Weekly Business News from Myanmar

Myanmar Nautical Association (MNA) organized the 2 Day Second “Maritime Conference Myanmar 2019” in Yangon in order to promote and showcase new and upcoming market potentials of human and technical resources in the maritime industry
The 2-day Second "Maritime Conference Myanmar 2019" began on Wednesday in Yangon. Organized by Myanmar Nautical Association (MNA), the conference is supported by the Department of Marine Administration (DMA). The Conference aims to set benchmarks with unrivalled information, to promote peer to peer networking and to showcase new and upcoming market potentials of human and technical resources in the maritime industry, which are in line with the Sustainable Development Goals and the key objectives of the Government.
CB Life Insurance will focus on innovative products and services to create better lives for the Myanmar people
Citizen Business Insurance (CB Insurance) and Thailand-based Thai Life Insurance together announced the name of their joint-venture insurance company, CB Life Insurance, to offer life insurance products to the Myanmar market. On Tuesday the two companies stated that CB Life Insurance marks a milestones in a business alliance that will be a leading life-insurance provider in Myanmar. The newly formed CB Life Insurance says it aims to contribute to society through innovative products and services to create better lives for the people of Myanmar. “The strategic alliance will make CB Life stronger and will bring in much needed insurance expertise and know-how to Myanmar”, said CB Life Insurance Chair U Khin Maung Aye.
Ministry of Electricity and Energy (MOEE) signed the power purchase agreement with joint venture Electric Power Generation Enterprise and the Kyauk Phyu Electric Power Co., Ltd
Union Minister for Electricity and Energy U Win Khaing yesterday attended a signing ceremony of power purchase agreement between the Electric Power Generation Enterprise and the Kyauk Phyu Electric Power Co Ltd, which is a joint-venture Chinese company in BOT system with Myanmar. The ceremony was held at the ministry in Nay Pyi Taw, and Union Minister U Win Khaing explained the annual increasing demand for electricity and possible supplies from the planned projects. Under the agreement, the ministry will purchase electricity from the Kyauk Phyu 135-MW Combined Cycle Power Plant of Kyauk Phyu Electric Power Co Ltd, which is one of the four projects to which the notice of proceed was awarded to begin the works in 2018, and to generate 3,111 MW on completion.
Myanmar Fishery Federation called Government to ban the practice of mixed fish breeding in Myanmar
Myanmar Fishery Federation has urged the government to ban the practice of mixed fish farming. Fish farms in Myanmar often breed fish in a pond with a poultry farm above it. “If a breeder wants to breed poultry, that is fine, we won’t stop them. However, we can’t allow the practice of poultry farms and fish farms being carried out together on a single premise. If the government, when issuing a fish breeding license, includes a ban on mixed fish breeding practices, then those practices will disappear,” said Dr. Toe Nandar Tin, Vice Senior President of Myanmar Fishery Federation. Building a poultry farm above a fish farm is not in line with good aquaculture practices, antibiotics fed to chickens are often found in the fish as they feed on the feces of the chickens.
Investors from the China, Thailand, Korea and Japan expressed their interests to invest in the Dawei Special Economic Zone (SEZ) in Tanintharyi Region
Businesses from China, Thailand, Korea and Japan, including those from the power and logistics sectors, have said they are keen to invest in the Dawei Special Economic Zone (SEZ) in Tanintharyi, which is near the Thai border. Investor interest in Dawei, which has yet to be developed, has been on the rise since Myanmar and Thailand agreed to speed up development of the SEZ during the 9th Myanmar – Thailand Joint Coordinating Committee meeting last month. “Power companies from China, steel firms from Thailand and logistics firms from South Korea have said they want to make site visits as they are interested to invest,” said U Myint San, vice chair of Dawei SEZ Management Committee. Although official invitations have yet to be sent out, China’s V Power, which will import liquefied natural gas (LNG) into the country next year, has voiced interest in the SEZ, as has China National Technical Import and Export Corp (CNTIC), which is also interested in selling LNG to Myanmar and its neighbours.
Myanmar Microfinance Forum was took place in Nay Pyi Taw which financial inclusion for rural development and poverty reduction
Myanmar Microfinance Forum took place in conjunction with MMFA Annual General Assembly in Nay Pyi Taw, Tuesday. The forum was led by Myanmar Microfinance Association (MMFA). At the forum, Union Minister for Planning and Finance gave an opening remark. In his speech, the Union Minister said that the Financial Inclusion becomes one of the important tools for implementing in the process of rural development and poverty reduction and microfinance businesses have been gaining momentum in areas like the dry-zones and highlands by the support of UNDP, Human Development Initiative Program since 1997. As of now, 198 MFIs have been granted licenses to operate microfinance activities, including 3 INGOs, 15 NGOs, 112 Local Companies, 53 Foreign Companies and 6 Joint Ventures. According to the Ministry, there are a total of 198 institutions in the MMFA and the microfinance loans intend to low income people.
Vice President called on the conservation of coastal areas for socioeconomic development of the country
Vice President U Myint Swe stressed the need to focus on environmental conservation for socioeconomic development of the country, to take measures for reducing climate change and to conserve coastal areas with abundant natural resources. He made these remarks in his capacity as chairman of the central committee at the 7th Meeting of National Level Central Committee for the Administration and Management of Natural Resources in Coastal Areas, held at the headquarters of the Forest Department in Nay Pyi Taw yesterday morning. The Vice President first of all acknowledged the implementation of 38 resolutions and 9 ongoing resolutions approved in the six meetings of the central committee thanks to the relevant committees. He also said that global warning has caused climatic changes which caused various natural disasters, and it has reached the highest records in the previous four consecutive years. The higher global temperatures resulted in thermal expansion of seawater and melting of glaciers and ice sheets, the rise of sea level and large storms, affecting on socio-economy and health of people.
The new road project in Chin State with the loan from World Bank will start its work next year in October
Work on a new road project in Chin State funded by a World Bank loan will begin next October, a state official has announced. The new road will connect the townships of Kalay, Falam and Hakha. The starting point of the road will be in Kalay, which straddles the Chin State and Sagaing Region border. “The road marks the first project with international backing in Chin State, and is very much welcomed even though the start of the project will only be in October next year,” said Chin State Minister of Transport and Communications U Shwe Chit Oo. The Kalay-Falam-Hakha road is crucial in connecting Chin State with other regions and states in the country and once completed will boost development in the state, U Shwe Chit Oo added.
Myanmar Rice Millers Association will form publicly owned company to bring rice millers for rice trading
Myanmar Rice Millers Association will form a publicly owned company; only rice millers will be allowed to buy shares of the company. In this case here in Myanmar, a public company does not mean a listed company at the stock exchange; instead it is a private company with many shareholders. “Forming a public company can bring rice millers for rice trading. It can also stabilize the price and market,” said U Kyaw Win, President of Myanmar Rice Millers Association. The rice millers public company can connect rice traders and millers as well as expanding the market.
Toyota Motor Corporation of Japan start its first Toyota Hilux brand manufacturing plant in Thilawa SEZ after monitoring the market situation in Myanmar
Toyota Motor will start manufacturing only Toyota Hilux brand in Myanmar for the first time and it has also a plan to produce other auto brands only after monitoring the market situation, said Mr. Yoshihisa Tonozuka, Managing Director of Toyota Myanmar Co., Ltd. The construction of an auto plant has begun now and it is expected to commission into service in 2020 August. The operations will be able to start at that time. Toyota Hilux pick-up trucks are expected to be manufactured in 2021 February. 2,500 Hilux units will be manufactured every year. We will think of production of other auto brands only when we wait and monitor the market situation, said Mr. Yoshihisa Tonozuka, Managing Director of Toyota Myanmar Co., Ltd. Toyota Motor Corporation of Japan held the groundbreaking ceremony of the construction of new auto plant of TMY in Thilawa SEZ-B on November 1. Toyota Motor Corporation of Japan formed Toyota Myanmar Co., Ltd TMY, the first-ever auto manufacturer in Myanmar.