ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The work on the new pipeline for the Zawtika natural gas field urgently needed as it might only start next year due to the negotiations over the cost of the project

  Although a new pipeline for the Zawtika natural gas field is urgently needed, work on the project is expected to only begin next year due to negotiations over the cost of the project, officials say. The cost for the new pipeline is supposed to come from revenue generated for the Myanmar Oil and Gas Enterprise (MOGE) by the current Kanpauk-Myaing Kalay pipeline that transfers natural gas from the Zawtika field for local use. MOGE is then required to share the revenue from the existing pipeline with the the Ministry of Planning and Finance. “The Ministry of Planning and Finance said it will approve the cost for the new pipeline only after revenue is fully paid. We’re still negotiating with MOGE on revenue payments and we’re waiting for their reply,” U Than Zaw, director general of the Oil and Gas Planning Department. The Zawtika M9 block is being worked as a 80/20 joint venture by Thailand’s PTT Exploration and Production Public Co Ltd and MOGE.
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  Kachin Ethnic Entrepreneurs Association will organize the first time economic forum in Myitkyina with the aim to develop Kachin’s economy with the help of local and foreign investments

  Diversification has become necessary for establishing a sustainable economic environment in Kachin State, which is overly dependent on the mining industry, says U Tangbau Naw Kham, vice chair of Kachin Ethnic Entrepreneurs Association. U Tangbau Naw Kham said this after telling the Myanmar Times about an economic seminar that will be held at the Manaw Grounds in Myitkyina on November 15 and 16. The main focus of the event will be the development of a sustainable economic environment in Kachin. “Depending only on mineral resources, Kachin has fallen behind other regions and states in terms of development and to change that situation is one of the major objectives of Kachin entrepreneurs,” he said. “Kachin state is very much behind in development compared with other states and areas. Apart from the resource-based industries, we have only traditional subsistence businesses in Kachin. We have many potential economic sectors to explore like other states. It is high time to grasp those opportunities to shape sustainable economic development of Kachin state,” U Tangbau Naw Kham said.
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  State Counsellor attended the 35th ASEAN Summit and Related Summits in Thailand

  State Counsellor Daw Aung San Suu Kyi who is currently in Bangkok, Thailand to attend the 35th ASEAN Summit and Related Summits, visited Thai Red Cross AIDS Research Centre at King Chulalongkorn Memorial Hospital in Bhumisiri Mangkhalanusorn Building, Saturday. The State Counsellor met with Her Royal Highness Princesses of Thailand at King Chulalongkorn Memorial Hospital. The State Counsellor and the Thai Royal Thai Princesses viewed functions of Red Cross AIDS Research Centre and HIV/AIDS treatment therapy. They also viewed around the booths displayed by the Thai Red Cross AIDS Research Centre and UNAIDS. The State Counsellor then attended ASEAN Business and Investment Summit (ABIS) at Maung Thong Thani Impact and delivered a speech. At the summit, the State Counsellor said that with this year’s theme – Empowering ASEAN 4.0, the submit focuses on micro-, small- and medium-sized enterprises, arguably one of the region’s most important sources of job creation, human empowerment and economic growth. She also highlighted on efforts to up-skill and re-skill the workforce in preparation for a forward-learning, future-ready, fully empowered ‘Myanmar 4.0’.
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  Myanmar moved up in the Ease of Doing Business ranking from 171 last year to 165 spot this year according to the initial report of the World Bank

  Myanmar has moved up in the Ease of Doing Business ranking to the 165th spot from 171 last year after the initial report of the World Bank, according to U Thant Sin Lwin, the director-general of the Directorate of Investment and Company Administration (DICA), state media reported. The World Bank report pointed out that Myanmar showed substantial improvements in five areas of doing business—starting a business, dealing with construction permits, registering property, protecting minority investors, and enforcing contracts.
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  Myanmar Government drafted law for the development of animal husbandry and pisciculture to meet international standards

  Myanmar is now drafting a lMyanmar is now drafting a law to improve the quality of animal husbandry and pisciculture in Myanmar in order to meet international standards. The law will cover various aspects of animal husbandry such as developing a plan for the deterrence of infectious diseases like swine flue, providing land for commercial livestock breeders, and creating pasturage. “We are now in the process of drafting the law for development of the livestock sector. We hope to submit it to the parliament soon,” said Dr. Ye Win Tun, Director General of the Department of Livestock Breeding and Veterinary under the Ministry of Agriculture, Livestock and Irrigation. Other matters will also be addressed in the law. Things like creating new cattle markets and slaughterhouses in line with the requirements for food safety and food security will be included in the new law. Furthermore, the country will establish a system enabling locally produced animal products to be exported to international markets in line with the Terrestrial Animal Health Code as set forth by the World Organisation for Animal Health’s (OIE).
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  Myanmar Apex Bank (MAB) will allocate Ks 57 billion selected microfinance companies to support small businesses more

  Myanmar Apex Bank (MAB) has allocated K57 billion to support selected microfinance companies that lend to small businesses, the bank announced on Wednesday. MAB is now supporting Fullerton Finance Myanmar, Proximity Finance Microfinance, Vision Fund Myanmar, Early Dawn Microfinance, and Pact Global Finance Microfinance Fund. “Microfinance companies play an important role in supporting small businesses in Myanmar and we are pleased to be the funding bank for these lenders. Small businesses will continue to play a vital role in creating employment opportunities in Myanmar,’’ U Zaw Moe Aung, deputy chief business officer from MAB, said during the signing ceremony.
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  Myanma Railways plans to hire consultants to supervise the quality and cost of work on USD $ 700 million Yoma Central project

  Staff at the state railway enterprise say they lack the expertise to supervise the US$700 million Yoma Central project and need to bring in consultants to monitor the quality and cost of work. STATE-OWNED Myanma Railways plans to hire consultants to monitor the US$700 million Yoma Central project and ensure it is finished on time and according to the terms of the contract. Yoma Strategic Holdings, a Singapore-listed company controlled by Mr Serge Pun, leads the consortium behind the project, which it describes as “one of the most ambitious building developments in Yangon’s modern time”. Being developed on about 10 acres (4.6 hectares) of prime downtown land owned by Myanma Railways, the build-operate-transfer project will feature luxury residences, office towers, a business hotel and serviced apartments, and will also include the heritage-listed Burma Railways headquarters, built in 1877, which is being transformed into a five-star Peninsula hotel.
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  China’s Alibaba Group owned Shop.com.mm, an online shopping platform in Myanmar grew rapidly in Myanmar

  Shop.com.mm, the online shopping operations in Myanmar owned by China’s Alibaba Group, is growing rapidly, company officials said. Frans Maas, managing director of Shop.com.mm, told The Myanmar Times the site is expanding at a rate of 10 times year-on-year. Shop.com.mm, an online shopping platform in Myanmar, provides online shopping across a variety of products to customers across Myanmar. It says it is empowering thousands of sellers to connect with millions of customers and provides immediate and easy access to 500,000 products in more than 100 categories. Alibaba acquired Shop in 2018, and soon began introducing new technologies to offer better user experiences with features such as a personalised product feeds, instant messaging between sellers and customers, flash sales, games, in-app customer service, collections, and seller recommendations.
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  Myanmar Government makes its efforts to get more foreign investments in the resource sectors in 2020

  Myanmar will boost efforts to seek more foreign investments in the resource sector in 2020. Due to the refugee crisis in Rakhine over the past two years, some western countries have been hesitant to invest in the country. To address this, the government launched a 20-year Myanmar Investment Promotion Plan (MIPP) with a “Look East Policy”. However, investments under the plan have not met up with expectations. Currently, investments from Asian countries come mainly from China, Singapore, Thailand, South Korea, and Hong Kong. Western investments have been minimal and mainly in oil and gas and mining. The current situation makes 2020 a good year to boost foreign investments into the country’s resource sectors, said U Thaung Tun, Union Minister of Investments and Foreign Economic Relations.
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  GE Asia Pacific plans to start its expansion in energy and healthcare sectors in Myanmar

  GE, the high-tech energy, health and aviation equipment provider, has plans to expand its reach in the Myanmar energy and healthcare sectors. “Myanmar has huge potential in terms of revenue and orders for GE. Myanmar needs healthcare and a lot of electricity. There are good prospects in natural gas production and solar energy sector,” Mr Wouter Van Versch, President and chief executive of GE Asia Pacific, told the Myanmar Times during a visit to the company’s John F. Welch Technology Center (JFWTC) in Bangalore, India this month. Mr Wouter added that “in the future, GE may come to Myanmar to invest in factories to support its expansion into healthcare and electricity production from natural gas.”