ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar government is in the process of drafting an e-commerce law to regulate online trading of goods and services to protect consumers

  Myanmar will aim to enact its first E- Commerce Law as part of its efforts to meet the goals set by the ASEAN Economic Community (AEC), U Toe Aung Myint, secretary of the Ministry of Commerce (MOC), said during an AEC 2025 workshop in Yangon Wednesday. ASEAN members are targeting having an AEC that is highly integrated and cohesive with enhanced connectivity and cooperation by 2025. As such, the country will require strong legislation to govern the rising volume of domestic and cross-border e-commerce transactions, U Toe Aung Myint said. “The government is in the process of drafting an E – Commerce Law to regulate online trading of goods and services to protect consumers and prevent fraud,” he said.
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  No approvals are required from Ministry of Agriculture, Livestock and Irrigation for commercial livestock farming investments under $5 million

  Only capital investments in commercial livestock farming exceeding $5 million or K6 billion will require approval from the Ministry of Agriculture, Livestock and Irrigation, according to the Myanmar Investment Commission on Wednesday. Investments in commercial livestock farming below $5 million will no longer require government approval. Investments in livestock and fisheries, which include those in commercial livestock farming, have been on the MIC’s list of 18 restricted investment activities since April 10, 2017. As such, all investments in the sector required prior approval from the relevant ministries in the past.
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  Global World Insurance Company presented crop insurance pilot project

  Q: What is the pilot project of crop insurance? A: The crop insurance system is designed to cover damages to crops due to erratic weather conditions in the country. The government gave the green light to carry out the pilot project of crop insurance on 31 January 2018. This permit is not meant for running a crop insurance business but for research and experimentation. Q: How long does it take to conduct a pilot project for research? What are your further plans? A: The pilot project will be undertaken for two years, covering the Yangon, Ayeyawady, Magway and Mandalay regions. If other regions and states also demand a pilot project, we will proceed to those areas. We will undertake the project first for paddy on an experimental basis rather than edible oil crops, industrial crops and garden crops.
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  Government officials and private business people discuss efforts to improve ease of doing business ranking in 2019

  Departmental officials and private businesspeople on February 26 held talks on efforts to improve the Ease of Doing Business Ranking in 2019. The discussion was held at the office of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). Myanmar faces slow economy as it stands 171st among 190 countries in the ease of doing business ranking. Some foreign investors have reviewed that the slow economy is due to the lack of infrastructure and weak policies. The World Bank has issued questionnaires for 2019 to local and foreign entrepreneurs so that they can help ease doing business and improve economy.
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  Myanmar authorities plan to culture golden pearls in Myeik Archipelago, Tanintharyi region, on a commercial scale

  MYEIK- Plans are underway to produce golden pearls which are very popular among the international countries, in Myeik Archipelago, Taninthayi Region. Moreover, the 6th Pearl Expo will be held in Hong Kong from February 23rd to 25th. Myanmar Pearl Production and companies from home and abroad are now culturing the pearls which were keen on paying attention. This year pearl production exceeds to the target. “First every Myanmar Pearl Expo was held in Les Veges of the United States of America, last year. We gained more success. Likewise, we are going to show 6th Myanmar Pearl Auction in February. We would like to say that the international countries are now interesting the Myanmar Pearls being produced in Taninthayi Region. According to the records of local and international emporiums, merchants from Asia and Europe mostly had to buy Myanmar Pearls. Likewise, the merchants from Japan, China, Korea, Thai, Singapore, Canada, India and the U.S bought the pearls,” said Myo Lwin, Deputy General Manager of the Myanmar Pearl Enterprise.
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  About 70 percent of overall foreign investment in Myanmar comes through Yangon region (U Than Aung Kyaw, Deputy Director of Directorate of Investment and Companies Administration – DICA)

  About 70 per cent of overall foreign investment flowing into Myanmar comes through Yangon region, said Deputy Director Than Aung Kyaw from the Directorate of Investment and Companies Administration (DICA). Investment committees from regions and states are allowed investments worth US$5 million and 6 billion kyat. Yangon region investment committee allowed 27 foreign investments and four local investments in industrial and service sectors from August 2017 to January 24, 2018. Investment capital totalled over $40 million and 11.719 billion kyat and created a potential 12,399 job opportunities. The foreign investments originated in Singapore, China, South Korea, Taiwan, Hong Kong, Japan and Malaysia.
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  Under the arrangement of the Insurance Supervisory Committee, foreign insurance companies will be allowed to enter Myanmar

  Foreign insurance companies will be allowed to run in Myanmar under the arrangement of the Insurance Supervisory Committee, said Dr Sandar Oo, managing director of Myanma Insurance, during Myanmar Insurance Summit 2018 held at Sule Shangri-La Hotel in Yangon on February 22. "If foreign insurance firms are allowed to operate here, they will bring here investment, technology and expertise. Then we will able to give insurance protection to the people. Through cooperation, we will gain experience. Another thing is that we will have our rivals. As we have the committee for management affairs, we can seek ways to benefit both local and foreign companies. Foreign companies will be entering our country soon. The supervisory committee will announce soon," said Sandar Oo. As there are few people who have insurance cover at Myanma Insurance, foreign companies will have many chances here, she added.
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  Trade volume during 10 months in the 2017-18 fiscal year is on course to exceed the target of $ 29 billion (U Khin Maung Lwin, Assistant Secretary of Ministry of Commerce)

  Trade volume during 10 months in the 2017-18 fiscal year has exceeded US$28 billion and it is on course to exceed the target $29 billion, according to U Khin Maung Lwin, assistant secretary from the Ministry of Commerce (MOC). The export volume from April to the first week of February was $12 billion and import almost reached $16 billion. Compared to the same period last year, this year’s trade volume is $4.2 billion more. Only $800 million is needed to meet the $29 billion target and thus at the end of the fiscal year, it is expected to exceed the target. Export volume includes $2596 million worth of agricultural products, $1241 million of mineral products, $5678 million of industrial products, $36 million of animal products, $500 million of marine products, $185 million of forest products and $1909 million of other products totaling $12,229 million.
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  In order to reduce domestic fuel costs, Myanmar considers directly importing fuel oil from oil exporting countries

  The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Myanmar Petroleum Trade Association (MPTA) have suggested that Myanmar directly import fuel oil from oil exporting countries in Asia. The move took place during a meeting with U Win Khine, Minister of the Ministry of Electricity and Energy (MOEE) at the UMFCCI office on Saturday. Myanmar currently imports 600,000 tonnes of oil per month. The imports are mainly from Singapore, which, in turn, buys from India, China, South Korea and Japan, according to the MPTA. To reduce the price of fuel for the locals, industry leaders reckon Myanmar should bypass Singapore and buy fuel oil directly from the oil exporting countries, which would save the country $20 per tonne of fuel.
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  Myanmar government will invest in building the necessary infrastructure needed to link Dawei in Tanintharyi Region to a power station in Mawlamyine in Mon State (Dr. Tun Naing, Deputy Minister at Ministry of Electricity and Energy)

  Myanmar will invest in building the necessary infrastructure needed to link Dawei in Tanintharyi Region to a power station in Mawlamyine in Mon State, enabling Dawei to gain access to electricity, said Dr Tun Naing, deputy minister at Ministry of Electricity and Energy (MOEE). This will involve a 60-mile, 66 kilovolt power transmission line linking Dawei to Mawlamyine through Ye township in southern Mon State, as well as an accompanying KV5 sub-station, which will be constructed in Ye. The station in Ye will draw power from the main Mawlamyine power station and transmit power to a third station in Dawei, which is the site for the proposed controversial Special Economic Zone (SEZ). The government will allocate funds from the upcoming 2018-19 Budget towards the project. The project, which will take two years to complete, will begin in 2019, said Dr Tun Naing, who is also chair of the Dawei SEZ Management Committee.