ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The new factories opened in Myanmar as other close amid COVID – 19 outbreaks

  Due to raw material shortages caused by the coronavirus outbreak, eight factories have closed down, six others suspended operations and another two laid off workers in the period from the beginning of the year to March 10. The Ministry of Labor, Immigration and Population said it had helped more than 3,400 workers obtain benefits. During the same period, a total of 69 new factories opened in Myanmar, including 18 in the garment sector, 11 bag-making factories, 4 shoe factories and 36 factories in other sectors. These new factories created a total of 11,511 jobs, according to U Thein Swe, Union Minister of Labor, Immigration and Population.
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  The preparation for tourism industry are being undertaken in the post COVID – 19 period through the Community Based Tourism

  Tourist arrivals in Myanmar are likely to fall this year amid the global coronavirus outbreak and the impact of the disease can be felt a lot the local tourism industry. Preparations are being undertaken to survive rapidly again the tourism industry in the post COVID-19 period through the Community Based Tourism depending on the Ayeyawady Dolphins in Si The village in Singu Township, Ayeyawady Region. The program aimed to achieve and sustain the community based tourism in Mandalay Region and to be ready for the post COVID-19 period, according to an official of Directorate of Hotels and Tourism.
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  The Central Bank of Myanmar (CBM) cut interest rates another 1 percent to aid economy due to the COVID – 19 global pandemic

  The Central Bank of Myanmar (CBM) has dropped interest rates by an additional 1 percent as the country’s economy has slowed due to the COVID-19 global pandemic. CBM announced a 0.5 percent reduction in interest rates on March 12, saying it was needed to support the country’s economy. However, business people have criticized the move, saying it wouldn’t be enough to help the country’s declining economy. In its latest move, the bank said on Tuesday that it will reduce its interest rate from 9.5 percent to 8.5 percent, effective on April 1, in the hope of spurring economic growth. According to the latest directive, the minimum bank deposit rate will be lowered from 7.5 percent to 6.5 percent, while the maximum lending rate will be lowered from 12.5 to 11.5 percent for collateralized loans and from 15.5 percent to 14.5 for non-collateralized loans.
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  Thailand has closed several gates along the Thai – Myanmar border and will allow only goods through two crossing point as part of efforts to curb the spread of the COVID – 19

  Myanmar’s trade with its ASEAN neighbour Thailand cannot help but be affected by the closure of crossing points along the countries shared border, a senior government official says. U Khin Maung Lwin, assistant secretary at the Ministry of Commerce said on Monday that Thailand has closed several gates along the Thai-Myanmar border to goods and people and will allow only goods through two crossing points as part of efforts to curb the spread of the COVID-19 coronavirus. The Thai government first announced the closure of the Mae Soat- Myawaddy Friendship Bridge No.1 in Kayin State on March 21. This was then followed by the closure of Friendship Bridge No. 2 on Monday. The latest closure will mean that only goods can move through Friendship Bridge No. 2.
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  UMFCCI and Department of Yangon Region Public Health and Medical Services held knowledge sharing on COVID – 19 provided to factory workers

  Knowledge sharing and practical training for prevention of COVID-19 was held at UMFCCI in Yangon on Tuesday. It was jointly organized by UMFCCI and Yangon Region Public Health and Medical Services Department Chairman of UMFCCI U Zaw Min Win delivered an opening speech, followed by the sharing knowledge on COVID-19 by the official from the Public Health and Medical Services Department. The demonstration on systematic hand-washing was also made during the event. Team Leader, Yangon Region Public Health and Medical Services Department, Dr. Moh Moh Theingyi said “Hand-washing is very important for protecting from COVID-19. It should take for 20 seconds. The industries should provide the facilities for the employees such as basin, water supply and soap to wash their hands. Each person should have temporary screening. It needs to create work space at least 3-feet apart between each other.”
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  E-commerce companies take initiatives for safer online shopping as social distancing grows

  As fear of the COVID-19 pandemic spreads, businesses are struggling with economic uncertainty. Following recommendations of the World Health Organisation (WHO), people, in general, have disconnected from their daily routines to practice social distancing, leaving businesses with no way to reach consumers. But where do e-commerce platforms stand? Globally, countries have witnessed reduced visits to offline retail stores with consumers only venturing out if absolutely necessary. In countries like France, Italy or Spain, where strict quarantine has already been enforced, people are not able to leave their houses without official certificates and are turning toward e-commerce to meet their basic needs. In Myanmar, similar consumer behaviors toward online shopping have been observed for the past few days.
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  Thailand suspended 3 port borders through bilateral trading between Kawthoung in Myanmar and Ranong in Thailand

  Thailand has suspended 3 port borders, through which bilateral trades are going on, between Kawthoung in Myanmar and Ranong in Thailand starting from the early morning of 20 March, Thai Ministry of Public Health announced. According to the announcement of the Ministry of Public Health (Thailand) (MoPH), Covid-19 is a very dangerous pandemic and it is quickly spreading in Thailand. So, Thailand will suspend the crossing of the goods and the vehicles carrying the persons via border checkpoints until the situation turns back to normal. The temporary closure is aimed to control the spreading of Covid-19 in the Ranong province of the southern part of Thailand.
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  Myanmar – China border trade zone to be developed in Kachin’s Kan Paik Ti township in Waingmaw, Kachin State

  The Kachin State government this month signed an MOU with Myanmar Hein Investment Development Co to develop a border trade zone at Kan Paik Ti township in Waingmaw, Kachin State, which is near the Myanmar- China border. Myanmar Hein Investment is a 30:70 joint venture established by ethnic Kachin-owned Kan Paik Ti Development Company Limited and Yunnan Htein Yin Trade Company Limited. The project is now under regional parliamentary-level approval. The aim is to create job opportunities for local residents, promote bilateral trade and combat illegal trade, said U Wai Lin, Regional Minister for Finance, Revenue, Planning and Economics. When complete, the Kan Paik Ti border trade area will become a major part of the China-Myanmar Economic Corridor (CMEC).
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  Directorate of Investment and Company Administration (DICA) announced on the eased the rules for in-country – foreign employees

  Myanmar has eased visa extension rules for foreigners based in the country in response to growing travel restrictions and flight cancellations. The Directorate of Investment and Company Administration (DICA) announced that foreigners can now apply for new visas and stay permits until up to five days of expiry of their existing visas. This change will remain in effect until further notice. The move is to alleviate travel uncertainty caused by the coronavirus pandemic, DICA said. “DICA’s announcement should make it a bit easier for expats to apply for new visas and stay permits in Myanmar, reducing the risk to be quarantined upon return to Myanmar if a foreigner leaves the country to apply for a visa abroad,” commented Fabian Lorenz, a lawyer with Luther Law Firm in Yangon who expects the new rules to ease uncertainty among the expatriate community.
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  The National Export Strategy 2020 – 2025 (NES) will prioritize rubber, fishery and foods from Mon State

  The Union government, in an attempt to encourage exports from Mon State, will include rubber, fishery and food produced in the state in the National Export Strategy 2020-2025. This follows a March 6 workshop on the matter involving stakeholders from the government and private sectors. “We will try to include tactics addressing difficulties and hindrances faced by the local companies when trying to sell locally produced products in the international markets,” Permanent Secretary for Commerce U Aung Soe said. The results of the workshop will be included in the final National Export Strategy report. Mon State’s rubber production accounts for most of the rubber production in Myanmar and 90 percent is exported. The state also depends on fishery products and food manufacturing as major sources of income. “The workshop generated a plan that will enhance the competitiveness of Mon State’s export products,” said U Min Kyan Yit, president of Mon State Rubber Planters and Producers Association.