Weekly Business News from Myanmar

Myawady border trade in Kayin State volume slumps by USD$ 8.643 million when compared to the same period of last fiscal year
From April 1 to August 24 during this fiscal year, the total trade volume at Myawady border in Kayin State amounted to US$ 320.783 million, down US$ 8.643 million compared with the same period last year, according to the Commerce Ministry. The decline in the border trade is linked to the facts that 13-ton trucks have been jammed for 20 days at the approach road of Gyaing-Pontun Bridge on the Myawady border trade route due to floods and Gyaing-Eaindu road section is badly damaged, said merchants. Until August 24 of this fiscal year, Myanmar exported goods worth US$ 31.488 million to Thailand, up US$ 11.09 million compared with the same period last year. In addition, Myanmar imported goods worth US$ 289.95 million from Thailand, down US$ 19.736 million compared with the same period last year. Border trade volume exceeded the target for the first six months. After the opening of No.2 Friendship Bridge, the trade between the two countries will increase twofold, according the Commerce Ministry, said Yan Naing Tun told the media after the Myanmar-Thailand Border Trade Joint Committee Meeting.
The Ministry of Electricity and Energy issued a Notice to proceed for the Shweli-3 hydropower project on the Shweli river near Moemeik town in northern Shan State
The Ministry of Electricity and Energy (MOEE) last week issued a Notice to Proceed for the Shweli-3 hydropower project on the Shweli River, near Moemeik town in northern Shan State. The notice was signed between the MOEE and officials from France-based Électricité de France S.A (EDF), Marubeni Corporation and Myanmar Ayeyar Hinthar Company. The development signifies that the government is prepared to allow the private sector to participate in the business of generating electricity, said U Win Khaing, Union Minister of the MOEE. Negotiations will still have to be carried out to acquire approvals from the respective government organisations. The energy project was given the green light in accordance with the Paris Agreement and is necessary to promote cooperation between the government and foreign investors, Win Khaing added.
One day conference on Opportunity of Investment and One Belt and Road and Myanmar Development, organized by the Myanmar- China Friendship Association and Macau Myanmar Friendship Association was held in Yangon to attract more foreign investment by sharing
One day conference for Opportunity of Investment and One Belt One Road and Myanmar’s Development was held on Monday in Yangon. This is the 1st conference jointly organized by the Myanmar-China Friendship Association and Macau Myanmar Friendship Association. It’s to attract foreign investment by sharing investment opportunities in Myanmar. President, Macau Myanmar Friendship Association, Jose Wong said “We organized this event to accelerate cooperation between Myanmar and Macau including business cooperation in Myanmar. We’re aiming for creation of investment opportunities through this conference. We will try to increase Macau businesses investment in Myanmar. So, we will sign MoU on business cooperation between Myanmar and Macau.” Myanmar One Belt One Road Development Association was formed in 2017 to serve as a bridge between Myanmar and China for development.
Yangon Stock Exchange organized the “YSX Expo 2018” in Yangon to increase individual investors including shareholders of listed companies in Myanmar to support the growth of Myanmar enterprises
To increase the number of individual investors including shareholders of listed companies in Myanmar and to support the growth of Myanmar enterprises, Yangon Stock Exchange organized “YSX Expo 2018” in Yangon on Sunday. Managing Director, Yangon Stock Exchange, Yin Zaw Myo said “This expo is our 2nd edition with the aim of promoting and developing not only Yangon Stock Exchange but also Stock market in Myanmar. I hope the visitors will get a lot of financial literacy knowledge as well as opportunities and ways to investment in Yangon Stock Exchange. We have plans to organize this expo every year.” This YSX Expo 2018 also featured seminars and panel discussions by business experts including executives of 5 listed companies. Director General of Directorate of Investment and Company Administration stressed the importance of laws and investment process in Myanmar.
Myanmar’s trade deficit expected to reach just about USD $ 500 million in 2018- 2019 fiscal year as trade deficit declines year by year
Myanmar's trade deficit is expected to reach only about USS$500 million in coming 2018-2019 fiscal year because trade deficit declines year by year, according to the Ministry of Commerce. Foreign trade value is also expected to reach US$31.1 billion in that year. In the 2017-2018 FY, international trade value was expected to reach US$29 billion – US$14 billion in export and US$15 billion in import. Meanwhile, trade deficit was expected to reach about US$1 billion. According to official yearly trade data, Myanmar's trade value amounted to US$11,137 million in export and US$16,578 million in import and US$5,441 million in deficit in 2015-2016 FY. Under the incumbent National League for Democracy government, traded amounted to US$11,999 million in export and US$17,211 million in import and US$5,212 million in deficit in 2016-2017 FY; and US$14,851 million in export and US$18,687 million in import and US$3,836 million in deficit in 2017-2018 FY.
According to the experts, Myanmar will take at least five more years for society to make electronic payments, i.e. to go cashless, across the country
According to the experts, Myanmar will take at least five more years for society to make electronic payments, i.e. to go cashless, across the country
Myanmar tourism authorities are working to open a new tourist information counter in Magway Region to provide travel relevant information in Myanmar to travelers
TOURISM authorities are now working to open a new tourist information counter, where travellers can acquire information about destinations they want to visit, within the precincts of Myathalun Pagoda, one of the well-known tourist attractions in Magway Region, the region’s Directorate of Hotels and Tourism reported. U Myint Sein, head of the department, said that there is a directive to open tourist information counters in each region and state. Currently, information counters are opened only in Yangon, Mandalay, Bagan and Inlay areas, where a lot of foreign visitors can be found. The regional directorate submitted a proposal to respective authorities to request a place to open a new information counter in Magway Region, and is now planning to submit a budget request for the project.
One Stop Centres will be opened in Kawthaung and Ranaung to give training and awareness courses to Myanmar workers before they go to work in Thailand's fishery industry
For sending Myanmar workers to work at the fishery industry of Thailand, two One Stop Centers will be opened in Kawthaung and Ranaung according to Ministry of Labour, Immigration and Population on September 5. Thailand Minister for Labour visited Myanmar during August and invited more than 60,000 Myanmar workers to work at the fishery industry in Thailand legally. According to that invitation, before working at the fishery industry in Thailand, training and aware courses will be given. Therefore two One Stop Centers will be opened in Kawthaung in Myanmar and Ranaung in Thailand.
Buyers have the upper hand in beleaguered condo market in Myanmar and are looking beyond location and price
The Myanmar condominium market has developed considerably on the back of changing demand trends in recent years. These days, buyers are looking beyond location and price. They’re now taking size, nearby amenities and resale value into account when purchasing a new condo. The evolving trends could jumpstart growth in the ailing condo market and mark a turn in the residential property cycle. Before 2010, properties were categorised as condominiums if they were between 2,000 sq m and 2,500 sq m in size and had a minimum of three bedrooms. Demand has changed since then, and new condo developments now come equipped with additional sports and recreational facilities as well as security. More recently, condos are being included as part of mixed development projects. One example is the Golden City project in Yankin township comprising condos and office units as well as an upcoming shopping mall and hotel which will be complete next year. By incorporating condominium units as part of the project, its developer, Golden Land Real Estate Development Company, is able to secure better residential demand from foreign tenants occupying the office blocks who want to live close to their workplace. These include CITIC and potentially, the Bank of China.
European Chamber of Commerce in Myanmar is conducting its third annual business confidence survey with the aim to improve the business climate in Myanmar for international investors
The Yangon-headquartered European Chamber of Commerce in Myanmar is conducting its third annual business confidence survey and kindly asks for the contribution of European companies active in the country. The feedback will be of crucial support in EuroCham’s efforts to improve the business climate in Myanmar for international investors. The survey is a highly important tool to obtain valuable market data and has been endorsed by the European Commission. The survey aims to monitor economic developments and create a more transparent business environment in Myanmar. By creating factual data, EuroCham Myanmar endeavours to advocate the desires of European companies towards the governing entities. The conclusions of the report will be publicly shared to all European businesses in the country and EuroCham ensures complete confidentiality to all survey respondents.