ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Regional government will deport illegal aliens who are working at watermelon and muskmelon farms and using illegal pesticides in Sagaing

  Sagaing Region government minister of Agriculture, Livestock and Irrigation said today at the assembly that some foreigners were working illegally at watermelon and muskmelon farms in Sagaing Region and they using illegal pesticides. Minister Kam Zar Hmong said at assembly session that some foreigners stayed and worked illegally at watermelon and muskmelon farms with produce being exported through 105-milepost Sino-Myanmar Trading Centre. 38 illegal aliens were deported last year and this year and one of these illegal foreigners were prosecuted. The Minister answered a question from Aung Kyaw from Butalin constituency regarding illegal Chinese nationals working at these watermelons and muskmelons farms he also said that the government did monthly regular foreigner control and verification work.
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  Directorate of Water Resources and Improvement of River Systems and JICA signed an agreement worth 6,033 million yen to implement Mandalay port construction project

  The Directorate of Water Resources and Improvement of River Systems and Japan International Cooperation Agency signed an agreement worth 6,033 million yen in grant aid for a Mandalay port construction project on Wednesday. The agreement signing ceremony was attended by Director General Tun Lwin Oo and officials from the directorate and JICA officials. The Mandalay port construction project will be implemented this month under the programme. Plans are also underway to pay land compensations. The port project area will cover area from Shwe Hlan Bo Monastery between Amarapura and Mahaaungmyay townships to the bank of the Ayeyawady River. The project will include construction of a 300 foot-long three-land approach road, a 180-metre-long jetty, a container yard, warehouses and port offices and installation of machinery and equipment for handling of goods.
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  Government authorities are preparing to draft a law to regulate the multi-level marketing and protect consumers

  Following the government’s prohibition of multi-level marketing via a notification dated September 18, consumer rights advocates and other experts have come out to say more must be done to educate the public about the drawbacks of the system. The notification from the Ministry of Commerce says those found operating MLM-type businesses will face legal action under the Essential Supplies and Services Law. The law states that if found guilty, the person will face imprisonment between six months and three years and shall also be liable for a fine not exceeding K500,000. Unlike ordinary businesses, MLM businesses tend to rely on participants recruiting others to work beneath them for a cut of their profits. This can result in something resembling a pyramid scheme where the early participants reap the most while those lower down struggle to recruit more people for the scheme.
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  The border trade value increased by USD $ 592 million during six months interim period before the next 2018- 2019 financial year when compared to the same period of last fiscal year

  The value of border trade from 1 April to 31 August, during the six-month interim period prior to the next 2018-2019 financial year, increased by US$592 million, compared to the same period last year, state media reported. Border trade from 1 April to 31 August 2018 $4.01 billion, which included $2.55 billion in exports and $1.45 billion in imports, according to statistics from the Ministry of Commerce. Myanmar trades with neighbouring countries China, India, Bangladesh and Thailand.
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  Directorate of Investment and Company Administration (DICA) announced that only 61 public listed companies, including AMATA Holding Public Co., Ltd and Telecom Public Co., Ltd are entitled to sell shares to the public

  Apart from 61 public listed companies, any business entities have no right to sell shares to the public, according to a statement by Directorate of Investment and Company Administration (DICA). According to DICA’s statement dated October 1, AMATA Holding Public Co., Ltd and Telecom Public Co., Ltd are able to sell shares to the public. The DICA will also later release the list of additional public companies which have earned rights for public offerings. On August 8, 2017, the DICA announced the names of 55 public companies which can take part in share trading and which are formed in accord with the Myanmar Companies Act. Four additional public companies were also announced on September 17 via the State-owned Mirror Daily.
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  The Office of the Quartermaster- General in Yangon terminated the lease agreement worth USD $ 500 million on Chinese-backed Yangon development project as the developer Zaykabar had breached the terms of the deal

  YANGON – The Office of the Quartermaster-General in Yangon has cancelled the lease agreement for a US$500 million mixed-use project in Yangon, because it said developer Zaykabar had breached the terms of the deal, including by signing a joint venture agreement with a Chinese company. The company owned by construction tycoon U Khin Shwe intended to build 12 high-rise towers on 13 acres (five hectares) of military-owned land, on a prime hill-top site in Yangon’s Bahan Township. The project has been on hold since early this year due to objections from residents. The height of the buildings (ranging from 382 to 412 feet) would have been within zoning guidelines, but residents complained it would obscure their view of Shwedagon Pagoda and said that it threatened historic buildings, including the former Mayor’s Residence and Mayor’s Guest House. There were also fears that it would damage the adjoining Kokkine reservoir, which distributes water to eight townships.
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  With the assistance of German Kfw development bank, Myanmar government upgraded the German- Myanmar friendship rural road in southern Shan State, which was inaugurated to promote the social-economic life of local people

  A rural road constructed with the assistance of German KfW development bank was opened yesterday in Kalaw Township, southern Shan State. The new road will benefit over 15,540 people from 30 villages in the area and would directly result in promotion of socio-economic life of local people. The road is 13.48 km long and 4.5 metre wide. Speaking at the ceremony to inaugurate the road, Union Minister for Construction U Han Zaw stressed the importance of rural roads in promoting the socio-economic life of rural people, disclosing that the country is in need of all-weather roads in rural areas. He also said that his ministry is drafting policies for road and bridge development as part of efforts for smooth transportation in the country. Under the assistance of German KfW development bank, upgrading the rural roads in Taunggyi District started in 2014 at a cost of 7 million euros, and the upgrading of the roads with a total distance of 30 km have been completed. Meanwhile, the work on upgrading of six rural roads with a total distance of 60.5 km in Taunggyi, Kalaw, Hopone, Nyaungshwe and Yaksawk townships were upgraded at a cost of 11 million euros, and they were also commissioned into service yesterday.
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  Two major business groups warned against blaming “economic malaise” on the northern Rakhine crisis, calling for less protectionism and gerontocracy, as well as involvement of the younger generation and clarity on the regulatory environment

  Two major business groups in Myanmar have warned against blaming all of the country’s economic woes on the northern Rakhine crisis, urging the government to tackle protectionism, involve the younger generation and provide clarity in the regulatory environment. The British Chamber of Commerce Myanmar (BritCham) said Rakhine is “far from being the sole or main factor” in Myanmar’s “current economic malaise”, while the European Chamber of Commerce in Yangon called the misconception that Western FDI is not forthcoming purely because of Rakhine “cannot be further from the truth”. In reality, the lack of clarity on regulations and fumbling of reforms have deterred many international investors. But both organisations warned that the humanitarian nightmare looms large for Myanmar “like a sword of Damocles” and that trade promotion abroad for the country has therefore been made “mission impossible”. The intervention came as the National League for Democracy-led (NLD-led) government just reached midpoint of their five-year term and has come under increasing pressure over its handling of the economy. Local officials have sought to explain the disappointing FDI inflow and falling investor interest as a result of the reaction of Western investors to the catastrophe in northern Rakhine.
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  Union Minister for Commerce, Dr. Thant Myint called on the local entrepreneurs to invest in China- Myanmar border economic zone project

  Union Minister for Commerce Dr Than Myint has called on local entrepreneurs to invest in a border economic zone project in China-Myanmar. “The government has a plan to implement other economic zones. During Myanmar State Counsellor Aung San Suu Kyi’s tour to China last year, a contract was signed on the establishment of trading and processing zones in Kachin, Shan and Yunnan Province on China-Myanmar border. The central working committee has been formed for the implementation of these projects. Soon the central committee will implement these projects after holding discussions with Kachin and Shan State governments,” Dr Than Myint added. “Entrepreneurs can make investments in the projects. They can give suggestions. Thanks to it, we can implement the projects successfully. I would like to inform entrepreneurs that there are many investment opportunities not only in Thilawa Special Economic Zone but also in other zones,” he continued.
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  Local fuel prices increased by over 19 percent over the past four months due to the dollar appreciation

  Local fuel prices have increased by over 19 percent over the past four months due to dollar appreciation, according to filling stations. On Monday in local market, maximum prices fixed by Myanmar Oil Importers and Distributors Association were Ks1,075 for one liter of diesel (K4,887 per gallon), K1,085 for one liter of premium diesel (Ks4,932 per gallon), Ks1045 for one liter of 92 Ron octane (Ks4,750 per gallon) and Ks1,095 for one liter of 95 Ron octane (Ks4,977 per gallon). In comparison with the prices on June 3, prices have increased by 18.13 percent for diesel, 17.29 percent for premium diesel, 18.75 percent for 92 Ron octane and 17.74 percent for 95 Ron octane. Since the second week of October in 2017, oil prices per barrel have significantly increased with US$49 in early August, US$51 in early October, US$55 in early November, US$58 in early December, US$61 in early January this year, US$64 in early February, US$68 in late April, US$72 on May 21, and US$74 on July 10.