ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar made the discussion with the authorities from the Yunan Province and Shanghai Province to export agricultural and livestock products from Yangon market

  Myanmar is currently having discussions with authorities from Yunnan province and Shanghai province in order to export agricultural and livestock products from the Yangon market, said U Phyo Min Thein, Chief Minister of Yangon. “We are trying to find a stable market to help develop the agriculture and livestock sectors. It is now difficult to store and transport goods after they are moved to the border. Therefore, we are in discussion with authorities from Yunnan and Shanghai to export the products from Nyaung Hnapin Agriculture and Livestock Economic Zone to the two provinces,” he added. Shanghai currently imports 90 percent of agriculture and livestock products they consume. Therefore, Myanmar has a prime opportunity to export value added food products to the Chinese market, they can do this by air or through land crossings.
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  Myanmar and Thailand authorities are signed an agreement to allow vehicles from both side cross border to facilitate overland cross-border trade between two countries

  Overland cross-border trade between Myanmar and Thailand will officially commence at the end of July following an agreement to allow vehicles from both sides across the border to facilitate the transportation of goods between the two countries. The agreement, which followed discussions that started a year ago, will see the governments of both countries issue licenses to logistics companies to transport goods overland through the Yangon (Thilawa)-Myawaddy-Mae Sot-Bangkok (Laem Chabang) route. Under the agreement, 100 vehicles from each country will be granted temporary one-year passes to transport goods across the border along the route. Thilawa would be where all Thai vehicles will have to stop for customs inspections while Thailand will carry out customs inspections in Mae Sot.
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  Myanmar is not ready for digital economy despite authorities have prepared to implement a digital transformation roadmap for the years 2015 to 2020

  Myanmar has prepared a digital transformation roadmap for the years 2018 to 2025 built off a master plan drafted by the Digital Economy Development Committee (DEDC). Yet, the country is not ready for the digital economy, if indicators such as network readiness index, e-government development index, cyber security index and ICT development index are anything to go by. Based on measurements on digital readiness, Myanmar has a long way to go, as indicators showed that the country ranked among the lowest in a 10-member Asean grouping. At an event promoting the digital economy at MICT Yangon on June 8, Former Deputy Minister of Communication and Information Technology U Thaung Tin said that the country also lacks a legal framework for cybersecurity or laws governing e-commerce transactions.
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  Yangon Region Chief Minister vowed to block the foreign fuel retailers from operating fuel stations in Yangon

  YANGON — The Yangon Region government has blocked foreign companies from operating fuel stations in the country’s largest city because their corporate practices are “not compatible with our business culture”, chief minister U Phyo Min Thein says. Speaking at a press conference on Wednesday, the chief minister also said the regional government hopes to expand its network of Yangon Petrol stations, which some have argued are anti-competitive. While the launch of Yangon Petrol has coincided with the regional government ban on foreign fuel stations, Phyo Min Thein offered a different – and seemingly bizarre – justification for keeping them out of the market. In Myanmar, he said, it was common for distributors to provide fuel to local stations with no upfront charge and then collect payment once it has been sold.
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  Joint venture with Kanbawza Group (KBZ), Thai state owned PTT Public Company (PTT) will enter for the oil-terminal development and retail business expansion in Myanmar

  The Kanbawza Group (KBZ) and Thai state-owned PTT Public Company (PTT) will enter into a joint-venture agreement through their subsidiaries for oil-terminal development and retail business expansion, the companies’ said in a press release. KBZ’s Brighter Energy Co and Brighter Energy Retail Co will partner with PTT’s subsidiary PTT Oil and Retail Business Public Co Ltd (PTTOR). The development of the oil terminal will include the procurement of petroleum products, management of jetty, oil storage terminal, liquefied petroleum gas (LPG) filling plants and wholesale business of petroleum products located in southern Yangon’s Thilawa area.
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  UMFCCI and Czech Chambers signed a Memorandum of Understanding (MOU) to foster cooperation with potential partners in Myanmar

  BUSINESSES from the Czech Republic are keen to explore opportunities for cooperation with potential partners in Myanmar, with their interest stoked by the recent visit of state leader Aung San SuuKyi to the Central European country, a Myanmar business chief said. Zaw Min Win, president of the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI), who accompanied State CounsellorSuuKyi on her trip, said both sides gained from productive meetings. “The Czech Republic is really worth visiting. During this trip, we had fruitful discussions with senior officials and Czech businesses,” he said in a phone interview while in Prague. “We strongly believe this trip benefits Myanmar businesses and the country as a whole, as both sides are keen to revitalise and expedite development of the former investment and trade ties that existed between the two countries in 1960s and 1970s.”
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  European Union Ambassador encouraged EU companies to consider on investing in Myanmar even as trade sanctions loom

  YANGON—EU Ambassador Kristian Schmidt has encouraged European companies to consider investing in Myanmar, saying its “potential for further growth is very significant” as garment exports to the EU have already overtaken those of Sri Lanka, Thailand and Tunisia. “I would like to see more European companies investing all over Myanmar, in the different states and regions,” the ambassador said, addressing more than 500 business leaders and policymakers from Europe and Myanmar at the Myanmar-EU Economic Forum in Naypyitaw on Thursday. To attract more investment, however, he said that the government needs to urgently address some burning human rights issues and the damage to Myanmar’s “corporate brand” caused by the crisis in Rakhine State.
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  Yangon Region Government is striving to invite long-term Foreign Direct Investment (FDI) for low cost housing projects in Yangon

  Foreign investors will be invited to develop long-term low-cost housing projects in Yangon, said Yangon Region Chief Minister U Phyo Min Thein at a press conference on the Yangon Region government’s third-year performance, held on Wednesday. The regional government is planning to invite foreign investors to develop more low-cost homes across Yangon as local developers can only invest in projects where apartments are sold under a five-eight year payment plan, said U Phyo Min Thein. Low-income buyers will find it difficult to buy apartments under the short-term payment plans, as the apartments are priced beyond their earnings, he said. That is why the government will seek foreign investors who can invest in the region’s housing projects, particularly for low-income families, for a period of 15 to 20 years, he added.
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  Foreign education providers are expressed their interest to invest in Myanmar’s education sector to fill the void for high quality education in Myanmar

  The private education industry in the country continues to evoke interest from foreign education providers, with several having invested here in the past year ever since the government loosened regulations for the setting up of such educational institutions. Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) officials recently met with private education providers from the US, UK and Canada to discuss their interest in investing in the country’s education industry. Acting Director General of Directorate of Investment and Company AdministrationU Thant Sin Lwin said Chinese education providers were also interested in setting up centres teaching the Chinese language. UMFCCI vice chair U Maung Maung Lay said as an emerging economy, Myanmar needs a trained workforce and these education providers can fill the void for high quality education.
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  Myanmar and Chinese official indentified three locations for the border economic cooperation core zone of the China-Myanmar Economic Corridor

  Three locations have been identified by Myanmar and Chinese officials under a memorandum of understandingfor the border economic cooperation core zones of the China-Myanmar Economic Corridor. U Khin Maung Lwin, deputy secretary of the Ministry of Commerce, told the Myanmar Times that the country’s central committee for the Border Economic Cooperation Zone (BECZ), which met recently, decided on the areas for the core zones at Muse and Chin Shwe Haw in the northern part of Shan State and Kan Pite Tee in Kachin State. He said the ministry would initiate a call for applications for expressions of interest (EOI) soon, adding that for the agreed upon Muse core zone, an export product manufacturing processing and warehouse area would be located at Panghsang (KyuKoke)-Wantain-Nwan Yin (Kyin San Kyawt)-Mantman (Shweli) while an import processing and warehouse area would be located at Salant (Manhiro)-Salin and Namkhang-Naungtaung.