Weekly Business News from Myanmar

Asia World Port Terminal (AWPT) invested in 14 new pieces of port equipment for the long term: this is the single largest investment in technology AWPT has made in recent years
Asia World Port Terminal (AWPT) has invested in 14 new pieces of port equipment for the long-term. These include nine SANY Rubber Tyred Gantry (RTG), one Mobile Harbour Crane (MHC) from Konecranes Gottwald, as well as two Reach Stackers (RS) and two Empty Container Handlers (ECH) from SANY. This is the single largest investment in technology AWPT has made in recent years. The new additions will be expected to will improve AWPT’s overall operating capacity by 33pc and containers can be stacked up to 7 high as opposed to 5 high. The terminal is developed, managed and operated by Asia World Port Management Company (AWPM), which said that the conglomerate is confident on the prospect of the port business and that the recent total investments “signals its strong confidence” on the economy.
Pietro Borsano, Mandalay and Bangkok- based academic, finds that disappointment at the current government’s sluggish economic reforms has not eroded support among businesses
The disappointment at the current government’s sluggish economic reforms has not eroded the support among businesses, according to a Mandalay and Bangkok-based academic. On the contrary, businesses are worried that a failure of the administration will roll the country back to the junta era. The Myanmar Times talked to Pietro Borsano, lecturer at Mandalay International University and Shinawatra International University, who teaches international management and business law. Mr Borsano is also a lawyer. Given the delays and widespread inaction, it is fair to say that the National League for Democracy-led government’s second year in office is disappointing in terms of the economy, he argued. “Earlier, I was talking to a director of a large-scale, listed Thai conglomerate and she expressed her concern about the notorious inefficiency of the Myanmar government,” he said, adding that a lot of time was spent on negotiations between the civilian and military blocs within the leadership instead of carrying out reforms.
Draft insolvency bill will replace three older laws to address corporate and personal insolvency in one legislation
Today is the registration deadline for the consultation meeting on the Myanmar Insolvency Bill The draft Insolvency Bill will replace three older laws to address corporate and personal insolvency in one legislation and will carve out a separate corporate rescue and insolvency regime for smaller businesses. Today, April 30, is the registration deadline for a publication consultation meeting on the Myanmar Insolvency Bill. A consultation meeting on the Insolvency Bill organised by the Union Supreme Court with the support from the Asian Development Bank will be held on May 9 in Melia Hotel, Yangon. Registration can be done on the website of the Directorate of Investment and Company Administration (DICA).
Exclusive interview with Union Minister, U Kyaw Win, Deputy Minister, U Maung Maung Win and U Set Aung, on the Planning and Finance Ministry's performance in the second year in office
Union Minister and Deputy Ministers for Planning and Finance were interviewed about the vital and important Ministry that collect revenue for the government, fund the government’s services to the people and the works it had conducted during the two-year period. Union Minister U Kyaw Win Q. Please explain about the country’s financial situation and economy when the incumbent government took over the responsibility of the country. A. Both the budget and trade was running at a deficit. This shows that export and import are not balanced. Foreign exchange rates were unstable and rising while important state-owned enterprises were operating at a loss for four-five years. In addition to this, there were loans prior to 1988 and loans obtained during the term of the Tatmadaw government. A country’s image is good only when loans are repaid in time. Since we took over the responsibility of the government, we strive toward total repayment of loans. Foreign exchange rates were stabilised through coordination between the ministry, Central Bank of Myanmar and Ministry of Commerce. Through coordination with Central Bank of Myanmar, management and other reforms for private banks were conducted so that banking services were systematic and in accordance to the law.
Local and foreign investors are invited to send an expression of interest (EOI) to enter a partnership with No.21 Heavy Industry (Thaton) under the Ministry of Industry during April 30 to May 31, 2018
No.21 Heavy Industry (Thaton) of the Ministry of Industry in Thaton Township, Mon State, will go into partnership with local and foreign entrepreneurs, according to ministry sources. Interested local and foreign companies are invited and to send an expression of interest (EOI) to the management section of No.2 Heavy Industry under the Ministry of Industry. EOI can be sent from April 30 to May 31. Although state-owned factories and industries have been suspended due to losses, plans are now underway for some to continue manufacturing products necessary for the country. Union Minister for Planning and Finance, Kyaw Win, said the factories that have been making losses since 2010 would be handed over to the private sector.
Charcoal production in Myeik has been increasing due to higher domestic demand and a discovered large, unrecorded volume of charcoal being illegally exported to Thailand
The production and sale of charcoal in Myanmar has been on the rise in recent years and not just because of domestic demand. Based on an investigative trip to Myeik, Tanintharyi Region, recently, The Myanmar Times learned that a large, unrecorded volume of charcoal is being illegally exported to Thailand. In Yangon, demand for charcoal to grill food is widespread. Compared to other cooking substitutes, charcoal is cheaper and generates heat for much longer. “People prefer buying charcoal. The price is K 800 per viss. Grilled food shops usually buy more charcoal compared to teashops and other food stalls,” a charcoal seller from Thaketa market told The Myanmar Times. At Yangon’s 19th Street for example, stalls selling grilled food consume about 2 viss- 4 viss of charcoal per day. Demand for charcoal is high not just in big cities like Yangon and Mandalay though. In areas like Myeik and Kyunsu township, Tanintharyi Region, which do not receive electricity from the national grid, residents have for years depended on charcoal produced from the forest for cooking.
Ministry of Commerce held the coordination meeting in Nay Pyi Taw to boost trading and investment
A coordination meeting to boost trading and investment was held at the meeting hall of the Ministry of Commerce on 24 April in Nay Pyi Taw. At the meeting, Deputy Minister for Commerce U Aung Htoo said, “The coordination meeting is being held with the aim of holding a private dialogue to discuss some issues which are under negotiation and to deal with some proposals made by the chairman of the Private Sector Development Committee. There are some 19 points which are still under discussion by the nine associations.”
Myanmar and Korea have agreed to enhance existing bilateral economic relations by promoting trade, investment, and sharing of technology, while also discussing the establishment of Myanmar-Korea industrial zone for export of automotives
State Counsellor Daw Aung San Suu Kyi on Monday received Mr Kim Hyun-chong, Minister of Trade, Industry and Energy of Korea in Nay Pyi Taw, according to state-owned media. During their meeting, the leaders agreed to enhance existing bilateral economic relations by promoting trade and investment as well as sharing technology. South Korea is also welcome to establish new industrial zones in Myanmar. Mr Kim also met with Minister of Commerce Dr Than Myint in Nay Pyi Taw. The ministers discussed establishing an industrial zone for Korean companies to draw further foreign direct investments into Myanmar. The focus of the Myanmar-Korea industrial zone will be to set up an automotive hub to manufacture and assemble Korean vehicles for export purposes, said U Yan Naing Tun, Director General of the Trade Department under the Ministry of Commerce. State Counsellor Daw Aung San Suu Kyi on Monday received Mr Kim Hyun-chong, Minister of Trade, Industry and Energy of Korea in Nay Pyi Taw, according to state-owned media.
Myanmar- Korea Trade Ministers' meeting held in Nay Pyi Taw to discuss increasing cooperation on trade and investment, establishing and industrial zone for Korean companies investing in Myanmar, and training in Korea for government employees, among other
A Myanmar-Korea trade minister-level meeting was held at the Ministry of Commerce, Nay Pyi Taw, yesterday morning, where Union Minister for Commerce Dr. Than Myint and minister of the Ministry of Trade, Industry and Energy (MOTIE) Kim Hyun-chong addressed the meeting. At the meeting, matters relating to increasing cooperation in trade and investment, establishing an industrial zone for Korean companies investing in Myanmar, establishing a Korea Desk, increasing cooperation between the Ministry of Commerce, Trade Promotion Department and Korea Trade-Investment Promotion Agency (KOTRA), sending government employees to Korea for training to increase the usage of news and information in the trade sector, providing technical support on setting up a database to implement e-commerce, activating and implementing the Trade and Investment Promotion and Protection Agreement already signed between Myanmar and Korea, supporting and encouraging good economic and trade relations between the two governments in order to discover opportunities to increase bilateral trade, were discussed.
Over the past two years, Yangon Regional Government has carried out its efforts for both local and foreign investors to start their operation at the industrial zone in Yangon in order to create job opportunities and achieve all- round development in all
Yangon Region Government has carried out the works for both local and foreign investors to be able to start their operation at the industrial zones in Yangon with a view to increase the job opportunities. In order to achieve all-round development in all socio-economic sectors in accordance with economic policy set by the State, the Yangon Region Government is undertaking the works to support and encourage the small and medium scale enterprises, the development of health and education sectors, and conservation of natural environment. Yangon’s Urban Planning The Yangon Region Government is now striving to put the budget spending system up to the international norms and to bring about the collective effort of government and community for the development of health and education sectors in Yangon. As for the Yangon Region Government, efforts are being made to promote the socio-economic status of the people in the city.