ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Liquefied petroleum Gas (LPG) use for cooking in Myanmar much lower than in other ASEAN countries

  Liquefied petroleum gas (LPG) is used much less for cooking in Myanmar than it is in other countries in ASEAN and needs to be promoted, industry officials say. Officials of the World Liquefied Petroleum Gas Association said this during the Myanmar LPG Summit 2019 in Yangon last week. The association represents the full LPG value chain, with members from over 260 firms in 125 countries. Compared with Thailand or Bangladesh, LPG use in Myanmar is low, and there are many things that can be done to increase its use in Myanmar, one association official said, adding that LPG is an excellent substitute for firewood and charcoal, and its wider use would help the environment. “The LPG market in Myanmar still has a lot of room for progress in the public and private sector,” said the association’s Communications Director, Alison Abbott.
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  Tourist arrival via Tachilek border reached nearly 22,900 in a week between 5 and 11 April 2019

  Tachilek, a Myanmar-Thailand border, hosted nearly 22,900 international visitors during a week between 5 and 11 April, according to the Directorate of Hotels and Tourism (Tachilek branch office). The figures included about 21,200 Thai people plus 343 visitors from third world countries paid one-day trip within Tachilek border town, while over 230 foreign travelers joined Mongphyat-Kengtung trip. According to an official data, there were more than one million foreigners visiting the country via the Tachilek border from 1 April, 2018, through 4 April, 2019. They visited the well-known destinations across Tachilek, including Lwemwe area, Pintauk Waterfall, Talaw market, Bayintnaung statue, Wankaung market, Koemyosin spirit house, the replica of Shwedagon Pagoda, Koehtet Waterfall, Padaung Village, Chinese temples and Buddhist monasteries.
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  Myanmar Investment Commission (MIC) has permitted London listed Myanmar Strategic Holdings (MSH) to operate an international school in Yangon

  The Myanmar Investment Commission (MIC) has greenlighted London-listed Myanmar Strategic Holdings (MSH) to operate an international school in Yangon. The investment permit for the US$1 million Yangon American International School was granted under the 2016 Investment Law, following the MIC’s liberalisation of investment activities in the education sector. After the MIC permitted foreign businesses to enter the education market last April, service providers from the UK, Singapore, Australia, and New Zealand are showing interest to enter the market. Last year, US Kaplan Inc has opened its first campus, Kaplan Myanmar University College, in Yangon and Singapore-based KI College Singapore has set up a new learning centre. Royal British International School also has a campus in the commercial capital. MSH's international school is due to complete construction by next month and is scheduled to launch in August.
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  Myanmar’s border trade using Individual Trading Cards (ITCs) reached over USD $23 million in the mid of 2018-2019 fiscal year

  Myanmar's border trade using Individual Trading Cards (ITCs) reached over 34.77 billion kyats ($23.18 million) over the first half of present fiscal year 2018-2019, according to Myanmar's Commerce Ministry on Sunday. From Oct. 1, 2018 to April 5 this year, the country's export through border checkpoints using ITCs amounted to 4.97 billion kyats ($3.31 million) while its import shared 29.8 billion kyats (19.87 million US dollars). Of 20 checkpoints at where Myanmar mainly conducts border trade, Myawady border gate topped the list with trade value of 18.6 billion kyats ($12.4 million) and 114 ITCs were issued during the period.
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  Myanmar Fisheries Federation (MFF) urged government force oil and gas companies to focus on environmental conversation while conducting explorations

  Myanmar Fishery Federation (MFF) has urged the government force oil and gas companies to focus on environmental conservation while conducting explorations, said U Win Kyaing, General Secretary of MFF, at the meeting held on March. “Before allowing companies to extract oil and gas, the government should consult with stakeholders. It should conduct research on how much oil and gas projects have affected Myanmar’s fishery resources, and before any new projects are started in a particular area, additional research on local fishery resources and how it might be affected by a new project. There is currently no research on this. A brief explanation just before a project starts is not enough. The MFF and oil and gas companies are sometimes not in good terms because we try to push this issue a lot,’’ he added. He suggested employing third party company to conduct impartial research and analyses. He also said that most of the oil and gas companies would inform some of local people and Myanmar Fishery Federation just before the extraction instead of explaining everything from exploration to finding the reserves.
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  Ministry of Hotels and Tourism launched its new tourism website with the aim to attract more tourists to the country

  The Ministry of Hotels and Tourism launched its new website on Wednesday. Union Minister U Ohn Maung stressed that due to implementation of Look East Policy, 37% of Chinese tourists increased compared to the previous year while 9% of tourists from Thailand. He pointed out that although there is increase of tourists arrival from Asian region, the decrease has been seen for European tourists. The Union Minister stressed the needs to promote the image of the country through the website. Assistant Secretary, Ministry of Construction, Yan Naung said “We can see variety of data and information on this website. The visitors from international community can see vividly about the country, its national people, famous destinations and cultural zones with the description of the sites. It provides useful facts not only for the visitors but also for the researchers.”
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  Government asked a supplementary budget of K2.3 trillion for 2018-2019 fiscal years to cover forex losses

  Due to a decline in foreign earnings and reserves, President U Win Myint urged businesses to deal more in Myanmar kyat and less in foreign currencies at the Finance Commission’s meeting held in the Presidential Palace on April 9. The meeting was held to approve additional budgets requested by the union government and region or state governments for the fiscal year of 2018-19 and approve this year’s Union Budget Bill before the government makes a final submission to Pyidaungsu Hluttaw. U Win Myint said requests for additional public funds are to settle deficits caused mainly by foreign exchange losses as well as payments for land compensation, wages for civil servants, travel allowances and tax revenue shortfalls. In the first six months of this financial year, the country’s export earnings totaled US$8 billion, which is up by more than US$650 million from the same period last year despite lower exports of rice, beans and pulses.
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  Government has appointed U Aung Naing Oo as the Permanent Secretary for Ministry of Investment and Foreign Economic Relations

  The government has appointed U Aung Naing Oo as permanent secretary of the recently-created Ministry of Investment and Foreign Economic Relations, the official gazette announced. As the top civil servant leading the ministry, he will support and advise the cabinet minister, career diplomat U Thaung Tun, on how to drum up foreign investments and build on reform initiatives. Observers hope the new body will be the reflected voice of business in government, challenging line ministries on red tape while ensuring that related draft regulations are consulted on. U Aung Naing Oo was transferred to be director general of the Office of the Union Investment and Foreign Economic Relations on March 29. He is to hold both positions concurrently, The Myanmar Times understands. The civil servant is widely praised by the business community for drafting new laws and consulting stakeholders in an open and effective manner as director general of the Directorate of Investment and Company Administration (DICA).
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  Myanmar and Thailand Central Banks approved the Krungthai and Shwe remittance project developed by Everex which will facilitate the cross-border payment

  This week, the Myanmar and Thai central banks approved the Krungthai and Shwe remittance project developed by Everex. The endorsement was made official at a meeting in Chiang Rai, Thailand, where financial institutions in the region demonstrated new solutions that enable cross-border payments. Governors from the central banks believe that the introduction of a cross-border payment solution will improve financial inclusion in both countries. Kyaw Maung, the governor of the Myanmar central bank, said that the two nations have the same culture, which creates togetherness as the cross-border remittance solution developed by Krungthai and Shwe bank will.
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  Government’s five years of tax exemptions offer lured more foreign investment into Bago Region

  The government’s tax exemption program launched in February 2017, offered investors five years of tax exemptions, and was able to bring foreign investments into Bago Region, according to regional Directorate of Investment and Company Administration. From 1989 to November 2018, the region saw $1.818 billion in foreign direct investments from 85 foreign companies, while citizen investments were K946 billion by 39 companies from 1994 to November 2018. “Bago City receives most of the investments in the region. This is because of the Hantharwaddy Airport project. While Yangon offers a three-year tax exemption, Bago Region offers a five-year of tax exemption, which was decided by the union government. The tax exemption is the key drive for increased investments in Bago Region. Investments will increase year by year,” said U Nyunt Shwe, Regional Minister for Planning and Finance.