ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

• 

  Myanmar government relaxed restrictions on visitors from Japan, China and Hong Kong in order to increase tourism business in Myanmar

  With the aim of increasing tourism business in Myanmar, ordinary passport holders from Japan, South Korea, China, Hong Kong and Macao will have visa entry relaxed as 1 year of probation period from 1 October 2018 to 30 September, 2019, state media reported. Travellers from Japan, South Korea and China’s Administrative Regions: Hong Kong, Macao will be allowed visa exemptions to enter and leave Yangon, Mandalay and Nay Pyi Taw international airports, Yangon international harbor, Tachilek, Hteekhee and Kawthoung international airport (Myanmar-Thailand), Tamu and Rechawdar international airport (Myanmar-India).
• 

  Yangon International Airport continues push to become a high- performance airport that promotes tourism to Myanmar

  Yangon International Airport (YIA) attended World Routes 2018 in Guangzhou, China from 15-18 September 2018. As part of YIA’s push to become a high-performance airport that actively plays a role in promoting tourism to Myanmar, the YIA team held individual meetings with over 50 different airlines including airports and tourism ministries from different countries. Twenty-five of the meetings held consisted of airlines and airports from the Asia-pacific region. This event marks YIA’s 10th attendance at Routes Asia and World Routes since 2014. This year YIA brought the culture of Myanmar to Guangzhou by showcasing traditional marionette puppet performances as well as professional Chin Lone players entertaining the attendees.
• 

  Myanmar authorities successfully renegotiated the new ownerships terms for Kyaukphyu SEZ

  Myanmar and China are on the cusp of signing a framework agreement on the development of Kyaukphyu Special Economic Zone (SEZ) in Rakhine State, U Than Myint, Minister of Commerce and chair of the Myanmar SEZ Central Committee, told The Myanmar Times. The agreement, which is expected to be signed before the end of the year, will see the Chinese taking up a 70 percent stake in a strategic deep sea port at the SEZ. The remaining 30pc will be taken up by the Myanmar government and local public firms, U Than Myint said. The Chinese have also agreed to new arrangements that will help Myanmar lighten its financial burden as it takes on a larger stake in the project. Construction of the port will commence after the terms are finalised and the framework agreement has been signed. The development comes after months of difficult negotiations between China state investment vehicle CITIC Group and the NLD-government to reduce the Chinese consortium’s stake in the port from 85pc to 70pc. Under the previous government, CITIC had won the original tender to build the port based on an 85:15 ratio.
• 

  Myanmar Petroleum Trade Association (MPTA) called on business persons not to sell fuel at the rate less than purchase prices

  THE Myanmar Petroleum Trade Association (MPTA) has requested businesspersons not to sell fuel at the rate less than purchase prices to avoid the possible risks like financial fraud, said its secretary Dr Win Myint. This come from the meeting of the association held on Saturday, 28 September. Currently, some filling stations are selling fuels at prices which are lower than their purchase prices in the domestic market. Dr Win Myint added that selling of fuels at less than purchase prices can impact the market in the long run. Financial problems may arise in the future. At present, some filling stations in the countryside discontinued their business. Internationally, this is an unfair competition arising due to the stiff competition of big companies. Therefore, the association called on entrepreneurs to sell fuel at above purchase prices.
• 

  Directorate of Investment and Company Administration (DICA)’s new electronic registry system, MyCo registry starts accepting company filings

  The Directorate of Investment and Company Administration (DICA)'s new electronic registry system will start accepting a number of forms related to company registration from today onwards. All company registration and filing processes has re-commenced since August 1 under the system Myanmar Companies Online (MyCO). The MyCO registry will be accepting the following forms online from now on: Form C1 (Notice of alteration of constitution), Form C2 (Notice of change of company name), Form C4 (Notice of change of registered office or principal place of business), Form D1 (Particulars of directors and secretary), Form G1 (Statutory Report of public company), Form G2 (Prospectus of public company), Form G3 (Statement in lieu of prospectus of public company) and Form G4 (Statement in lieu of prospectus of public company).
• 

  Central Bank of Myanmar will take action against private banks for opening branches without acquiring permission

  The Central Bank of Myanmar will take action against private banks that opened branches without acquiring permission, said U Soe Mine, Vice President of Central Bank. He included these comments in his explanation to the parliament session on Pyithu Hluttaw Public Account Joint Committee’s findings and feedback report (7/29/18) on Auditor General Office’s 2016-2017 report. “According to the decision of the Central Bank of Myanmar’s board of director’s meeting, we are planning to fine private banks that opened branches without acquiring permission from the central bank,’’ he added.
• 

  Myanmar government authorities upgraded the Reekhorda- Zokhawthar border gate into international level facilities which is expected to lead to greater development of tourism and trade

  “As the Reekhorda-Zokhawthar border gate has become an international level facility it will help develop tourism as well as trade,” said Vice President U Henry Van Thio during his inspection of the freight handling yard there yesterday. After examining the newly- built cargo inspection stands, the Vice President stressed the introduction of appropriate upgrading programs and facilities through modern designs that are suitable to the country. The border checkpoint between Reekhorda town and Zokhawthar village in Mizoram State of India is located in Chin State in the northwest of Myanmar.
• 

  The two Ambassadors from Japan and United States visited Thilawa Special Economic Zone (SEZ) to understand opportunities for US investors to invest in Thilawa SEZ

  Japanese and US ambassadors met on Thursday and visited Thilawa SEZ, Special Economic Zone, south of Yangon between Thanlyin and Kyauktan Townships. The 2 ambassadors toured around places including Myanmar Japan Thilawa Development Ltd., MJTD and One Stop Service Centre. Thilawa SEZ is a project with the collaboration work of Myanmar Japan Thilawa Development Ltd., Thilawa SEZ Management Committee, Government of Japan through Japan International Cooperation Agency and the Yangon Region Government. With over a 3-year experience of commercial operation, 97 investors from 17 countries have been approved for investment permit so far.
• 

  Myanmar tourism authorities prompted a move towards the Asian market as Myanmar’s image in western countries had been spoiled by the Rakhine crisis

  The government has rolled out incentives for Asian tourists, but industry insiders say more could be done to woo back westerners. TOURISM IN Myanmar boomed after political reforms were launched in 2011, but against the backdrop of the crisis in Rakhine State, recent tourism statistics have spelled trouble for an industry currently angled towards big-spending, longer-staying tourists from Europe and North America, and have prompted a move towards the Asian market. The Ministry of Hotels and Tourism says that - minus the 1,039,949 doing border hops without visas - 682,100 tourists visited in the first six months of 2018, a rise of 2 percent from the same period a year before. However, North American visitors had dropped by 15 percent, to 40,233, and visitors from Western Europe by 26 percent, to 93,138.
• 

  Government expects to attract more investments in the oil and gas sector as it is planning to open up more blocks to investors

  The Ministry of Electricity and Energy (MOEE) officially announced that the ShweYee Htun-2 appraisal well at offshore block A-6 near Rakhine State is able to produce natural gas for commercial purposes. However, U Win Khine, Union Minister of the MOEE, did not provide a timeframe on when the profit sharing contract (PSC) for development of the well would be signed. “Negotiations are still in the process. So we cannot provide an exact date on when the PSC between the government and oil majors can be signed for now,” he said in a press conference held in Nay Pyi Taw on September 25.