018-19, investors channeled just $4.1 billion into Myanmar, 70 percent of the original target, between October 1, 2018 and September 30, 2019. But U Thant Sin Lwin, director general of the Directorate of Investment and Company Administration (DICA) and secretary of the Myanmar Investment Commission (MIC), said FDI has been picking up and should align with the government’s estimates for fiscal 2019-20. In 2018-19, the government improved its investment policies with economic sustainability in mind. Now, investments that potentially cause losses or damage to the environment, society and natural resources are turned down. “Last year, there were changes within the ranks of the MIC and its policies. The goal is to only invite responsible investments. Because of the stricter screening process, FDI volumes decreased,” said U Thant Sin Lwin. He added that time was also spent harmonising the various laws and restrictions in Myanmar. -
Myanmar Thilawa SEZ Holdings (MTSH) earned Ks. 8.36 billion in profits last year
Myanmar Thilawa SEZ Holdings (MTSH) earned net profits of Ks-8.36 billion including commission sales, Ks-286.5 million from Thilawa Property Development (TPD) and US$12.2 million from Myanmar-Japan Thilawa Development Company (MJTD) in 2019. Twenty percent of TPD is owned by Thilawa SEZ Management Committee (TSMC) and 80 percent by MTSH. TPD Company was established running businesses such as the construction of housing and economic infrastructures in Thilawa SEZ and selling and renting those properties. Despite slow progress in the real estate sector in 2019, TPD earned a net profit of Ks-286.5 million. -
The LNG plant and terminal will be constructed at Thilawa Special Economic Zone
A consortium of Myanmar and Japanese companies will construct an electricity generation plant and liquefied natural gas (LNG) terminal at the Thilawa Special Economic Zone, said U Han Thaw Zay, Executive Director of Myanmar Agribusiness Public Corporation (MAPCO), one of the firms involved in the investment. The LNG-fuelled plant will have the capacity to generate 1250 megawatts of electricity, while the LNG terminal is expected to facilitate the production of electricity on floating units. The terminal will be built on space previously earmarked for warehouses and the trading of crops. The LNG used will be purchased and imported from Singapore, Malaysia and Indonesia. -
Ministry of Commerce (MOC) amended its procedures for exporter/importer registration numbers to be in line with the company registration procedures
The Ministry of Commerce (MOC) has warned that it will remove companies that do not apply for new exporter/importer registration numbers by December 31, from the registry list and not allow them to carry out trading. According to the provision included in the Myanmar Companies Law 2017, the Directorate of Investment and Company Administration (DICA) requires companies to re-register with sthe Myanmar Companies Online (MyCo) registry system. The Ministry of Commerce also amended its procedures for exporter/importer registration numbers to be in line with the company registration procedures. If companies that have already re-registered with the MyCo registry system want to keep carrying out an export/import business, they need to apply for a new nine-digitTaxation Identification Number to replace their existing number in exporter/importer registry by the end of this year. -
Rakhine State Government called for more proposals on industrial zone project in Ponna Kyun
The Rakhine State Government has called for more proposals for an industrial zone project in Ponna Kyun. It started selling K10,000 proposal forms on December 18 and the deadline for submission is January 17. The state government has received one proposal, from a local company, Pyaywachanthar, for a 1,800-acre industrial zone, whereas the state has allocated 1,963.74 acres on the east side of the Yangon-Sittwe road for the project. Dr. Tun Min Thein, director general of the Rakhine State Investment Committee, said local and foreign companies are invited to submit proposals for the project, which includes infrastructure such as roads, a water distribution system and real estate. The industrial zone will be home to small and medium-sized factories for textiles and garment, meats and fishery products and finished wood products. The state government said it is committed to provide tax incentives and land at reasonable prices to companies and institutions that invest in the industrial zone. -
Myanmar’s border trade with neighbouring countries reached about USD $ 2.4 billion as of December 20 in the present fiscal year 2019 – 2020
Myanmar’s border trade with neighbouring countries reached about 2.4 billion USD as of December 20 in present fiscal year 2019-2020 which started from October 1, Vietnamplus reported. According to the latest figures released by the Myanmar Commerce Ministry, the country earned 1.68 billion USD from the export to foreign countries through border gates in the reviewed period while its border import reached 720 million USD. This fiscal year’s border trade increased over 615.9 million USD, compared to the same period of last fiscal year 2018-2019. -
South Korea’s MCM Power Company will invest over USD $ 35 million on power generation and distribution project in Bago
South Korea’s MCM Power Company will invest over US$35 million on a power generation and distribution project in Pyay township, Bago, according to U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA). The gas-powered project is expected to generate 40MW of electricity. Interest in the Myanmar power sector from Hong Kong, Singapore and China-based firms has risen and more are expected to channel funds into boosting the power sector, U Thant Sin Lwin said. In early December, Hong Kong-listed CNTIC VPower Company was permitted to invest half a billion dollars to execute similar power projects in Thaketa, Yangon and Kyaukphyu, Rakhine, according to DICA. -
Myanmar’s natural gas exports up USD $ 150 million in two months when compared to the same period of last fiscal year
Myanmar’s exports of natural gas over the past two months of the current financial year amounted to US$579 million, an increase of about $150 million compared with the corresponding period of the 2018-2019 fiscal, according to the Commerce Ministry. In the year-ago period, the country exported natural gas worth about $430 million. The increase in the value of exports is linked to the rise in the price of natural gas in the global markets, according to an expert. Natural gas is included in the list of major export items of Myanmar. Over 20 per cent of the country’s total export earnings come from the sale of natural gas. -
Chin State Government invited Expression of Internet (EOIs) for the development of shopping mall and motel on four acres of land near Hakha City’s Myo Thit Quarter in Chin State
The Chin State government is inviting submission of Expressions of Interest (EOIs) for the development of a shopping mall and motel on four acres of land near Hakha City’s Myo Thit Quarter. The project will be implemented under build-operate-transfer (BOT) scheme, according to U Vani Liang, head of the Chin State Municipal Committee’s engineering department, “We will choose the proposal which offers the lowest cost with a short construction time by local investors,” said the official. The EOI application period is November 29 – December 30. The bidding date will be announced thereafter.
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