ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar and Chinese government plan to promote cooperation on digital economy and cross – border e-commerce systems

  Myanmar and China plan to promote cooperation on digital economy and cross-border e-commerce systems to allow trade and economic activity to proceed smoothly during times of pandemic. An online meeting was held on Thursday between the Mandalay Region government, the Myanmar Ministry of Commerce, the International Liaison Department of the Central Committee of the Communist Party of China (IDCPC) and the government of China’s Yunnan province. The meeting aimed to promote collaboration between Mandalay Region and Yunnan province in implementing bilateral agreements between the two countries, especially the promotion of digital economy and e-commerce. According to a press release from the Chinese Embassy, Yunnan province will provide the training for cross-border e-commerce operators from Mandalay region to help export agricultural products such as rice, beef, bananas and pineapples to Yunnan, or to China’s domestic market through Yunnan.
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  The actions will be taken against fraudulent company registration under Myanmar Companies Law

  Any scams and frauds by scammers using fake company registration certificate can face legal actions under Myanmar Companies Law, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). Most of them are microfinance businesses which have close contact with the people, using a fake ID, he continued. In recent days, a scammer mimicked the legitimate company (Ngwe Marlar Microfinance Co., Ltd) which has been registered on DICA’s online registry system MyCO and scams are reported on social networks, the DICA notified. “The common scams are found in microfinance businesses which can draw public interests. The people were warned to beware of frauds by scammers with fake registration. Firstly, we have notified the public of scams at the soonest. “Later, we will take actions against the scammers under Myanmar Companies Law. This is the first time we experienced a financial scam using a fake certificate. Sure, we can take legal action under the law,” he added.
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  The domestic investments reached K 1,454 billion and USD $ 308 million as of 18 June in the 2019 – 2020 fiscal year

  Domestic investments by Myanmar citizens, including an expansion of capital by existing enterprises, have reached K1,454 billion and US$308 million as of 18 June of the 2019-2020 financial year since October, according to a press statement issued by the Myanmar Investment Commission (MIC). Between 1 October and 10 July in the current fiscal, Myanmar Investment Commission (MIC) and the respective region and state investment committees gave green lights to 87 local enterprises to invest in various sectors, with estimated capitals of over K1,162 billion and $204.5 million. Domestic investments have flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to the Directorate of Investment and Company Administration (DICA).
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  Myanmar government is willing to collaborate with private partners on waste to power projects

  The government is willing to collaborate with private partners to implement waste to power projects in Kachin State, Chin State, Kayah State, Bago Region, Magway Region, Mandalay Region, Mon State, Rakhine State, and Ayeyarwaddy Region, said according to U Nyi Nyi Tun, Member of Naypyidaw Council. Britain based Organic Asia Co., Ltd, and Yangon based Shwe Pyi Company have signed an MoU to build a waste-to-power plant in Shan State.
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  Myanmar Investment Commission (MIC) approved USD $ 115 million project in Tanintharyi Region to create over a thousand jobs for local people

  Myanmar Investment Commission has approved a $115 million worth investment proposal in Tanintharyi Region. The project, which will include shrimp farming, cold storage facility, and export, is expected to create over a thousand jobs for local people. Along with the project, the investment body also approved eight new investments as well as investment expansion proposals from nine existing investments, totaling $135.144 million and K54.115 billion. MIC estimates that the investment will create 2,008 jobs. According to data from the Directorate of Investment and Company Administration as of the end of June, Singapore stands as the biggest investor in Myanmar followed by China and Thailand.
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  Directorate of Investment and Company Administration (DICA) plans recommendation for online visa extension of expatriate businesspersons in Myanmar

  Myanmar is expected to meet its foreign direct investment (FDI) target of US$5.8 billion in the current fiscal year 2019-2020, and over $4.6 billion flowed into the country around the ten months, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration (DICA). “We intend to reach FDI target of US$5.8 billion in the current fiscal year,” he highlighted. Only over a billion dollar is required to meet the target. As per the meeting of Myanmar Investment Commission held on 10 July, 19 foreign enterprises have obtained permits from the MIC and endorsements from the respective investment committees of Yangon, Bago, Ayeyawady and Magway regions, and Shan State. Those projects brought in the capital of over $170.275 million and are to create more than 11,300 jobs for the local residents. They will execute in manufacturing, livestock and fisheries, hotel, electricity, agriculture and another service sector. In the current fiscal, 208 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $3.39 billion.
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  Foreign investors have purchased over 38,900 shares in listed companies on Yangon Stock Exchange (YSX)

  Foreign investors have purchased over 38,900 shares of three listed companies on the Yangon Stock Exchange (YSX) over the past three months, according to the statistics released by the exchange, state media reported. The Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020.
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  Myanmar foreign direct investment (FDI) fetched USD $ 4.6 billion in 10 months of current 2019 – 2020 fiscal year

  The Directorate of Investment and Company Administration (DICA) is planning to launch online platform regarding the recommendation for a visa extension of the expatriates in Myanmar, said DICA Director-General U Thant Sin Lwin. This move aims to reduce opportunities for dishonesty in applying for visa extension, check the lists of the recommended company for visa, get easy access to the data of expatriates and stay period, reduce paperwork, ensure social distancing and facilitate the processing, he continued.
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  Only 200 of over 2,000 local tour companies so far receive loans from COVID – 19 funds

  Local tourism businesses affected by the Covid-19 outbreak demanded about Ks50 billion from the Covid-19 Fund, but only about Ks3 billion has been received, which went to about 200 of over 2,000 tour companies, said Naung Naung Han, president of Myanmar Tourism Federation. “As we were impacted by the Covid-19 pandemic, we asked for about Ks50 billion. We submitted that we needed Ks100 billion for hotel industry and Ks50 billion for restaurants. But we have so far received in about Ks3 billion in loans for the tourism industry. There are over 3,000 registered tour companies and about 2,000 are operating. Talking about percentage, we have received about 10 or 15 percent,” he said.
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  The pineapple exporters eye legitimate export channel to China

  China has not yet responded to the Phytosanitary measures and inspection results sent by Myanmar to have legal export channel to China, according to Myanmar Pineapple Producers and Exporters Association (MPPEA). Myanmar sent the Phytosanitary measures and inspection results in June-end. “The plants have been tested for three types of pests and fungal disease. The results have been delivered to China, yet there is still no response. They will decide whether to inspect them on their owns or approve the results,” said association secretary Sai Kyaw Nyunt. At present, the pineapple growers are expecting the exports to China presenting the Phytosanitary certificates.