Weekly Business News from Myanmar

Yangon Region Investment Committee (YRIC) approved five foreign projects in manufacturing sector
The Yangon Region Investment Committee (YRIC) has approved five foreign projects from Japan, Samoa, Seychelles and China, and one domestic enterprise at a videoconference held on 26 August, according to Yangon Region Investment Committee. Those projects are to be brought in an estimated capital of US$10.652 million and K6 billion. They will create 1,828 jobs. They will execute manufacturing of bags and garments on a Cutting, Making, and Packing (CMP) basis, milling, modern furniture production, artificial jewellery product and production and distribution of sesame oil and cookie, according to the Directorate of Investment and Company Administration (Yangon Region). The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis.
Mastercard will open its office in Yangon to support the advance of Myanmar’s digital payments ecosystem
Mastercard has announced that it is deepening its commitment to Myanmar by taking steps to incorporate an entity in the country – thereby establishing a local office presence in Yangon – and to appoint a country business development manager, Finextra reported.
Myanmar – China border trade decrease USD $ 147 million as of 14 August in the current 2019 – 2020 financial year
Myanmar’s border trade with China has registered a decrease of US$147.27 million between 1 October and 14 August in the current financial year 2019-2020, according to the Ministry of Commerce. Data from the Ministry of Commerce show the value of Myanmar-China border trade in all five borders touched over $5.07 billion in the current financial year, which significantly plunged from over $5.2 billion recorded in the year-ago period. This FY, border trade values totalled $4.19 billion through Muse border, $126.29 million via Lwejel, $471 million via Chinshwehaw, $279.25 million via Kampaiti, and over $4.84 million via Kengtung. The Commerce Ministry’s data showed a drop in trade value through all those border areas between Myanmar and China. The decline in trade is attributed to the trade suspension and trade delay amid the tight security measures of coronavirus. China has been stepping up border control measures to contain the spread of the coronavirus infection. Therefore, Chinese buyers do not come to Myanmar borders in light of pandemic fears, forcing Myanmar truck drivers to leave for Wanding area to sell the goods and causing long queue on border road. The transport delays caused damage to the quality of the goods and doubled the truck fares. The growers and traders are suffering losses during the pandemic, said an official of Muse border depot.
All products required to display in Myanmar language or jointly with more languages accordance with Consumer Protection Law (2019)
Myanmar of today is keeping abreast with the world nations having started gaining a good development velocity. Alongside trade relations with the countries from the international community, Myanmar is importing different types of products and the consumers are extensively using foreign personal and household goods in this day and age. Today is age of information and different kinds of news are available in a short time. Some are satisfactory and some tragedy. Some give a laugh rather than a cry. Some news stated that a child of having sore eyes mistakenly used superglue instead of eye-drops and so he had to go to hospital for medical treatment. Soap water was wrongly used in the plantations in place of pesticides. Some vomited after unknowingly eating tube food with the pictures of pig and chicken, food supplement for pig and chicken, thinking it the snack. Some saw deaths as they took same size medicines instead of taking cardiac medicine. Some lost beauty as they applied itch medicament thinking it as facial cream. Some were dead because they mistakenly drank methyl alcohol instead of alcohol. Some saw untimely deaths because they took medicines with misleading advertisements, claiming that they can completely cure cancer and AIDS.
Myanmar’s corn exports to Thailand exceeded over 1.49 million tonnes in the ten months of the current 2019 – 2020 financial year
Myanmar’s corn exports to Thailand significantly soared to over 1.49 million tonnes through Tachilek and Myawady borders in the ten months of the current financial year 2019-2020, according to the data released by the Ministry of Commerce. The figures reflect a sharp increase of 855,000 tonnes as against a year-ago period. The sharp rise in export volume is attributed to the growing demand from Thailand this year. Earlier, China is the primary purchaser of Myanmar’s corn. China has suspended the importation of some agro products through the borders including corns since 2017-2018FY. Besides, corn is not listed in China’s legitimate goods for border trade.
International standard rubber laboratory in Hlegu can issue quality certificates to rubber quality
The international standard rubber laboratory, constructed in Hlegu can issue certificates for rubber quality, said U Khaing Myint, the secretary of Myanmar Rubber Planters and Producers Association (MRPPA). “The issuing of the certificates for rubber quality will take five more months because we have to obey the ISO process. We could not do what we want, although our Ministry set up the lab. Our international standard rubber lab will run under the supervision of the International Rubber Association (IRA) and the ISO 17025,” he said. The price of rubber exported from Myanmar is lower than that of the international market because our product doesn’t meet international standard. The rubber growers need to produce the rubber in such a way as to meet the international standard to get the global market price, he added.
Kachin State starts selling applications for 286 manageable-scale jade mining blocks
Applications for 286 artisanal and manageable-scale jade mining blocks in Phakant, Kachin State are available at One-Stop Service centre in the office complex of the state starting from 24 August, said U Nyan Lin Aung, head of township Department of General Administration, who also acts as chair of township mining block monitoring and proposal assessment team. In Phakant, a total of 376 mining blocks for artisans were first called for applications, and 332 applications were sold. However, only 141 were submitted then. Kachin State government granted permission only for 87 blocks following the existing rules and regulations. Dashi La Seng, regional Minister for Natural Resources and Environmental Conservation said that it is the second time that the state granted artisanal and manageable-scale mining blocks which were remained from the first-time invitation.
Japan and Myanmar agreed to reopen borders for expatriates in early of September
Japan and Myanmar agreed Monday to reopen borders for expatriates as soon as early September, relaxing travel restrictions that were imposed to stem the spread of the coronavirus pandemic, The Japan Times reported. Foreign Minister Toshimitsu Motegi reached the agreement with Myanmar leader Aung San Suu Kyi at their meeting in Naypyidaw, according to the Japanese ministry.
A multinational power management company, Eaton will partner with Myanmar Power Spectrum Co., Ltd to extend its distribution network in Myanmar
Eaton, a multinational power management company, will work with Myanma Power Spectrum Co. Ltd. (MPS), a leading trading and engineering company to extend its distribution network in the country. MPS was appointed as an authorized distributor for its Circuit Protection and Control (CPC) products in Myanmar. It includes Eaton’s range of circuit breakers, distribution boards, switches, motor starters and variable frequency drives to help meet the power needs of Myanmar’s growing economy. “Electricity demand in Myanmar has been rising rapidly, reinforcing the need for reliable and efficient power management solutions. Regardless of ongoing uncertainties brought on by the coronavirus pandemic, access to a safe and stable electricity supply remains a top priority, especially as organizations and businesses pursue digitalization while prioritizing safe power usage and compliance in their daily operations,” said Gary Ang, Country Manager for Indochina, Eaton.
The manufacturing sector attracted 169 foreign projects worth USD $ 875 million in the current 2019 – 2020 financial year
Majority of foreign enterprises eye the manufacturing sector for investments in the current financial year 2019-2020, pulling in US$875 million from 169 projects, the Directorate of Investment and Company Administration (DICA) stated. Of 219 foreign enterprises permitted and endorsed by Myanmar Investment Commission and the respective investment committees between 1 October and 31 July of the current financial year, 169 enterprises pumped FDI into the manufacturing sector. Other service sector stood at the second by attracting 16 businesses, while power sector got the third spot with eight projects.