ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Malayan Banking Berhad (Maybank) to provide USD $ 3 million loan to Myanmar microfinance institution (MFI) for the lattter’s operation expansion

  Kuala Lumpur-based Malayan Banking Berhad (Maybank) has signed an agreement with Hayman Capital, a Myanmar microfinance institution (MFI), to provide US$3 million loan for the latter’s operation expansion. The loan will be for two years and the necessary regulatory approvals from both the Central Bank of Myanmar and the Financial Regulatory Department under the Ministry of Planning and Finance have been obtained. A total of K4.5 billion will be disbursed to assist Hayman Capital in achieving its growth target of 15,000 new clients in 46 townships located across four regions, and to its new branches in Sagaing Region and Shan State.
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  VDB Loi hosted a seminar in Yangon to discuss about “Tax Administration law” and “The new Union Tax Law”

  Representatives from around 300 local and international companies discussed about “Tax Administration law” and “The new Union Tax Law” at a seminar hosted by VDB Loi in Yangon, Tuesday. The seminar also focused on preparing for the upcoming new one to understand taxpaying procedures and penalties for non-compliance, interest on underpaid/unpaid taxes to people. Senior partner, VDB Loi, Edwin Vanderbruggen said “We have a new tax administration law which it is the law that organizes not exactly how much to pay but it is organized as when you have to pay…. what are the rights of the tax payers and what’s the tax officials have to follow. It is very new, very important and it will change about how big and small companies pay tax in Myanmar..”
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  Small and Medium Enterprises (SMEs) need to have specific policies tailored for growth to flourish

  Small and Medium Enterprises (SMEs) need to have specific policies tailored for growth to flourish
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  In collaboration with Ministry of Commerce, the International Trade Centre (ITC) will implement the ARISE Plus Myanmar project to support inclusive and sustainable trade growth in Myanmar

  Over four years the EU will provide up to 8 million euros to implement the ARISE Plus Myanmar project that will be implemented by the International Trade Centre (ITC) in collaboration with the Ministry of Commerce (MOC). According to a recent press release, the initiative aims to support greater connectivity and strengthen economic integration between Myanmar and the Association of Southeast Asian Nations (ASEAN) in line with the ASEAN Economic Community (AEC) Blueprint 2025. The initiative was publicly announced on 6 August at the handover ceremony of the Financing Agreement for the ASEAN Regional Integration Support – Myanmar Trade Related Assistance (ARISE Plus Myanmar) was held at Park Royal Hotel in Nay Pyi Taw.
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  Foreign investors are still expressing their interest to invest in Rakhine State despite sanctions and international pressure applied due to the political unrest

  Foreign investors are still showing interest in Rakhine State despite sanctions and international pressure applied due to the political unrest. And now that the state has better access to electricity, conditions are looking better for businesses to enter the state or expand. Projects related to China’s Belt and Road initiative remain a focus, with the Kyaukphyu special economic zone (SEZ), which comprises a deep-sea port, industrial park and housing, being a major pull of foreign direct investment (FDI) into the state. The industrial park will support businesses involved in aquaculture, livestock and garment industries while the deep-sea port and its facilities will connect Myanmar with a regional network of economies including China, India and Asean.
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  Tanintharyi Region Government will hold Tanintharyi Region Investment Forum in this October

  The Tanintharyi Regional Government is planning to organize an investment forum this October. The goal will be to boost investments in the region. According to the Directorate of Investment and Company Administration (DICA), it is considering showcasing the Hotel and Tourism industry, the real estate industry, and the extractive industry. U Thant Sin Lwin, the Director General of DICA, said: “This kind of event is organized by the state and regional governments in accordance with their policies. We are simply supporting them by inviting international organizations and facilitating with other related agencies.”
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  The average inflation rate increased by 1.53 percent to 3.27 percent for nine consecutive months of this fiscal year

  From April 2018 to June, 2019, the average inflation rate increased by 1.53 per cent to 3.27 per cent, for nine consecutive months of this fiscal year, according to the figures released by the Ministry of Planning and Finance. The year-on-year inflation is expected to hit 4.10 per cent and the average inflation rate, 4.81 per cent in 2018-2019 FY. From April 2018 to June, 2019, the average inflation rate hit 6.34 per cent in October, 6.66 per cent in November, 6.86 per cent in December, 6.94 per cent in January, 7.07 per cent in February, 7.28 per cent in March, 7.51 per cent in April, 7.82 per cent in May and 8.08 per cent in June. Since April, 2018 till June, 2019, the inflation rate saw an increase for 15 consecutive months. The average inflation rate calculated using 2012 as a base year was 8.08 per cent and the year-on-year inflation rate, 9.51 per cent.
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  The civil society groups urged to halt dam projects on Tanintharyi River which would affect about 32,000 people in communities

  YANGON — Plans to build dams on the Tanintharyi River would affect about 32,000 people in communities that have never been adequately consulted, according to a report by three Karen civil society groups that calls for a halt to the projects. The report says there are 18 memorandums of understanding to build dams on the river, but “local communities have received no information on their location, size or status”. It calls on the Tanintharyi regional government to provide full information to affected communities and civil society about the planned dams, which it says could also have a catastrophic impact on aquatic ecosystems and vast pristine forests, and pose a threat to the peace process. The report, Blocking a bloodline: Indigenous communities along the Tanintharyi River fear the impact of large scale dams, compiled by the Candle Light Youth Group, Southern Youth and Tarkapaw Youth Group, was released in Yangon on August 9 to mark the International Day of the World’s Indigenous Peoples.
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  Japanese insurance firms are pushed the growth of insurance market in Myanmar

  With Myanmar’s Ministry of Planning and Finance giving the green light to six joint ventures between local and foreign insurance companies at the end of July, Japanese insurance firms are poised to dominate the country’s insurance market. Five of the six foreign insurance companies now permitted to provide life and general insurance services together with local companies are from Japan; the sixth is from Thailand. Japan’s Taiyo Life and Nippon Life and Thailand’s Thai Life will partner with local companies Capital Insurance, Grand Guardian Insurance and Citizen Business to provide life insurance. In general insurance services, Japan’s Sompo Japan Nipponkoa, Tokia Marine and Nichida Fire, and Mitsui Sumitomo will partner with Aya Myanmar Insurance, IKBZ and Grand Guardian Insurance.
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  Htikhee border trade surged USD $ 2 billion from gas exports for the current fiscal year

  Natural gas has incrementally boosted Tanintharyi Region’s exports to Thailand via the overland border route to US$1.9 billion from a mere US$3.5 million between October 2018 and July this year. Ministry of Commerce assistant secretary U Khin Maung Lwin said the jump in exports came from including the region’s natural gas exports into the trade data from the Na Bu Lel (Htikhee) border trade route. Tanintharyi Region’s natural gas exports used to be counted as overseas exports. “The border trade has sharply increased after we included it in the border trade list following discussions with customs and the Central Statistical Organisation,” he said.