ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Sagaing Regional Government will issue more permits to businesses in quarry industry in order to increase regional government’s revenue

  The Sagaing Region government will generate more income for development work if it starts issuing more permits to businesses engaged in quarry industry for construction purposes, said U Kyaw Tin, the chairman of the Construction Stone Sellers’ Association, Sagaing Region. “Although the association has been registered since 2018, only 20 per cent of the entrepreneurs are operating with an official license. Therefore, the regional government is losing revenue and thus, earning much less than it should be. So, the government must issue business licenses to those who have already applied for it,” said U Kyaw Tin. There are 319 businesses carrying out quarry on 691 acres in Monywa, Sagaing, Yinmabin, Kalay, Kanbalu, Katha, Shwebo, Tamu, Mawlaik, and Khamti districts in Sagaing Region. Of them, only 72 have obtained official licenses, while the remaining have submitted their applications.
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  In partnership with Japanese life insurance company, Nippon Life, Grand Guardian Insurance (GGI) will provide the life insurance and additional services in Myanmar

  Grand Guardian Insurance (GGI), a member of Shwe Taung Group, has teamed up with Japanese life insurance company Nippon Life. The two companies signed an agreement in June, Grand Guardian Insurance will own 65 percent and Nippon Life 35 percent. The joint venture will operate under the name Grand Guardian Nippon Life Insurance, they will provide life insurance and additional services. The two companies have submitted approval for their joint venture and are expecting to receive the approval around October of this year. “GGI decided to partner with a foreign company to make a presence in the global market. We have reached the agreement with Nippon Life, who has been operating for 130 years,”said Daw Hhin Sein, Deputy Chief Executive Officer of GGI. Nippon Life Insurance was established in 1889 and stands as the biggest life insurance company in Japan.
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  The one of the South Korea’s top four banks, KB Kookmin Bank interested in expanding its business in Myanmar by providing more financial products and services especially in small and medium enterprises (SMEs)

  KB Kookmin Bank, one of South Korea’s top four banks, is interested in expanding its presence in Myanmar with more financial products and services, especially in the areas of providing financing for housing and small-and-medium enterprises (SMEs). KB Kookmin’s chief representative in Yangon, Kim Chang-woo, said the bank “is considering expanding its business in Myanmar by providing local financial products and services”. He told The Myanmar Times that the expansion included collaborations with Union of Myanmar Federation of Chambers of Commerce and Industry for products and services tailored to SMEs, support for state-owned enterprises, digital remittance services for Myanmar workers in South Korea and collaborations with Construction, Housing and Infrastructure Development (CHID) Bank. Kim was commenting on the bank’s chief executive officer Hur Yin’s meeting on July 4 with Myanmar’s Minister of Construction U Han Zawin Seoul, where there were discussions on collaboration in provision of financing for housing.
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  Myanmar earned USD $ 1.2 billion more from the border trade within nine months of this fiscal year

  Myanmar earned US$1.2 billion more from border trade within nine months of this fiscal year compared with the same period in last fiscal year despite lowered trade t the Muse border trade center, according to statistics from the Ministry of Commerce. Myanmar earned over US$8 billion from border trade within nine months from October 1 to June 28 in 2018-19 FY and it earned over US$6.730 billion from border trade in the same period. The export value was reduced over US$850 million from Muse border trade center within nine month of this fiscal year while the import value rose by over US$68 million from Muse border trade center. Myanmar earned US$3.8 billion from Muse border trade center within nine months of this fiscal year and it is less than over US$780 million compared with the same period in last fiscal year, according to the ministry.
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  Oxford Business Group (OBG) and UMFCCI signed an MOU to collaborate for the next 2020 business report

  Oxford Business Group (OBG) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has signed an MoU to collaborate for the next 2020 business report, which will be prepared by Oxford Business Group. Under the agreement, UMFCCI will participate and provide assistance in doing research for the Report: Myanmar 2020 and for other surveys and studies, which will be available in all platforms of OBG. “Oxford Business Group is the leading organization in developing markets and their research is very useful for Myanmar. We are glad to partner with OBG’s experts,”said U Zaw Min Win, President of UMFCCI.
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  The oil and gas sector stands top in the list of Foreign Direct Investment (FDI) in Myanmar

  From 1988-1989 FY to 2018-2019 FY, the government gave the greenlight to 1725 investments worth over 80.234 billion USD, with the oil and gas sector topping the list, according to the figures released by the Myanmar Investment Commission (MIC). The oil and gas sector topped the list with over 22 billion USD, accounting for 27.94 per cent of the total FDI, the energy sector, second, with over 21 billion USD or 26.40 per cent, the production sector, third, with nearly 11 billion USD or over 13 per cent, the transport and communication sector, over 10 billion USD or over 13 per cent. The real estate sector accounts for over six per cent of the total FDI, the hotel and tourism sector, for around four per cent, the mining sector, for over three per cent and other services sector, for over three per cent.
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  In collaboration with the Department of Fisheries under Yangon Regional Government, Mottama Development Group is working to open its new international standard aquarium building in Yangon by 2020

  The Mottama Development Group says that it will work to open the aquarium it has been building in 2020. It has been building the new facility on five acres of land in Kandawgyi Park, spending some $30 million of investments on the project; construction started at the beginning of 2014. The company is building the aquarium with designs and collaboration from Singapore’s Surbana, in collaboration with the Department of Fisheries under Yangon’s Regional Government. U Tin Maung Tun, Director of Mottama Development Group, said: “Now the construction process is complete. We now need to work on the light sporting system, and adding fish for the exhibits. We are putting our best efforts into opening by 2020.”
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  Regional government authorities will be invited for telecommunications companies to provide internet service in Mandalay’s gems market

  Tenders will be invited for telecommunications companies to provide internet service to the gems traders at the Mahar Aung Myay Gems Dealers’ Market in Mandalay, said Mandalay City Development Committee member U Kyaw Zaw Aung. The plan comes after a Chinese man was fined earlier this month for providing internet service unofficially at the market. “We’ll invite companies in a tender system so the process is clear. We may allow two or three companies to provide the service. Currently, we haven’t cut the unofficial connection in the market. After holding the tender, we’ll set a time frame and then we’ll cut it off. Now, they’re providing the service unofficially without paying fees to relevant departments,” said U Kyaw Zaw Aung.
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  The office of the President of Myanmar formed a new Steering Committee to against the illegal trade by liaising between the various government agencies

  On June 25, the Office of the President of Myanmar announced the formation of a steering committee. It will be chaired by Vice President One U Myint Swe, and will battle against illegal trade by liaising between the various government agencies. The government formed this union-level committee about three years after dissolving the special team for fighting illegal trade, which had been led by the Ministry of Commerce, back in 2016. The newly-formed committee will be chaired by the Vice President, as well as the two union ministers at the Ministry of Planning and Finance, and the Ministry of Union Government Office. The stated goal of this committee is to create fair competition between small- to medium-sized enterprises, as well as to protect consumers. It will also work hand-in-hand with other regional teams fighting illegal trade.
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  Myanmar’s export of manufactured goods exceeded over USD $ 400 million during the week which is up more than 60 percent when compared to the period of last fiscal year

  Myanmar’s export of manufactured goods has exceeded over US$400 million during the week between 22 and 28 June, increasing by nearly $155 million, or more than 60 per cent, from this time last 2017-2018 Fiscal Year, state media reported. The current figures included $258.5 million by the public sector and $147.8 million by the private sector. From the corresponding period last FY, the country’s export of the same totalled $251.8 million.