ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The locals from the microfinance industry gathered with the senior microfinance professionals and stakeholders from Asian regions in Yangon to engage in professional exchange and network with the player from all sectors of the industry

  Senior microfinance professionals and stakeholders from Asia region together with locals from Myanmar microfinance industry gathered in Yangon, Tuesday. Under the theme of “Managing Sustainability & Impact in a Rapidly Evolving Microfinance Sector”, Microfinance Success Asia 2019 will bring opportunities not only for the stakeholders to tackle issues but also for the participants to engage in professional exchanges and to network with players from all sectors of the industry. According to the industry players, over 180 microfinance institutions (MFIs) have been providing services to over 3.4 million of population in the country. MFIs added over 350 Billion worth of investment circulate in the industry at present. Representatives from the Microfinance association highlighted on the challenges and ask for the stable and effective policies for the industry.
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  Myanmar government will give the go-ahead to joint venture between local and foreign insurance companies in next month

  Myanmar’s Ministry of Planning and Finance is set to give the go-ahead to joint ventures between local and foreign insurance companies next month. The country’s insurance business regulatory board, which is overseen by the Ministry of Planning and Finance, is currently scrutinizing companies that have submitted requests for proposals (RFP), U Zaw Naing, the board’s secretary, told The Irrawaddy. “I can’t disclose the names of the [foreign] companies for the time being. We have interviewed those companies and it is likely that [we will give them permission] next month,” he said. Nine foreign companies have expressed interest, but only six of them submitted RFPs for joint ventures, he said. Partnering with foreign insurance firms that have opened representative offices in Myanmar, local companies such as IKBZ, AYA Myanmar Insurance and Grand Guardian Insurance will provide general insurance services and GGI, Capital Life Insurance and CB Insurance will provide life insurance service.
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  The Insights from Customer Survey showed insurance market has the great potential to grow K 1.75 trillion in the next 12 months and K 4 trillion in 10 years

  A survey on insurance showed that the Myanmar insurance industry has potential to grow to K1.75 trillion in the next 12 months and grow to a K4 trillion market in 10 years. IKBZ Insurance Co Ltd, one of the largest insurers in the country, unveiled on Tuesday findings on the insurance market, Insights from Customer Survey, which showed that the insurance market has the potential to grow to K1.75 trillion in the next 12 months and have a market size of K4 trillion in 10 years. Myanmar has the lowest insurance penetration rate in the region, with only two million of its 54.36 million population having any sort of insurance coverage. “Current market penetration is very low but we fully expect the industry to meet the regional average of 5 percent within next 10 years provided that there is sufficient access to insurance professionals and a proper suite of products,’’ IKBZ’s deputy managing director Anil Mancham said.
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  Chinese Company CITIC hired the Canadian Company Hatch to perform an Environmental and Social Impact Assessment (ESIA) on Kyaukphyu project

  The Chinese company CITIC, which was selected to develop Kyaukpyu Deep Sea Port, has hired the Canadian company Hatch to perform an Environmental and Social Impact Assessment (ESIA) of the project. The agreement between the Myanmar Government and CITIC on this project was signed in November 2018; 70 percent of it is to be owned by CITIC, and the remaining 30 percent by the Myanmar Government. On May 15, Hatch reached the agreement with CITIC to serve as a consultant, and to create the ESIA for the entire project.
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  Myanmar Extractive Industries Transparency Initiative (EITI) applied the forestry sector on the report for the first time this year

  Myanmar’s forestry sector was included in the Myanmar Extractive Industries Transparency Initiative (MEITI) report for the first time this year. Myanmar is the second country to have its forestry sector included in the EITI. Guided by the belief that a country’s natural resources belong to its citizens, the EITI is the global standard for promoting open and accountable management of its resources. It requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public. In preparing the Myanmar forestry report, EITI compared data from the Forest Department, state-owned Myanmar Timber Enterprise (MTE), Internal Revenue Department, Treasury Department and Customs Department as well as data issued by timber companies.
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  Mandalay Region Chamber of Commerce and Industry (MRCCI) met up with officials from the US Embassy to discuss the strengthening trade ties and providing technical assistance

  Mandalay Region Chamber of Commerce and Industry (MRCCI) met a US delegation on Monday to discuss agricultural exports to the US, bilateral trade promotion and providing technical assistance at the MRCCI hall inside the Yadanarbon center, Mandalay Region. The chair of MRCCI and its executive members presented gifts to the delegation, led by the US Deputy Chief of Mission Mr George Sibley, and took commemorative photos. Afterwards, Sibley and his delegation visited the American Business Corner (ABC) at the MRCCI. That ABC was opened on 12 March, 2019 to assist businesses in Mandalay Region and strengthen trade ties between the US and Myanmar’s second city, Mandalay. Myanmar’s trade with the US was worth US$631.46 million during the Oct-April period, with $364.2 million in exports and $267.15 million in imports, according to the Commerce Ministry. Rice, various types of pulses, forest products, fish, prawns, apparel, garments produced with the cut-make-pack system and other finished industrial goods were shipped to the US. Meanwhile, Myanmar mainly imported personal goods, capital goods and industrial raw materials from the US.
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  The UK’s development finance institution, CDC made its first direct equity investment in Myanmar

  CDC, the UK’s development finance institution, has today announced its investment in Frontiir, the leading internet service provider in Myanmar. The investment will help fund Frontiir’s ambitious expansion throughout Myanmar, connecting over 2 million people to the internet, a press release said. Despite recent growth in Myanmar’s mobile broadband penetration, access to digital services is very low and presents a challenge for many communities and business development. Data usage remains unaffordable and even inaccessible in rural and low-income areas. Improving access to affordable and reliable internet is central to Myanmar’s development and economic growth, and a key part of UN Sustainable Development Goal # 9. Frontiir is already a large employer with over 1,600 staff: a large proportion of this would be young people under 30 years old. This investment will support its hiring of an estimated 4,000 additional employees.
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  Foreigner would be allowed to trade shares on the Yangon Stock Exchange (YSX) after October

  Foreigners will only be able to trade shares on the Yangon Stock Exchange (YSX) after October, U Thet Tun Oo, executive manager of the bourse, told The Myanmar Times. This is in spite of the Security Exchange Commission of Myanmar (SECM) announcing on July 12 that foreigners would be allowed to trade on the YSX but without specifying the date. YSX executive manager U Thet Tun Oo told The Myanmar Times that while the SECM has agreed in principle to allow foreign participation, details still need to be ironed out and that will take about three months. The actual date for foreign participation will be announced by the YSX. The Myanmar Companies Law allows foreign individuals and entities to hold up to a 35 percent minority stake in Myanmar companies without those firms losing the domestic registration required to be listed. To date though, the authorities have not implemented this law.
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  Myanmar Fishery Federation (MFF) made its movement to impose a ban on exporting small crabs due to the results in a crab shortage in the industry

  The Myanmar Fishery Federation (MFF) has pledged to the Ministry of Agriculture, Livestock and Irrigation that it will restore a ban on exporting crabs that weigh less than 100 grams (.22 pounds, or 3.5 ounces). U Win Kyaing, the General Secretary of the Myanmar Fishery Federation, said: “When it began allowing crab exports, the government did not adopt any restrictions or requirements. Because of this, exporters tend to import not only large crabs, but also smaller ones. This results in a crab shortage in the industry.” Previously, the government restricted the export of crabs weighing less than 100 grams. However, former President U Thein Sein’s administration relaxed all such requirements in order to encourage the crab exporters and producers, and to bring more crabs to the global market. However, this resulted in an increasing demand for crab, and has impacted the breeding of crabs as well.
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  Myanmar – Thailand Business Matching and Networking event held at UMFCCI in Yangon with the aim to promote the business ties between the two countries

  Myanmar–Thailand Business Matching and Networking event was held at UMFCCI in Yangon on Monday in order to promote the business ties between the two countries. A total of 40 business enterprises from the north east of Thailand and local enterprises displayed their products such as food and beverage, health care products and others for the trade promotion and investment development between the two countries. Assistant Professor, Loei Rajabhat University, Dr. Pichit Prapinit said “We are here to promote our products to the neighborhood customers. Since Myanmar is one of the members among CLMVT countries, our government also targets Myanmar to promote and expand our market to Myanmar as a priority. So we hope that the business tie between the two countries is expected to increase by trading local-made products with each other.” Currently, Thailand is the 2nd largest trading country and also 3rd largest investor in Myanmar investing in food and beverage, health care products and many other sectors. Vice President of UMFCCI pointed out that more efforts are needed for the export of local products to other countries.