ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The representative of 30 Thai small and medium-sized enterprises visited Myanmar to seek out local partners

  WITH THE Asean Economic Community opening up the region, representatives of 30 Thai small and medium-sized enterprises visited Myanmar from Monday to Wednesday to seek out local partners. Kitsana Vachekrilas, treasurer of the Thai Chamber of Commerce (TCC) and managing director of Bua Thong Thani Management Co, said in an exclusive interview that all the Thai participants were satisfied with their business trip, as they expected to find partners to help them distribute their products in Myanmar.
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  The import volume has increased by US$600 million when compared to the same period from the previous fiscal year (Ministry of Commerce - MOC)

  The import volume has increased by US$600 million, compared to the same period from the previous fiscal year, according to 2017-18 trade statistics up till May from the Ministry of Commerce (MOC). Total trade volume from April 1, 2017 to June 2, 2017 is $5.07 billion – an export of $1.9 billion and import of $3.11 billion. When compared to last year’s performance, export increased by about $100 million while Myanmar imported $600 million more than last year’s two-month period. “More imports mean more investment. On the other hand, it means more trade deficit. “I don’t like trade deficit. I don’t want to say either it is an economic growth or it is good,” said U Myo Thet, vice chair of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
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  Myanmar has allowed foreign firms to engage in both wholesale and retail trading of agricultural products and constructional materials

  Myanmar has allowed foreign companies to engage in both wholesale and retail trading of fertilizer, pesticide, seeds, hospital equipment and construction materials, according to Notification 36/2017, issued by the Ministry of Commerce. Foreign firms are allowed to do so in line with prescribed health and safety codes and international trade procedures so that the country can use better-quality equipment and materials to improve the infrastructure in the agriculture and health sectors.
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  Since the success of small and medium-sized enterprises (SMEs) is fundamental to a country's economic development, it should be a priority for any administration which is keen to maintain prosperity (economists and businessmen)

  When developing a country’s economy, the success of small and medium-sized enterprises (SMEs) is a vital part and should be a priority for any administration which is keen to maintain prosperity. In order for strong businesses to emerge and compete with other regional enterprises, enterprises will need to grow and develop. For that to happen, SMEs need to have an environment where they can develop, as well as access to finance and support. Economists and businessmen alike have pointed to the fact that Myanmar needs to focus on export so that the economy can grow.
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  Community tourism projects face challenges in promoting their market and services, according to the speakers at the Communities and Tourism Conference in Nay Pyi Taw

  Community tourism projects struggle to market their products and services, according to speakers at the Communities and Tourism Conference held in Nay Pyi Taw on June 13-14. The event was organised by Hanns Seidel Foundation (HSF), Myanmar Centre for Responsible Business (MCRB) and Myanmar Responsible Tourism Institute (MRTI). Existing community tourism projects, new initiatives, tour companies and professionals took part in the conference. It was also attended by around 15 legislators from areas where communities had expressed an interest in tourism involvement. New destinations represented at the conference included Myeik archipelago and Lampi, trekking in Danu regions in Shan State, Ngayokekaung, Gwa, tours in the Yangon area, Tamarind Lake Village, and Kantpetlet, according to the press statement from the three organisers.
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  The Ministry of Commerce expects about 150 foreign companies to invest US$ 1.7 billion in Thilawa Special Economic Zone

  The Ministry of Commerce expects about 150 foreign companies to invest US$1.7 billion in the Thilawa Special Economic Zone, located in southern Yangon Region, when it is completed. Deputy Minister Aung Htoo predicted the export volume from Zone A of the Thilawa SEZ to reach $600 million, which would account for 5 per cent of Myanmar’s total export volume. There are already 82 companies from 17 countries with investments in the SEZ. Some of these companies, particularly those in the garment, shoes, toys, spare car parts and electronics industries, have begun operations.
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  Ministry of Commerce plans to set up an export-import bank to help boost the country’s overseas business activities

  The Commerce Ministry is planning to set up a bank capable of assisting exporters and importers to help boost the country’s overseas business activities. Aung Htoo, Deputy Minister for Commerce, said: “We want to establish the bank for export and import. The bank can guarantee losses of exporters and importers. The bank can help until the payment is made. We want to promote exports. Financial assistance can also be supported.” Negotiations are ongoing whether a separate bank will be set up or an existing bank will be upgraded.
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  Daewoo minibuses from Htauk Kyant factory in Yangon will locally be manufactured to help improve transport efficiency and ease congestion, according to the firm’s executive director U Kyaw Kyaw Aung

  Myanmar Trade Center Co will roll out locally manufactured Daewoo minibuses from its Htauk Kyant factory in Yangon by the end of this year, said the firm’s executive director U Kyaw Kyaw Aung, in a bid to help improve transport efficiency and ease congestion. U Kyaw Kyaw Aung added by 2018 the company will be producing city buses, which are aimed not only for the local market but also for export purposes. The city buses and the minibuses will be powered by compressed natural gas (CNG) and diesel engines, he said, adding that the company has already signed an agreement with the Ministry of Industry on May 30.
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  Supporting SMEs, local manufacturing and operating in underdeveloped areas are criteria for FDI approval in Myanmar (official)

  A top official from the Ministry of Commerce told an audience of foreign investors and businesses that foreign investments should be able to support SMEs, manufacture products in Myanmar and operate in underdeveloped areas. Those are the criteria upon which the government will approve or reject foreign investment proposals. The government will scrutinise every foreign investment application and only approve investments which are beneficial for the country, said U Toe Aung Myint, permanent secretary of the Ministry of Commerce.
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  The Central Bank of Myanmar will no longer fix foreign currency exchange rates and will start introducing an interbank market rate in late 2017 (Ministry of Planning and Finance)

  The Central Bank of Myanmar will no longer fix foreign currency exchange rates and will start introducing an interbank market rate in late 2017, according to Dr Sandar Oo, the managing director of the Ministry of Planning and Finance, at the Myanmar Investment Forum 2017 held at the MICC-2 in Nay Pyi Taw. “The central bank creates the daily auction system. It is just one-sided trading. The central bank serves as a seller. It will ditch the daily auction and implement an interbank system. There will be no big difference between the auction rate and the market price. We are working with the International Monetary Fund to implement it at the end of this year.”