ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The mixed development waterfront project along the Kaladan River in Sittwe projected to complete by the middle of next year

  A mixed development waterfront project on along the Kaladan River in Sittwe, Rakhine is now 90 percent done and is expected to be complete by the middle of next year, Steve Park, CEO of Korean developer BXT International Co, told Myanmar Times. The remaining work involves the completion of roads, drains and power grids at the project site, said U Aung Kyaw Zan, Rakhine State minister for Electricity, Industry and Transportation. “All the necessary environmental and social impact assessments have been prepared,” he added. The Sittwe Waterfront project, which will comprise government offices, an industrial zone, hotels and shop houses, is being developed in three phases on 36 hectares of land near the Sittwe Myoma Market and port.
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  The Central Bank of Myanmar (CBM) will be granted retail banking licenses to foreign banks starting in 2020

  Starting in 2020, the Central Bank of Myanmar (CBM) will issue licenses to allow overseas lenders to open a branch or a subsidiary in the country. To secure a branch license to provide wholesale banking or enterprise banking services, an investment of up to $75 million and a $40 million deposit with the CBM are required. A $100 million investment is required to obtain a subsidiary license, which allows a foreign bank to provide both wholesale and retail banking services and set up 10 entities including branches and off-site ATMs. Licensing applications will be accepted from June 2020.
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  The border trade value reached over USD $ 1.177 billion in over a month of this fiscal year

  Border trade value in over a month this fiscal year has reached over US$1.17 billion exceeding over US$360 million compared to the same period of last fiscal year, according to official figures from the Ministry of Commerce. From October 1 to November 8 in the current 2019-2020 FY, border trade value amounted to US$1.171 billion while the same period of last FY saw US$808.863 million. So, this year's amount exceeded US$362.891 million. Border trade value at Muse border trade camp which carries out trade activities between Myanmar and China amounted to nearly US$650 million exceeding over US$290 million compared to the same period of last year. Meanwhile, trade value at Nabulel /Htikhee border trade camp amounted to US$190 million falling by over US$20 million compared to last year.
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  Myanmar will commence auctions for 10 year government treasury bonds soon to meet demand for long term debt from the newly minted insurance industry

  Myanmar will start auctioning 10-year sovereign bonds to meet demand for long term debt from the newly minted insurance industry, said Daw Si Si Pyone, Director General of the Treasury Department under the Ministry of Planning and Finance (MoPF). “We are planning to launch auctions for 10-year government treasury bonds soon as demand, mainly from the insurance companies, is rising,” she said at a conference on Monday, but did not provide a fixed schedule for the auction or further details on coupon rates. It is common for insurance firms to invest their premiums in long term sovereign debt, which is less risky than funds and equities, to grow profits and in some instances lower subsequent premium amounts to make their policies more attractive. “We have already prepared funds to invest in government bonds,” said U Thaung Han, managing director of CB Insurance.
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  Myanmar and Indonesia Business people are keen to keep bilateral trade growing

  More than 30 Myanmar business people attended the Indonesia-Myanmar Business Gathering at a hotel in Yangon last week. The gathering organised by the Indonesian Embassy in cooperation with the International Business Promotion Centre held business-to-business meetings for 10 Indonesian representatives from six companies and their Myanmar counterparts. Among the dignitaries at the event were U AikHtun, chair of the International Business Promotion Centre and ShweThaung Group, Daw Hla Hla Yee, member of the Union of Myanmar Federation of Chambers of Commerce and Industry and secretary of the Myanmar International Freight Forwarders’ Associationand, and Dewi Lestari, deputy director of South East Asia Affairs of the Indonesian Ministry of Foreign Affairs.
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  The Agribusiness Service Centre (ASC) projects will implement in four townships such as Ayeyarwaddy, Yangon and Mandalay Region and Rakhine State

  The implementation of Agribusiness Service Center (ASC) projects will begin in Ayeyawady, Yangon, and Mandalay regions and Rakhine State, according to a press statement issued by the Myanmar Rice Federation (MRF). The four projects will pull in investments of US$140 million, and they are slated to be completed in the 2020-2021 fiscal year, according to the federation. The MRF, the China International Trust Investment Corporation (CITIC) Group, and the Myanmar Agribusiness Public Corporation (MAPCO) signed a cooperation agreement for the ASC projects last Friday at the Park Royal Hotel in Nay Pyi Taw. MAPCO, MRF, and the CITIC Group had signed a Memorandum of Understanding (MoU) on 21 July, 2017 in Nay Pyi Taw. The centers will be constructed in ten states and regions. The consortium submitted a $400-million proposal to the Myanmar Investment Commission to construct 33 centers in states and regions. It is also seeking contracts for international loans and local investments, according to the MRF.
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  US Agency for International Development (USAID) will promote inclusive agriculture-led growth in Kachin State

  US Agency for International Development (USAID) will promote inclusive agriculture-led growth in Kachin State
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  International Finance Corporation (IFC) revealed that distributed solar solutions could help lower power costs for local businesses in Myanmar

  Distributed solar solutions can help businesses in Myanmar bring down their power costs and climate impacts, a study by the International Finance Corporation (IFC) reveals. The study estimates that there are more than 700 megawatts worth of potential commercial and industrial solar projects in Myanmar, which is equivalent to around 10 percent of the country’s existing power generating capacity. The IFC, part of the World Bank group, has released the report “Myanmar Distributed Generation Scoping Study” this month, highlighting the potential of solar power to fill the gap between electricity demand and capacity while diversifying Myanmar’s power generation means. “Clearly with Myanmar’s crucial energy needs, the country’s commercial and industrial businesses are looking for near-term solutions to their electricity challenges,” said Isabel Chatterton of the IFC’s Asia Pacific team.
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  The border trade between Myanmar and Bangladesh increased USD $ 2.3 million in 2019 -2020 fiscal year when compared to the same period of last fiscal year

  Border trade between Myanmar and Bangladesh reached US$ 3.8 million as of 1 November in the 2019-2020 fiscal year, according to a report released by the Ministry of Commerce. Border trade during the period increased by $2.3 million, compared with the same period last year, when the total bilateral border trade was only $1.5 million. The country’s exports to Bangladesh totaled $3.8 million, while its imports were $0.03 million during the period. Usually, Myanmar’s exports exceed imports in bilateral trade with Bangladesh, conducted by sea or land. In bilateral border trade, goods move mainly through the Sittway and Maungtaw trade stations.
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  Myanmar Government allowed full the foreign investment in large-scale mineral extraction

  In its mining sector, Myanmar has allowed full foreign investment in large-scale mineral extraction while small- and middle-scale extraction will be allowed for Myanmar citizens only, according to the Myanmar Investment Commission. Proposals to run mining businesses must be submitted to the Ministry of Natural Resources and Environmental Conservation, and details are available on the website of the Department of Investment and Companies Administration. Till October this year, 1,251 mining blocks ranging from small to large scales were approved in various regions and states across Myanmar.