Weekly Business News from Myanmar

Myanmar Investment Commission (MIC) permitted five investment proposals including two 30 MW solar projects
The Myanmar Investment Commission (MIC), gave the green light to five new investment proposals including two 30 MW solar projects and approved the four existing projects for capital expansion, according to a video conference held on 30 December 2020. The permitted investments covered the energy, fishery, hotel and services sectors, with an estimated capital of US$138.178 million and K109.204 billion. The projects are expected to create over 4,000 job opportunities. According to the Ministry of Investment and Foreign Economic Relations, the new projects permitted by the MIC include two 30 MW solar power projects in Sagaing Region and a shrimp farm project in Taninthayi Region. The solar power projects are in keeping with the commitment made by State Counsellor Daw Aung San Suu Kyi to tackle climate change in her address to the virtual Climate Ambition Summit held on 12 December 2020. In her statement, the State Counsellor announced Myanmar’s intention to submit its Nationally Determined Contribution (NDC) by the end of the year. The NDC will aim to reduce over 243 million tonnes of carbon dioxide by increasing the share of renewable energy to 39% and reducing the forestry sector’s net emission by 25%, the ministry stated.
Yangon Region Investment Committee (YRIC) has endorsed four foreign investments proposals which worth USD $ 4.92 million in the first quarter of the current 2020 – 2021 fiscal year
The Yangon Region Investment Committee (YRIC) has endorsed four foreign enterprises from China, Singapore and Hong Kong SAR in the manufacturing sector, with an estimated capital of US$4.92 million, in the first quarter (Oct-Dec) of the current financial year 2020-2021. Those enterprises are to create over 2,000 jobs. They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region stood at the first place with 137 foreign enterprises (with a capital of $308.768 million), followed by Bago Region with 18 foreign projects ($72.645 million) at the second place and Ayeyawady, with nine at the third place ($19.614 million).
Both domestic and foreign enterprises created more than 9,000 jobs in the first two months of the current 2020 – 2021 fiscal year
The domestic and foreign enterprises permitted and endorsed by the Myanmar Investment Commission (MIC) and other regional and state investment committees created 9,031 jobs in the first two months (Oct-Nov) of the current financial year 2020-2021, according to the Directorate of Investment and Company Administration (DICA). The job creation in the past two months slowed further than the rate in September, according to statistics issued by the Myanmar Investment Commission (MIC). The job creation stood at 4,485 in November and 4,546 in October, which plunged from 11,990 jobs in September.
Myanmar Rubber Planters and Producers Association (MRPPA) reported illegal export of natural rubber to Thailand damaged country’s reputation
Illegal export of Myanmar’s natural rubber to Thailand and re-export by Thailand damage the country’s reputation, according to the Myanmar Rubber Planters and Producers Association (MRPPA). “This matters with the country’s image. Our products are illegally sent to other countries and the recipient country of Myanmar rubber re-exports them to other foreign markets under its label. Otherwise, it damages our country’s image. We need to build national branding,” said MRPPA Chair U Aung Myint Htoo. Furthermore, quality and country risk are more closely related to premium pricing. Earlier, the price of Thailand’s rubber stayed lower than Malaysia’s rubber rate, he continued.
Myanmar launched its first Credit Bureau to help support financial institutions and consumers in Myanmar
Credit Bureau Asia (CBA) on Wednesday (Dec 30) launched Myanmar's first credit bureau, The Straits Times reported. The bureau is a 60:40 joint venture between MB Investment, a company formed by members of the Myanmar Banks Association, and CBA's wholly-owned subsidiary NSP Asia Investment Holding.
The main border checkpoints between Myanmar and China will extend opening hours for faster trade flow which was delayed by the pandemic
Two main border checkpoints (Mant Wyint and Kyin San Kyawt) between China and Myanmar will extend opening times to speed up the trade flow delayed by the COVID- 19 pandemic, according to the Muse-Namkham Merchant Association in Muse town. With the extension of the opening hours, the related department led by U Hlaing Thant Oo, the district administrators, the chairman of Muse District Management Team, and the Muse-Namkham border trader association officials and Muse border trade association conducted informal meetings together with the officials from China. Then, they have reached an agreement to extend the opening time.
Myanmar tour operators called for the easing of COVID – 19 restrictions to resume tourism in boosting businesses
Myanmar tour operators are calling on the countries authorities to ease the COVID-19 quarantine requirements for moving from state to state as domestic tourism is set to resume in January 2021. At the opening of COVID-19 Safe Service training class which was held this week in Mandalay, Tin Latt, deputy minister of the Ministry of Hotel and Tourism, said they are implementing a process so that tourism can resume again in early 2021.
Over 269 factories in Yangon Region shut down, closed temporarily and reduce workforce since the beginning of this year
There have been 269 factories in Yangon Region that had shut down, closed temporarily or laid off workers since January this year leaving over 65,000 unemployed, said an official from the Yangon Region Ministry of Immigration and Human Resources. “We have had a total of 269 factories that shut down, closed temporarily or laid off workers. Individually speaking, 29 factories closed temporarily, 70 shut down, and 170 cut their workforce. The list is from January 1 to mid-December. Most of them are CMP. Consequently, 65,707 workers became jobless. But some of them have found new jobs,” the official said.
The bilateral trade between Myanmar and India reached over USD $ 130 million in October 2020
Myanmar-India bilateral trade reached over US$130 million in October and Myanmar exported more than US$68 million worth of products to India in the period, according to the Ministry of Commerce. Myanmar imported over US$62 million worth of products from India in the same period. In 2019-20 FY, bilateral trade between Myanmar and India reached over US$1.3 billion and it is less than over US$130 million in comparison with the same period in the last fiscal year.
Myanmar earned over USD 1.25 billion from the export of finished industrial goods in the first two months of current 2020 – 2021 financial year
Myanmar earned over 1.25 billion U.S. dollars from the export of finished industrial goods in over first two months of present fiscal year (FY) 2020-2021 which started in October, according to figures released by the Commerce Ministry, Xinhua reported. As of Dec. 11, the finished industrial goods or manufacturing goods sector topped the list with the most export value, followed by agriculture and mineral sectors among other exports.