Weekly Business News from Myanmar

British Chamber of Commerce Myanmar (BCCM) signed two MOUs with the two business associations to explore business opportunities in Mandalay
The British Chamber of Commerce Myanmar (BCCM) has signed two memorandums of understanding (MOU) with the two business associations in Mandalay. The BCCM signed the MOUs with the Myanmar Japan Alliance Business Association (MABA) on September 2 and with the Mandalay Region Chamber of Commerce and Industry (MRCCI) on September 3 to explore business opportunities in Mandalay. “I think both associations are very important for Mandalay, and also Myanmar, by doing their part to introduce the best practices to businesses. We are very keen to work with the associations to explore the potential of special investments, and business opportunities from the UK. BCCM is also eager to introduce best practices from the UK, particularly in areas such as renewable energy and education,” BCCM CEO Peter Crowhurst told The Myanmar Times.
The 7th edition of Myanmar Phar-Med Expo 2019 & Myanmar Lab Expo 2019 was held in Yangon
Myanmar Phar-Med Expo 2019 & Myanmar Lab Expo 2019 began on Thursday in Yangon. Organized by Minh Vi Exhibition & Advertisement Services Co., Ltd (VEAS) with the support from Myanmar Pharmaceuticals Association, this is the 7th International Exhibition and Conference on Pharmaceutical, Medical & Laboratory Industry for Myanmar. Business Development Manager, VEAS, Hpone Myat said “This is the 7th Expo of ours. This year, we invited 11 countries with advance technologies and products. In this expo, there’re consultants for pharmaceutical manufacturers - advance technologies for hospitals and medical devices for healthcare industry are on display here with about 35 booths. Seminars are included as well.”
Wirock International and Myanmar Trade Promotion Organization (Myantrade) signed an agreement for cooperation and assisting in designating specifications and trade promotion
Winrock International and the Myanmar Trade Promotion Organization (Myantrade) under the Ministry of Commerce have signed a cooperation agreement for the export promotion of six crops including coffee. Ministry of Commerce, Permanent Secretary Aung Soe said, “We signed MoU for cooperation and assisting in designating specifications and trade promotion. We will conduct training for export promotion.” The agreement was signed on 2 September. Under it the United States Agency for International Development (USAID) will assist in designating specifications for six crops namely coffee, watermelon, musk melon, ginger, soybean and sesame and also for trade promotion.
Myanmar traders called for higher volumes of trade with Thailand as deal ends
A special agreement for Myanmar to export maize to Thailand has ended, the government announced recently. The deal was initially signed last year after China imposed restrictions on its imports of maize. In search of new markets for its maize, Myanmar negotiated a deal with Thailand. “The timeframe for the exports of Myanmar maize to Thailand ended in August,” said U Khin Maung Lwin, assistant secretary of the Ministry of Commerce. Before the imposition of restrictions on maize imports, China had been a major market for Myanmar maize. Since last year, Thailand has been able to fill gap in demand for locally produced maize. According to Ministry of Commerce statistics, Myanmar was able to export 600,000 tonnes of maize to Thailand while the agreement was in place. However, the exports to Thailand have now ended with the expiration of the agreement in August, U Khin Maung Lwin said.
Foreign Investment volume reached more than USD $ 4,100 million in twelve business fields in Myanmar which is still needed to meet the intended target
Foreign investment volume reached more than US$ 4,100 million in 12 business fields in Myanmar, but about US$ 1700 million is still needed to meet the intended target, said a source from Myanmar Investment Commission. From October 1 to September 5 of 2018-2019 FY, Myanmar Investment Commission approved 252 businesses of foreign investment with the investment volume of US$ 2,550. 773 million. According to the increased investment, the foreign investment volume reached US$ 3,876. 352 million From October 1 to September 5 of 2018-2019 FY, foreign investment volume of US$ 223.680 million including increased one was permitted according to the special economic zone law and the foreign investment volume totalled US$ 4,100.032 million. During 2018-2019 FY, it was expected that the foreign investment volume would flow until US$ 5,800 million, but the foreign investment volume has reached only more than US$ 4,100 million about 25 days to expire the end of the fiscal year and therefore US$ 1,700 million is still needed to meet the intended target.
Myanmar Gold Entrepreneurs Association warned its member not to conduct gold trading based on oral contracts amid raising gold prices
The Myanmar Gold Entrepreneurs Association has reminded its members not to conduct gold trading based on oral contracts amid raising gold prices, which has seen an upward trend since June. “Executing oral contracts causes a lot of price volatility in the local. Therefore, we instruct our members to pay at the time of the transaction based on the current prices,” said U Kyaw Win, President of the association. The instruction for the gold traders came out after extreme price fluctuations occurred recently in a single day of trading. There is one big issue that Myanmar faces with its gold trade; the lack of a formal exchange system for the industry. Myanmar has been trying to establishing a new exchange called the Myanmar Gold Center Market (MGCM) since 2013, and expected to open the exchange in early 2016, and then again in 2019. However, it hasn’t managed to open the center so far.
The launching ceremony of the establishment of the industrial complex for economic cooperation between Myanmar and South Korea was held the business forum in Yangon to discuss a partnership for the development and prosperity
A launching ceremony of the joint industrial complex between Myanmar and the Republic of Korea was held yesterday afternoon together with a forum to discuss a partnership for development and prosperity. ROK President Moon Jae-in and Vice President U Myint Swe attended the two events held at the Lotte Hotel in Yangon. Korea Internaitonal Trade Association’s Chairman & CEO Mr Kim Young Ju and UMFCCI’s Chairman U Zaw Min Win extended greetings to the attendees. Documentary videos about the amazing Han River of ROK, New Southern Policy, future cooperation goals and the special economic zone were screened. Korea Land & Housing Corporation’s President Byeon Chang Heum explained about the establishment of the industrial complex for economic cooperation between the two countries. Vice President U Myint Swe expressed his thanks to be given the opportunity to speak at the launching ceremony of the industrial complex for economic cooperation between Myanmar and ROK and the business forum of the two countries.
Myanmar and South Korea inked the series of agreements on economic and infrastructure development and investments in Myanmar
Myanmar and South Korea inked a series of agreements on economic and infrastructure development during South Korean President Moon Jae’s visit to Nay Pyi Taw on Tuesday. These include bilateral agreements for the construction of the Dala Bridge, or Korea-Myanmar Friendship Bridge, as well as the Korea-Myanmar Industrial Complex (KMIC) in Yangon. The president said South Korean investors would be encouraged to invest in the KMIC. On Wednesday, the president also attended a ceremony in Yangon to mark the beginning of the KMIC project. Located near Nyaun Hna Pin Village of Hlegu Township, the project will be developed by the Korean Land and Housing Cooperation (LH) and Ministry of Construction across 555 acres of land. Valued at US$100 million, the project is expected to be completed in 2024. The two governments also inked a memorandum of understanding (MoU) to conduct feasibility studies for the construction of the Dala Satellite City Project.
The 6th edition of ProPak Myanmar 2019 is held in Yangon in order to promote expansion in food, drink, and manufactures industry in Myanmar
The sixth edition of ProPak Myanmar is held for manufacturers and those involved in processing, packaging, filling, quality assurance, testing and measurement sectors, and their related fields of automation, transportation, storage, refrigeration, ingredients, labeling and pollution control. This year’s event will move to a new venue, the Myanmar Expo (ME), located in Thaketa Township. It is a modern and easily accessible venue that will serve the growing food industry and those manufacturers looking for success through technology and innovation. This is a great opportunity to network and exchange information with industry professionals from around the world. ProPak is the premiere processing & packaging event for Myanmar, and will feature 18 countries with 180 brands, 125 companies and international pavilions from Indonesia, Taiwan, and Thailand. Leading international companies will showcase new products, machines, technologies and solutions to fulfill manufacturing needs.
Yangon Regional Tourism Committee approved USD $ 238 million in hotel and tourism investments sector between May and August 2019
Yangon’s Regional Tourism Committee recently announced that investments totalling US$238 million and K119.63 billion were approved for the region’s hotels and tourism sector between May and August. In the same period, the committee approved investments for 33 new hotels and eight guest houses, approved 18 new hotels, 400 new travel agencies, and 200 tour guides. The surge in activity comes on the heels of new regulations calling for the formation of regional and state tourism committees headed by chief ministers of states and regions. The committees are empowered to approve investments in the hotels and tourism sector in their respective regions and states.