ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Awra Trading Co., Ltd will start supplying liquefied petroleum gas (LPG) as an alternative to petrol in Yangon (U Kyaw Myo Naing, Chair of Awra Trading Co., Ltd)

  Awra Trading Co Ltd will start supplying liquefied petroleum gas (LPG) as an alternative to petrol in Yangon, said chair U Kyaw Myo Naing. On December 16, the local company launched its LPG Auto Gas Filling Station & LPG Conversion Kit Installation Center in Shwe Pauk Kan Industrial Zone, Yangon. “We are expanding and now able to provide sufficient supply of LPG for automobiles, U Kyaw Myo Naing told the Myanmar Times during the launching ceremony. Established in 2005, Awra Trading supplies LPG imported from Thailand to retailers in Yangon and other states and regions. It runs a filling station and other facilities in the country, according to its website The idea of using LPG as alternative to fuel is not a new one in Myanmar. In fact, both the government and private sector had in the past explored the possibility of using LPG in motor vehicles.
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  Press conference on the 7th Myanmar Heritage Trail Tourism Rally 2019 was held in Yangon to market and promote Myanmar for the benefit of the entire tourism industry

  The destination of the 7th Myanmar Heritage Trail Tourism Rally 2019 will be the Naga Land according to the Press conference of Myanmar Tourism Marketing held in Yangon on Tuesday. Myanmar Tourism Marketing has been organizing such kind of Rally tour since 2015 with the aims to market and promote Myanmar for the benefit of the entire tourism industry. Myanmar Tourism Marketing tries to increase the public awareness of lesser known tourist destinations in Myanmar, at home and abroad as well as to show Myanmar as an ecological tourism destination through the Rally. Executive Committee Member, Myanmar Tourism Marketing, Win Tin said “This is 2th time Rally of our MHTTR in collaboration with Sagaing Region Government. Our tour will start from Yangon to MonYwa, Mawlaik, Tamu and Homalin. And then, we will continue to Lay Shi (Naga) where we will stay 3 days and we will also join and observe Naga’s New Year festival. The way back to home will across Mu Chaung, Maing Chaung, Ye-U, Shwe Bo and Sagaing. We have plans to organize 8th Myanmar Heritage Trail Tourism Rally in 2019, the destination is India and we will cross the border gate in Chin State that has opened recently.”
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  Bago Regional Government will retake land location in Bago Industrial zone in early 2019 if the investors haven’t implemented the project on the designated land

  In early 2019, the Bago Regional Government will retake land located in the Bago Industrial Zone if the investors have not implemented the project on the designated land. Under the former President U Thain Sein, the government allocated 800 acres of land to investors to implement Bago Industrial Zone, in Bago city. But most of the land plots are still left without any construction or progress; therefore, the regional government analyzed it by categorizing them in to three groups: Group (A) includes those who have implemented or are implementing a project; Group (B) includes those who are in thr construction process or have not received industrial permits and Group (C) include those who have not implement anything at all. “There some businessmen who need to re-apply for industrial permits to work with other partners operating in Bago Industrial Zone. We will re-take lands allocated to investors, who did not implement the project, by grouping into three. Then government will decide whether to give priority to them or to new investors when the lands are used for the next projects,’’ said Dr. Saw Nyo Win, a spokesperson of Bago Regional Government and Regional Minister of Resources, Forest, Environmental Conservation and Municipal.
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  Myanmar Agriculture Development Bank, Myanmar Insurance and Sompo Japan Nipponkoa Insurance Inc signed an agreement to conduct trials for weather index-based crop insurance scheme in Myanmar to protect farmers from losses due to adverse weather

  With the appraval of the Ministry of Planning and Finance, the Myanma Agriculture Development Bank, Myanmar Insurance, and Sompo Japan Nipponkoa Insurance Inc. yesterday signed an agreement to test a weather index-based crop insurance scheme in Myanmar to protect farmers from losses due to adverse weather. The insurance product designed by Sompo Japan was transferred to MI after Dr. SandarS Oo, the managing director of MI, U Min Thu, the managing director of MADB, and Mr. Keiji Okada, a representative from Sompo Japan, signed an agreement at the Myanma Insurance office. “Farmers have to take loans from MADB to cultivate crops. It is hard for them to pay off their loans if their crops are damaged due to erratic weather conditions, which lands them in a debt trap. This being so, the weather index-based crop insurance scheme will be implemented to help farmers tackle such problems,” said Dr. Sandar Oo.
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  Local fuel prices fell by 14 percent to 27 percent over the past two months due to the decreasing global oil prices and slight fluctuation in the dollar price

  Local fuel oil prices have decreased by 14 percent to 27 percent over the past two months due to decreasing global oil prices and slight fluctuation in the dollar price , according to petrol stations. Prices fell to K940 for one litre of 92 Ron octane, K840 for one litre of 95 Ron octane, K940 for one litre of diesel and K950 for one litre of premium diesel. When global oil prices got high and dollar appreciated, local fuel prices increased continuously with 21 percent in four months from June to October this year. At that time, one litre of 92 Ron octane was priced K1,065, one litre of 95 Ron octane K1,115, one litre of diesel K1,095 and one litre of premium diesel K1,105.
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  Magwe Region Government plans the growing of cotton instead of pigeon peas in coming growing season (U Win Maw Htay, Regional Minister for Agriculture, Livestock and Irrigation)

  The Magwe Region government will arrange the growing of cotton instead of pigeon peas in coming growing season, Regional Minister for Agriculture, Livestock and Irrigation U Win Maw Htay told The Myanmar Times. Pigeon peas are one of the crops that lost access to the Indian market after the country changed regulations for the import of pulses and beans earlier this year. “The ministry will organise educational talks for farmers to show them the financial viability of switching to planting cotton. There will be forcing of farmers to grow the alternative crop but farmers are encouraged to voluntarily switch to cotton,” he said. The Magwe Region government will arrange the growing of cotton instead of pigeon peas in coming growing season, Regional Minister for Agriculture, Livestock and Irrigation U Win Maw Htay told The Myanmar Times.
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  KBZ Bank introduced KBZPay, a new digital wallet across Myanmar to drive public awareness, encourage sign-ups and promote usage into digital economy

  KBZ Bank, Myanmar’s largest privately-owned bank, has officially introduced KBZPay, complemented with on-ground activations in Yangon and cities across Myanmar to drive public awareness, encourage sign-ups and promote usage. Through KBZPay, millions of people in Myanmar will be brought into the digital economy, making 100% financial inclusion a reality, and ultimately improving their lives. KBZPay is a digital wallet that is stored in an app on the mobile phone. Aside from being able to store money, the KBZPay app allows customers to make cashless transactions, to send and receive money, and to withdraw physical cash through authorised agents. Now available for download across the country, KBZPay offers a safer, simpler and more convenient way to transact money.
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  Over one million workers in garment and fishery industries might be affected if the European Union decides to revoke the Generalized System of Preferences (GSP) ( U Maung Maung, Chairman of Confederation of Trade Union Myanmar - CTCCUM)

  Confederation of Trade Unions Myanmar (CTUM) Chairman Maung Maung said that over 1 million workers from the garment and fishery industries might be affected if Generalized System of Preferences (GSP) was revoked by European Union (EU). “Over 700,000 workers from the garment industry and over 400,000 workers in fishery industry will lose their jobs and their families will be in trouble. We don’t want to see this situation. So, we request the EU not to revoke GSP,” Maung Maung said. Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI), Confederation of Trade Unions Myanmar (CTUM) and Myanmar Industry Craft and Services, Trade Unions Federation (MICS-TUsF) jointly organized a forum under the title ‘Together we succeed, Why GSP is essential for Decent Work and Industrial Peace’ at UMFCCI office on December 17 for advocating to not revoke GSP as it would stop and stall development in the country.
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  Central Bank prepares to release new directives on the liberalization of the country’s interest rates due to the higher levels of inflation spikes

  Inflation in Myanmar has hit a two-year high of 8.2 percent since August, up from 5.5pc last year as a result of a steep drop in the value of the local currency against the US dollar, rising food prices and a recent spike in global oil prices, according to the World Bank. The higher levels of inflation come even as pressure is mounting for the authorities to restructure the country’s interest rate regime, which hinges on stable and low inflation. The Central Bank of Myanmar (CBM) is currently preparing to release fresh directives on the liberalisation of the country’s interest rates. This will take place soon after a credit bureau tasked with providing credit data on borrowers to banks is established in the middle of next year, CBM Deputy Governor U Soe Thein said on December 11. The five-point directive will include possible guidelines on lowering local interest rates, making it more affordable for firms to take loans in Myanmar, U Soe Thein said. Yet, the World Bank is now expecting inflation to reach 8.8pc in the current fiscal year and remain above 8pc the following year. The International Monetary Fund is also forecasting inflation to be higher than 8pc for the year.
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  Joint venture between Loi Hein and Osotspa Public Company Limited (OSP) opened a new Myanmar beverage production facility in Thilawa Special Economic Zone

  Osotspa Public Company Limited (OSP), a Thailand-based consumer products manufacturer and distributor, and Loi Hein Co., Ltd., Myanmar’s largest drinking water and beverage business, recently held a groundbreaking ceremony for the construction of a new beverage production facility located in the Thilawa Special Economic Zone in Yangon. The new beverage production facility is located on approximately 132,800 square meters of land in the Thilawa Special Economic Zone (Zone B). It will be operated by Osotspa Myanmar Co., Ltd., a joint venture in which Osotspa PCL holds an 85% share and Loi Hein Co., Ltd. holds a 15% share. The project represents a total investment of 2,400 million baht funded by the proceeds received from Osotspa’s initial public offering (IPO) which took place in October. Construction of the new plant is expected to be completed and ready for operations in the fourth quarter of 2019. It will produce drinks for distribution in Myanmar.