ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar border trade with foreign countries reached over USD $ 8.6 billion as of July 10 in the current 2019 – 2020 fiscal year

  Myanmar’s trade with foreign countries through border gates reached over 8.6 billion U.S. dollars as of July 10 in present fiscal year (FY) 2019-2020 which started in October, according to figures released by the Commerce Ministry, Xinhua reported. During the period, the country's export via border gates earned over 5.8 billion U.S. dollars while its import shared over 2.7 billion U.S. dollars.
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  Some local and foreign investors are eyeing to invest in industrial estate development sector

  Some local and foreign investors are interested in industrial estate development sector, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration. At present, domestic, foreign enterprises and joint ventures are discussing to invest in industrial estate development sector. “We are preparing to have readiness for investments in the industrial zone development sector. We had discussions regarding this, but any proposal is not received yet,” he said. In the current fiscal year 2019-2020, zero investment is found in the industrial estate development sector.
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  The water treatment plant to be implemented in Hlegu Township with USD $ 180 million loans from ADB Bank

  A water treatment plant will be built in Hlegu Township, Yangon, using $180 million budget borrowed from ADB Bank, according to U Maung Maung Win, Deputy Minister of the Ministry of Planning, Finance, and Industry. “This project is for water resources  and will be implemented in five years starting from December this year,” the deputy minister said. ADB Bank will provide the loan with an eight-year grace period with a one percent annual interest rate and 24 years of repayment with a 1.5 percent annual interest rate.
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  General Administration of Customs of the People’s Republic of China (GACC) granted rice export licences to 43 Myanmar rice companies

  The authorized companies for rice export to China have increased from 11 to 43 this year, after inspecting 43 Myanmar rice companies and 79 rice mills in line with SPS Protocol (Sanitary and Phytosanitary Protocol). The General Administration of Customs of the People’s Republic of China (GACC) granted licences to 43 Myanmar companies on 10 July 2020 to export the rice to China through a legitimate trade channel. In order to have legal rice export channel to China, the Ministry of Agriculture, Livestock and Irrigation of Myanmar (MoALI) and the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China (AQSIQ) signed an agreement on 24 September 2014 regarding SPS protocol. Only 11 companies were given green light for rice export then.
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  Ministry of Planning, Finance and Industry (MOPFI) requested permission to borrow USD $ 170,72 million for electrification project for 400,300 households

  The Ministry of Planning, Finance, and Industry requested permission from the Pyidaungsu Hluttaw to borrow $170.72 million from ADB Bank to implement an electrification project that will power 400,300 households. This project will take seven years to implement, and the annual interest rate is 1 percent during eight years of the grace period and 1.5 percent in 24 years of repayment. The project will provide power to 8.77 percent of households in Karen State, 6.31 percent of families in the Magway Region, 8.77 percent of families in the Bago Region, and 17.52 percent in Ayeyarwaddy Region.
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  Ministry of Hotels and Tourism (MOHT) is conducting tourism relief plans for recovery of the sector during the post coronavirus era

  Myanmar’s tourism industry is implementing relief plans for recovery of the sector during the post-coronavirus era — new normal, said U Myint Sein, head of Magway Region Directorate of Hotels and Tourism. “The State allowed the hotel and motel businesses to apply for the loan in order to remedy those businesses hardly stricken by the pandemic impacts. Of 50 hotels and motels in the region, 17 applied for it and 11 were granted loans”, he stated. The regional directorate submitted reports of the frequency of hotels, capitals and tax payment conditions and business operation plans during the coronavirus period. The Union of Myanmar Federations of Chamber of Commerce and Industry granted K35 to 60 million loans depending on the situations. “In addition to this, plans for training courses for those employees related to the tourism industry, paying an allowance of K4,800 per day, have been undertaken. The plans are slated to start in July-end or August”, he continued.
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  Myanmar has earned over USD $ 3,500 million from gas, garment export in the past five months of the current fiscal year

  Myanmar has earned over US$1,500 million from gas export and over US$2,000 million from CMP garment export over the past five years of the current fiscal year, according to data from the Ministry of Planning, Finance and Industry. From October to February in the current 2019-2020 fiscal year, US$1,576.07 million from gas export and US$2,083.60 million from CMP garment export totalling US$3,650.67 million. This year’s export value of these two items exceeded US$311.34 million compared to the same period of last financial year. From October to February in the previous 2018-2019 FY, gas export was valued at US$1,431.72 million and garment export at 1,907.61 million.
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  Magway Region plans to cultivate more than 3 million acres of monsoon crops including bean, sesame and paddy

  More than 3.1 million acres of monsoon crops including bean, sesame, and paddy will be cultivated in the 25 townships of five districts in Magway Region this year, according to the Region’s Agriculture Department. During monsoon, a total of 634,475 acres of monsoon paddy, 20,962 acres of maize, 489,390 acres of groundnut, 1,113,130 acres of sesame, 13,070 acres of sunflower, 475,488 acres of green gram, 184,449 acres of pigeon peas, 192,261 acres of cotton and 15,008 acres of sugarcane are being put under cultivation this year. “Magway region grows the sesame mostly. There are more than 1.1 million acres of monsoon sesame. Then, Magway region also grows monsoon paddy and variety of beans including groundnuts, green grams and pigeon peas. The department is negotiating with the growers to choose the long term crops to suit the changing climate,” said Director U Lin Myat of Regional Agriculture Department.
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  Fisheries Department earmarked K 6 billion to support fish species for 150,000 acres of fish ponds

  The fisheries department will spend K6 billion to support fish species for 150,000 acres of fish ponds as the entrepreneurs are adversely affected by the outbreak of coronavirus disease, according to an official from the Fisheries Department. The fish species will be supplied within July, August and September. The fingerling species will be distributed through 27 hatching camps under the Fisheries Department. If it is not sufficient, we will invite tender from outside, he said. “We are not ready yet. We are just formulating the plan. We need to check the need of the entrepreneurs. We are also coordinating for the tender process,” he added. Out of 150,000 acres of fish ponds, most fish ponds are located in Yangon, Bago and Ayeyawady regions. The tender will be invited for those regions while the remaining regions and states will be supported by the fish species production camps, he further said.
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  Internal Revenue Department (IRD) urged taxpayers to pay tax via online, e-payment methods

  Internal Revenue Department urged taxpayers to pay tax using e-payment methods instead of paying taxes in person. It has been working with m-Banking, e-Banking, i-Banking, and mobile payment services to enable taxpayers to make the tax payment easily while staying safe by avoiding crowds. To pay tax, users need to go to IRD Website’s online payment link, Start Your Tax, and make tax payments using MPU Corporate Debit Card or online payment services provided by CB Bank, AYA Bank, UAB Bank, and KBZ Bank.