Weekly Business News from Myanmar

Yangon Region Investment Commission (YRIC) permitted six foreign investors to invest in the region
The Yangon Region Investment Committee Wednesday permitted six foreign enterprises to invest in the region which can create 3,876 local employment opportunities, Xinhua reported. With capital of 15.727 million U.S. dollars, the permitted enterprises cover the manufacturing sector of Yangon region.
The price of onion from Seikphyu township sharply increased in the local market
The onion from Seikphyu township is sold well at K800 per viss in the local market, up from around K400-K500 per viss previously. The local farmers from Seikphyu township mainly grow the onions. The onions are also exported annually to foreign countries through townships and border areas from across the country. The onions can be harvested in March and April. The local onion growers are selling the onion in the onion commodity depots depending upon the onion market for their family livelihood, education, health and social matters. Then, the onion from Seikphyu Township are sent to Yangon Bayint Naung commodity depot, Mawlamyine, Pathein, Pyay towns and also sent to the border routes such as Muse, Myawady and Sittway towns.
Over 220 factories in Yangon file for the complete closure, temporary closure or redundancy starting from the end of this month
As Myanmar experiences the Covid-19 second wave outbreak, over 220 factories in Yangon Region have filed for complete closure, temporary closure or redundancy starting from the end of this month, said Region Minister for Immigration and Human Resources Moe Moe Su Kyi. “There are 223 factories. Among them, 53 will close down, 146 lay off workers and the rest close temporarily. They will do this at the end of this month,” the minister said. She added that labour cards would quickly be issued to the laid-off workers and they would be prioritized when other factories need to employ.
The value of bilateral trade between Myanmar and China exceeded USD $ 40 billion in the past four years under incumbent government
The value of Myanmar bilateral trade with the neighbouring country China through maritime trade and border trade has stood at an estimated amount of US$42.29 billion in the incumbent government period, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The ministry reported that the imports outperformed the exports in trade with China over the past four years, with exports reaching over $19.7 billion and imports valued at over $22.5 billion. Between 2016-2017FY and 2019-2020 (as of August), China has been Myanmar’s largest trade partner beyond the regional states. China accounted for 80.4 per cent of total trade in the FY2016-2017 with an estimated trade value of $6.28 billion, 78.8pc in the FY2017-2018 with a trade value of over $7.05 billion, 57.45pc in the FY2018-2019 with $5.9 billion and 58.7pc in the FY 2019-2020 (Oct-April) with $3.56 billion respectively.
Myanmar trade deficit with Singapore estimated at USD $ 9.4 billion in the past four years under incumbent government
Myanmar trade deficit in goods with Singapore was estimated at US$9.439 billion in the past four years, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $13.96 billion between the FY2016-2017 and the FY2019-2020 (as of August). The CSO reported that imports surpassed exports in trade with Singapore in the past four years, with exports reaching over $2.26 billion and imports valued at over $11.7 billion.
Myanmar’s external trade reached USD $ 149.67 billion in the past four years under incumbent government
Myanmar’s external trade over the past four years under the incumbent government period touched a high of US$149.67 billion, comprising exports worth $68.53 billion and imports valued $811 billion, according to the statistics released by the Ministry of Commerce. Between Financial Year 2016-2017 and FY2019-2020 (as of 21 August), the maritime trade outperformed the border trade. Myanmar’s regular trade was estimated at $109 billion, while its border trade with the neighbouring countries — China, Thailand, Bangladesh, India and Laos stood at $40.6 billion. Myanmar’s foreign trade has shown a 10-per cent increase, year over year, under the incumbent government. The values of foreign trade were registered at $29 billion in the FY2016-2017, $33.57 billion in the FY2017-2018, $18.7 billion in the 2018 mini-budget period, $35 billion in the FY2018-2019 and $33 bln in the FY2019-2020 (as of 21 August), the ministry’s data showed.
Government extended the deadline for taxes on disclosed income for 2019 – 2020 fiscal year until the end of December
The Ministry of Planning and Finance issued an order on September 22 extending the deadline for tax payment on the unassessed income for the 2019-2020 fiscal year until December 30. The previous deadline was September 30, which is the end of the 2019-2020 fiscal year. However, the Myanmar Economic Bank, which receives tax payment, was crowded with the taxpayers increasing the risk of being infected by the COVID-19. The country, experiencing the second wave of the COVID-19, has put the stay-at-home order to curb the rapidly rising number of reported cases.
Myanmar’s Natural gas exports reached USD $ 2.97 billion in the past ten months of the current 2019 – 2020 financial year
Myanmar’s exports of natural gas over the past ten months of the current financial year 2019-2020 amounted to US$2.97 billion, the Commerce Ministry’s data showed. The figures reflect a decrease of $264 million compared with the corresponding period of the 2018-2019FY when the gas export value was registered at $3.235 billion, the statistics released by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The drop in the value of exports is linked to the collapse of the global oil and natural gas prices, according to an expert. Natural gas is included in the list of major export items of Myanmar. About 10 per cent of the country’s total export earnings come from the sale of natural gas. There are 53 onshore blocks and 51 offshore blocks, totalling 104 blocks. A total of 25 onshore blocks and 31 offshore blocks are operating under foreign investment. Natural gas extraction is being made at the Yadanar, the Ye Dagun, the Shwe, and the Zaw Tika offshore blocks as well as onshore drilling blocks. Yearly extraction is elevated to cubic feet in 670.36 billion from 600 billion this year, according to the fourth-year performance statement of the Ministry of Electricity and Energy.
Myanmar Livestock Federation (MLF) requested the permits from Myanmar authorities for feedstuff factories to keep running, ensuring smooth flow of trade
Myanmar Livestock Federation (MLF) has requested the National-Level Central Committee on Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19), the Livestock Breeding and Veterinary Department under the Ministry of Agriculture, Livestock and Irrigation, and the Union of Myanmar Federation of Chambers of Commerce and Industry (on 21 September for the feedstuff processing factories to keep running and to ensure smooth flow of trade. The Ministry of Health and Sports has issued a ‘stay at home’ order for all the townships in Yangon Region although the employees of food, meat and fish cold storage plants are allowed to go to their work. However, those employees of animal feed processing factories are mandatory to stay at home.
Myanmar will increase collaboration with South Korea to help overcome the economic setbacks
Dr. Than Myint, Union Minister of the Ministry of Commerce, at the first meeting of the Joint Commission for Trade and Industrial Cooperation said that Myanmar will increase economic collaboration with South Korea and he believes it will help overcome the economic setbacks. “We are grateful to South Korea’s support for the social and economic development of Myanmar. Through these meetings, I strongly believe that cooperation between Myanmar and Korea in the sectors like trade, investment, industry, and power will grow rapidly, and through cooperations, we will be able to overcome the economic downturn globally occurred due to the COVID-19,” he added.