Weekly Business News from Myanmar

European Union’s SMART Textile and Garment project will work with more than hundred garment and textile factories to boot social and environmental sustainability in Myanmar’s garment industry
The new phase of the European Union’s SMART Textile and Garments project will bring together brands, trade unions and business associations to boost social and environmental sustainability in Myanmar’s garment industry. The project, funded by the EU, was officially launched in Myanmar last Friday. The SMART Textile and Garments project will work with more than hundred garment and textile factories in Yangon, Mandalay, Bago, Pathein and other regions. The project, which will feature the involvement of local and European experts, will deliver on-site assessment and training on topics such as human resource management systems and workplace communications, occupational safety and health, chemicals and waste management, and energy efficiency.
Myanmar government expected to increase investment in a range of sectors including infrastructure and electrical grid outreach
A new report out notes that to support growing urbanization, the Myanmar government is expected to increase investment in a range of sectors including infrastructure and electrical grid outreach. According to “Emerging Market Growth Opportunities, Myanmar, Forecast to 2024,” the Myanmar government has been able to improve the country’s political and economic scenario since liberalization, thereby creating new growth and investment opportunities for companies. This report analyzes the political and economic scenario in Myanmar and its impact on both domestic and foreign investments. It also examines the social and technological trends along with legal and environmental factors that shape the country’s business environment. IN addition, it offers an in-depth analysis of the factors that influence key strategic business and investment decision making in Myanmar.
The value of Myanmar’s imports surpassed exports in bilateral trade with Singapore in 2018 – 2019 financial year
The value of Myanmar’s imports surpassed exports in bilateral trade with Singapore in the 2018-2019 Financial year, according to data from the Ministry of Commerce. Singapore is Myanmar’s second largest trading partner in the region, after Thailand. In the previous fiscal, Myanmar’s exports to Singapore were registered at just US$329.8 million, while imports were valued at $3.15 billion, with total trade pegged at $3.486 billion. Myanmar exports agricultural products, footwear, textiles and clothing, minerals, and animal products to Singapore, while it imports plastic, fuel oil, capital goods, intermediate goods, consumer products, metals, and chemicals. Myanmar’s bilateral trade with Singapore was registered at $1.99 billion in the last mini-budget period, $3.83 billion in the 2017-2018FY, $2.96 billion in the 2016-2017FY, and $3.69 billion in the 2015-2016FY.
Myanmar’s land bank will be fully digitalized and online access to investors applying for land to do business in the country
Myanmar’s land bank will be fully digitalised and online access given to investors applying for land on which to do business in the country,” said U Thaung Tun, chair of Myanmar Investment Commission. Obtaining land is the main challenge for both local and foreign investors when they set up businesses in Myanmar. The country is already making several economic reforms, and aims to accelerate the reforms, said U Thaung Tun, and the setting up of the online land bank is one of the priorities of the Ministry of Investment and Foreign Economic Relations.
Kachin State Government sets a policy to focus on three sectors for sustainable economic development in the state
Kachin State officials will set a policy to prioritise three sectors for sustainable economic development in the state, business officials have revealed to The Myanmar Times. U Hkyet Hting Nan, chair of the Kachin Entrepreneurs Association (KEA) said agriculture and livestock, hotels and eco-tourism, and natural resources and finished products will be the focus of efforts to diversify the state’s economy and make it more sustainable. This comes on the heels of a state-level economic forum that took place on November 15 and 16. The forum, which was being held for the first time, focused on finding ways to reduce the state’s dependency of natural resources and building a sustainable economy.
The 2nd meeting on the Investment Promotion Committee (IPC) was held in Nay Pyi Taw to discuss policies and procedures on investments in Myanmar
The Investment Promotion Committee (IPC) held its 2nd meeting in Nay Pyi Taw, Thursday. The meeting aimed to discuss policies and procedures on investments, measures on basic infrastructure development, systems relating to the businesses, measures on development of local businesses and human resources development for boosting the country’s investment sector. Union Minister for Investment and Foreign Economic Relations and Chairman of the Myanmar Investment Commission (MIC) U Thaung Tun gave an opening remark at the meeting. At the evening the Union Minister highlighted on drafting polices and systems relating to the investment based on Myanmar Sustainable Development Plan (MSDP) and Myanmar Investment Promotion Plan (MIPP) for the country development. The investment promotion plans are being drafted in Regions and States based on their strength and challenges. The Union Minister added that based on the plans, boosting productivity of the State will be carried out and the small scale enterprises need to prioritize on manufacturing of sufficient products that are requirement for the State and exporting the products.
Hong Kong based companies invested USD $ 276.98 million in Myanmar in October the first month of current fiscal year
Three Hong Kong-based companies pumped in US$276.98 million into Myanmar in October, the first month of the current financial year, according to the Directorate of Investment and Company Administration (DICA), state media reported. Hong Kong topped the list of investors in October and was followed by China, which invested an estimated $8.66 million in four projects. Foreign direct investment (FDI) of $292.128 flowed into Myanmar in October.
Local startup, HydroPlant will provide technological solutions to optimise agriculture yields in Shan State
AEG Agriculture, which grows maize and HydroPlant, a local startup which provides technological solutions to the agriculture industry, signed a memorandum of understanding (MoU) to cooperate during the Shan State Investment Fair on Tuesday. Using its smart precision systems, HydroPlant will provide vital information on the weather, soil conditions and other necessary details vital for cultivation to AEG Agriculture. The smart precision systems offer information that farmers need via a smartphone, including an automatic control system. For example, a machine measures the required temperature and humidity of a crop, which can be monitored via a smartphone. This agreement to use technology in agriculture is the first of its kind in Shan State, said U Htet Aung Hlaing, CEO of HydroPlant.
"Scaling your business: Grow-Connect-Leverage Business Success" conference urged Myanmar businesses to scale up, re skill workforce to succeed the global marketplace
Businesses need to develop a scaling-up strategy and reskill their workforce in order to succeed in today’s global marketplace, according to speakers at a recent conference titled “Scaling Your Business: Grow-Connect-Leverage Business Success”. Organized by Bangkok-based executive, leadership and innovation education center SEAC (Southeast Asia Center), the November 15 event at the Melia Yangon Hotel was attended by more than 400 local business leaders from top companies across various industries. “Businesses in Myanmar are facing a myriad of challenges. Even when many businesses have been growing, they have also reached the stage where growth may not be enough,” said SEAC’s Chief Capability Officer and Managing Director Arinya Talerngsri and Chief Learning Architect James R. Engel during the opening ceremony.
ASEAN Insurance Council meeting was held in Nay Pyi Taw to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region
45th ASEAN Insurance Council (AIC) Meeting is being held in Nay Pyi Taw on Tuesday. The meeting was organized by the Financial Regulatory Department under the Ministry of Planning and Finance. The meeting aims to help discern a valuable platform for ASEAN insurance regulators, to exchange views on key developments and to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region. Managing Director, Myanma Insurance, Dr. Sandar Oo said “The meeting discusses the matters relating to insurance sector from respective countries. It mainly includes transnational motor insurance and conducting capacity building training by ASEAN Insurance Education Committee (AIEC). We will implement for it by laying down ASEAN Insurance Education Road Map. We will also discussed about re-insurance process which need collective implementation by the respective countries. We will also find ways to relieve damages caused by natural disasters through insurance process.”