Weekly Business News from Myanmar

The breakfast talk under private sector collaboration with not-for-profit organizations in sustainable development in Myanmar took place in Yangon in order to raise the awareness on it
Breakfast Talk under private sector collaboration with not-for-profit organizations in sustainable development in Myanmar took place in Yangon on Wednesday. EuroCham Myanmar (European Chamber and Commerce in Myanmar) has launched an initiative called EuroCham Myanmar Responsible Business Initiative in June 2019. This initiative is to give European companies the opportunity to share their best practices when it comes to responsible business. This breakfast talk brought together with companies and not-for-profit organizations operating in Myanmar, the government and civil society to further discuss under the topic and to raise awareness on critical importance of working together with the not-for-profit and the private sector towards the same ambition.
Myanmar earned over USD $ 360 million from exporting animal products in 2018 – 2019 fiscal year
Myanmar earned more than US$360 million from exporting animal products in 2018-2019 fiscal year exceeding over US$130 million compared to 2017-2018 FY, according to figures from the ministry of commerce. From October 1, 2018 to September 30, 2019 in the previous 2018-2019 financial year, US$366.322 million was earned from export of animal products. But, the earnings in the 2017-2018 fiscal year amounted to US$231.490 million, causing an increase of US$134.831 million. Myanmar mainly exports agricultural products, animal products, marine products, forest products, mineral products, finished industrial goods (CMP) and others.
The new enacted Myanmar Trademark Law and key facts to attract more foreign investments and protect system for both foreign and domestic trademark owners in Myanmar
The 2019 Myanmar Trademark Law, which was finally enacted on January 30, 2019, is an important step in the government’s efforts to attract foreign investment. The new law establishes a framework for a comprehensive trademark registration and protection system for both foreign and domestic trademark owners. While the effective date has not yet been announced, businesses are well advised to audit their trademark portfolios in preparation for new filings because existing trademark declarations and notices will no longer be sufficient to demonstrate ownership of marks once the new law is implemented.
State Counsellor delivered keynote speech at the 2nd Myanmar Investment Forum 2019 in Tokyo
The following is the Keynote Speech delivered by H.E. Daw Aung San Suu Kyi, State Counsellor, at the 2nd Myanmar Investment Forum in Tokyo on 21st October 2019. “I am delighted to be with you once again here in Japan and I would like to take this opportunity to express my sincere thanks to the Government of Japan and JETRO for organizing this important event. I see a room filled with investors and business people, policy makers and professionals who share a common goal, that is to secure investment opportunities in Myanmar and to help us build a favorable investment climate through which a prosperous, peaceful and democratic Myanmar can emerge. Please be assured your presence here today, and your presence in Myanmar, are most welcome. Please also be assured of our strong commitment to create a favorable, facilitative and friendly investment climate that will open up more investment opportunities for you. Our friends from Japan have been generous with their support to Myanmar throughout past decades and this support endures to this day, as we chart a course through a challenging period in our nation’s democratic transition.
The retail arm of Thai energy giant PTT Group intend to form a joint venture with KBZ Group to set up its first filling station in Myanmar by next year
PTT Oil and Retail Business, the retail arm of Thai energy giant PTT Group, said it intends to form a joint venture with KBZ Group to set up a filling station and a reserve facility. “The first PTT station in Myanmar is slated to open before the second quarter of next year,” said Buranin Rattanasombat, vice president of PTT Oil and Retail Business, which includes gas stations, coffee shops and convenience stores. Having set up around 300 PTT stations in Cambodia, Laos and the Philippines, the Myanmar market is now the focus, Mr Rattanasombat added. With the approval from the Myanmar government, PTT and KBZ Group will build a liquefied petroleum gas (LPG) and oil reserve facility besides a filling station. The reserve facility is estimated to be completed within a year.
The 30th Private Sector Development Committee (PSDC) was held in Yangon to discuss updating export, import rules and policies in Myanmar
The Private Sector Development Committee, chaired by Vice President U Myint Swe, and businesspersons met in Yangon yesterday to discuss reforms, including bringing about changes in export and import rules and policies. The 30th regular meeting was held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in Yangon yesterday morning. In his address Vice President U Myint Swe said starting from December 2016 regular meetings with business persons had been held and up to the last meeting, the 29th, 358 difficulties and issues raised by businesspersons were sent back to relevant businesses through the UMFCCI. Responses included matters that were resolved as well as 50 matters that were yet to be resolved. Of the 50, 24 were found to be permissible while 5 were found to be not in line with the policy and thus could not be permitted. The 21 remaining matters were still being looked into and will be included for resolution through the Public Private Dialogue with the 5 work committees. The Trade sector played an important role in the development of a country’s economy. As private and public sectors were cooperating towards this end it was US$ 33.53 billion in fiscal year 2017-2018 and US$ 34.98 billion in fiscal year 2018-2019. This was US$ 3.879 billion more than the planned amount. Private sector participation in this was US$ 29.309 billion or 84 percent.
Myanmar Investment Commission (MIC) approved eight projects, worth USD $ 279.88 million which expected to create 33,000 job opportunities
The Myanmar Investment Commission (MIC) yesterday approved eight projects, worth US$279.88 million and over K156,930 million, which are expected to create 33,279 job opportunities. The decision was reached at a meeting (17/2019) of the MIC yesterday in Yangon. The meeting was attended by MIC chairman U Thaung Tun and 10 members. The eight projects are in the real estate, education services, agriculture, and manufacturing sectors, according to a press release issued by the MIC. Between 1988 and September-end, 2019, a total of 1,837 foreign enterprises from 50 countries have been permitted to invest in 12 sectors, with a total pledged amount of $81,874.265 million. Among them, Singapore, the People’s Republic of China, and Thailand are the leading investor countries.
The trade deficit for 2018 – 2019 fiscal year declined substantially due to the higher export volumes and dip in imports compared to last year
Myanmar saw a shrinking of its trade deficit to US$1.1 billion in fiscal 2018-19, the first time in six years that exports grew faster than imports. “The trade deficit for 2018-19 declined substantially due to higher export volumes and a dip in imports compared to last year,” said U Khin Maung Lwin, assistant secretary at the Ministry of Commerce (MOC). While some question if the fall in imports is as a result of a slower economy, experts see no cause for concern yet, saying the dip is due to higher volumes of local production and stricter regulations. Meanwhile, they expect exports to rise further, driven by growth and investments. Total trade volumes for the period between October 1, 2018 and September 30, 2019 were almost $35 billion, with exports valued at $16.9 billion compared to imports of $18 billion. At $1.1 billion, the trade deficit falls short of the government’s target of $500 million.
AMAUT Business Networking Party 2019 was held in Yangon to enhance the opportunities for Myanmar alumni in expanding business network and improving professional career
The Association of Myanmar Alumni from Universities in Thailand-AMAUT hosted a business networking party on Thursday in Yangon. The AMAUT Business Networking Party 2019 was held with the support of Royal Thai Embassy and Thai Business Association of Myanmar. The event was dedicated to enhance the opportunity for Myanmar alumni in expending business network and improving professional career. H.E. Mrs. Suphatra Srimaitreephithak, Ambassador of Thailand to Myanmar, joined and gave welcome speech at the event. The president of Mr.Moe Myint Kyaw remarked opening speech. Secretary in General, AMAUT, Kaung Zan said “The event is aimed to share the business opportunity for Myanmar Alumni because the Thai investors also come to the event and our alumni can connect and share the job opportunity and business communication. We are doing business matching with Thai businesspersons and engaging with both public and private Universities in Thailand.”
Myanmar expected more foreign direct investment in the offshore oil and gas industry to increase in 2020
U Thaung Tun, Union Minister for Investment and Foreign Economic Relations, is expecting foreign direct investments in the offshore oil and gas industry to increase in 2020, once proposals for exploration and production are received, evaluated and approved. At the 30th regular meeting of the Private Sector Development Committee with Myanmar entrepreneurs on October 19, U Thaung Tun said he is expecting to receive “a record number of investments in oil and gas next year, especially offshore.”