Weekly Business News from Myanmar

Thilawa Special Economic Zone (SEZ) received USD $ 1.6 billion investment from 18 countries among Myanmar’s Special Economic Zones
A total of 18 countries with the investment amount of about 1.6 billion USD are investing in Myanmar’s Special Economic Zones. The official from Trade Development Division under the Ministry of Commerce said at a workshop on Implementation of Special Economic Zones on Thursday. Myanmar’s SEZ program is still in its young stage and the country now has one operational SEZ, Thilawa, and it is currently resuming projects to develop SEZs in Dawei and Kyaukphyu. The workshop aims to institute an effective structure to run and regulate SEZs by sharing the experiences of currently operational SEZ.
European Union will reinstate duties on rice from Cambodia and Myanmar after a surge in cheap imports that hurt European producers
The European Commission will reinstate duties on rice from Cambodia and Myanmar after a surge in cheap imports that hurt European producers, the EU's executive arm said Wednesday. Starting Friday, it will apply a duty of 175 euros per tonne of Indica rice in the first year, reducing it to 150 euros per tonne in the second year and 125 euros per tonne in the third year. "An investigation has confirmed a significant increase of imports of Indica rice from Cambodia and Myanmar into the European Union that has caused economic damage to European producers," the Commission said. "The European Commission has therefore decided today to re-introduce import duties that will be steadily reduced over a period of three years," it said in a statement.
Kayah State Investment Committee approved 11 investment proposals which is worth USD $ 3 million and K 12 billion creating 440 jobs for local people
Kayah State Investment Committee has approved 11 investment proposals in total in its meeting held in late December. Since the formation of the committee, Kayah State has received 11 investments with the total investment amount of $3 million and K12 billion creating 440 jobs for local people. These investments include a cinema project, a resort project, an agricultural project, a hotel project, and a mining project. Kayah Investment committee was formed in May 2017 and the investment forum was officially held on May 26th, 2018. The investment forum received 10 initial investment proposals during the first half of the transitional fiscal year, and 1 additional investment in the second half of the transitional fiscal year.
Rakhine Investment Fair will target investments in tourism, fisheries and agriculture sector which will be channeled towards the development of the state
Rakhine State will target investments in tourism, fisheries and agriculture at an investment fair that will be held in February in Ngapali, southern Rakhine, Rakhine State Chief Minister U Nyi Pu told the media in Yangon yesterday. With the aim of drawing funds that will be channelled towards the development of the state, the three-day Rakhine State Investment Fair, will start on February 21. The fair will organised by the state government, with support from the Japanese government. State officials say, in the tourism sector, there are opportunities to invest in hotels and other tour activities in Ngapali Beach, which is in Thandwe Township, as well as in other beaches in Gwa and Kyeintali townships and the Mrauk-U heritage area.
Chairman of Yangon Region Investment Committee met up with Korean Business Entrepreneurs and investors in Myanmar in order to coordinate and share information of investment in Myanmar
Yangon Region Investment Committee met with Korean Business entrepreneurs and investors who are working in the country in Yangon on Wednesday. Chairman of Yangon Region Investment Committee, Chief Minister U Phyo Min Thein met with them not only to learn their difficulties and concerns but also to coordinate and share information of investment in Myanmar. According to Myanmar Investment Commission (MIC), Korea stands sixth on the list of foreign investors with over 4 Billion US$ investment. Korean entrepreneurs and investors have been working in various industries, including oil and gas, construction, manufacturing, service sectors and many more. Korean investors pleased on the current growth but stressed some difficulties and pointed out the needs of improvement for rules and regulations.
Ministry of Electricity and Energy will be drilled a test oil will for natural gas in Myaing township, Magwe Region
A test oil well will be drilled in Myaing township, Magwe Region to determine the presence of oil or gas, U Nyan Tun, deputy managing director from Myanmar Oil and Gas Enterprise (MOGE) , said during the Ministry of Energy and Electricity’s (MOEE) month press conference yesterday. It will be the first time a test well is drilled in the area. “Drilling will start on January 26,” U Nyan Tun said. The Myaing deep oil test well No.1 is located at the south of the Myaing Anticline in the Chindwin sedimentary basin. Exploration will be conducted to determine the presence of oil or gas at the middle of the anticline. “According to expert analysis, there is a high possibility that either oil or gas can be found. If oil or gas is found, we will proceed to production,” MOEE deputy permanent secretary U Htay Aung told The Myanmar Times.
MPRL E & Pte Ltd conducted oil and gas production work with villages adjacent to Mann Oil field join preliminary program on trash collection
MPRL E&P Pte Ltd, who are conducting oil and gas production work in joint venture with Myanma Oil & Gas Enterprise in Mann Oilfield, assisted adjacent villages with implementing a preliminary program on self-help trash collection during the first week of January 2019. The program is part of their new Corporate Social Responsibility (CSR) work. It aims to include local villagers in beautifying Mann Oilfield and adjacent areas, and to systematically manage the collection of trash. The program will include village administrators from villages adjacent to Mann Oilfield, departmental officials, local populace, MPRL E&P CSR staff and village volunteers and will be implemented through January and February 2019. In the preliminary stage, a tri-cycle garbage collection vehicle will collect garbage from 8 villages on designated dates and send it to the landfill in Minbu Tsp by the village wise village administrator and villagers.
Ministry of Commerce revealed that U Yan Naing Tun, Director General of the Department of Trade has been removed from his position due to the negligence in handling important export and import licenses
U Yan Naing Tun, director general of the Department of Trade, has been removed from his position for negligence in handling important export and import licences, the Ministry of Commerce confirmed. The announcement of the official’s termination was released in accordance with the Civil Servant Law and signed by the President on January 14. No reason was given on the announcement for U Yan Naing Tun’s removal. When contacted by Myanmar Times, the Ministry of Commerce revealed that the official failed to handle licence applications and follow other procedures set by the Department of Trade.
Due to the sensitivity surrounding the industries, the reforms of Myanmar’s state owned enterprises engaging in mineral resources extraction
The reform of Myanmar’s opaque and powerful state-owned enterprises (SOE) has been delayed for over a year due to sensitivity surrounding the industries. A public debate in Mandalay to reform Myanmar’s state-owned enterprises engaged in the extractive sectors was held under the work programme of Myanmar Extraction Industries Transparency Initiative (EITI), according to Department of Mining Deputy Director General U Kyaw Thet. “It aims to implement reforms in SOEs engaging in mineral resources extraction. There are partnerships with SOEs in our country but they are just playing regulator role, not business role, and we will review it,” he said during a public talk organised by EITI for the release of its second and third reports on January 11. Only SOEs related to oil and gas, jade and other precious stones and other mineral extraction sectors are included in the event.
Myanmar Investment Commission rejected on the proposal for 10 year tax exemption for Chin State citing Myanmar investment law
Myanmar Investment Commission has rejected the proposal to designate Chin State as the least developed region and grant 10-year tax exemption. MIC Secretary Aung Naing Oo said the demand could not be met according to the Myanmar Investment Law. During the 23rd meeting between Vice President Myint Swe and businesspeople held at the Union of Myanmar Federation of Chambers of Commerce and Industry, Kyaw Le Lyan, president of Chin State Chambers of Commerce and Industry, demanded the tax exemption period be increased from seven years to eight years by designating the state as the least developed region.