ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Ministry of Commerce (MOC) issued USD $35 million worth export/import licences via online system in two days

  Export/import licences were issued via the online system and valued at over US$35 million in two days according to the Trade Department under the Ministry of Commerce on 3 April. The trade department issued the export/import licences through the online system starting from 1 April after scrutinizing to ensure the traders’ convenience in the event of Covid-19 spread. The department has issued 46 export and import licences through the online system and they have been valued at over $15 million on 1 April while the department issued 67 licences valuing at over $20 million on 2 April. The entrepreneurs can apply for the export and import licences through the online system as well as at the department.
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  Ministry of Planning, Finance and Industry commenced a pilot project for loan disbursement of capital for SMEs in Nay Pyi Taw

  A pilot project for loan disbursement of capital for SMEs, agriculture and livestock breeding in Nay Pyi Taw Council Area will be implemented by the Ministry of Planning, Finance and Industry. Myanma Economic Bank (MEB) and Myanma Agriculture Development Bank will cooperate with the Ministry for the pilot project. On Thursday, 126 million kyats loan disbursement was delivered to 13 farmers from Nay Pyi Taw Pyinmana Township.
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  World Bank urged right mix of polices on health and economy to mitigate economic shock of COVID – 19

  The World Bank says countries in East Asia and the Pacific must act now to mitigate economic shock of COVID-19. The organisation said this in its Economic Update for East Asia and the Pacific report released on Monday. Developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with COVID-19, now face the prospect of a global financial shock and recession, the report said. Impacts on the economic growth of Myanmar in 2019/20 are also estimated to be severe, but dampened by strong performance before the pandemic. The economy can recover quickly with the right mix of health and economic policies.
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  Japan International Cooperation Agency (JICA) provides ¥ 47 billion for two infrastructure projects

  The Japan International Cooperation Agency (JICA) and Myanmar’s government on Tuesday agreed to official development assistance (ODA) loans to contribute to economic and social development through improvements to the railway system and electricity supply. JICA signed the loan agreements with the government to provide the ODA loans of up to a total of ¥47.94 billion (K607.3 billion) for the two projects. Of the total, ¥40.6 billion will be used for the first phase of the Yangon-Mandalay Railway Improvement Project, while ¥7.33 billion will be for a third phase of infrastructure development in the Thilawa Special Economic Zone.
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  Government will take action against retailers who practice price gouging under the Essential Goods and Services Law

  The government it will take action against retailers who raise prices indiscriminately for items such as hand sanitiser, face masks, medicine, and other essential goods, an official from the Ministry of Commerce says. A directive addressing the matter will be issued by the ministry, the official said on Monday. A senior official from the Consumer Affairs Department also confirmed that retailers who practise price gouging could face action under the Essential Goods and Services Law. The Myanmar Times has learned that the ministry is currently discussing whether to impose price controls for items related to combating the coronavirus outbreak, certain medicines, and food.
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  UMFCCI launched an online loan service system for Coronavirus hit businesses

  The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has launched an online loan system for the Coronavirus-hit businesses, according to the working committee to remedy the economic impacts caused by Covid-19. Applications can be submitted to the UMFCCI head office, and region and state office of the Chamber of Commerce and Industry every day during the period from 30 March to 9 April 2020, according to a notification released on 29 March 2020. However, in a bid to avoid gathering, reduce person-to-person contact and protect from the possible spread of Covid-19, the online system has been launched. Loan applications can be processed on https://umfccicovid19loan.mitcloud.com.
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  Myanmar Government will fully adopt online procedures in issuing import, export licences for more than 100 types of goods starting April 1, 2020

  The Ministry of Commerce has announced that it will fully adopt online procedures for issuing import and export permits for more than 100 types of goods starting April 1, 2020, as part of efforts to implement social distancing to stop the spread of COVID-19 in Myanmar. “The move is being made with the aim of avoiding crowded situations, but there will be difficulties in implementing it at first. We’ll also need to improve the fully online system to cope,” said U Khin Maung Lwin, assistant secretary at the Ministry of Commerce. “We’re facing a great health risk, so the move is good for companies as well as in terms of prevention of the disease, and hopefullyit will speed up the issuance of the permits,” said U San Main, a business owner.
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  World Bank warned that Myanmar's economy slows due to the poor to bear brunt of impact as COVID – 19

  Myanmar’s GDP growth is projected to slow to between 2 and 3 percent in the current fiscal year due to the COVID-19 pandemic, with the brunt of the outbreak’s economic impact likely to be borne by poor and vulnerable households across the country, the World Bank warned. In its latest report released Wednesday, “East Asia and the Pacific in the Time of COVID-19”, the bank said Myanmar’s growth is facing strong headwinds due to its exposure to the COVID-19-related slowdown in China and around the world. The World Bank said manufacturing activity and exports are expected to slow throughout the remainder of the fiscal year. FY2019-20 started on Oct.1, 2019 and ends on Sept. 30. With travel and border trade restrictions in place, the impact will be felt in Myanmar’s tourism-related services, agricultural exports to China, and in supply-chain disruptions to the manufacturing sector, particularly for garments, which account for 13 percent of exports, the bank said.
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  The construction sector slowed around 30 percent due to the COVID – 19 pandemic

  Industry insiders say that the country’s construction sector has slowed by around 30 percent due to the COVID-19 pandemic. “There are construction projects that have been suspended due to a shortage of imported building materials and some have been stopped temporarily due to cash flow problems. About 70pc of projects are still running as usual. The situation is not so bad yet,” Myanmar Construction Entrepreneurs Federation (MCEF) Chair U Shein Win told The Myanmar Times. However, if the situation worsens or drags on longer than expected, more construction projects may stop, he warned. “Health is the most important thing. Construction projects have to stop if the government calls a halt on projects as a precaution to stop the spread of the virus,” said U Shein Win.
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  The value of Sino – Myanmar bilateral trade totaled over USD $ 4.5 billion in October and January of 2019 – 2020 fiscal year

  The value of Myanmar’s trade with China through maritime trade channels totalled over US$4.5 billion in October and January of 2019-2020 fiscal year, including $2.108 billion worth of exports and $2.39 billion for imports, according to the data released by the Ministry of Commerce. Meanwhile, Myanmar’s regional trade with ASEAN countries touched a high of $4.2 billion. Myanmar primarily exports agro-products to China through land borders. However, trade-in agricultural products are frequently halted on account of China clamping down on illegal trade in border crossings.