ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Management Committee was formed to oversee the implantation of regulations under the Condominium Law 2016 and Condominium Rules 2017

  The Ministry of Construction has announced the formation of a management committee to oversee the implementation of regulations under the Condominium Law 2016 and Condominium Rules 2017. In the announcement on January 5, the ministry said the management committee will register new and existing property developments that meet the definitions of condominiums in the country and registration offices have been set up in 12 regions and states, including Nay Pyi Taw. “So far, some 40 developers have come forward to register condominiums,” said U Myo Myint Oo general secretary of the Myanmar Construction Entrepreneurs Association and also member of the Yangon Region Condominium Management Committee. “The committee was formed in early January and it has decided to give approvals to 13 condominium projects. It may take six months from its establishment for the management committee to hit its full stride, and things are starting to move fast,” U Myo Myint Oo said.
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  Myanmar authorities are striving to upgrade aquaculture sectors to growth and lifting of EU ban on aquaculture products despite higher export volumes and revenue

  Myanmar is striving to upgrade its aquaculture sector amid a fall in the prices of fishery products in recent years despite higher export volumes and revenue. MYANMAR IS hoping to earn at least US$1 billion from fisheries exports this year following strong growth in the sector and the lifting of a European Union ban on aquaculture products. Myanmar exported about 450,000 tonnes of fishery products in the first nine months (April-December) of the current fiscal year, earning $514 million in revenue, according to the Myanmar Fisheries Federation. “That’s a slight increase in export volume and revenue compared to the same period last year. We exported about 380 tonnes and earned $497 million in first nine months of the last fiscal year,” said U Win Kyaing, the federation’s secretary general.
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  Ascent Capital launched its first Myanmar investment fund with sovereign wealth fund Temasek and Asian Development Bank

  Private equity company Ascent Capital has launched Singapore’s first Myanmar-focused fund, with backing from high-profile investors including sovereign wealth fund Temasek and the Asian Development Bank. IN 2013, Mr Lim Chong Chong was sent on a mission to Myanmar. He was working for Singaporean wealth fund Temasek and, as he recalls, Myanmar was “really the darling of investors – there was so much interest to invest”. In Yangon, he met business leaders including the chair of Capital Diamond Star Group, U Ko Ko Gyi, who convinced him to leave his stable job in Singapore and give Myanmar a shot. “I’ve always been a bit adventurous,” Chong Chong told Frontier at his office in downtown Yangon. “The country appealed to me and the opportunity appealed to me. I had very good conversations with Ko Ko Gyi and found he was someone I would like to learn from.”
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  In order to attract more investments from East Asia countries, more than 120 regional and private projects worth USD $ 3 billion will be showcased at the Invest Myanmar Summit 2019 in Nay Pyi Taw

  YANGON—More than 120 regional and private business projects worth a total of over $3 billion will be showcased at the upcoming Invest Myanmar Summit 2019 which aims to attract major investment from East Asia countries. The summit is part of the government’s effort to counteract a significant decline in foreign direct investment (FDI) seen in Myanmar over the last two fiscal years and it will be held on Jan. 28 and 29 at Myanmar Convention Centre 2 in Naypyitaw. “With the projects on showcase, local and international investors at the summit will have a very clear picture of the prospects they can look forward to when investing in Myanmar, the industries they can invest in and types of projects open to them in each state and region,” said U Zaw Min Win, president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
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  Central Bank of Myanmar (CBM) permitted loans without the need for collateral up to 16 percent interest rate to Myanmar banks

  Myanmar banks have been permitted to extend loans without the need for collateral at a maximum lending rate of 16 percent, the Central Bank of Myanmar (CBM) announced in a directive issued yesterday. The measures will take effect on February 1. Banks will be permitted to charge up to 16pc to loan money if borrowers pledge other forms of collateral or are not able to provide collateral. Collaterals listed by the CBM are land and buildings, gold, diamonds and precious stones, savings certificates, government treasury bonds, fixed deposits, credit certifications and credit guarantees. The new maximum interest rate of 16pc is all-inclusive of other charges such as management fees and applies for both installments and one-off repayments. Interest rates above 16pc are not permitted.
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  South Korea officials approved only six factories which meet the food safety requirements to export fishery products to South Korea

  South Korea officials, who visited Myanmar in November 2018, scrutinized 9 factories in Myanmar concerning food safety. The factories are exporting fishery products to Korea and found that only six factories meet the food safety requirements of South Korea, according the Department of Fishries. “They examined the factories to see if they follow the requirements set forth by the South Korea. If the factory scores 85 points, it is fine. If it scores 70-80, they need to do things required to meet their standard,’’ U Thet Naing, Head of Quality Examination under the Department of Fisheries, said. The nine factories are located in Kyauktan Township in Yangon Region and Myeik Township in Tanintharyi Region and this is the first time Korean officials have visited Myanmar to examine the factories. The factories in Myanmar must follow the safety requirements set forth by the Department of Fisheries.
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  Local hotel investors are worried about the government’s plans to allow new projects within the same islands in Myeik archipelago

  LOCAL investors say they are worried about the millions of dollars they have already invested in the Myeik archipelago because the regional government is planning to allow new projects within the same islands. Under the previous government, permission was granted to businesses to set up 10 hotel and resort projects on 12 islands in Tanintharyi Region. All 10 projects received approval from the Myanmar Investment Commission (MIC). Some are already open for business and others will be opening this year. One of the existing projects involves a 50-villa resort on Poni and Balar islands that Amata Holding Public Co is planning to open in the first quarter of this year.
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  European Union’s GSP trade rights will benefit the developing and six out of every one thousand people in Myanmar (U Aung Naing Oo, Director General of DICA)

  The EU’s GSP trade benefits to Myanmar help six out of every one thousand people in the country, U Aung Naing Oo, General Director of DICA, said in his talk at the seminar held on January 5 at UMFCCI. Continued onThe EU’s Generalised Scheme of Preferences (GSP) allows vulnerable developing countries to pay fewer or no duties on exports to the EU, giving them vital access to the EU market and contributing to their growth. “EU’s GSP is very important for this country. There are investors who want to come into the country looking at the GSP benefits. However, they are hesitating because of reports of conflict. If 3,000 additional factories come in to the country, we will be able to create jobs for 60 out of every one thousand people,’’ he added.
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  Kachin political parties refuted Chinese government to claim of local resident support for the multi- billion dollar Myintsone Dam hydropower project

  YANGON — Three ethnic Kachin political parties said on Monday they sought the “permanent suspension” of the multi-billion dollar Myitsone Dam, discrediting a Chinese embassy statement that implied support for the divisive project among the state’s political leaders. Manam Tu Ja, chair of the Kachin State Democracy Party, told Frontier that the statement, which was signed by the KSDP, the Kachin Democratic Party and the Unity and Democracy Party, is a clarification of their position aimed at the Kachin people. It could also help the Chinese embassy to understand the wishes and policies of the three parties, he said. “We have no plan yet to respond directly to the Chinese embassy because some [other] parties in Kachin could have said that they support the project,” he said. The embassy’s statement on January 13 concerned a December visit by Chinese ambassador Mr Hong Liang to Myitkyina, the Kachin State capital, where he held discussions with political leaders and social organisations on the peace process and IDP resettlement, the anti-drug campaign in northern Myanmar, and investment.
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  Vice President U Henry Van Thio was attend the second meeting of the Digital Economy Development Committee (DEDC) to discuss about the digital economy development in the each business sectors to raise their competitive abilities and production capacity

  The second meeting of the Digital Economy Development Committee (DEDC) was held at the Ministry of Planning and Finance in Nay Pyi Taw yesterday morning. Vice President U Henry Van Thio, in his capacity as patron of the committee, delivered the opening speech at the meeting.