ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Mandalay Region’s Department of Mines granted to permit artisanal and small-scale mining business in order to reduce illegal mining and create jobs for locals

  To reduce illegal mining and create jobs for locals, the Mandalay Region’s Department of Mines will allow artisanal and small-scale mining businesses to seek permits from the regional mining block assessment team, said U Moe Swe, the director of the department. Ahead of the move, rules and regulations that are appropriate to the situation in the region were drafted over a period of more than 3 months. With the regional government passing the new rules, miners will be able to apply for permits from 14 January. “The State Counsellor directed us to eliminate illegal extraction. The regional government can generate revenue from the permitted blocks. So, we formulated the project at the soonest. Earlier, those permits could be granted only by the ministry. Now, that has been decentralized and rules and regulations in accordance with the circumstances in the region have been instituted. We have notified the opening date for submissions through state-owned newspapers,” he said.
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  Yangon Stock Exchange-listed, First Myanmar Investment (FMI) company announced its adopting a new name and constitution in accordance with the Myanmar Companies Law

  Yangon Stock Exchange-listed First Myanmar Investment (FMI) Company announced on Saturday that it will be adopting a new name and constitution in accordance with the Myanmar Companies Law. At the first special general meeting held in Yangon’s National Theatre, the firm said that a new constitution will replace current memorandum and articles of association, as well as rebranding itself as “First Myanmar Investment Public Company Limited”. Serge Pun, FMI’s executive chair, introduced the company’s new real estate project, City Loft, at the meeting.
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  40 mining blocks are waiting for recommendation from respective states and regions to operate their mining blocks

  There are about 40 mining blocks waiting for recommendations from respective regions and states, but operation will be allowed only after contract signing and test running, said Min Min Oo, permanent secretary of the Ministry of Natural Resources and Environmental Conservation. The permanent secretary made the remark during the 16th annual general meeting of Myanmar Gold Entrepreneurs Association held on January 6. "Under the current government, we haven't granted any permission. After we have conducted checks, we ask respective regions and states for their attitude as to whether the proposed mining sites are free from religious areas or cultivable land. We also seek opinions from the local people. We started to allow applying for operating mining blocks in August last year. The applications are still under scrutiny. There are about 40 proposed mining sites. We are still asking for opinions from respective regions and states. After coordination for agreement signing, we will allow them to test-run. Then, mining will be allowed," said the permanent secretary.
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  Myanmar tourism company, Singapore-listed Memories Group, will set sail Asia’s first fully solar-run yacht around the Myeik Archipelago this month

  The first fully solar-run yacht in Asia will set sail this month offering expedition around the Myeik Archipelago, the operating company Burma Boating said on Wednesday. The firm, owned by Myanmar tourism company Singapore-listed Memories Group, revealed its latest addition to its fleet, a 16.7-metre 100 percent solar-powered catamaran, which can accommodate up to six guests, and three crew members. According to the vessel's designer, Silent-Yachts, this yacht, built in 2018, becomes the first fully solar-run boat to sail in the Asian continent. The S55’s 30 mounted solar panels create 10kWp, allowing it to cruise an unlimited distance on a regular sunny day – but also maintains a fuel-based back-up engine. It can reach maximum speed of 12 knots thanks to its two 30kW motors.
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  China's CITIC Construction, in collaboration with Myanmar Agribusiness Public Cooperation (MAPCO), has proposed to invest USD $ 17 million for Agriculture Service Centers

  China’s CITIC Construction has proposed to make an initial investment of $17 million to build Agribusiness Service Centers in cooperation with Myanmar Agribusiness Public Corporation (MAPCO) Ltd, according to MAPCO’s annual meeting held on December 27. “CITIC has proposed to make premium investment of $18 million for the project. Currently, we are discussing the details and hope that we will be able to make it happen very soon,’’ U Chit Khaing, President of MAPCO, said. In July 2017, MAPCO and CITIC Construction Group signed the MoU to implement Agribusiness Services Centers, which will provide services to small and medium farmers, in 33 townships across ten States and Regions.
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  Myanmar needs more growth, long term economic improvement certain and strategy needed (U Win Aung, Chair of UMFCCI)

  The government has come under pressure for its handling of the Myanmar economy, with stakeholders lamenting the slowing pace of economic reform and investment flows. During the first half of 2018, approved foreign direct investments (FDI) totalled just $1.7 billion, compared to $4.1 billion during the same period in the previous fiscal year. Meanwhile, GDP is forecast to slow from 6.8 percent in 2017 to 6.2pc in 2018, according to the World Bank. U Win Aung, former president of the Union of Myanmar Federation of Chambers of Commerce and Industry, is among one those unsatisfied with the economy’s progress. “We should not be content with the current situation. In my opinion, Myanmar needs more growth as the country’s needs are rising,” he told The Myanmar Times in an exclusive interview recently. However, with a good strategy to draw investments and diversify its trade partners, the long term outlook for Myanmar looks promising, said U Win Aung, who also founded Dagon International, a Myanmar construction and timber company, with U Win Thein, who is from the Tatmadaw, in the 1990s. Here is an excerpt of our interview, which has been edited for length and clarity.
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  Hydropower plant was opened in Putao of Kachin State for promoting regional economic development

  Upper NantHtwam Hydropower Plant in PutaO of Kachin State was commissioned into service on Wednesday. Chairperson of the Central Committee for Border Area and National Races Development, State Counsellor Daw Aung Suu Kyi attended the opening ceremony and gave a speech. The State Counsellor said distribution electric power could bring brighter light for the people including children. With the access of electricity, many opportunities will come for promoting economy. She added that the Government is carrying out for development of transportation and electricity sector as the priorities for physically progress of hilly areas. She pointed out that the electricity access could help communicating among the whole nation and the entire world as well. Union Minister for Electricity and Energy U Win Khaing later explained the salient pointes of the construction process. Kachin State Chief Minister Dr. Khet Aung also explained about the benefits, gained by the project.
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  Government signed a contract to buy electricity from Swan Ar Thit Oasis Development Company in order to remote areas where electricity is not available

  Myanmar Electricity Enterprise, under the Ministry of Electricity and Energy, signed a contract to buy electricity from Swan Ar Thit Oasis Development Company so that it can power remote areas where electricity is not available. Electricity from the Upper Balu Chaung Hydropower Project, developed by Swan Ar Thit Oasis, will be sent to the national power grid in next three years. “When the project is finished, we will be able to power many households in villages near Nyaung Shwe City in Southern Shan State, and create jobs for around 500 local people,’’ said U Win Khaing, Union Minister of the Ministry of Electricity and Energy. The project has two power generators: one with an installed power of 20.4 megawatts, and the other with an installed power of 10 megawatts, together they will generate 134.4 million kwh per year.
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  Up to eight foreign insurance providers expected to enter Myanmar market via joint venture with local providers this fiscal year

  Six to eight foreign insurance providers are expected to enter the Myanmar market via joint ventures with local providers this fiscal year, U Thaung Han, secretary of the Myanmar Insurance Association (MIA) and chair of CB Insurance told The Myanmar Times. On January 2, the Ministry of Planning and Finance (MOPF) officially permitted foreign insurance providers to open for business in Myanmar. Life insurance providers will be given two options to operate. The first option allows not more than three licenses for foreign life insurers to operate as 100 percent wholly owned subsidiaries. The second allows foreign life insurers with a representative office in Myanmar to form a joint venture with a local life insurer. Non-life insurance providers with rep offices in Myanmar will be allowed to form a JV with local non-life insurers.
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  Ministry of Natural Resources and Environmental Conservation (MONREC) is now processing 40 mining proposals at large and medium sized mining blocks in Myanmar

  The Ministry of Natural Resources and Environmental Conservation (MONREC) has processed a total of 40 proposals for mineral exploration at large and medium sized mining blocks in Myanmar, its permanent secretary U Min Min Oo said. Feedback on whether any exploration activities will have an environmental or social impact is being sought from the state and regional authorities. The developments come after MONREC in July last year permitted both local and foreign miners to submit exploration proposals to the government. Proposals to explore in large and medium sized mineral tracts will be processed by the Union government, while those for small-scale blocks will be processed by the state or regional authorities.